SOA and a hello.

silentsmile

Hi MSE members!

I've looked at these forums a couple of times over the last few years and have finally decided to swallow my pride and jump in head first.

A little about me; useless with money just about sums it up! I was never educated on things like credit cards, store cards, that sort of thing, so I when I was old enough/could get credit I had a bunch of things. Everything was okay until I got with my now ex boyfriend and he ran up a debt of £4000 on my old credit card, which I was then issued with a default for. This default appeared in 2005, is cleared and satisfied and will (I think?) drop off my credit record in 2011.

Since then I've obviously had various problems obtaining credit. I have a very small overdraft of £100 on an existing bank account which I am currently in (and want to get out of!) and £40 in another, again which I need to get out of.

Bank Account 1: £95 overdrawn
Bank Account 2: £50 overdrawn
Bank Account 3: £150 credit.

I have no savings - these were wiped out clearing the credit card debts/store cards several years ago plus a loan to my other ex boyfriend which has never been paid (for shame).

I have been with my current boyfriend for quite a while and as of last week we are now living together. This is our statement of affairs:

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 850
Benefits................................ 420
Other income............................ 0
Total monthly income.................... 1270

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 455
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 12
Mobile phone............................ 100
TV Licence.............................. 0
Satellite/Cable TV...................... 18
Internet Services....................... 25
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
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...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 615


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Next...........................38.33.....5.........26.49
Littlewoods....................343.95....0.........29.9
Total unsecured debts..........382.28....5.........-


Monthly Budget Summary
Total monthly income.................... 1,270
Expenses (including HP & secured debts). 615
Available for debt repayments........... 655
Monthly UNsecured debt repayments....... 5
Amount left after debt repayments....... 650

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -382.28
Net Assets.............................. -382.28

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Just to clarify, I am looking for work after a long period of ill-health (M.E, which is slowly getting better) so at some point the benefit will cease and a salary will replace it, although I doubt by much as I am looking to go part time initially.

We pay £455 in rent per month and that includes all utility bills (gas, electric, water, council tax, tv license etc etc).

The £100 state for mobile is actually comprised of £35 for me (which I intend on reducing at the first available opportunity - August), £20 for my boyfriends (but he thinks it's less than this) and £45 for a laptop hire purchase deal type thing. So in essence it's around £100.

Cable I cannot reduce, nor cancel - it was taken out in February and is at the lowest rate.

Phone and broadband is a package - I am going to reduce the broadband down as I will no longer be using it as much at home anymore (before I needed unlimited as I was at home all the time).

Contents insurance is self explanatory, I got the best deal I could here.

I have two store accounts, both up to date on payment of £38.33 with Next and £345 with Littlewoods, but the latter is 0% interest until Feb 2011 (I have put the APR as the rate stated).

We do not have a car, or any children. My boyfriend has around £7000 in savings but a) he is loathe to use this and b) it's not my money - he saved that up himself therefore it is not mine to use.

I know this SOA probably looks quite mild in comparison and I perhaps shouldn't be too worried about things, but I am a worrier by nature and finally towards the end of my 20's I've realised I can't just spend money as and when.

I don't know if anybody has any advice, or any advice for how we can manage a budget (spreadsheet kind of thing) or any experiences they want to share.

Thanks in advance,

SS

Tixy

Hi and welcome, well done for posting and wanting to tackle things.

You need to budget for things like your food costs, haircuts, presents, entertaining, clothing etc. Do you use public transport at all for either of you?

Put your overdrafts in to the list of debts as well, and the laptop HP should really be in there as well (just so we can see the full extent of your debts). I assume all the debts are in your name only?

How are your finances set up? as you have a default it makes sense for you not to have a joint current account (as you don't want to pull his rating down).

You are right the default will go after 6years.