my soa. any help

costaerer

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 0
Benefits................................ 200
Other income............................ 520
Total monthly income.................... 1520
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 53
Gas..................................... 59
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20
Mobile phone............................ 95
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 90
Road tax................................ 10
Car Insurance........................... 110
Car maintenance (including MOT)......... 0
Car parking............................. 20
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...................... 25
Life assurance ......................... 0
Other insurance......................... 7
Presents (birthday, christmas etc)...... 0
Haircuts................................ 7
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1477

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1400
Other assets............................ 0
Total Assets............................ 1400

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
cccs...........................7000......40........0
lloyds loan....................1500......50........7.9
littlewoods....................600.......100.......0
credit card....................500.......20........15.9
Total unsecured debts..........9600......210.......-

Monthly Budget Summary
Total monthly income.................... 1,520
Expenses (including HP & secured debts). 1,477
Available for debt repayments........... 43
Monthly UNsecured debt repayments....... 210
Amount short for making debt repayments. -167
Personal Balance Sheet Summary
Total assets (things you own)........... 1,400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,600
Net Assets.............................. -8,200
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

TUS

costaerer wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 800 Is this for both of you?
Partners monthly income after tax....... 0
Benefits................................ 200 WTC I'm assuming?
Other income............................ 520 What's this?
Total monthly income.................... 1520
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 53 Seems high for 2 people. Do you provide meter readings? Check the comparison sites for a better deal.
Gas..................................... 59 Same as electricity
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 20
Mobile phone............................ 95 VERY high. Assuming this is for 2 mobiles. You are spending £8 pm on the landline as well. This either needs reducing or changing to PAYG.
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 250 This can be reduced. I feed a family of 5 for about this amount. Check the Old Style Moneysaving board for some cheaper healthy eating ideas. You can reduce this by £100 per month.
Clothing................................ 0
Petrol/diesel........................... 90
Road tax................................ 10
Car Insurance........................... 110 Seems high. Have you shopped around for the best quote? When you factor in task, petrol, car parking and insurance - it may work out cheaper to get public transport?
Car maintenance (including MOT)......... 0 You need to put something here for MOT and repairs.
Car parking............................. 20
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...................... 25
Life assurance ......................... 0
Other insurance......................... 7
Presents (birthday, christmas etc)...... 0
Haircuts................................ 7
Entertainment........................... 25 This needs to stop for a while.
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1477

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1400
Other assets............................ 0
Total Assets............................ 1400

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
cccs...........................7000......40........0
lloyds loan....................1500......50........7.9
littlewoods....................600.......100.......0 Is this really 0%?
credit card....................500.......20........15.9
Total unsecured debts..........9600......210.......-

Monthly Budget Summary
Total monthly income.................... 1,520
Expenses (including HP & secured debts). 1,477
Available for debt repayments........... 43
Monthly UNsecured debt repayments....... 210
Amount short for making debt repayments. -167
Personal Balance Sheet Summary
Total assets (things you own)........... 1,400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,600
Net Assets.............................. -8,200
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Comments above. There is definitely scope to make up that £167 per month deficit. You will need to make some cut backs in areas highlighted and it may be a good idea to keep a spending diary for a few months to check you have included everything you are spending.

The key is really your income, which is low for 2 people. I'm assuming only one of you works? If so, why? You really need to increase your income as a long term solution.

costaerer

£800 income, £200 housing benefits, £520 student grants. Gas and elec are in arrears. Can't lower mob tariffs for another 4 months. Will change landline to o2 which I think is half the amount that I'm currently paying. I don't put money away for maintenance so it's hard to estimate. Car insurance is high but I'm 22 and my wife is 21- so that is kinda cheap for our age. I do 15 hr days 5 days a week with Uni placements and work so almost impossible to get rid of car, my schedule is tight enough as it is! Yes littlewoods is 0%.

Only I work my wife I hoe will be starting to work from sept but it will only make £400 pm but we would lose housing benefit. But I guess that's the surplus we need. It's quite difficult as she's in college so needs a part time job.
Thanks

TUS

So are your mobile tariff's £47.50 each? And you use the landline phone to make calls in addition to this?

Immediate savings:
* Only use mobile inclusive mins to make calls (save £8 on landline calls)
* Save £25 from entertainment as this isn't necessary
* Save £100 on food shopping (£35 per week for 2 people is easy)
* I would then consider lowering your Littlewoods repayments to the minimum payment as long as it is 0% - definitely to a max of £50 per month, which saves a further £50.

So thats £183 per month saved already which clears that deficit and helps you to break even. When your partner starts working, any excess can then be thrown into the HIGHEST interest debt first.

Hope that helps.

NorthernLas

One of your payments is to CCCS - are you already in a DMP?

costaerer

that is the cheapest to littlewoods i think. it will go down though next month to probs £70 as sending a load of stuff back.

yes my wife is on a dmp with cccs. i am not.