Time to get honest with myself, a proper SOA!

littlepinkstars44

Ok, so this morning i have went through EVERYTHING and realised i hadn't been so honest with myself in the past. This is my new soa, which is true to what actually goes on every month, and i have actually shocked myself to see the real figures!:eek:
I know a lot of stuff has to go....now!!! I think taking the time to go through everything properly has really scared me, i'm only 23, how on earth did i get myself into this mess?! I have been applying for a second part time job online this morning, at this point i will pretty much take anything thats going!

EDIT: Just though of another thing i buy every month, my xbox live subscription £7.99 a month! Plus i generally buy a new game every 2 months or so, at £30-£40 a game.

So here it is...drum roll please....

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....................
Monthly Income Details
Monthly income after tax................ 240
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 440
Total monthly income.................... 680
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................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 38
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)...... 25
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Cigs.................................... 45
Zumba Classes........................... 32
Driving Lessons......................... 160
Gym..................................... 16.99
Total monthly expenses.................. 674.99

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
Old Student account............898.......15........0
Overdraft......................200.......0.........18.9
New Look Card..................98........5.........29.9
Capital One Visa...............196.......30........32.9
Very...........................2190......50........34.9
Kays...........................163.......35........0
Dorothy Perkins Card...........201.......10........28.9
Topshop Card...................186.......19........28.9
Total unsecured debts..........4132......164.......-

Monthly Budget Summary
Total monthly income.................... 680
Expenses (including HP & secured debts). 674.99
Available for debt repayments........... 5.01
Monthly UNsecured debt repayments....... 164
Amount short for making debt repayments. -158.99
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,132
Net Assets.............................. -4,132
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

SkintGypsy

I have a strange sense of d!jà vu.....

bexster1975

hi little pink star!

Im assuming you are living with someone (parents?) which means you pay £150 per month rent and all bills are included.

This isn't as bad as it looks. To pay debts off at max rate I would:

Cancel gym membership (if possible)
Cancel zumba classes
Reduce/remove entertainment budget
Remove driving lessons

Which saves £307 per month

Could also temporarily half clothing budget to £25 and same with present budget to £12.50 saving another £37.50

I am very impressed with your grocery budget, is that really for a month! Not sure I can trim that much more for feeding three.

Another part time job would be ideal. Not anting to pry but is there anyone else in the household who can/does work?

In terms of your debt, if you could get a £1000 limit on a 0% credit card (assuming you have not defaulted) you could put all your storecards and overdraft and smaller bits onto it then you would be left with interest on Very account only.

This is very fixable, and lots of very clever people will surely be along shortly to help. I will keep up to date with your thread to see how you are getting on. Best of luck!

bexster:)

littlepinkstars44

bexster1975 wrote: »

hi little pink star!

Im assuming you are living with someone (parents?) which means you pay £150 per month rent and all bills are included.

This isn't as bad as it looks. To pay debts off at max rate I would:

Cancel gym membership (if possible)
Cancel zumba classes
Reduce/remove entertainment budget
Remove driving lessons

Which saves £307 per month

Could also temporarily half clothing budget to £25 and same with present budget to £12.50 saving another £37.50

I am very impressed with your grocery budget, is that really for a month! Not sure I can trim that much more for feeding three.

Another part time job would be ideal. Not anting to pry but is there anyone else in the household who can/does work?

In terms of your debt, if you could get a £1000 limit on a 0% credit card (assuming you have not defaulted) you could put all your storecards and overdraft and smaller bits onto it then you would be left with interest on Very account only.

This is very fixable, and lots of very clever people will surely be along shortly to help. I will keep up to date with your thread to see how you are getting on. Best of luck!

bexster:)

Thanks, yes i live at home, driving lessons, clothes and zumba are going to be the first to go! Grocery figure is just my spending on bits and pieces for lunches/dinners etc when i'm at work or uni.

Afraid i can't get a 0% card, very bad credit rating and i did default on a student credit card in 2006.

KingElvis

You buy too many clothes and you go out too much girl LOL

bexster1975

Hi

Bad news about credit rating. In that case start with Very first (that is a very scary interest rate:eek: and make minimum repayments on others till thats gone. Then start on next most expensive. On the plus side, £35 could be greatly reduced with a bit of forward planning and some home made lunches. I know this all sounds a bit rubbish when your a student, but this could be sorted within twelve months if you put your mind to it. Then you can get your driving lessons back and start saving for a car!

Cut up storecards and credit cards NOW! No more spending and you could be debt free in less than 12 months. Make it a competition with yourself, there are loads of places to get inspiration here. Read some of the £50,000+ DFWs stories if you need to be scared into it.

Can make extra cash by mystery shopping, online surveys etc. Its not loads but could make this entertainment money as an incentive.

Best of luck:)

littlepinkstars44

KingElvis wrote: »

You buy too many clothes and you go out too much girl LOL

I know, i've come to realise how much money i waste on nights out, cinema trips, shopping and going for dinner, gigs etc.

I have applied for a PR job 2 nights a week, a cleaning job 3 mornings a week and a christmas temp job in Boots for Mondays and Tuesdays. So hopefully i'll be too busy to go out soon!

littlepinkstars44

bexster1975 wrote: »

Hi

Bad news about credit rating. In that case start with Very first (that is a very scary interest rate:eek: and make minimum repayments on others till thats gone. Then start on next most expensive. On the plus side, £35 could be greatly reduced with a bit of forward planning and some home made lunches. I know this all sounds a bit rubbish when your a student, but this could be sorted within twelve months if you put your mind to it. Then you can get your driving lessons back and start saving for a car!

Cut up storecards and credit cards NOW! No more spending and you could be debt free in less than 12 months. Make it a competition with yourself, there are loads of places to get inspiration here. Read some of the £50,000+ DFWs stories if you need to be scared into it.

Can make extra cash by mystery shopping, online surveys etc. Its not loads but could make this entertainment money as an incentive.

Best of luck:)

Thanks for the advice, i've joined the no more books and no more dvds challanges. Have done a mini inventory of what i've got to read/watch and my god what a shocker! I'm pretty sure that these two could keep me going till January, really do not need to be buying any more books at all!

Katie-Kat-Kins

This is easily sorted!

Cancel the gym and zumba classes.

Halve your clothing budget and then try to challenge yourself to not buy any unnecessary clothes, shop from your wardrobe and only buy new things when you genuinely have no other option. If you have to buy stuff buy from asda, primark etc. Any surplus at the end of the month goes on debt repayments.

I'm inclined to say cancel the driving lessons but on the otherhand I know what a difference a driving licence can make to your earning potential. See if you can continue with your lessons more cheaply, perhaps by having them less frequently and supplimenting by going out with your parents in their car or something.

I would cut the grocery budget and take pack up to college with you, be really strict on what you buy, try no spend days.

Is your mobile on a contract or is that PAYG? Are you sure you are on the best deal? Can you switch to PAYG and be really tight about not using your phone more than necessary?

Stop smoking NOW, make today the last day, see your GP for free support. £45 a month will make a big difference to your budget. In fact even if you could have it you would save, but think about the health benefits too!

What about your travel? Can you cut that? Is walking or cycling an option? Or getting a lift with someone who has a car and paying them a small petrol contribution? Again if you could say get the bus to college and walk home this would save you a fair whack.

The entertainment budget is the big area to save, £100 a month is three quarters of your shortfall. To get yourself straight again you could cut this drastically for a few months and then up it when you have repaid some of the more expensive debts. There are lots of cheap and free things you can do. Also if you can get a pub job or something this will fill some of the hole in your social life.

Presents - I appreciate it is hard with christmas coming up but you can really cut this hugely. Your parents will be quite happy with a gesture rather than a present that costs money. Something handmade or an IOU for doing something for them or with them. For your friends I would suggest that you either ask them not to buy for you and you don't buy for them (martin has done a standard email doing this) or suggest a secret santa so you buy less. With anyone that you really have to buy for try your best to come under budget by buying in the sales or recycling presents.

You can tackle this without drastic measures if you just get a bit strict with yourself and start living within your means. Students are supposed to be poor! The stereotype is that they wear clothes with holes in bought from charity shops and eat 9p noodles bought in netto!!!! Don't get drawn into a lifestyle you can't afford!

Katie-Kat-Kins

littlepinkstars44 wrote: »

Thanks for the advice, i've joined the no more books and no more dvds challanges. Have done a mini inventory of what i've got to read/watch and my god what a shocker! I'm pretty sure that these two could keep me going till January, really do not need to be buying any more books at all!

If you have in the past bought lots of books and dvds why not watch them and then sell them to help pay off your debts.

If you really don't want to sell them then organise swaps with your friends so that you can have lots of dvds to watch/books to read for free. DVD nights are good cheap socials too, you all meet at one person's house, and people each bring some cheap nibbles. You watch DVDs that people already have.

Also join your local library, you can borrow books for free and DVDs very cheaply. You never need to buy books or DVDs again!

josephine82

LittlePinkstars

You have posted your SOA many times before- Is this an honest, true reflection of the way things are?
If so, then you need to be finding an extra £158 just to break even, before you can think about paying back any of your debts.

You mention looking for lots of part time jobs- would one job with more hours not be better? I apprecaite this might not be available but this may be a more stable option for you.

You could make a few changes to your SOA- giving up Zumba- why are you paying for this when you also pay for the gym?
Giving up smoking is an obvious one, and cutting down on entertainment. Clothes could go to essentials only for the next 6 months, and you will just have to not buy presents for a while.
You just can't afford driving lessons at the moment, I'm sorry.

If you can get a job that covers the surplus and a bit more, then you could really start to make some inroads into clearning these debts, once and for all.