can anyone give me advice here

edited 1 June 2010 at 11:24PM in Debt-free wannabe
5 replies 762 views
reisse03reisse03 Forumite
156 Posts
edited 1 June 2010 at 11:24PM in Debt-free wannabe
below is my soa, and although it doesnt look too bad (ive just paid off a credit card)
i dont seem to have this much left at the end of the month.
i have been doing a spending diary every day but im finding it doesnt really deter me from actually spending the money.
i have £500 saved but i really want to go on holiday at the end of this month and need slightly more to be able to do it
any advice is appreciated

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details

Monthly income after tax................ 823
Partners monthly income after tax....... 0
Benefits................................ 552.93
Other income............................ 390
Total monthly income.................... 1765.93


Monthly Expense Details

Mortgage................................ 0
Secured/HP loan repayments.............. 151.1
Rent.................................... 273.6
Management charge (leasehold property).. 0
Council tax............................. 77
Electricity............................. 43.33
Gas..................................... 43.33
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 160
Clothing................................ 5
Petrol/diesel........................... 195
Road tax................................ 11.5
Car Insurance........................... 42
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 7
Other child related expenses............ 2.5
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 5
Entertainment........................... 60
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1173.36



Assets

Cash....................................380
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 0



Secured & HP Debts

Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
legal aid......................822.5....(43.1).....0<
council tax arrears............462......(82).......0<
overdraft......................1250.....(26).......0
Total secured & HP debts...... 2534.5....-.........-


Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-



Monthly Budget Summary

Total monthly income.................... 1,765.93
Expenses (including HP & secured debts). 1,173.36
Available for debt repayments........... 592.57
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 592.57


Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -2,534.5
Total Unsecured debt.................... -0
Net Assets.............................. -2,534.5

Replies

  • syedlfcsyedlfc Forumite
    54 Posts
    just cut down on groceries and petrol..
  • somethingcorporatesomethingcorporate Forumite
    9.4K Posts
    Forumite
    +1 to the post above. It looks quite trim to me.

    What is the other income?
    Thinking critically since 1996....
  • PoosmatePoosmate Forumite
    3.1K Posts
    I'm seriously not being funny but you have a surplus of nearly £600 after ALL of your bills and debt payments have been made!

    What on earth are you spending that on?!

    After my bills are paid, I'm left with £85 a week out of which I pay for food and petrol and petrol costs £25 per week!

    How long have you been keeping your spending diary? Did you enter everything you spend?

    Poo
    One of Mike's Mob, Street Found Money £1.66, Non Sealed Pot (5p,2p,1p)£6.82? (£0 banked), Online Opinions 5/50pts, Piggy points 15, Ipsos 3930pts (£25+), Valued Opinions £12.85, MutualPoints 1786, Slicethepie £0.12, Toluna 7870pts, DFD Computer says NO!
  • josephine82josephine82 Forumite
    428 Posts
    Part of the Furniture 100 Posts Combo Breaker Debt-free and Proud!
    Forumite
    It looks pretty good to me.
    You need to focus on where that surplus is going.
    You mention £500 savings but this is not listed.
    If it were me, I'd pay that £500 off the council tax arrears now.
    I would wait until you were debt free to go on holiday, personally. £500+ is a lot to spend on holiday when you are £2000+ in debt.

    Then I would pay the surplus towards the legal aid until cleared, and then clear your overdraft.

    You could clear these debts within 4-5 months.
    You could also shave money off your budget: groceries, mobile phone to generate some more extra cash.
    Debt free as of 2 October 2009
    Mortgage free wanabee
  • reisse03reisse03 Forumite
    156 Posts
    thanks for all your replies. i know i should have all this left but i dont. what i spend it on is a mystery except i do my mobile bill is usually about £80 so im working to bring this down so im always within my usage.
    i had been spending more on petrol by driving faster than i should, apart from that ......im ashamed to say i dont know. im a single parent and maybe spoil my son a bit too much
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