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my soa.
Comments
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Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 840
Partners monthly income after tax....... 0
Benefits................................ 193
Other income............................ 536
Total monthly income.................... 1569
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 550
Management charge (leasehold property).. 17
Council tax............................. 100
Electricity............................. 59 arrears - does that include arrears, are you paying via meter or bills
Gas..................................... 63 arrears
ditto for gas
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 14
Mobile phone............................ 100 changing tariff in 3 months. appriciate your changin in 3 months, try now,every pound saved, is a £1 to chuck to debts
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 250 this is down from about 400 thats good that you have managed to get it dowm, theres still room a squeeze or 2, may be worth looking at old style boards
Clothing................................ 0
Petrol/diesel........................... 60 - shop around, is there any journies you could do wothout the car
Road tax................................ 10
Car Insurance........................... 100 - that is unbelievable, but after searching for my own car ins -I'm nearly 40 - nearly had a heart attack!!
Look at cashback sites, - but one thing I would say cash back is not 100% -
ring around as well, my car ins I had a letter had previously been with this company (same car), there letter quote was £100 dearer than phoning - another thought.
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 29 inc contents - this may sound daft, but if your renting you don't need buildings cover - shop around for contents - it all depends on areas etc, but Asda has some good prices
Contents insurance...................... 0
Life assurance ......................... 7
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 - there should be somthing in there
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1426
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
littlewoods....................1200......110.......0
cccs...........................7000......40........0
lloyds loan....................1000......50........8
cc repayments..................1500......45........17
Total unsecured debts..........10700.....245.......-
Monthly Budget Summary
Total monthly income.................... 1,569
Expenses (including HP & secured debts). 1,426
Available for debt repayments........... 143
Monthly UNsecured debt repayments....... 245
Amount short for making debt repayments. -102
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,700
Net Assets.............................. -9,700
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.
bit complicated. this is for me and my husband. i have a dmp for my debts and his debts we are paying off ie littlewoods, cc's and lloyds loan.
hope fully in jan im guna start working two after noons a week which will be an extra £60 per week. also my oh does some extra hours but i cant calculate it.
apart from on my soa i owe my parents £2300 and gas and elec arrears £450. havent paid since august
my car is due mot and service in the next two weeks. we are due a student loan payment in jan for about £700.
the other thing is my oh gets paid cash weekly. about 210, the other two amounts of 536 and 193 are direct to the bank. im trying to find the best way to keep on my budget. as we spend tonnes of cash on crap coz we have it and avoid paying other bills
argh. cant even make minimum repayments nevermind try and pay off debts...
oh has 18months left of uni then should get 1500 per months and im starting uni in sept so should get some student grants etc to help but thats 9 months away.
any suggestions?
I've put a few thoughts in on the soa, as for your oh getting paid weekly, may sound daft but your on a stronger base, as you can use this for food, and essentials, then as the other bits of money coming - use them for the bills.
I know its easier said than done, but maybe by the end of 2011, aim to have a spare months money in the bank - in case of emergencies.
Spending - I would suggest you both keep a spending diary and list everything you buy, whether is 40p magazine or £60 petrol, show you where the money slipping through the cracks.
Myself, my money is a nightmare, get income support fortnightly, cb, ctc, dla 4 weekly but spread out over the month, so sometimes I'm feeling I'm robbing peter to pay paul.
Good luck, your shortfall can be done not easily, not totally painlessly but a middle of the road xxx rip dad... we had our ups and downs but we’re always be family xx0 -
Thanks I can see your all gobsmacked by my car insurance but I'm not that much of an idiot that I didn't shop around. I got cashback and mum laid out so I didn't pay interest! 2 years ago I was paying £170pm just for me, not for OH.0
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Yes gas and elec are in arrears and jst submitted meter reads and together it's more like £135pm :-s0
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Buildings insurance..................... 29 inc contents - this may sound daft, but if your renting you don't need buildings cover - shop around for contents - it all depends on areas etc, but Asda has some good prices
Why didn't I think of that???
I Rent only, and I pay for the content insurance only (the landlord has a legal obligation to have building insurance, which you have a legal obligation to have content insurance). I just got a quote for a 2 bed maisonette, and it was £9 a month!!
That's a £20 a month saving there!!
The supermarkets are good because their cover is lower (ie. £20k instead of £50k) but when you think about it... do you really own £20k worth of stuff???We spend money we don't have, on things that we don't need, to impress people we don't like. I don't and I'm happy!:dance: Mortgage Free Wannabe :dance:Overpayments Made: £5400 - Interest Saved: £11,550 - Months Saved: 240 -
Thanks I can see your all gobsmacked by my car insurance but I'm not that much of an idiot that I didn't shop around. I got cashback and mum laid out so I didn't pay interest! 2 years ago I was paying £170pm just for me, not for OH.
car insurance is a strange one, I pay £350 a year, fully comp, business cover, a girl I work with is same age, has same number of no claims, we passed our tests within a week of each other, both single, both rent flats, both have similar age and value and engine size cars, both live in the same area, neither of us have any points or anything and she can't get her insurance down to less than £600 a year..... so I totally understand the problem with it!
I also understand the mobile phone problem, orange have let me reduce by £5 a month but I can't reduce anymore for another 6 months, they didnt care that I said well I might not be able to pay all my bills, because they really arent in the business to be nice!
So I totally understand why it is harder to sort out your budget sometimes! I would def look around for contents only insurance, I pay £5 a month to AA as I rent, and last time I cancelled a policy I didnt need to pay fees!
Good luck with trying to cut your food and fuel costs, but please dont startve yourselves! I'm sure once you start to get a handle on it all you will feel better about it,
I don't know if anyone has mentioned it yet but could you do something like avon to bring a little bit extra money in? I used to do it, only did a few streets as didn't have much free time and usually made about £20 every three weeks? It wasnt much but sometimes it really came in handy lol! sorry if its already been suggested :-):eek: Total debt - £7500 Dec 2010debt free date - feb 20160 -
oh also, just noticed you are paying a management charge for your property? is that not included in your rent? I've rented a few flats and its always been the owners responsibility not mine, so is in the rent? Is it worth asking your landlord/agency about that?:eek: Total debt - £7500 Dec 2010debt free date - feb 20160
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Just checked that is only contents cover with £45000 worth of cover. Def going to look into reducing it!! The management charge isn't a management charge- not sure why I put it there! It's boiler and pipe cover from British gas. Am going to look into going on a cheaper tariff!0
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I 'rent' the flat but my parents 'own' it. We couldn't get a mortgage and parents paid deposit so rent is to pay mortgage. So any cosmetic work or problems is really our problem.0
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Ah I see! that makes sense now lol! that also explains why you need building insurance too! defo worth a look around tho! :-):eek: Total debt - £7500 Dec 2010debt free date - feb 20160
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well, building insurance is covered in the maintenence fee my parents pay. called up contents insurance they sya they cant reduce the amount so ive cancelled it and have found for £18 a month. i have also cancelled my british gas boiler cover of £17 a month. but have got some other cover for £3 a month0
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