My SoA

mrsspendalot

Here is my current SoA ....

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 544
Partners monthly income after tax....... 0
Benefits................................ 707
Other income............................ 270
Total monthly income.................... 1521

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 165
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 55
Gas..................................... 50
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 35
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 28.88
Car maintenance (including MOT)......... 10
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...................... 11.61
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 40
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
Child Maintenance Payments (CSA)........ 30
Total monthly expenses.................. 1002.49


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest Overdraft..............4850......70........12.9
Natwest Student Overd..........500.......0.........0
Capital One CC.................300.......10........18.9
Santander CC...................2387......55........0
Sainsburys CC..................1600......37........0
Tesco CC.......................330.......10........0
Debenhams CC...................2200......92........0
Total unsecured debts..........12167.....274.......-


Monthly Budget Summary
Total monthly income.................... 1,521
Expenses (including HP & secured debts). 1,002.49
Available for debt repayments........... 518.51
Monthly UNsecured debt repayments....... 274
Amount left after debt repayments....... 244.51

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,167
Net Assets.............................. -9,167

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

Please note, I am working part time at the moment hence the low wage, but am looking for full time work. My DH does not work at the moment - he is a full time student after leaving his last job on health grounds. We get housing benefit (hence the low rent) and council tax benefit (hence no council tax to pay). DH has a daughter who we pay child maintenance for, via the CSA. This amount is therefore not negotiable, even though he has no income.

We have cancelled Sky today saving £41 a month. Orange mobile phones (1 each) are on 18 month contracts, with DH's ending at the end of the year. Have looked into options of cancelling early but would have the cost to pay anyway. We will not be renewing once the minimum term is up. BT phone and Broadband is currently costing a fortune, but again we are tied in to an 18 month contract, which is up in May so can shop around then. Insurances were cheapest we could find at the time, done through Quidco, and not due for renewal until later in the year.

I'm trying to reduce my grocery shopping bill from £300, which is going well. I've started withdrawing cash for shopping and petrol, budgeting £75 - £60 for food and £15 for petrol. I'm hoping to get the food down to £50 a week which I don't think is outrageous for 5 people.

We have surplus at the end of the month, which is great, but I struggle to know which is the best way to tackle the debts. Clearly DH's Natwest Overdraft is the killer, everything else is currently on 0% but some of those deals will be running out soon, and now DH isn't working he won't manage to get more 0% deals. The only debt in my name is Tesco CC which I only took out to maximise Clubcard points on my grocery shopping.

I have been debt free before and I know I have it in me to get there again .... please be gentle!

savingmummy

mrsspendalot wrote: »

Here is my current SoA ....

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 544
Partners monthly income after tax....... 0
Benefits................................ 707
Other income............................ 270
Total monthly income.................... 1521

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 165
Management charge (leasehold property).. 0
Council tax............................. 0 none at all? you work so check this!
Electricity............................. 55 ring round for cheaper, pay dd sometimes works out cheaper and using same provider for both elec/gas.
Gas..................................... 50
Oil..................................... 0
Water rates............................. 45 this seems high!!
Telephone (land line)................... 35 this needs to be cut down maybe incoming calls only
Mobile phone............................ 50 haggle for cheaper
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 300
Clothing................................ 50 use what you have or at least reduce this to £10 a mth
Petrol/diesel........................... 50
Road tax................................ 10
Car Insurance........................... 28.88
Car maintenance (including MOT)......... 10 this seems low
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...................... 11.61
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 40 do your oh and children, fins a self employed or use local college
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
Child Maintenance Payments (CSA)........ 30
Total monthly expenses.................. 1002.49


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Natwest Overdraft..............4850......70........12.9 priority to go
Natwest Student Overd..........500.......0.........0
Capital One CC.................300.......10........18.9 priority to go
Santander CC...................2387......55........0
Sainsburys CC..................1600......37........0
Tesco CC.......................330.......10........0
Debenhams CC...................2200......92........0
Total unsecured debts..........12167.....274.......-


Monthly Budget Summary
Total monthly income.................... 1,521
Expenses (including HP & secured debts). 1,002.49
Available for debt repayments........... 518.51
Monthly UNsecured debt repayments....... 274
Amount left after debt repayments....... 244.51 where does this go????

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,167
Net Assets.............................. -9,167

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


!

Hi and welcome.
Your SOA is healthy and you have 200+ left over each month which is a lot compared to some :j
Where does this go?? If you had this over each month you could clear DH`s student overdraft in just over 2 months OR pay chinks off high APR one.

Good luck x

vandanfc

What do you actually get from BT ? £60 seems very high - line rental should be about £12 max, anytime package £5, basic bb £18 = £35, check out what you have ?

Is the £40 per month haircuts a typo ? If not this needs addressing.

Are the majority of your cards still on 0% if so when do these run out ?

With what you have left each month you can clear the £300 cap one card in 2 months, then concentrate of the £4000+ overdraft.

mrsspendalot

The council tax is right - I work but income assessment said qualify for 100% paid at the moment.

The water rates figure is from last year - haven't had this year's bill yet. That was over 8 months as I paid like that last year. Will be asking for over 12 months this year.

Gas & Electric are paid by DD and with same supplier (EDF) and get nectar points with them. Just changed onto new tarriff as old one expired - did price comparison and was still best price at the moment.

We spend all the surplus income on debt repayments, so spend about £500 in total on debts each month.

The haircuts cost includes my colour (£25 mobile hairdresser, plus rest of family). Not actually every month to be fair, more like every 6 weeks - but by then my roots are horrendous so can't go any longer than that.

The BT monthly payment includes arrears, line rental, option 2 charges, call charges for anything outside of the package, and total broadband. We have evening & weekend package but don't get the value out of it. We looked at reducing but they won't allow it as that is the package we are tied into until the contract expires in May.

Yes the cards are on 0%. Sainsburys is about to end, but the rest don't end until the summer (July time and September)

mrsspendalot

I should add also that in the next tax year I should get more working tax credit than I currently do as this year's was calculated with a partial year's earnings from DH - but he is not working now. That will increase our income.

I have also just lost child maintenance payments from my ex as he has lost his job, so have just lost £70 a week overnight! I'm hoping he will get another job soon! Once he gets applied for JSA I will be entitled to minimum £5 a week from him towards the children, but not sure how long that will take to come through.

savingmummy

If your using the surplus this should not be remaining on the soa.
So got through and check this.

You need to reduce somewhere from the outgoings.

mrsspendalot

The surplus arises as I input the minimum payments into the monthly payment bit of the debt part of the SoA to show the baseline commitment - I meet all the minimum monthly payments, and then use the surplus to make additional payments. We use £500 a month towards debt, meet all the minimum payments as shown on SoA and then throw difference at one or more. So far I have been worrying about lowering the credit card balances, but think that the overdraft is probably the priority.

Just wanted someone to give me some clarity on the best use of the additional money on top of the minimum payments so I can decide which way to best tackle things.

Hope that makes sense!

slummymummyof3

Start using a root touch up kit to do your roots - about £4.50 per pack. The supermarkets regularly have them with 1/3 off so you could stolck up on a few of them at a time and get OH or a friend to sort out your roots.

mrsspendalot

slummymummyof3 wrote: »

Start using a root touch up kit to do your roots - about £4.50 per pack. The supermarkets regularly have them with 1/3 off so you could stolck up on a few of them at a time and get OH or a friend to sort out your roots.

Home kits literally do my head in - I have scalp psoriasis and home kits aggravate it something rotten. My hairdresser manages to look after it very well with the minimum effect on my scalp. I used to use home kits years ago but my head just can't take it. I have to use allsorts of scalp applications and stuff and I feel far more confident knowing that she is a professional and knows whether something would react or not, and she can keep the colour off my roots better and see where the bad patches are.

mrsspendalot

Sainsbury's statement arrived today .... next month interest kicks back in as 0% ends - 13.95% APR

bloodofareptile

I would start with the Capital One CC - you could have that gone in two months with a bit left over. It's a really high interest rate and a low balance, so it will give you a boost to clear. When it's gone, you'll have another 10 a month to put towards something else.

I'd do the Sainsbury's one next. It's slightly more interest than the OD and has a lower balance, so you'll be able to clear it quicker.

Do you know when your other cards are coming off of their zero percent deals and what rates they will be going to?