SOA - anywhere i can free up cash

skint-at-19

Income

Monthly Income (After Tax) - £764

Expenditure

Course Finance - 136 p/m
Catalogues - £55 p/m
Car - £100 p/m (3 month left)
Petrol - £50 p/m
Mobile - £35 p/m
Entertainment/Food - £50 p/m
Car Insurance - £128 p/m
Gym - £29 p/m
Friend - £50 p/m (4 months)
Laptop - £28 p/m
Loan - £100 p/m

Total outgoings = £740 p/m

Help!!

savingmummy

Hi and welcome
you need to do a full SOA using the MSE one. This is easier to read and work out and includes everything not just bad debts!
I will get you the link x

skint-at-19

I have the link hun, just couldn't work out how to copy and paste it .. it wouldnt work

savingmummy

http://www.makesenseofcards.com/soacalc.html
Ensure you put in ALL incomings and ALL monthly outgoings.
Hit MSE button a box will come up and then copy and paste here x

savingmummy

skint-at-19 wrote: »

Income

Monthly Income (After Tax) - £764

Expenditure

Course Finance - 136 p/m
Catalogues - £55 p/m
Car - £100 p/m (3 month left) do you need the car?
Petrol - £50 p/m
Mobile - £35 p/m reduce this? go payg?
Entertainment/Food - £50 p/m
Car Insurance - £128 p/m can you get cheaper?
Gym - £29 p/m can this be cancelled for now?
Friend - £50 p/m (4 months)
Laptop - £28 p/m what is this? hp or insurance?
Loan - £100 p/m

Total outgoings = £740 p/m

Help!!

rent?
car maintenence?
meals out?
wine/beer?
clothes?
road tax?

skint-at-19

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 764
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 764
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 236
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 128
Car maintenance (including MOT)......... 0
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)...... 0
Haircuts................................ 0
Entertainment........................... 75
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 529

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 4800.....(236)......0
Total secured & HP debts...... 4800......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
friend.........................200.......50........0
mute loan......................300.......25........0
catalogues.....................650.......55........0
Total unsecured debts..........1150......130.......-

Monthly Budget Summary
Total monthly income.................... 764
Expenses (including HP & secured debts). 529
Available for debt repayments........... 235
Monthly UNsecured debt repayments....... 130
Amount left after debt repayments....... 105
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -4,800
Total Unsecured debt.................... -1,150
Net Assets.............................. -5,650
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Tixy

Income

Monthly Income (After Tax) - £764 any chance of overtime or a second job?

Expenditure

Course Finance - 136 p/m how long for? what is the balance? what APR?
Catalogues - £55 p/m balances? APRs? are these just the minimum amounts?
Car - £100 p/m (3 month left) is this the finance for your car. good that it finishes soon
Petrol - £50 p/m
Mobile - £35 p/m can you ask to drop to a cheaper tariff
Entertainment/Food - £50 p/m
Car Insurance - £128 p/m :eek: this is high, have you shopped around for the best deal?
Gym - £29 p/m is this in contract? could you stop? do you use it? can you take a membership holiday?
Friend - £50 p/m (4 months) was this money they lent you
Laptop - £28 p/m is this finance? how long left? APR
Loan - £100 p/m balance? APR?

Total outgoings = £740 p/m


Don't forget road tax, car servicing, mot, tyres etc. Also clothes, haircuts, presents etc? Budget 1/12 of the annual cost for anything you do not pay each month.

savingmummy

skint-at-19 wrote: »

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 764
Partners monthly income after tax....... 0 any overtime? 2nd job?
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 764
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 236
Rent.................................... 0 ??
Mobile phone............................ 40

Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 128
Car maintenance (including MOT)......... 0 ??
Car parking............................. 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 ?never
Entertainment........................... 75 reduce this!!
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 529

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 300
Other assets............................ 0
Total Assets............................ 300

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 4800.....(236)......0
Total secured & HP debts...... 4800......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
friend.........................200.......50........0
mute loan......................300.......25........0
catalogues.....................650.......55........0
Total unsecured debts..........1150......130.......-

Monthly Budget Summary
Total monthly income.................... 764
Expenses (including HP & secured debts). 529
Available for debt repayments........... 235
Monthly UNsecured debt repayments....... 130
Amount left after debt repayments....... 105 where does this go?
Personal Balance Sheet Summary
Total assets (things you own)........... 300
Total HP & Secured debt................. -4,800
Total Unsecured debt.................... -1,150
Net Assets.............................. -5,650
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

You have 105 left each month?? you need to see where this goes and throw it at your debts.

Cut back on your entertainment for now, try and sort out something with the mobile too.
I know your only young but try to find cheaper insurance for your car.
Do you live with parents? do they know about your debt?

I hope you have stopped with the credit too x

skint-at-19

Tixy wrote: »

Income

Monthly Income (After Tax) - £764 any chance of overtime or a second job?

Expenditure

Course Finance - 136 p/m how long for? what is the balance? what APR?
Catalogues - £55 p/m balances? APRs? are these just the minimum amounts?
Car - £100 p/m (3 month left) is this the finance for your car. good that it finishes soon
Petrol - £50 p/m
Mobile - £35 p/m can you ask to drop to a cheaper tariff
Entertainment/Food - £50 p/m
Car Insurance - £128 p/m :eek: this is high, have you shopped around for the best deal?
Gym - £29 p/m is this in contract? could you stop? do you use it? can you take a membership holiday?
Friend - £50 p/m (4 months) was this money they lent you
Laptop - £28 p/m is this finance? how long left? APR
Loan - £100 p/m balance? APR?

Total outgoings = £740 p/m


Don't forget road tax, car servicing, mot, tyres etc. Also clothes, haircuts, presents etc? Budget 1/12 of the annual cost for anything you do not pay each month.

I have two jobs, my second one gets me about £30 a week which is included, and the hours are rediculous

Yes the catalogues the min amount.

car insurance - i have crashed so its gone up

gym - i use it all the time, its my release

friend - yes

laptop - got the whole lot to pay

loan - just a savings kind of one, not much interest

skint-at-19

savingmummy wrote: »

You have 105 left each month?? you need to see where this goes and throw it at your debts.

Cut back on your entertainment for now, try and sort out something with the mobile too.
I know your only young but try to find cheaper insurance for your car.
Do you live with parents? do they know about your debt?

I hope you have stopped with the credit too x

The catalogue is down to my mother anyway, i don't like calling her mother.
It would of all been ok if i didn't do the course, i can't even get a job doing what i am qualified in!

savingmummy

OK you NEED to be debtfree and this will be tough and you really need to work hard to do it!
You can afford the gym right now - this £29 could go to a debt each month!

Have you got anything to sell? things you`ve bought? what was the loans for?

If you are working long hours for £30 a week you need to look for a different job as it really don`t sound beneficial at all.