Making ends meet ~ my SOA

floofy_2

Hello there,

I have put together my SOA for you lovely people to help me cut back, at the moment I am literally spending everything I am earning. I have been back through my bank statements for the past 12 months and very rarely take cash out (hasnt been more than £10 a month) so all my spending is on the debit card which gives me a clear record of where its all going. I have put it all onto a geeky spreadsheet and worked out the monthly averages for my SOA.

My house is up for sale and I have dropped the price twice but still no interest. I would like to move in with my boyfriend, and possibly save for a wedding (if he ever asks me!) I want rid of my loan (consolidation loan before I found this site) I can make overpayments if I can find some extra money. I am now going searching round the 'up your income board' for a bit of inspiration!

What should be cut back on? I have already sold anything sellable on ebay. I did a second job in a pub but quit just over a year ago as I was just getting too tired and working 3 hours to take home about £10 after the extra tax was taken off seemed alot of effort.

Thankyou in advance for any help or advice you can offer.


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1137
Other income............................ 0
Total monthly income.................... 1137
Monthly Expense Details
Mortgage................................ 370.30
Management charge (leasehold property).. 45
Council tax............................. 68
Electricity............................. 56
Gas..................................... 0
Water rates............................. 20 (have arranged this over 12 months)
Telephone (land line and internet)................... 22
Mobile phone............................ 10
TV Licence.............................. 12
Groceries etc. ......................... 100
Clothing................................ 42
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance and breakdown cover........................... 30
Car maintenance (including MOT)......... 25
Medical (prescriptions, dentist etc).... 27
Buildings insurance..................... Leasehold flat, building insurance in maintenance charge
Contents insurance...................... 5
MPPI ......................... 15
Presents (birthday, christmas etc)...... 40
Haircuts................................ 7.5
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 966.8
Assets
Cash.................................... 0
House value (Gross)..................... 70000
Car(s).................................. 0
Total Assets............................ 70,000

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 55000....(370.30)....3.9%
Total secured & HP debts...... 55000
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................10000.....170.......7.2
Total unsecured debts..........10000.....170.....
Monthly Budget Summary
Total monthly income.................... 1,137
Expenses (including HP & secured debts). 966.8
Available for debt repayments........... 170.2
Monthly UNsecured debt repayments....... 170
Amount left after debt repayments....... 0.2
Personal Balance Sheet Summary
Total assets (things you own)........... 70,000
Total HP & Secured debt................. -55,000
Total Unsecured debt.................... -10,000
Net Assets.............................. 5,000
Created using the SOA calculator at the make sence of cards website.
Reproduced on Moneysavingexpert with permission, using IE browser

Wee_Pilsbury

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1137
Other income............................ 0
Total monthly income.................... 1137
Monthly Expense Details
Mortgage................................ 370.30
Management charge (leasehold property).. 45
Council tax............................. 68
Electricity............................. 56
Gas..................................... 0
Water rates............................. 20 (have arranged this over 12 months)
Telephone (land line and internet)................... 22
Mobile phone............................ 10
TV Licence.............................. 12
Groceries etc. ......................... 100
Clothing................................ 42 Do you need new clothes every month?
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance and breakdown cover........................... 30
Car maintenance (including MOT)......... 25
Medical (prescriptions, dentist etc).... 27 Consider prepayment cert for prescriptions or is this some kind of dental plan?
Buildings insurance..................... Leasehold flat, building insurance in maintenance charge
Contents insurance...................... 5
MPPI ......................... 15
Presents (birthday, christmas etc)...... 40 Could you cut this?
Haircuts................................ 7.5
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 966.8
Assets
Cash.................................... 0
House value (Gross)..................... 70000
Car(s).................................. 0
Total Assets............................ 70,000

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 55000....(370.30)....3.9%
Total secured & HP debts...... 55000
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................10000.....170.......7.2
Total unsecured debts..........10000.....170.....
Monthly Budget Summary
Total monthly income.................... 1,137
Expenses (including HP & secured debts). 966.8
Available for debt repayments........... 170.2
Monthly UNsecured debt repayments....... 170
Amount left after debt repayments....... 0.2
Personal Balance Sheet Summary
Total assets (things you own)........... 70,000
Total HP & Secured debt................. -55,000
Total Unsecured debt.................... -10,000
Net Assets.............................. 5,000
Created using the SOA calculator at the make sence of cards website.
Reproduced on Moneysavingexpert with permission, using IE browser[/QUOTE]


The real experts will be along shortly but that's the things that jumped out at me. To be honest I don't think your SOA is too bad but perhaps the only way to help your situation would be to increase your income? Easier said than done I know.

Good luck

savingmummy

clothing can be reduced or stopped, make do with what you have already.
Agree with people no exchanging of presents or limit budget.
Grocery could come down too i spend 150 for 4 of us, so it can be done.
Sell unwanted/unused things on ebay or at bootsales.
Join survey/cashback sites to get free money vouchers.
good luck xx

Apricot

Tbh it looks pretty good to me. As others have said clothing is a bit high and as you live on your own could you cut down your grocery bill at all? I live alone and spend about £35 a fortnight in the supermarket only topping up on bread & milk inbetween which doesn't come to more than a fiver - it's amazing how knocking a little bit off this area leaves you in a better position to pay off your debts. Have a look on the Old Style board for inspiration.

Also, does it have to be you who sells up? As you're not having much luck with your house would it be feasible for your OH to sell his place & move in with you?

Have a look at the "Up your Income" board for ways to boost your cash. I signed up for the cashback site Quidco & have had £120 in 3 months - it doesn't sound like much but it hasn't cost me anything to do it & every little helps.

LeeSouthEast

It's pretty good. Everyone else has picked out the bits I was going to mention already.

floofy_2

Hi thanks for the replies! I am so relieved you were all so nice to me and to be honest once I finally got it all down on paper, it made me feel better kinda putting it all into perspective.

Wee Pilsbury -

The clothes spend is because I am dieting and have lost 2 stone in the last 12 months (following the GI jeans diet out of a book - not paying for classes or anything) So as I have lost the weight I have needed clothes, particularly for work. I agree this is high but I have one more stone to go before I am in the 'healthy' range for my height. I guess this also doesn’t help the grocery bill as I love expensive types of fruit and very lean meat is always more expensive than ordinary meat. All the bogoffs seem to be on naughty foods!

The medical spend - I was paying into a dental plan that I didn’t seem to get full benefits from so I now just save enough money per month to pay for 2 check ups and one visit to the hygienist per year. I also save monthly for new glasses and contacts. I can’t use the website glasses makers because my prescription is so high most wont go above -7 ish and I am -8.75. A couple of years ago I used glasses direct but the fit wasn’t quite right and I ended up sending them back because I couldn’t see properly.

Present spending, yes this needs to be reduced! I have 2 brothers and a sister and 2 step brothers and 2 step sisters (both parents are remarried) so I always seem to spend a fortune on gifts. Most of them have great jobs and so I feel stingy if I don’t give a similar value gift in return. I am realising this is silly. I am scouring the 'Thrifty Gifty' thread for some ideas. Perhaps I should ask them for clothes for my birthday (something from M+S or somewhere I can exchange if it doesn’t fit) thus bringing down my clothes spend.

Princessleah -
My house is so much smaller and other half is currently in negative equity so this seemed like the best idea at the time. I may have another think, someone has suggested renting my place out, my concern is what if they trash the place?

Savingmummy - I am off to research some cashback sites, at least if am buying all of these presents for my family I may be able to get something back ordering online!

Lee South East - thanks for saying its not too bad – I was so nervous about posting but every reply has been positive J

Amanda666

Just a thought re glasses - Asda have been doing 2 pairs for £90. My lens are -10 and I thought that I would not be able to take advantage of the offer but I was wrong, great glasses, thin lens and great fit. Worth a look :rolleyes:

Wee_Pilsbury

Hi Floofy

I'm in the "been there, done that" camp when it comes to losing weight - it cost an arm and a leg because over about a year I lost 8 1/2 stones :eek:. I had to renew everything - I had nothing in smaller sizes as I'd always had a bit of a weight issue. Agree as well about cost of food when dieting although I have a feeling that a few inhabitants of these boards could tell and show us different .


You mentioned about asking for clothes from M&S for your birthday - why not ask for a gift card if you think that wouldn't be presumptious. That way you could get to choose what you wanted in the first instance.

savingmummy

Well done on weight loss!! I know it isnt everyones cup of tea but maybe you could limit the amounts of clothing (ie 3 tops instead of 5 new tops, 2 trousers instead of 4) and assessorise to make the outfit look different ie belts, scarfs, costume jewellery and mix and match them - just a thought x

floofy_2

Some good ideas from you guys, thankyou!

Amanda666 - thats a really good offer on Asda glasses, I'd like to have a spare pair I havent been able to afford 2 pairs in years. £90 for 2 is brill!! and half what I spent last year on just 1 pair. If you have (unfortunately) a -10 prescription and they are ok then I am sure that would be suitable for mine.... blind as a bat without em..... I know you'll understand when I say I need my glasses to find my glasses!

Wee Pilsbury - you lost 8 1/2 stone that is amazing - well done!!
There is definately a few members of the family that wouldnt mind giving me a gift voucher, in fact I think they may prefer it, at least they know I will like what they 'got' me.

savingmummy - I could spend a fortune on accessories and costume jewellery very easily! I am now sticking to basic shirts, trousers and skirts but buying them all in Primark and George (rather than Next and M+S) However your thoughts about buying a few less things but wearing them more often whilst I am still losing is a good idea. I worry too much about what others think. There is a man at work who only ever wears a white shirt, never any other colour I dont think it is the same shirt all week but no one (except me) seems to have noticed. Maybe its only me that worries about these things?

I am off to look at the new MSE budget planner thingy so I can look at actual spend and desired spend, then I am going to print it out and put it on the fridge for daily inspiration. Thanks for your support

RAS

Hi

Think about the following for clothes

1. Clothes party with your friends. Pick one or two who have gained a bit recently.

2. Sell your old clothes on e-bay or at a car boot.

3. Join www.fregle.com as people do give away quite decent stuff.

4. Check out charity shops. There is a lot of tat but sometimes you can find a gem.

And bear in mind that something like a decent jacket can be worn oversized (I have paired size 18 jackets with size 12 skirts and got away with it). Also that cheap T-shirts look a lot more expensive if they are two sizes bigger.