Another Newbie - SOA

Gemsy83

So am a newly single Mum. Lots of debt but get resonable benefits currently, this will change in April as I have higher earnings this year. Here is my SOA;

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1689.79
Partners monthly income after tax....... 0
Benefits................................ 526.24
Other income............................ 0
Total monthly income.................... 2216.03

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 23
Mobile phone............................ 42
TV Licence.............................. 12.65
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 0
Car maintenance (including MOT)......... 83
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 240
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1235.15


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ 200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................4683.9....120.......26.9
Credit Card....................786.......50........0
Personal Loan..................1461.85...192.......0
Total unsecured debts..........6931.75...362.......-


Monthly Budget Summary
Total monthly income.................... 2,216.03
Expenses (including HP & secured debts). 1,235.15
Available for debt repayments........... 980.88
Monthly UNsecured debt repayments....... 362
Amount left after debt repayments....... 618.88

Personal Balance Sheet Summary
Total assets (things you own)........... 200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,931.75
Net Assets.............................. -6,731.75

ghostmadlittlemiss

Gemsy83 wrote: »

So am a newly single Mum. Lots of debt but get resonable benefits currently, this will change in April as I have higher earnings this year. Here is my SOA;

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1689.79
Partners monthly income after tax....... 0
Benefits................................ 526.24
Other income............................ 0
Total monthly income.................... 2216.03

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 300
Management charge (leasehold property).. 0
Council tax............................. 120
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 28
Telephone (land line)................... 23
Mobile phone............................ 42
TV Licence.............................. 12.65
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 0
Car maintenance (including MOT)......... 83
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 240
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 11.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1235.15


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 200
Other assets............................ 0
Total Assets............................ 200

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................4683.9....120.......26.9
Credit Card....................786.......50........0
Personal Loan..................1461.85...192.......0
Total unsecured debts..........6931.75...362.......-


Monthly Budget Summary
Total monthly income.................... 2,216.03
Expenses (including HP & secured debts). 1,235.15
Available for debt repayments........... 980.88
Monthly UNsecured debt repayments....... 362
Amount left after debt repayments....... 618.88

Personal Balance Sheet Summary
Total assets (things you own)........... 200
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,931.75
Net Assets.............................. -6,731.75

Wow, in my whole time on this site I think this has got to be the first time I've looked at a SOA and not had to tell the person to spend less on groceries. If I could feed myself well on £20 a week, I'd be very proud of myself, let alone a child as well! That's truly amazing, it really is.

As SOAs go, this one is very good as it is. You might want to look for a cheaper electricity tariff and your mobile phone cost is a little high but quite frankly, with the amount you've got left over a month, I wouldn't be too worried about your mobile. Don't forget to budget for car insurance by putting aside so much a month as you're doing with car maintenance (well done for that, btw. I don't see that too often either) and unless the entirety of your entertainment is TV (nothing wrong with that), you might want to put something in the entertainment column as well.

The main thing that stands out to me is the amazing amount you have left each month. According to your SOA, you have more left every month after repayments than I earn in a month! The question is, do you actually have this amount left every month? If you do, just overpay your debts and don't worry too much about your outgoings, they could be tweaked but as I said, they're pretty good as they are. If not, keep a spending diary for a month or so and find out where your money is going. Again, well done, and good luck.
Kayleigh

CH27

Do you have the £600 left when you have paid your bills?
If not keep a spending diary & track where it's being spent.

curlytop12

is your council tax with the 25% single person reduction?

Gemsy83

Oddly I find myself in a good place due to being a single Mum but it is based on pay during mat leave as year behind so obviously as pay up this year WFTC will reduce. Have tried to tighten belt everywhere. WFTC used to be about 100 a month so will drop a lot I guess. I do need to put entertainment in. I have been trying £10 a week but this is tight. Just moved into storage heated house seems expensive to me so trying to reduce outgoings. There are 2 others in the house but seperate so I don't get the 25% off.

I recently tried to balance transfer to the Barclay card deal but was rejected. Creadit rating apparently good but waiting for council to update electoral role and am assiociated to my husband on reportd even though the joint account we had is now seperate.

Am currently doing spending diary to see what I can cut! Give me luck.

Jesthar

Gemsy83 wrote: »

Am currently doing spending diary to see what I can cut! Give me luck.

Good start! Your SoA says you have a surplus, the spendng diary should help you see more accurately what that surplus is, and if any is slipping away where it shouldn't. I wish we could bottle your attitude and distribute it, I think it would help so many people!

Anyway, if you have anywhere near as big a surplus as your SoA indicates, you should be be able to clear that second credit card in only two or three months, which will wipe £50 from your necessary outgoings. The other CC is your next target, as that interest rate will likely be much higher than your loan - it looks as if the loan only has a year to go?

Electric heating is always expensive, but good insulation can help - thick curtains to draw after dark and draught excluders are a good start and relatively inexpensive. Heat generating applicances are always the worst electricity eaters, so keeping their use to a minumum will help - might be tricky when you are sharing, of course. You'll have to convert them into electricity saving fanatics, too

Anyway, congrats on a great start, keep us up to date

~Jes

fedupnow

mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm

Gemsy83

So benefits going down to £120 a month. On the positives I have managed to to get credit card down from 26.9% APR down to 4% which will help. Need to work out budget again add some of those extras I forgot like entertainment!