Heres my new SOA, lets see what i can do

rictus123

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1068.92
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1068.92

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 17.5
Car Insurance........................... 58.34
Car maintenance (including MOT)......... 41.67
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
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)...... 20
Haircuts................................ 0
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 442.51


Assets
Cash.................................... 210
House value (Gross)..................... 0
Shares and bonds........................ 700
Car(s).................................. 400
Other assets............................ 200
Total Assets............................ 1510

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan with bank.................1536.7....54.96.....12.9
Capital One Visa...............89.31.....5.........0
Total unsecured debts..........1626.01...59.96.....-


Monthly Budget Summary
Total monthly income.................... 1,068.92
Expenses (including HP & secured debts). 442.51
Available for debt repayments........... 626.41
Monthly UNsecured debt repayments....... 59.96
Amount left after debt repayments....... 566.45

Personal Balance Sheet Summary
Total assets (things you own)........... 1,510
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,626.01
Net Assets.............................. -116.01

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.


This thread is for anyone who has ideas for what i can do regards my debts, iv just maybe overpaid my loan, it went up but just came shooting back down. As a result most of my holiday pay has gone and i dont get paid again until the middle/end of January. Hopefully with regular updates i can use this as a spending diary and a little diary and motivator to pay off this debt asap! Im trying for more than 21 no spend days in January and im down for the make £10 a day, if i get an extra £300 or so a month, my debt will be gone by March. Im also down for the £100 to £10k challenge but i really cannot see a way, iv got the will though so im going for £5k. That would still be a major bonus and id be saving every penny.

2010 will be my year aswel but it starts now, with a budget all ready to go. Roll on payday then itl get going.

milliemonster

Not sure what advice to give really? you have a surplus of over £500 a month and your debts only come to £2k? you could clear your cap one balance immediately with that surplus and pay off your loan in 3 months comfortably with that surplus????

Why not start a spending diary as my guess is you are just frittering money away each month

rictus123

Thats exactly what this will be mille! Somewhere to have it all down i can see where its going. Im away to list as much as i can bear listing on ebay.

rictus123

£5310 budget for the year, will make it £6,000 to allow me to get 1 or 2 treats and should take in at least £16,000. So £10,000 difference not including overtime and extra income, will be briliant.

josephine82

Hiya

I think you definitely need to start a spending diary if your SOA shows a suplus of £500 a month.

It would be worth looking at your last 2 months statements and totalling up what you have spent the surplus on. Then give yourself a budget for the next month and stick to it. Then you can move money left over into a separate account to make extra payments off the loan.

You have £210 in savings- why not use some of that to pay off the balance of the Capital One card?

rictus123

I have £700 in a savings bond which matures November next year. I have £210 in my current account which is all thats left from my holiday pay after i paid a bit off my debt. I need a new battery(frost has killed mine) and a wing mirror. So after i get them i should have enough to pay off the card in full, if not il pay it off in full when i get paid towards the end of January.

This is going to be my spending diary, im going to post every penny i spend and take in on here and then hopefully i can see whats going well and what could do with some improvement. Il update the offical amounts in my wallet and accounts on Friday the 1st.

rictus123

I also earned an extra £21 yesterday from paddy power after i got a free bet(not used account in ages) £10 bet on games so got that upto £21 playing blackjack then withdrew it to my credit card so itl be £21 less.

£68.31 and direct debit set up to pay it off in full, next payment date is the 15th of Jan.

sparklymessygirl

Hi Rictus - things are looking fairly healthy for you at the moment but I don't know your situation - are you living at home with parents? If so then that is cushioning you for the moment. It's great to see that your debt will be gone so soon - very liberating!

You are spending £197.51 on car/travel costs. That's fine if you want to be spending approx 18% of your income on such things but maybe you want to reassess. By your petrol costs I'm trying to guess how far you have to travel for work - maybe 15 miles each way 5 days a week? Would public transport be feasible/cheaper? Even if you had to pay for the odd taxi / bus fare for nights out? Don't get me wrong, I LOVE the freedom of a car but it strikes me that it is a big expense for you relative to your income. You may decide though that it is worth it.

Good luck,

Sparkly

rictus123

sparklymessygirl wrote: »

Hi Rictus - things are looking fairly healthy for you at the moment but I don't know your situation - are you living at home with parents? If so then that is cushioning you for the moment. It's great to see that your debt will be gone so soon - very liberating!

You are spending £197.51 on car/travel costs. That's fine if you want to be spending approx 18% of your income on such things but maybe you want to reassess. By your petrol costs I'm trying to guess how far you have to travel for work - maybe 15 miles each way 5 days a week? Would public transport be feasible/cheaper? Even if you had to pay for the odd taxi / bus fare for nights out? Don't get me wrong, I LOVE the freedom of a car but it strikes me that it is a big expense for you relative to your income. You may decide though that it is worth it.

Good luck,

Sparkly

Hey Sparkly thanks for taking the time to read my thread. The actually monthly cost of my van is <£80 for deisel. £80 is the most its ever been and thats why iv put that, it will come in under it most months. I stay just 5 or 6 miles from my work but my house is about 18 miles from my gfs house so the odd trip there and back soon clocks up the miles.

The money down for the mot is so high as i need a new cat for my exhaust and god knows what else so it could come in alot less, could be alot more. Insurance was paid for in June, £700 for the year, so this June il have an extra years driving + no claims so itl cost less.

Im not going to overpay my debts too much until iv built up a few hundred in my account for paying my mot then insurance.

Tax is due end of January, thats £104.50 6 months or £190 for the year. Not cheap i know but insurance is half of what a car would be.

rictus123

Well post no 500 for me to say £12.34 in today so total extra income now at £171.88:T
From my extra income, £21 has went straight to paying capital one and the other £150.88 is making its way to my account right now, il be holding it until payday incase i need it. Might also choose to reinvest it in something to try and get something back from it. Going to really have a crack at getting £1k this month, will set me up well and show me anythings possible for my 10k challenge.
However i spent £20 last night out with my gf, well deserved after the year we have had though, knuckling down now to get on with things. Today is my second NSD this year, 2 out of 3 not bad.
This week il need to get myself a new tool and pair of jeans for work, about £40 for both and il need to fill my van with diesel so this will be another £40ish, meaning £80 spends at the most allowed between now and the middle of January when my digs and phone will need paying.


Things are going well, away to step it up a gear and get my earnings in full swing, hopefully be on about £400 extra income by the end of the weekend. No dreams too big, all i can do is do everyhting i possibly can to get there......

rictus123

I cannot close it early unless theres a death or sevre reason as to why i need it. T and cs state this.