Fine-tuning of SOA required please!

Little_Miss_Uni-Debt

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1397.8
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1397.8
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 225
Management charge (leasehold property).. 0
Council tax............................. 45
Electricity............................. 20
Gas..................................... 10
Oil..................................... 0
Water rates............................. 6.25
Telephone (land line)................... 7
Mobile phone............................ 5
TV Licence.............................. 6.1
Satellite/Cable TV...................... 0
Internet Services....................... 8
Groceries etc. ......................... 70
Clothing................................ 0
Petrol/diesel........................... 225
Road tax................................ 10.42
Car Insurance........................... 20
Car maintenance (including MOT)......... 13.8
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...................... 2.65
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Gym .................................... 43
Total monthly expenses.................. 717.22

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................840.15....0.........18
Credit Card 1 (B)..............1464.58...50........18
Credit Card 2 (V)..............1898.72...50........21
Total unsecured debts..........4203.45...100.......-

Monthly Budget Summary
Total monthly income.................... 1,397.8
Expenses (including HP & secured debts). 717.22
Available for debt repayments........... 680.58
Monthly UNsecured debt repayments....... 100
Amount left after debt repayments....... 580.58
Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,203.45
Net Assets.............................. -2,203.45

Happytogetdebtfree

It looks pretty fine tuned to me it's suing you have a large surplus a month so you could clear one of the credit cards in 4 months just over paying 400 per month if the intrest is 0% or you can overpay alittle more it might b worth using the snowball calculator. Good luck :-)

DEVONLIFE_2

Looks oaky. A few observations. You have nothing in for haircuts or prescription/dental ?. Mobile looks a small amount is this right?
Best of luck.DL

Little_Miss_Uni-Debt

Hi all,

After coming on here in late 2007 without any shred of a budget, after 2 years of very hard work one slip up and LOTS of learning later - here is my re-worked budget.

I've recently gone from monthly to weekly pay. Also I'm a contractor so I get varying amounts each week depending if I claim petrol back or am able to put travel costs against my job.

Petrol is very high, thats £10 per day petrol and a small bit for personal travel. I do get refunded some of that but can't count on it being a set amount.

I haven't included for clothes - I have a wardrobe full and have no intention of buying more.

I haven't included for holidays/birthdays/christmas/haircuts. I consider these things not so essential while I have debts. However I will factor these in once I'm a saver and will be transferring surplus each month to my ISA.

Maybe I should include £100 of general expenditure pcm for birthdays/christmas/cheap lunches out/cinema etc so I have some personal spending power on a monthly basis!!!

This leaves me with £580 pcm to throw at debts. I'm about to do a snowball to see where this takes me up to. I was SO close last year but I'm determined.

My biggest issue is food. Lack of meal planning and spending on groceries out of my own personal money. Any tips on how to stick to a food budget and not be living on crusts and tinned oranges by day 3???

My gym membership is £10 per week and I do go every day, even if it's just for a 30minute swim so it's well worth it at £1.40 per visit.

Does anyone remember the name of the savings account - e-saver or something. Where you can put your money into different pots? This would help with putting aside for birthdays/christmas etc!!

Thank you all for getting me to this stage! I know I've got a way to go still but I've also come a long way from where I was 2 years ago!! All thanks to MSE!!

Little_Miss_Uni-Debt

Oops! I knew I'd forgotten something! I've added those pesky APRs in now! I wish they were 0%. :-)

Mobile is right. I top up £10 and it lasts me 2 months because I get free texts.

Happytogetdebtfree

I don't know the name of the e saver but i am sure someone will :-) you have die well to budget it's hard and it's hard to stick to, keep up the good work I'm sure the snowball will have a nice dfw date possible the end o the year :-) good luck

Little_Miss_Uni-Debt

I tend to ask for either clothing/haircut vouchers for Christmas and Birthday which usually sees me through the year and I've always got a bit of free pampering to look forward to!!

niccatw

Hi Little Miss Uni Debt

Wow! Your SOA is pretty darn good if it's right! Well done you!

I'm with you on the food budget and meal planning! I budgeted £80 in my SOA, but since keeping a spending diary, I think this is my intended target rather than what I always actually spend! I'm in the middle of meal planning and putting my supermarket shop onto mysupermarket.com so I spend less time "nipping in" to the supermarkets near me for "bits and pieces". This seems to be s l o w l y but surely helping!

I'd aslo say you have enough of a surplus that you can budget in for "treats" to keep you on the straight and narrow. My treat is a proper hair cut every three months!

You could maybe speak to your bank re. your overdraft too. Co-op reduced mine by £20 per month. I found it quite easy knowing my overdraft would reduce that much each month. It also meant I could throw any excess to whatever debt was my target at that time.

And if you find you don't have that excess each month to throw at your debts, start a spending diary again (I'm assuming you've done one before given how good your SOA is!), that helps you flush out the spending culprits .

pixiechick99

I'm sure ING Direct accounts allow you to have lots of 'pots'. I just have lots of current accounts with Lloyds for all my different things;)

savingwannabe

I think it is better to clear the credit cards first and then save. But you are making progress. Well done.

dancingfairy

Hi - your gym seems quite high to me - can you switch it to off-peak or downgrade it or anything? Obviously if you get full value out of it then fair enough but there could be some scope for cost saving? or maybe go to a cheaper gym?
df