It's time to kick some... booty: SOA Included!

JetStream

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 650
Total monthly income.................... 2450

Monthly Expense Details
Rent.................................... 650
Council tax............................. 80
Electricity............................. 70
Gas..................................... 70
Water rates............................. 15
Telephone (land line)................... 10
Mobile phone............................ 75
TV Licence.............................. 10
Satellite/Cable TV...................... 20
Internet Services....................... 5
Groceries etc. ......................... 400
Clothing................................ 50
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 15
Contents insurance...................... 30
Presents (birthday, christmas etc)...... 15
Haircuts................................ 40
Entertainment........................... 80
Total monthly expenses.................. 1850


Assets
Car(s).................................. 2000
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................2300......88........0
Egg............................3400......70........0 (till Christmas, then 16%)
A&L............................650.......79.5......0
MBNA...........................4860......65.........15.6
Overdraft......................1800......0.........6
Barclaycard....................515.......15........17
Total unsecured debts..........13725.....317.5.....-


Monthly Budget Summary
Total monthly income.................... 2,450
Expenses (including HP & secured debts). 1,850
Available for debt repayments........... 600
Monthly UNsecured debt repayments....... 317.5
Amount left after debt repayments....... 218.5

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,525
Net Assets.............................. -11,525

Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Right, that's my current situation (give or take £10 here or there, it's as accurate as can be!) Four things I need to be clear about with it:

1) I'm 25 and plan to clear this by the time I'm 30. (Realistic or not, I'm going for it!)
2) I've not used credit (overdraft aside) since mid-December.
3) I'm going to NYC for a week in May, already paid for - staying in a hostel with friends.
4) My wife and I want to go to Boston for a week, and also plan to see her grandmother whilst out there.

Finally, I know where the biggest saving can be made - food - currently shop at Tesco...

First question: should I concentrate on reducing Egg/MBNA or clearing A&L/Barclaycard?

It feels good to join....!

Hello!

--JetStream

gonzo127

JetStream wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 650
Total monthly income.................... 2450

Monthly Expense Details
Rent.................................... 650
Council tax............................. 80
Electricity............................. 70
Gas..................................... 70 - this is massive i only pay £100 a month for both gas and elec for a 4 bed semi with 2 adults, 2 teenagers and a baby, 1 adult and baby at home all day so £140 for both for 2 people is large, get your ANNUAL usage in KWH and put into a comparison website, find out whos the cheapest (clear your cookies) and use a cashback site to change like quidco
Water rates............................. 15
Telephone (land line)................... 10
Mobile phone............................ 75 - holy cow check you are using all your mins and texts, if not contact the company and ask to drop your tariff to one more suitable the worst they can say is no
TV Licence.............................. 10
Satellite/Cable TV...................... 20
Internet Services....................... 5
Groceries etc. ......................... 400 - once again holy cow! but you know this, i always say to aim for about £60 per person per month as some people on here can feed a family of 4 on £150 a month
Clothing................................ 50 - this is again quite a lot £600 a year on clothes, you must have a massive wardrobe try and just use what you have at the moment
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 50
Car maintenance (including MOT)......... 15
Contents insurance...................... 30
Presents (birthday, christmas etc)...... 15
Haircuts................................ 40 - check out local college's they are usualy always on the look out for models to help the students, very cheaply
Entertainment........................... 80
Total monthly expenses.................. 1850


Assets
Car(s).................................. 2000
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................2300......88........0
Egg............................3400......70........0 (till Christmas, then 16%)
A&L............................650.......79.5......0
MBNA...........................4860......0.........15.6
Overdraft......................1800......0.........6
Barclaycard....................515.......15........17
Total unsecured debts..........13725.....252.5.....-


Monthly Budget Summary
Total monthly income.................... 2,450
Expenses (including HP & secured debts). 1,850
Available for debt repayments........... 600
Monthly UNsecured debt repayments....... 252.5
Amount left after debt repayments....... 347.5 - great surplus

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,525
Net Assets.............................. -11,525

Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Right, that's my current situation (give or take £10 here or there, it's as accurate as can be!) Four things I need to be clear about with it:

1) I'm 25 and plan to clear this by the time I'm 30. (Realistic or not, I'm going for it!)
2) I've not used credit (overdraft aside) since mid-December.
3) I'm going to NYC for a week in May, already paid for - staying in a hostel with friends.
4) My wife and I want to go to Boston for a week, and also plan to see her grandmother whilst out there.

Finally, I know where the biggest saving can be made - food - currently shop at Tesco...

First question: should I concentrate on reducing Egg/MBNA or clearing A&L/Barclaycard?

It feels good to join....!

Hello!

--JetStream

hi and welcome

i have made a few comments above, when it comes to debt repayments the best mathamatical way of doing it is by paying the highest interest rate of first (barcleycard) and then once thats gone go for the next highest

this being said sometimes it is better for a persons motivation to clear debts fully so sometimes the smallest ones (even if not highest interest rate) can be cleared quickly it can give you a moral boost to takle the bigger ones which will take longer

i personally can not see why you can not become debt free wiithin the next 5 years, as with that current SOA you can pay it off in about 4 year, so making a few more changes could actually get it done in under 3

Bunnyinthelights

JetStream wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 650
Total monthly income.................... 2450

Monthly Expense Details
Rent.................................... 650
Council tax............................. 80
Electricity............................. 70
Gas..................................... 70
Water rates............................. 15
Telephone (land line)................... 10
Mobile phone............................ 75 This is really high! is that 1 or 2 mobiles?
TV Licence.............................. 10
Satellite/Cable TV...................... 20
Internet Services....................... 5
Groceries etc. ......................... 400 This can be GREATLY reduced, I dont spend that with a family of 4-look at meal planning, cooking from scratch-try the Old Style Board
Clothing................................ 50 Look at reducing this as well for now...
Petrol/diesel........................... 150
Road tax................................ 15
Car Insurance........................... 50 REALLY? Eek! Again, look around and see if you can get this cheaper.
Car maintenance (including MOT)......... 15
Contents insurance...................... 30 Quite high, look at getting a better price, we pay this for buildings & contents
Presents (birthday, christmas etc)...... 15
Haircuts................................ 40 I would knock this on the head by at least half-again, family of 4 and that is what we pay 2 months (and DH does his own hair!)
Entertainment........................... 80 Again, quite high but then, I'm just jealous...
Total monthly expenses.................. 1850


Assets
Car(s).................................. 2000
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Personal Loan..................2300......88........0
Egg............................3400......70........0 (till Christmas, then 16%)
A&L............................650.......79.5......0
MBNA...........................4860......0.........15.6
Overdraft......................1800......0.........6
Barclaycard....................515.......15........17
Total unsecured debts..........13725.....252.5.....-


Monthly Budget Summary
Total monthly income.................... 2,450
Expenses (including HP & secured debts). 1,850
Available for debt repayments........... 600
Monthly UNsecured debt repayments....... 252.5
Amount left after debt repayments....... 347.5

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -13,525
Net Assets.............................. -11,525

Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Right, that's my current situation (give or take £10 here or there, it's as accurate as can be!) Four things I need to be clear about with it:

1) I'm 25 and plan to clear this by the time I'm 30. (Realistic or not, I'm going for it!)
2) I've not used credit (overdraft aside) since mid-December.
3) I'm going to NYC for a week in May, already paid for - staying in a hostel with friends.
4) My wife and I want to go to Boston for a week, and also plan to see her grandmother whilst out there.

Finally, I know where the biggest saving can be made - food - currently shop at Tesco...

First question: should I concentrate on reducing Egg/MBNA or clearing A&L/Barclaycard?

It feels good to join....!

Hello!

--JetStream

Well done on stopping with the credit since Xmas-you are on the road to quick recovery! I wish I had your brains at 25...have you looked at the Snowball calculator?

JetStream

Thanks

With the Gas/Electric it hit £500 for last (09's) winter bill, so I started paying DD every month. I'm awaiting the next bill to see where I'm up to, then reduce it/look elsewhere. I'm hopeful of knocking it down by over £50.

The mobile phone bill is for two contracts, one each!

Groceries: I'll find a copy of the last bill (Tesco online, use free delivery); in using online we probably save £20+ on going in store, and we also plan meals for the week. Every month we'll stock up on dry foods (not ridiculously, probably £20 extra) so we can change if circumstances dictate.

Clothing: It's nowhere near that much (went for high end of scale - have no idea in reality!), but it is between us again; typically I'll buy 2-3 new shirts over the course of a 4-6 month period, but am factoring in my weight loss here: my shirts have fallen from a 19" neck to a 17.5", and clothes from XXL to a baggy XL in last 6-9 months!

Haircuts: Mine are £6 a month/6 weeks, and wife's are in the £25-30 region

The surplus actually surprised me - although £60 of that has yet to start due to a reduction in council tax - I'm a FT student this academic year, and form has only just cleared! Similarly, petrol - at it's peak - was over five full tanks a month; now it's less than three.

The MBNA card is my current bugbear - I missed the 2nd payment due to bank change, so on latest bill I paid £66.80 and was charged £63.87 in interest! I have applied for a Santander credit card purely to transfer this balance on to a 0%, but no more!!

My only problem is the Boston thing - it's the first time we've both really really wanted to do something but haven't done so due to ££. Because my grandmother died last year, and my wife hasn't seen hers for about 10 years, she really wants to see her before it's too late, but we've no £!

(Incidentally, the trip to NYC was paid straight out of my current account - 6 months ago I'd have put it on a CC!)

Thanks again Gonzo!

JetStream

Bunny - thanks!

Bits I missed when replying to Gonzo:

Car Insurance - was £650 for the year; had a write-off, long story, but don't need to pay anything towards this till October. (I'm 25, 0 years no claim thanks to a tiny bump on black ice in 09!)

Contents: It is for building and contents - should have put £15 for both!

Entertainment: I'm just being realistic; we'll eat out once, I'll go out twice (had been more!)

Thanks again!!

JetStream

Last Tesco Bill:

2 Warburtons Wholemeal Bread Medium Sliced 400g Each £0.65 £1.30
1 Weight Watchers 6 Chocolate Mini Rolls Each £1.30 £1.30
1 Weight Watchers Mini Victoria Sponge Cakes 6pk Each £1.51 £1.51
1 T Finest Cheese & Sundried Tomato Stromboli 271g Each £1.79 £1.79
1 T Multigrain Kaiser Rolls 4pk Each £0.79 £0.79
1 Red Peppers Loose Each Class 1 Each £0.78 £0.78
1 Leeks Loose Class 2 Each £- £0.53
1 Loose Brown Onions Class 2 Each £- £0.16
1 Loose Carrots Class 1 Each £- £0.07
1 Maris Piper Potatoes 2.5kg Pack Each £1.95 £1.95
1 Baking Potatoes 2.5kg Tray Each £1.90 £1.90
1 Tesco Mixed Vegetables 250g Each £1.00 £1.00
1 Tesco Mini Tex Mex Dips 3 X 60g Each £1.35 £1.35
1 Beef Healthy Eating Steak Mince 500g Each £2.98 £2.98
1 Willow Farm 2 S/Less Chicken Breast Fillets 200-333g Each £- £4.05
1 Willow Farm S/Less Chicken Breast Fillets 400-600g Each £- £6.87
2 Mattessons Unsmoked Turkey Rashers 200g Each £2.49 £4.98
1 Tesco No Added Water Wafer Thinhon Roast Ham 126g Each £1.69 £1.69
1 Tesco Light Choice Cheese Singles 200g Each £0.83 £0.83
1 Tesco Free Range Eggs Medium Box Of 6 Each £1.46 £1.46
1 Yakult Fermented Milk Drink 7x65ml Each £2.44 £2.44
1 Tesco Reduced Fat Biscuit & Raisinbars 7x22g Pack Each £0.99 £0.99
1 M & M's Chocolate Bag 185g Each £1.74 £1.74
1 Walkers Baked Variety 6pk Each £1.48 £1.48
1 Weight Watchers Cheese Puffs 6 Multipack Each £1.84 £1.84
1 Guylian Belgian Chocolate Seashells 65g Each £0.86 £0.86
1 Mcvities Jaffa Cakes Triple Pack 36s Each £2.98 £2.98
1 Mentos Fruits 4 Pack Each £0.73 £0.73
1 Bassetts Jelly Babies 215g Each £1.34 £1.34
1 Galaxy Milk Chocolate 125g Each £1.00 £1.00
1 Tesco Italian Seasoning 13g Each £0.54 £0.54
1 Tesco Madras Cooking Sauce 500g Each £0.85 £0.85
1 Tesco Light Choices Tikka Sauce 500g Each £0.85 £0.85
1 Old El Paso Smoked Barbeque Fajita Dinner Kit 500g Each £2.85 £2.85
1 Old El Paso Enchilada Dinnerkit 663g Each £2.61 £2.61
1 Ambrosia Low Fat Custard 150g Pot Each £0.37 £0.37
1 Hartley Ready To Eat Longsleeve Raspberry Jelly 115g Each £0.36 £0.36
2 Tesco Prawn Crackers 60g Each £0.65 £1.30
1 Tesco Fusilli Pasta Twists 3kg Each £2.50 £2.50
1 Chicken Tonight Spanish Chicken Sauce 500g Each £1.00 £1.00
1 Mccain Crinkle Homefries 1.5kg Each £2.07 £2.07
2 Quorn Sausages 336g Each £1.76 £3.52
1 Weight Watchers Creamy Strawberry Cheesecakes 210g Each £1.39 £1.39
1 Weight Watchers Banoffee Desserts 162g Each £1.00 £1.00
1 Weight Watchers 4 Chocolate & Vanillacones 440ml Each £1.95 £1.95
1 Ribena Really Light Blackcurrant Drink 1 Ltr Each £2.76 £2.76
1 Shloer Sparklingred Grape Juice 750ml Each £1.00 £1.00
1 Tesco Still Water 6x2ltr Each £1.89 £1.89
1 Pepsi Max 24 X 330ml Pack Each £5.99 £5.99
1 Simple Vitamin Moisturising Handwash 250ml Each £1.00 £1.00
1 Imperial Leatherhawaiian Spa Shower Gel 250ml Each £1.00 £1.00
1 Tesco Floor Wipes 15's Each £1.02 £1.02
1 Tesco Moist Toilet Tissue Fragrance Free Refill 40's Each £0.79 £0.79

gonzo127

ok so simple suggestion look at my sig for the drop a brand challenge!

looking at that shopping list a lot of things are a leading brand product so some great savings can be made there!

JetStream

The WW bits are part of the weight loss on my part, and the chocs are almost entirely my wife's....but they do last her!

I've just been through it removing what we didn't need, and it came down by £20 to £90... Will use the 'cheaper' option on the website, but there is already a lot of Tesco own brand stuff!

(PS On a point of order, the haircuts was wrong - it's £10-15 PM! Similarly, I forgot to put minimum repayment on the MBNA account - have amended everything accordingly)

tiny_courageous

if the surplus surprised you does that mean you don't have that left at the end of each month? If that's the case I'd suggest keeping a spending diary to see where the money actually goes - the odd newspaper, coffee, sandwich etc soon adds up.

foxgloves

Well done for not putting anything on credit since December! You can juggle credit around from card to card as much as you like, the real key is to stop using the bloody things & when they've gone, it actually becomes liberating. You can get a decent Mobile contract from orange for £15 a month. I got one last year. Got a nice new touchscreen phone with it, 100 minutes a month & unlimited texts. Agree grocery shopping can come down. We spend £250 a month for 2 of us and eat really well. We had big monthly gas & electricity payments which were down to Npower knocking our payments right down but on an estimated reading. Despite me sending the right reading in, they carried on with the low payment then it had to be put up. Look at every statement and if it's an estimate, read the meters yourself and phone them in. I'm on them like a hawk now, also, look at your everyday useage and see what you can cut down. I did weekly meter readings while I got used to what I thought we should be using, by then cutting all non-essential use, we could see the readings coming down, and last month, not only did Npower put the payments down but had to give us a refund for both gas & elec. Don't sit there & freeze, but do have a look at it. That money's better in your bank account than theirs, so don't take any spend for granted, see if it can come down.

Horace

Instead of buying your veg in Tesco nip to your local greengrocer as it will be cheaper and you can buy what you need and not what your eyes tell you that you need so that most gets wasted. Buy your meat in the butchers too again this will be cheaper and is often better quality - lean steak mince is often a lot softer from the butcher than in Tescos which seems to be coarser and more stringy.

Jellies - make your own, its dead easy - buy a packet of jelly cubes and add hot water or to make weight watchers lime jelly get a pack of lime jelly make up using a half tin of low fat lemonade and add hot water (it will foam up) pour into a mould or even a glass bowl and bung in the fridge til set..it works out cheaper than buying the ready made stuff.

Sweeties are cheaper in Aldi and Lidl and are just as nice - they have their own brand of jaffa cakes too.

Your mobile phone contracts are high - switch to PAYG if you can. Re your electricity & gas £500 for last year is high - turn off at the switch instead of leaving things on standby, don't use a tumble dryer as it guzzles electricity, read your meters too don't rely on estimated readings.

There is a lot of ready made stuff on your grocery list so try making your own instead..weightwatchers do cookbooks and it is easier to whip up a cake than buy a synthetic one from Tesco.