my soa, any advice greatly appreciated!!

littlepinkstars44

Ok, so i'm sure some of you will remember me, i'm always jumping on and off the debt busting wagon. Summer is over and it's time to buckle down and get rid of most of this debt once and for all!

Last year of being a student, so i would like to try and get these numbers down before i have to get a proper job, and start paying back £7kish of student loans over the past 5 years.


So here it is, any advice at all would be greatly appreciated!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 221
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 440
Total monthly income.................... 661
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 35
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 36
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 3
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
driving lessons......................... 160
Total monthly expenses.................. 534

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
Dorothy Perkins card...........195.......10........28.9
Topshop card...................203.......10........29.9
New Look card..................125.......5.........29.9
Capital one card...............158.......15........34.9
Bank of Scotland...............913.......15........0
Very catalogue.................2097......20........39.7
Kays catalogue.................197.......40........0
Total unsecured debts..........3888......115.......-

Monthly Budget Summary
Total monthly income.................... 661
Expenses (including HP & secured debts). 534
Available for debt repayments........... 127
Monthly UNsecured debt repayments....... 115
Amount left after debt repayments....... 12
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,888
Net Assets.............................. -3,888
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

zarazara

Hi,apart from drastically reducing clothing and entertainment I cant see what else you can do,other than find a part time job.

littlepinkstars44

zarazara wrote: »

Hi,apart from drastically reducing clothing and entertainment I cant see what else you can do,other than find a part time job.

oops i should have wrote, i do work thats what the £200odds income is. I work 9 hours a week in Morrisons. That figures is my basic wage, as there is not generally any extra hours/overtime going. I am lucky that i am trained in a few different departments, so i managed to get 2 extra 5 hour shifts in the petrol station last week, and 2 extra 4 hour shifts in the cafe this week. My wages can go from £221-£300odds just depending, but that is the bare minimum i walk lout with a month.

Tixy

Hi LPS

You know I was just wondering how you were getting on only last week, I read another post that reminded me of you.
I'd say the most important question is are you actually managing to make the minimum payments you have shown above? are you behind on anything at all?

Is the income you have put in what you get each month or do you get the chance to work extra hours sometimes? are you still at the supermarket? if you do get extra hours are you putting all that money towards your debts?

You don't have anything budgeted for books/course materials at all - is that right? do you not need to buy anything for your course?

I know you are going to expect the next comments but I'll mention them anyway - have you stopped buying anything new from the catalogues? that very APR is horrendous, at the rate you are clearing it its going to take you a couple of years to clear it and so everything you buy from there will be costing you a lot more than the advertised price. No point thinking 'oh that top is a bargain at £25 if by the time you've paid for it you also end up paying £20 more on interest. If you have to spend money on clothes etc make sure its done in cash out of the £30 you have allocated, not by using catalogues.

Also you haven't allocated anything towards xmas presents, birthdays etc. Is this realistic? have you come to an arrangement with family not to buy presents? (or to buy only very small presents for a few quid?)

littlepinkstars44

Hi, Tixy! Thanks for posting!

No i not behind on anything, which i am really glad about, especially with having no student loan over the summer their. First student loan payments are always a double payment, so i got £880 at the start of the month, which a good 65% off went to overpayments on everything. The rest went on notebooks/stationary etc for uni, and a pair of jeans for £16 in the new look 20% off student thing last week for uni as well (paid with cash not the card), and a new bus pass.

I'm still in Morrisons, and have managed to get extra shifts here and there in different departments over the past 2 weeks, i am only in uni thursdays and fridays this year, which one the the duty managers has now picked up on. He told me the other day if anyone phones in sick, he will give me a call!

So far, this semester only doing 2 modules and a hosted project (which is the other choice instead of a dissertation) No books needed, everything i need to read is journal articles or books which are in the library! The project is doing work for an external company, and they pay the expenses.

I've been trying not to spend on the cards or catalogues, i did have to get a new laptop over summer, when mines blew up!! So that was on the catalogue, apart from that i've spent about £20/£30 here and thee on the cards when last minute things have cropped up..managers 40th last week etc. But i think i made a good start at the start of the month paying a good whack to everything.

Edit: just realised i hadn't answered the christmas question. No tbh i haven't really thought about christmas yet. Only planning on buying for my mum, stepdad, brother, sister, grandpa and 2 of my friends. Going to try and talk uni friends into doing a secret santa so i don't have to buy everyone a present. Have just signed up to the make £10 a day in oct challange, i think ebay will be my way or raising money for christmas pressents this year.

As for birthdays, mines, grandpas and my brothers are all in january, the rest are all june and july. Usually get my brothers and grandpas in the sales after christmas.

MFWannabe

littlepinkstars44 wrote: »

Ok, so i'm sure some of you will remember me, i'm always jumping on and off the debt busting wagon. Summer is over and it's time to buckle down and get rid of most of this debt once and for all!

Last year of being a student, so i would like to try and get these numbers down before i have to get a proper job, and start paying back £7kish of student loans over the past 5 years.


So here it is, any advice at all would be greatly appreciated!

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 3
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 221
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 440
Total monthly income.................... 661
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150 - Do you live at home with parents? If so could you ask them if you could cut this right back for a bit while you pay off debts
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20 - Change to payg?
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 35 - Is this correct?
Clothing................................ 30 - cut right back; wear what you already have for now
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 36
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 3
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 100 - You need to cut this right back for now until you've paid off your debts; to maybe £30?
Holiday................................. 0
Emergency fund.......................... 0
driving lessons......................... 160
Total monthly expenses.................. 534

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
Dorothy Perkins card...........195.......10........28.9
Topshop card...................203.......10........29.9
New Look card..................125.......5.........29.9
Capital one card...............158.......15........34.9
Bank of Scotland...............913.......15........0
Very catalogue.................2097......20........39.7
Kays catalogue.................197.......40........0
Total unsecured debts..........3888......115.......-

Monthly Budget Summary
Total monthly income.................... 661
Expenses (including HP & secured debts). 534
Available for debt repayments........... 127
Monthly UNsecured debt repayments....... 115
Amount left after debt repayments....... 12
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,888
Net Assets.............................. -3,888
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Hi
I've made some suggestions above; although there's not much room to make cutbacks.
Start by paying off the high interest cards first; to get these paid off out of the way.
You said in another thread that you only go to uni 2 days a week now; could you get another job aswell as Morrisons job? Even if it's one evening a week in a bar? That way you'll still get to go out and socialise but you'll be earning money at the same time. This could make a lot of difference; could mean you may be able to pay off a card every 2 months

littlepinkstars44

FREEZ wrote: »

Hi
I've made some suggestions above; although there's not much room to make cutbacks.
Start by paying off the high interest cards first; to get these paid off out of the way.
You said in another thread that you only go to uni 2 days a week now; could you get another job aswell as Morrisons job? Even if it's one evening a week in a bar? That way you'll still get to go out and socialise but you'll be earning money at the same time. This could make a lot of difference; could mean you may be able to pay off a card every 2 months

Thanks so much for replying. Yes i live at home, my mum decreased my rent to £100 during summer cause i don't have my student loan, and it's only just went back up to £150. I'm afraid my mum isn't in a position to let me pay an less than £150 at the moment.

My mobile is with Virgin £18 a month, sometimes it's £19, sometimes it's £20 so i've put £20 to be on the safe side. I think its a great contract i've got, unlimited texts, unlimited internet and 500mins. I still have 6 months left on the contract, so it would cost more to buy myself out of it.

I'm going to cut back on entertainment, it will be hard though remember i am still a full time student, and like to party, lol!!

I really like the idea of getting another job, i did have 2 jobs last summer, but Morrisons are really fussy about it though. They won't change my shifts unless i tell them at least 3 weeks in advance i can't work a certain day, and i don't have set shifts, i can be in on a monday and tuesday one week, then not be in till the following saturday and sunday. It was a nightmare last week trying to organise shifts in my 2nd job, cause Morrisons just will not budge.

littlepinkstars44

I just wanted to say thanks so much for the idea of a second job, i've been thinking what can i do that won't really get in the way of the days i'm in uni, or my shifts at Morrions!

PR work, i've done it before, it's fairly easy money. I don't mind hanging around in the city centre for a few hours on Friday and Saturday nights handing out leaflets! Gumtree here i come!!