Been playing around with SOA...how dows this look?

littlepinkstars44

Been playing around with my new SOA...just wondering how it looked, and if anyone had any input, i'd be grateful!


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. ......................... 15
Clothing................................ 25
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........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Books................................... 10
Total monthly expenses.................. 334

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
RBS Overdraft..................1400......0.........0
RBS Overdraft #2...............111.......0.........0
BOS Overdraft..................953.......0.........0
Additions......................154.......15........0
Kays Catalogue.................173.......30........0
Arcadia Staff Card.............210.......15........29.9
Dorothy Perkins Card...........220.......15........29.9
New Look Card..................90........10........28.9
Carphone Warehouse.............49........0.........0
Total unsecured debts..........3360......85........-

Monthly Budget Summary
Total monthly income.................... 640
Expenses (including HP & secured debts). 334
Available for debt repayments........... 306
Monthly UNsecured debt repayments....... 85
Amount left after debt repayments....... 221
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,360
Net Assets.............................. -3,360
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

moo2moo

It looks remarkably like the one you posted last week http://forums.moneysavingexpert.com/showthread.html?t=1834309&page=3 and the one you posted two weeks before that http://forums.moneysavingexpert.com/showthread.html?t=1803491&page=4 although you do appear to have collected an extra debtor.

The responses are all going to be exactly the same. Cut up your store cards. Stop spending money you haven't got on things you don't need. Most importantly be eternally greatful that your mum can manage to keep you on £150 a week.

Enjoy your 3rd year at uni.

littlepinkstars44

it's not exactly the same. This is my planned SOA for starting uni. It seems pretty ok to me though, just wondering if anyone else had any ideas about it, thats all.

GeorgeUK

Are you going to be living at home?
Will you be paying for your own food? (£15pm?)
£25pm on clothes may be a little high - remember you'll get student discounts too.

What will you be doing with the extra £221?

Horace

You wont need clothes - you have loads so shop from your wardrobe - cut up all the store cards, you don't need them.

You have a car yet you havent included anything for road tax, insurance or maintenance - you need to allow something for this.

Ditch your entertainment budget - take on extra work.

Your SOA is basically the same as all the others - so really you need to stick with one because basically how long is a piece of string? Not being sarky just being realistic - you say you want a prospective SOA for uni but if you address the issues in your first SOA and then keep a spending diary you will know how much you will need - none of us can tell because the economic climate is unstable and prices will rise and prices will fall.

MyLastFiver

I agree with Horace. A Statement of Affairs is just that - it's a "this is how it is" document. What you actually want to work out (I think) is a monthly budget. The SOA template you have used is not the most flexible tool for this. Write your own budget spreadsheet in Excel - it only takes 5 minutes.

Tixy

In your situation I think I would set myself a challenge to spend no money on clothes except for money that I earnt from selling existing clothes or from earning money online (say from surveys & reviews, bingo scratchcards etc).

And I would keep this up until you have paid off a substantial part of your debt of over £3k, most of which appears to have been run up on clothes and makeup you have already purchased but not paid for.

You should have plenty of clothes and as a student you don't need fancy clothes. Plus you are provided with a uniform for work.

Glad you have decided to stay at home, I think this is sensible in your situation. I think you are going to really struggle to get through Uni financially so be really careful not to blow your student loan early on, it would be a shame if you had to drop out because you could not afford to stay. Because of course your student loan will need repaying eventually whether you make it through and graduate or not.

Try to really throw yourself into working hard and Uni and making sure you go to every lecture. That way you will have less time to spend money and will give yourself the very best chance of succeeding.

Good luck.

littlepinkstars44

GeorgeUK wrote: »

Are you going to be living at home?
Will you be paying for your own food? (£15pm?)
£25pm on clothes may be a little high - remember you'll get student discounts too.

What will you be doing with the extra £221?

Yes i live at home, the £15 is for things when i'm out, like for example i'm un uni 9-4 then working 5-10. So to get dinner in work, a bottle of water etc.

I am planning on bringing lunch to uni. But in work we have a staff canteen and it costs £1 for a proper meal and a coffee, so planning on taking advantage of that

littlepinkstars44

Horace wrote: »

You wont need clothes - you have loads so shop from your wardrobe - cut up all the store cards, you don't need them.

You have a car yet you havent included anything for road tax, insurance or maintenance - you need to allow something for this.

Ditch your entertainment budget - take on extra work.

Your SOA is basically the same as all the others - so really you need to stick with one because basically how long is a piece of string? Not being sarky just being realistic - you say you want a prospective SOA for uni but if you address the issues in your first SOA and then keep a spending diary you will know how much you will need - none of us can tell because the economic climate is unstable and prices will rise and prices will fall.

Thanks, i don't actually have a car, my mum does. I don't know how to drive.
I am trying to get a second job/more hours, but nobody seems to get back to me at the moment

littlepinkstars44

MyLastFiver wrote: »

I agree with Horace. A Statement of Affairs is just that - it's a "this is how it is" document. What you actually want to work out (I think) is a monthly budget. The SOA template you have used is not the most flexible tool for this. Write your own budget spreadsheet in Excel - it only takes 5 minutes.

I don't know what Excel is, sorry?

littlepinkstars44

Tixy wrote: »

In your situation I think I would set myself a challenge to spend no money on clothes except for money that I earnt from selling existing clothes or from earning money online (say from surveys & reviews, bingo scratchcards etc).

And I would keep this up until you have paid off a substantial part of your debt of over £3k, most of which appears to have been run up on clothes and makeup you have already purchased but not paid for.

You should have plenty of clothes and as a student you don't need fancy clothes. Plus you are provided with a uniform for work.

Glad you have decided to stay at home, I think this is sensible in your situation. I think you are going to really struggle to get through Uni financially so be really careful not to blow your student loan early on, it would be a shame if you had to drop out because you could not afford to stay. Because of course your student loan will need repaying eventually whether you make it through and graduate or not.

Try to really throw yourself into working hard and Uni and making sure you go to every lecture. That way you will have less time to spend money and will give yourself the very best chance of succeeding.

Good luck.

Thanks, in Scotland we get our student loan/bursary monthly, and not in 3 lump sums throughout the year. Because people where just signing up to college courses, went for the first week to register and get the £1000 then never came back. So it all got changed. And i got £340ish monthly (Hoping it will be a bit more than this, as i only sent my application away on Friday)

At the moment i've got 6 days till my next shift in work (i know :eek:) So i am planning on listing on Ebay and Amazon like crazy the next few days...and hopefully use that to get rid of the new look card once and for all.

I can't cut my store cards up...as i need them to pay them. I go into the shop with my card and cash to pay. Otherwise i need to phone an 0870 number, and i am not allowed to do that on the house phone, and from my mobile it would be quite expensive...and i am really trying to keep my phone bill as low as possible (well i will be, it's cut off at the moment)