SOA...really need some motivation here!

littlepinkstars44

The past few months i've been really off track, and been spending like crazy, i really need some motivation to get back to debt busting!

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................ 216
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 430
Total monthly income.................... 646
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............................ 18.5
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........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 322.5

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
Bank of Scoland................1050......10........0
RBS............................1400......0.........0
Dorothy Perkins Card...........246.05....10........29.9
Additions Account..............216.65....10........38.9
Kays Account...................36.7......20........0
New Look Card..................110.......10........28.9
Topshop Card...................232.79....10........29.9
Total unsecured debts..........3292.19...70........-

Monthly Budget Summary
Total monthly income.................... 646
Expenses (including HP & secured debts). 322.5
Available for debt repayments........... 323.5
Monthly UNsecured debt repayments....... 70
Amount left after debt repayments....... 253.5
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,292.19
Net Assets.............................. -3,292.19
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

I know it says i have £250 left, but i never seem to see that, i always spend everything the week i get it, then find myself with nothing for the weeks after, and usually have to borrow bus fares from my mum, then pay her back when i get paid again!

consultant31

Can't help much I'm afraid, but didn't want to read and run:)

As far as I can see you have 3 adults in the house but the monthly income is only £646? Is this just your wage?

Because you have nothing listed for groceries, utilities etc, I'm assuming you live at home with your parents.

The only place you can cut down is on your entertainment I suppose, and cut up those cards - just look at the interest rates :eek:. If you haven't got them in your purse, you can't spend on them.

How about doing a spending diary so that you can see where every last penny goes.

milliemonster

You have a good surplus there but don't know where it's going? you need to start a spending diary for a month, its easy to spend a few pounds on a coffee from starbucks, a magazine, sandwich at work etc and it will soon eat up that surplus.

A spending diary for a month will soon show you where you are frittering this money

bluebag

Hi,
Looking at the names of the store cards it looks like the clothes, handbags and shoe budget is the one giving you the grief.
Get rid of the cards, it's so easy to keep them in your purse 'just in case you see a bargain', but so sad to say a bargain isn't a bargain if you can't afford it.
Have a very discerning look at primark, tk maxx, and charity shops,there aresome very good designer labels available (and they are all pre-shrunk in charity shops LOL) gok wan is excellent at showing you how to 'glam up' the humblest of outfits.
Hope you get to grips with it, don't let these glitzy shops with outrageous interest rates drag you into the mire, it's an easy slide in and a long hard dig out.
bb.

josephine82

I think you really need to want to clear these debts, I have been following your posts and your diary for a while and I wonder whether you have actually really decided once and for all to get rid of them?

I know you say you need your cards to pay the bills- thats fine, but leave them at home apart from the day you go to pay your bills.

Can you buy a monthly bus pass? Or can you give your mum the money for the bus fares for the whole month and she can give it back to you week by week etc? What you need to make sure is that the things you NEED to pay- so rent, travel, mobile and debts go out on the 1st of the month. Then the rest of the money is to be divided up on general spending, and extra debt repayments. You have £250 left after everything, including £100 entertainement so you should be able to make some real efforts to pay these things off.

First, do the spending diary, or go through your bank statements. See what you are buying. Do you need to put aside some other money for other essential things that you have to buy?

Then you just have to be strict with yourself and commit to paying the debts off. Looking at your SOA you could clear the Kays and the new look card in one month, freeing up another £30 to pay off the others, then you could try and tackle the topshop or the dorothy perkins, and so on.

Can I ask why are you not paying anything back on the RBS overdraft? As you have seen with the letter you recieved from Bank of Scotland about your other overdraft in your other thread, the banks are soon going to be wanting your money back, and this may happen with this one too.


Hope this helps

Jo

Dinah93

I don't know your personal situation, but what is the 'other income'? Could you get more hours at work as your monthly income is incredably low. There is nothing to shave from your SOA, and only you can make the changes needed to clear your debt. Cut up all the cards, and start dealing only in cash.

You are struggling to budget monthly, so go weekly. Every Monday take £30 out of the cashpoint, and that has to last you all week, for EVERYTHING. Go buy a weekly bus ticket straight after getting your cash out. If you don't have a card you can't spend, and if there is nothing left in your purse then you won't be able to go out!

littlepinkstars44

Thanks for the advice everyone, I only work 9 hours a week, and the other income is my student loan (i am a full time student)

I like the idea of budgeting weekly. Just now, budgeting monthly just seems like a bit too much for me, things come up out of the blue (nights out, gigs etc) And are only usually planned the day before or the day that they are happening, i think thats why i struggle monthly, i seem to think if i spend more one week its ok, cause i'll cut back the next week, but i never remember that

elfen

Primark is the BEST place for clothes on a tight budget (am also a student) Would also suggest cutting up the cards or freezing them (put in a bowl of water and put in the freezer)

If you've got Excel, can you do up a spreadsheet of when you have money in, what money you have in your account and what you're spending, as this may help you keep an eye on monthly bills and payments and see where you can pay more/cut down on things. I know student loan comes in 3 times, so can you open a second account/savings account, put your loan in there, and split it into monthly payments, and send them by standing order to your normal account, budgeting some for emergencies? This is my plan for when my loan eventually comes in, as I know I have a second account I don't use and don't keep the card on me for, so I can split the payments down into monthly ones.

MrsTinks

littlepinkstars44 wrote: »

things come up out of the blue (nights out, gigs etc) And are only usually planned the day before or the day that they are happening

I think I can give you a good clue to where you might be over spending... I know student bars are a lot cheaper etc but maybe only going out a couple of nights a month would be a huge improvement to your finances... Spend the time studying and get a better degree and you'll earn more in the long run too - double MSE :money:

littlepinkstars44

elfen wrote: »

Primark is the BEST place for clothes on a tight budget (am also a student) Would also suggest cutting up the cards or freezing them (put in a bowl of water and put in the freezer)

If you've got Excel, can you do up a spreadsheet of when you have money in, what money you have in your account and what you're spending, as this may help you keep an eye on monthly bills and payments and see where you can pay more/cut down on things. I know student loan comes in 3 times, so can you open a second account/savings account, put your loan in there, and split it into monthly payments, and send them by standing order to your normal account, budgeting some for emergencies? This is my plan for when my loan eventually comes in, as I know I have a second account I don't use and don't keep the card on me for, so I can split the payments down into monthly ones.

I get my student loan every month. I have no idea how to do a spreadsheet, someone tried to help me from here once before but i couldnt understand how to do it.

Ames

In thayt case, do ti the old fashioned way. I have a piece of paper, with income at the top, then a list of all outgoings. I put the amount I've budgeted for them, then what it actually came to, then a +/- column. Add them all up at the bottom, take it away from you income, and you'll know how much you have left to spend each month.