yet another light bulb has switched on!

loshypops

I plan to get my SOA up tomorrow had a very busy week!

Must get on top of this i feel like things are spiralling....

SazM030306

You can do it loshy, it is hard but once you start making headway and seeing a difference, it keeps you motivated :-)
Good luck, I'll follow your diary and keep encouraging you.
xxx

slowlyfading

you can do this, chin up

sf x

gargrave50

Good for you loshy, see what you can get done over the weekend

loshypops

SOA in action as i type ....

slowlyfading

that's a good thing

loshypops

this needs editing later when i get OH details but at least its a start

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 1100 - this varies with overtime
Benefits................................ 0
Other income............................ 250 - this also varies month to month could be as much as £500.00 but this is the lowest we would receive in any month.
Total monthly income.................... 2450
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 125
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 0
Mobile phone............................ 130.94- varies
TV Licence.............................. 27 - paying extra for first licence/moved in mid year.
Satellite/Cable TV...................... 50 also includes line rental and broadband free weekened and evening calls - all BT
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 105
Childcare/nursery....................... 0
Other child related expenses............ 400 - csa due to reduce in october
Medical (prescriptions, dentist etc).... 0
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........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1562.94

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
Welcome Finance................378.77....54.11.....78.64
Abbey Loan.....................1799.4....299.9.....0
Abbey O/D......................800.......0.........0
Debenhams......................1164.46...46.58.....29.9
Capital 1......................245.11....45.11.....30.34
Barclaycard....................1807.12...46.17.....0
Look Again Catalogue...........1577.99...127.......0
Total unsecured debts..........7772.85...618.87....-

Monthly Budget Summary
Total monthly income.................... 2,450
Expenses (including HP & secured debts). 1,562.94
Available for debt repayments........... 887.06
Monthly UNsecured debt repayments....... 618.87
Amount left after debt repayments....... 268.19
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,772.85
Net Assets.............................. -7,772.85
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

We dont budget for anything else just spend what little we are left with on birthday presents/ dentist/ prescriptions / clothing etc

slowlyfading

the first thing that jumps out there is the mobile phone bill - do you really spend this much? how? you need to address this one asap as this is a LARGE thing in your budget that you just don't need - especially if you have a land line/internet as well.

What's the other child related expenses? this is expensive?

Do you really only spend £100 on food a month? Look at this - its really good if you do, but I suspect other things sneak in there.

Is the APR on your welcome finance really 78.64%???? :eek: if so, this is the one that needs to go first, as that is just shocking, and will cost you a LOT in interest.

Do you have the spare money left every month? Probably best to start doing a spending diary to see where it all goes- it can add up surprisingly fast!

You've done the hardest thing by posting, you can do the rest
sf x

loshypops

Slowlyfading - thank you

slowlyfading wrote: »

the first thing that jumps out there is the mobile phone bill - do you really spend this much? how? you need to address this one asap as this is a LARGE thing in your budget that you just don't need - especially if you have a land line/internet as well.

Our mobile costs vary each month. Our standard cost is £25.00 inc vat for unlimited messages, 500 minutes and free internet browsing on my OH's contract. we are working on this and hopefully next month will be a hell of a lot lower as it was such a shock when we received the bill.

What's the other child related expenses? this is expensive?
CSA costs, this is due to drop in October as OH's eldest is off to uni/18th birthday in September so will drop down once they reassess, then OH is only paying for one DS.

Do you really only spend £100 on food a month? Look at this - its really good if you do, but I suspect other things sneak in there.

Suprisingly yes! we have a strict budget buy box of 20ish chicken breasts from Makro each month and they are huge so one breast is split between the two of us. lasts the month and costs twenty pound. on top of this we budget for £20 a week and usually spend less as we make everything from scratch and take left overs to work the following day. We are also both on Weight Watchers diet plans (we dont go to classes just lent the books from a family member so no extra cost) so we are no longer drinking alcohol and have cut out all snacks etc.
Is the APR on your welcome finance really 78.64%???? :eek: if so, this is the one that needs to go first, as that is just shocking, and will cost you a LOT in interest.

Its in black & white on the paper work:mad: it was a very bad thing to take on, the original loan was only for £750.00 and we have paid back £54.11 over 24 months - due to finish in February next year.

Do you have the spare money left every month? Probably best to start doing a spending diary to see where it all goes- it can add up surprisingly fast!

The little that we have is usually used up within two weeks and i have no idea where it goes - a spending diary does sound good though i dont have a penny until next friday so buying a notebook is out of the question lol i'll have to make a spreadsheet and report on there...:)

You've done the hardest thing by posting, you can do the rest
sf x

loshypops

ive noticed an error onb my SOA which i will ammend as OH always does enough overtime to cover CSA costs each month so i will need to re-submit correctly