My SOA, advice appreciated :)

sunshinesheli

Hi guys, :j
Okay, a little background information... I don't have a lot of debt, but I want to get on top of things before they get out of control. The debt I do have is from my time at Uni.
I've recently moved to Leeds with my boyfriend, and we are sharing a house with another couple who are friends of ours. I am starting my teacher training in September so my income will be dropping significantly then. I'd like to have really pared down my debt by then and be better at managing my money...

So, here is my SOA. It is just for myself, household bills seem small as they are my share (1/4)...


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 4
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 850
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 40
Total monthly income.................... 890

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 24.25
Electricity............................. 15.77
Gas..................................... 15.77
Oil..................................... 0
Water rates............................. 6.1
Telephone (land line)................... 3.19
Mobile phone............................ 15.00
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 4.88
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 250
Road tax................................ 12.5
Car Insurance........................... 96.86 (new driver with no no claims )
Car maintenance (including MOT)......... 0
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...................... 10.00
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 60 (including gym which is being cancelled £42!! :eek: have to give 3 months notice though)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 764.32

Assets
Cash.................................... 0
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
overdraft......................800.......0.........0
Total unsecured debts..........800.......0.........-

Monthly Budget Summary
Total monthly income.................... 890
Expenses (including HP & secured debts). 764.32
Available for debt repayments........... 125.68
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 125.68
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -800
Net Assets.............................. -300
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Be as harsh as you like... _pale_ hehe x

linz

Hmmm, obvious thing is the £250 petrol a month. How come it's this high?

Groceries is good, though you could try and get it even lower by batch cooking, do big portions & eat one freeze 1/2.

Make sure you make use of cashback sites like Topcashback or Quidco whenever you buy anything, you may get a good cashback on your car insurance when it's due for renewal too.

Tixy

Hi Sheli

sunshinesheli wrote: »

Hi guys, :j
Okay, a little background information... I don't have a lot of debt, but I want to get on top of things before they get out of control. The debt I do have is from my time at Uni.
I've recently moved to Leeds with my boyfriend, and we are sharing a house with another couple who are friends of ours. I am starting my teacher training in September so my income will be dropping significantly then. I'd like to have really pared down my debt by then and be better at managing my money...

So, here is my SOA. It is just for myself, household bills seem small as they are my share (1/4)...


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 4
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 850 any chance of overtime until you start training? or a second job?
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 40
Total monthly income.................... 890

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 24.25
Electricity............................. 15.77 (not loads but anyway have you as a 4 checked you are with the cheapest supplier for gas & elec)?
Gas..................................... 15.77
Oil..................................... 0
Water rates............................. 6.1
Telephone (land line)................... 3.19
Mobile phone............................ 15.00
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 4.88
Groceries etc. ......................... 100 not partic high but do you and boyf cook together? if so maybe able to cut a little off this. Do you mean plan before you go shopping and try cheaper supermarkets etc?
Clothing................................ 0 is this sustainable for a whole year? maybe budget just £5 per month?
Petrol/diesel........................... 250 how many miles do you do? is the car efficent? do you drive efficently and always fill up at the cheapest place etc? could you car share with anyone sometimes to save?
Road tax................................ 12.5
Car Insurance........................... 96.86 (new driver with no no claims )did you see if it would be cheaper is you put boyfriend as a named driver? or even mother or father?
Car maintenance (including MOT)......... 0 need to budget for this.
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...................... 10.00 is this just yours or a 1/4 of a household bill? maybe see if you can get any cheaper.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 60 (including gym which is being cancelled £42!! :eek: have to give 3 months notice though)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 764.32

Assets
Cash.................................... 0
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
overdraft......................800.......0.........0 do you know the APR?
Total unsecured debts..........800.......0.........-

Monthly Budget Summary
Total monthly income.................... 890
Expenses (including HP & secured debts). 764.32
Available for debt repayments........... 125.68
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 125.68
Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -800
Net Assets.............................. -300
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Be as harsh as you like... _pale_ hehe x

If you overdraft is your only debt and you have the £125 spare then you should be able to make large inroads by Sept. Try reducing by at least £100 per month. Have you got anythings you could try selling by ebay or carboot to add to your repayments?

GEEGEE8

Doesn't look too bad.

What about a spending diary to see what you really do spend that extra £125 on? You might be suprised.

I agree on food, could be reduce. I've just had some 14p mashd potato from asda, was just like any other mashed potato! haha - food can be a rip off, and the packaging appeals.. try and reduce a couple of things from there.

Fuel is pricey, maybe try to limit car use for social means. Obviously if it's to get to work etc, then you can't. Is it possible to use public transport? altho, this can be more expensive sometimes.

sunshinesheli

I agree, petrol is astronomical, and tbh it's a conservative estimate! I'm currently working in Hull and commuting 3 times a week - staying with friends a few nights to cut back on petrol costs. This will be finished in July though as that is the end of term!

Contents insurance is split between me and my bf, will try to get that cheaper if we can.

Overdraft is a graduate account, so is 0% interest.

Clothing is hopefully sustainable - I have been asking for gift vouchers for xmas and birthdays and have about £150 - £200 in vouchers saved up...


I agree I need to do a spending diary... even though on paper I have money left at the end of the month, I never actually do... I have a one off cost of £435 coming up too which I have no idea how to budget for...

Can't get overtime as I work in a college. I do do some private tutoring, but to be honest the money I make from it is not much when tax etc is taken off!

We are trying to reduce our food budget, but I have recently been diagnosed with IBS and currently on exclusion diets to try and work out my triggers - at the moment no dairy so having to buy vegan butter, soy milk etc which is more than normal smart price stuff. Though I'm sure as we get used to it we'll adapt better!

Thank you for all your advise. I know my debt is not horrific, but I really am not good at dealing with money and am scared it will get worse when I go back to student-dom.
Sunshine x

Tixy

Very sensible that you are tackling things now though rather than wait for it to fall apart a couple of months into being a student.

Not sure how much time you have spare currently but do you do any of the online surveys/reviews etc, which can all contribute small amounts, some cash and some in vouchers. Might be worth a look at the Up Your Incom board here on the forum to see if anything else might be suitable.

In terms of petrol costs have you read this article to see if any of the tips are any use to you - http://www.moneysavingexpert.com/travel/cheaper-fuel?dd

Have you got any sort of work lined up from July to September? a summer job or anything?

sunshinesheli

Not as of yet no. I have been applying to things but not having much luck right now. I should be paid over the summer though, as my salary is spread over the whole year - technically my contract ends in August.

I do a few survey things, but not really enough to make a difference. I will have more time when I finish this job though so can up my game over the summer!

Thanks again!

andys15

good luck with your teacher training

LittleMissAspie

I'm sure when we had contents insurance it was only about £60 a year so I'd definitely look into that.

Are you saying that groceries are £200 for the two of you? You can cut at least £50 off that and maybe halve it. I hear what you're saying about your diet but you don't NEED dairy substitutes. Go without butter/spread, switch to fruit teas or black coffee or squash, use vegetable pates or spreads in sandwiches, cook with veg oil etc. Lentils and beans are cheap and good for protein and fibre. I think there is a vegan thread on the OS board somewhere, for ideas.

Would it be any cheaper to get trains rather than drive? A monthly travel card can't be more than £300?

I think your outgoings are reasonable (apart from the car ins and petrol) but really your income is very low. Could you try for a saturday job or even a paper round?

Happytogetdebtfree

Hi and all the best, you could quite easily get a big inward on your overdraft.... and at the same time try and accumulate some excess cash for uni :d good luck xx