MY SOA - Where is it going???

LuckyBiscuit

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1000.93
Benefits................................ 1116.27
Other income............................ 0
Total monthly income.................... 2117.2

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 985
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 60
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 60
Mobile phone............................ 0
TV Licence.............................. 12.12
Satellite/Cable TV...................... 18
Internet Services....................... 0
Groceries etc. ......................... 520
Clothing................................ 65
Petrol/diesel........................... 86.67
Road tax................................ 17.5
Car Insurance........................... 19.73
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 19.13
Buildings insurance..................... 0
Contents insurance...................... 15.77
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1943.92

Assets
Cash.................................... 12.19
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Fairfax........................4679.33...10........0
TBI............................6267.52...13........0
Credit solutions...............470.8.....1.........0
Total unsecured debts..........11417.65..24........-

Monthly Budget Summary
Total monthly income.................... 2,117.2
Expenses (including HP & secured debts). 1,943.92
Available for debt repayments........... 173.28
Monthly UNsecured debt repayments....... 24
Amount left after debt repayments....... 149.28
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,417.65
Net Assets.............................. -10,917.65

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]


Hi guy's would appreciate any comments etc.
There is absolutly no way i spend £520 on food a month but this is the figure that was on when send expenses form to creditors and they accepted this.
Idea is to cut down as much as possible and try and clear Credit solutions first then start on others.
Have no idea where the £149 a month is, even worse we never buy any clothes, or put the money asside for the car repairs, presents, road tax, AAHHHHH!!!! Im horrified:eek:
£985 might seem a lot for rent but includes council tax, water and propane gas as we live in a rural area.
Cant change elec user as we share house with landlord whom we pay our half to (completely seperate access etc)
sky is a must dont get signal here as in a valley but on min package
I usually top up mobiles as and when out of my housekeeping money (I havent topped mine up since xmas)
I am not working, have been off work for 2 yrs after a break down, I am hoping to eventually go back to work (No i'll refreaze that I WILL be going back to work) as soon as i have sorted through a few issues(Long Story)
We have a 1/2 acre veg plot that i have been digging and have various veg seeds growing in greenhouse, so hoping that all the veg this coming year will be home grown, also hoping to get some chickens there are 2 chicken sheds that just need a bit of TLC, so not a lot of outlay.

Can't think of anything else..
Please be gentle............:o

katsu

TMVen wrote: »

There is absolutly no way i spend £520 on food a month but this is the figure that was on when send expenses form to creditors and they accepted this.
Idea is to cut down as much as possible and try and clear Credit solutions first then start on others.
Have no idea where the £149 a month is, even worse we never buy any clothes, or put the money asside for the car repairs, presents, road tax, AAHHHHH!!!! Im horrified

I suggest you get your bank statements to see what you have put on your card and start keeping a spending diary. Until you can work out your "real" SOA, we can't really advise you on how to improve it.

RAS

Also join www.freegle.co.uk which is like e-bay but you get stuff free. Great for clothes, DIY stuff, gardening stuff, toys, household stuff etc.

Your and OH need to go through the bank and card statements with a fine tooth comb and find out where the money is actually going.

gonzo127

TMVen wrote: »

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1000.93
Benefits................................ 1116.27
Other income............................ 0
Total monthly income.................... 2117.2

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 985
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 60
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 60 - this is shockingly high, find out who you are calling (mobiles, international etc) and when you are callin (daytime evening weekend) then look at inclusive bundles as line rental will be about £12 most bundles should only set you back a maximum of £10 for 'free national anytime' inclusive calls and some will include international calls in this as well to certain countrys
Mobile phone............................ 0
TV Licence.............................. 12.12
Satellite/Cable TV...................... 18 - look into freesat from sky, since you have the equipment already it would not cost anything/much to get it (i think it say £20 on the site) and no contract
Internet Services....................... 0
Groceries etc. ......................... 520 - as you know this is a lot but your veg should help etc try drop a brand challenge batch cooking and meal planning
Clothing................................ 65 - really? thats loads your wardrobes should be bulging so trying living in what you have already
Petrol/diesel........................... 86.67
Road tax................................ 17.5
Car Insurance........................... 19.73
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 19.13
Buildings insurance..................... 0
Contents insurance...................... 15.77
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0 - probably need some here
Entertainment........................... 0 most people have at least a small amount here!
Holiday................................. 0
Emergency fund.......................... 0 - would always say to have a little here for unexpected lump sums which do happen no matter how careful you are
Total monthly expenses.................. 1943.92

Assets
Cash.................................... 12.19
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Fairfax........................4679.33...10........0
TBI............................6267.52...13........0
Credit solutions...............470.8.....1.........0 - are these minimum payments correct as they seem very low (or are they DMP payments?)
Total unsecured debts..........11417.65..24........-

Monthly Budget Summary
Total monthly income.................... 2,117.2
Expenses (including HP & secured debts). 1,943.92
Available for debt repayments........... 173.28
Monthly UNsecured debt repayments....... 24
Amount left after debt repayments....... 149.28
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -11,417.65
Net Assets.............................. -10,917.65

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]


Hi guy's would appreciate any comments etc.
There is absolutly no way i spend £520 on food a month but this is the figure that was on when send expenses form to creditors and they accepted this.
Idea is to cut down as much as possible and try and clear Credit solutions first then start on others.
Have no idea where the £149 a month is, even worse we never buy any clothes, or put the money asside for the car repairs, presents, road tax, AAHHHHH!!!! Im horrified:eek:
£985 might seem a lot for rent but includes council tax, water and propane gas as we live in a rural area.
Cant change elec user as we share house with landlord whom we pay our half to (completely seperate access etc)
sky is a must dont get signal here as in a valley but on min package
I usually top up mobiles as and when out of my housekeeping money (I havent topped mine up since xmas)
I am not working, have been off work for 2 yrs after a break down, I am hoping to eventually go back to work (No i'll refreaze that I WILL be going back to work) as soon as i have sorted through a few issues(Long Story)
We have a 1/2 acre veg plot that i have been digging and have various veg seeds growing in greenhouse, so hoping that all the veg this coming year will be home grown, also hoping to get some chickens there are 2 chicken sheds that just need a bit of TLC, so not a lot of outlay.

Can't think of anything else..
Please be gentle............:o

hi i have made a few comments,

as has been suggested a spending diary would be a good idea to find out where you are spending the surplus,

also a retrospective (check bank statements and see if you can write downing everything your brought with every withdrawal from your bank) on might bring things into persepctive to see where you are actually spending - which is not always where you think you are spending

LuckyBiscuit

Thanks Gonzo127

Telephone - sorry forgot to say includes interent and free unlimted calls
Sky - have HD+ which costs £10 a month on min package have not had it long as only lived here since sept and think on a 18 month contract?? will need to check that out.
Clothes - we hardly buy any (which is really annoying seeing as we have this figure in our budget i have minimum amount of clothes and kids need some) This money is going somewhere into the abyis.
Houskeeping - What really makes me chuckle is that this is the figure that we gave to the creditors and we never have anything in..............
Am now doing eal planning and am going to get the bank statements out and go through to see where all our money is going!!!
Haircuts - No we don't pay for there DD is doing GCSe hairdressing and DH and DS have the clipper treatment.
We dont have a DMP set up just individual arrangemets, sorry forgot to mention or add the other creditors on, these are the only creditors that have contacted us since our IVA failed early last year, prob have another
30K of debt floating about!! im still waiting for them to contact us (I don't really want to contact them)

Re Emergency fund- we did have one but had to buy a car, Must get that sorted again!!!

Thanks TMVen

redpete

TMVen wrote: »

There is absolutly no way i spend £520 on food a month but this is the figure that was on when send expenses form to creditors and they accepted this...even worse we never buy any clothes,

What you told the creditors is irrelevant here. Put in realistic numbers for advice about what to do about your real spending.

Unfortunately this will add another chunk to the mount of money that 'goes missing' each month, making a spending diary or honest consideration on what you spend even more important.

You need to add numbers for mobile, car tax and similar - even though these might be infrequent spending you must include them as an average figure per month.

LuckyBiscuit

Going through everything now!!!
With a very fine tooth comb!!
I wouldnt mind if i could put my finger on what we have spent int on... i mean don't nessesarily have anything to show for it.......
I think this will be a long evening

niccatw

TMVen

Try not to worry about it - make sure you have plenty of tea and chocolate! I remeber the night I went through everything very well! It was long but it was also an eye-opener and I felt much better - and much more in contol once I'd done it!

See if you can find the interst rates on your loans too, as that'll give you and idea of what o pay of first.

A spending diary really does help (though me and my spending diary have a love-hate relationship!) see whee it all goes. It also helps you work out a realistic treats budget (some-thing I really need to keep me on track for the long term!) and emergency budget - as well as see what's important for you and your family. Good luck getting through the paper work tonight!

LuckyBiscuit

just been through last 3 months bank statements
we spent,

supermarkets on food (1119.17) avearge 373.06 (doesnt seem too bad)
train tickets for DD (27.00)
eating out (43.70) not too bad!!!
Petrol (353.58) average 117.86 a month:eek: All those trips to see old friends and family where we lived

The worst are

cash withdrawn (641.95):eek: average 213.98, which i have no idea what is spent on.:eek:
Non essencial spending (odd bits of clothes,B&Q,boots etc) 490.63 average 163.35:eek:
Time to tighten our belts, write a spnding diary, hubbie has given me his card so he can't spend any cash without asking.

How do i work out what i put in my food budget as i think some of the cash might have been used on food.????

savingwannabe

I hope this will help, I am new, i have been keeping a spending diary for two weeks. What i did was keep my food receipts from week one and then crossed off what i ate and circled what i ended up wasting and throwing away! (silly me). So next week i made sure i did not waste money on what i hadnt made use of the previous week. My shopping bill halved and i have only been doing it for two weeks. I have downgraded my brands (no difference in taste noted yet) and saved a fortune.

I am finding it difficult to sort my vending machine addiction at work though. Before the spending diary i would not have realised how much (15 pounds) i wasted on this even though i have been bringing in sandwhiches for two weeks!

good luck hope this helps.

:j

RAS

TMVen wrote: »

just been through last 3 months bank statements
we spent,

supermarkets on food (1119.17) avearge 373.06 (doesnt seem too bad)

Aim for £80 per adult and less for the children, depending on age. Go over to the old Style Money Saving forum and do a store cupbaord challenge to kick-start the turn round.

train tickets for DD (27.00)
eating out (43.70) not too bad!!!

Put this in entertainment - you need something if you can afford it

Petrol (353.58) average 117.86 a month:eek: All those trips to see old friends and family where we lived

So you need to reduce the number of trips and combine visits

The worst are

cash withdrawn (641.95):eek: average 213.98, which i have no idea what is spent on.:eek:

That is what you need to find out using the spending diaries

Non essencial spending (odd bits of clothes,B&Q,boots etc) 490.63 average 163.35:eek:

This is stuff you really need to sort out. how much is clothing? How much is stuff you do not really NEED?


How do i work out what i put in my food budget as i think some of the cash might have been used on food.????

See above re food.