Is this a realistic SOA for starting uni?

littlepinkstars44

RAS wrote: »

Join www.freecycle.org to get this and any other gear you need to free. Definately a good place to look if you want that TV, but also bedding, curtains, furniture, iron, vacumn-cleaner etc.

Thanks, the flat is already fully furnished, as the 3 of them have already been living there for a year now, pretty much everything there already.

littlepinkstars44

ohhh...just realised someone earlier asked me what the £50 travel was a month.
Sorry it totally went out my head there. A weekly bus ticket costs me £12.50 a week.

RAS

So that is £54.16 per month.

Can you get a cheaper monthly ticket?

littlepinkstars44

RAS wrote: »

So that is £54.16 per month.

Can you get a cheaper monthly ticket?

How did you get £54? Cause i did £12.50 x 4 = £50

A student ticket is £12.50 a week, and the normal one is £14.50 a week

It's either that or £3.50 a day for an all day ticket, which comes to £70 a month :eek:

littlepinkstars44

anyway i have decided to stay at home...thanks for all the advice everyone. I think i am much better staying here while i can and trying to make a dent in the debts before i move out on my own!

Guess i better sort out an SOA for staying at home then, and see how much i can throw at debts every month then!!

littlepinkstars44

Ok...so here is my revised SOA for staying at home now.

So any ideas where to hit first? I really want to get rid of the new look card first, as it will be the easiest to do...but after that? where will i throw the cash too?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 340
Total monthly income.................... 640
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 4
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 274

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
New Look Card..................90........5.........28.9
Dorothy Perkins Card...........210.......10........29.9
Arcadia Staff Card.............220.......10........29.9
Kays Account...................173.......30........0
Additions Account..............154.......15........38.9
BOS Overdraft..................953.......0.........0
RBS Overdraft #2...............115.......0.........0
RBS Overdraft #1...............1400......0.........0
Carphone Warehouse.............49........0.........0
Total unsecured debts..........3364......70........-

Monthly Budget Summary
Total monthly income.................... 640
Expenses (including HP & secured debts). 274
Available for debt repayments........... 366
Monthly UNsecured debt repayments....... 70
Amount left after debt repayments....... 296
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,364
Net Assets.............................. -3,364
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

belfastgirl23

I would have thought that Additions should be your first priority - you're racking up nearly £5 interest a month on a £154 debt. At this rate of going it'll take a year to pay it back! next priority is the three store cards

RAS

littlepinkstars44 wrote: »

How did you get £54? Cause i did £12.50 x 4 = £50

A student ticket is £12.50 a week, and the normal one is £14.50 a week

It's either that or £3.50 a day for an all day ticket, which comes to £70 a month :eek:

Hi

There are 12 months in a year and 52 weeks.

So a month lasts (52 divided by 12) weeks = 4.33333333333333 weeks.

If you you calculate your expenditure on 4 week months, over a month you will budget to spend about 8% less than you need.

RAS

Since you did your SOA on sense of cards, you can snowball the debt to see how to pay it off effectively.

Then see what happens if you pay off the new loom card firt. It will end up costing you more.

littlepinkstars44

RAS wrote: »

Hi

There are 12 months in a year and 52 weeks.

So a month lasts (52 divided by 12) weeks = 4.33333333333333 weeks.

If you you calculate your expenditure on 4 week months, over a month you will budget to spend about 8% less than you need.

Ahh right, i get paid every 4th Friday...so i tend to just work things on a 4 week basis