Would appreciate any advice!!

Jaylith

Hi,

Here is my SOA...

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1,300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1,300
Monthly Expense Details

Rent 300
Council tax Inclusive in Rent
Electricity Inclusive in Rent
Gas Inclusive in Rent
Mobile phone 35
TV Licence Inclusive in Rent
Groceries etc. 130
Clothing 30
Other travel 70
Medical (prescriptions, dentist etc) 10
Presents (birthday, Christmas etc) 20
Haircuts 5
Entertainment 150
Emergency fund 0
Total monthly expenses 750

Assets
Other assets 250
Total Assets 250

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
RBS Overdraft .......... 984 50 19.1
Vanquis Credit Card......... 250 20 34.1
Capital One Credit Card 200 30 30.5
Barclaycard Credit Card 510 30 32
LCS Elec (Old Debt) 150 20 0
Old Council Tax 280 30 0
Total unsecured debts 2, 374 ??

Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 750
Available for debt repayments........... ??
Monthly Unsecured debt repayments....... 180
Amount left after debt repayments....... 370
Personal Balance Sheet Summary
Total assets (things you own)........... 250
Total HP & Secured debt................. 0
Total Unsecured debt.................... 2, 374
Net Assets.............................. ??


I live with my partner in her mum's house that is why my rent is all inclusive of CT, Gas, Electricity and TV Licence. Makes financial sense for us at the moment after the last 1 and a half years I've had!!

Basically I cannot understand why I am in the position I am considering my salary is decent and my debts not as bad as many other cases.. Maybe I am bad at managing my money I do not know!!

I do not spend much on myself in terms of clothing etc and hardly ever go out. Although I go out for dinner from time to time. I have discussed this with my partner however she is not really supportive of my view now that I want to save for a whole number of reasons. And she earns more than me!!

I would appreciate any advice anyone can provide me with to clear my debt and save!!

gonzo127

Jaylith wrote: »

Hi,

Here is my SOA...

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1,300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1,300
Monthly Expense Details

Rent 300
Council tax Inclusive in Rent
Electricity Inclusive in Rent
Gas Inclusive in Rent
Mobile phone 35 - this is a lot, find out if you are using all your mins and texts if not call the company and see if you can drop your tarrif, the worst they can say is no
TV Licence Inclusive in Rent
Groceries etc. 130 - expensive for one person, i usually suggest people to aim for £60 per person per month which can be done with meal planning, batch cooking and the drop a brand challenge (take into account some people on these forums can feed a family of 4 on £150 a month)
Clothing 30 - if you dont have many clothes how come you are spend so much a month on clothes? i spend about this a YEAR on myself
Other travel 70
Medical (prescriptions, dentist etc) 10
Presents (birthday, Christmas etc) 20
Haircuts 5
Entertainment 150 - this is a lot
Emergency fund 0
Total monthly expenses 750

Assets
Other assets 250
Total Assets 250

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
RBS Overdraft .......... 984 50 19.1
Vanquis Credit Card......... 250 20 34.1
Capital One Credit Card 200 30 30.5
Barclaycard Credit Card 510 30 32
LCS Elec (Old Debt) 150 20 0
Old Council Tax 280 30 0
Total unsecured debts 2, 374 ??

Monthly Budget Summary
Total monthly income.................... 1,300
Expenses (including HP & secured debts). 750
Available for debt repayments........... ??
Monthly Unsecured debt repayments....... 180
Amount left after debt repayments....... 370
Personal Balance Sheet Summary
Total assets (things you own)........... 250
Total HP & Secured debt................. 0
Total Unsecured debt.................... 2, 374
Net Assets.............................. ??


I live with my partner in her mum's house that is why my rent is all inclusive of CT, Gas, Electricity and TV Licence. Makes financial sense for us at the moment after the last 1 and a half years I've had!!

Basically I cannot understand why I am in the position I am considering my salary is decent and my debts not as bad as many other cases.. Maybe I am bad at managing my money I do not know!!

I do not spend much on myself in terms of clothing etc and hardly ever go out. Although I go out for dinner from time to time. I have discussed this with my partner however she is not really supportive of my view now that I want to save for a whole number of reasons. And she earns more than me!!

I would appreciate any advice anyone can provide me with to clear my debt and save!!

i have made a few comments, to be honest looking at your SOA i think there must be something you are missing out that you dont even realise about as it is currently saying you have £370 a month surplus after all expenses and paying your minimum payments, since it sounds as if this is not the case you have to find out where you are spending this money! as £370 a month is a lot to just lose without knowing what on

the best thing i can suggest is for you to create a spending diary, where you write down EVERYTHING you spend in a month from a 20 pence newspaper to a £50 drinking binge, as i think this is going to be the only way you will properly realise where you are spending.

you can do a retrospective one where you get last months bank statement and go through it checking off each withdrawal from your account with what you spent the money on

niccatw

Hey there

I agree with Gonzo. A spending diary or terrifying yourself silly by thoroughly going through your bank statements is the only way to see where your money is going when your SOA shows a surplus (mine did too - I'd grossly underestimated my grocery spends and never realised just how much I was taking out of the cashline without realising what I was spending it on!)

You can keep an online spending diary here http://www.spendingdiary.com/.

If you haven't missed anything from your SOA, then you should be able to get rid of your debt within 6 months - and given those interest rates - the sooner the better! Have a look at the snowball calculator too, you can play about with what to pay back according to interest rates and minimums http://www.whatsthecost.com/snowball.aspx

Good luck