My statement of affairs

Sbound

Monthly Income Details[/b]
Monthly income after tax................ 1150
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1150

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 70
TV Licence.............................. 0
Satellite/Cable TV...................... 31
Internet Services....................... 15
Groceries etc. ......................... 20
Clothing................................ 30
Petrol/diesel........................... 100
Road tax................................ 20
Car Insurance........................... 80
Car maintenance (including MOT)......... 20
Car parking............................. 0
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...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 12
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 528


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................2400......50........24
Credit card....................200.......10........19
Total unsecured debts..........2600......60........-

Monthly Budget Summary
Total monthly income.................... 1,150
Expenses (including HP & secured debts). 528
Available for debt repayments........... 622
Monthly UNsecured debt repayments....... 60
Amount left after debt repayments....... 562

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,600
Net Assets.............................. -1,100

McKneff

£20 a month on groceries, you must be permanently hungry?????????

Hannah_10

Ok, I've read through that carefully, I'm not sure what the problem is, you have 2 credit cards, you have enough to repay the minimums and £562 spare besides. Was it just general advice that you needed? If so..

Overpay the most expensive credit card by that £562 a month you have spare until you have cleared it then you'll have £612 left to pay off the other one until you've cleared that too. This technique is called snowballing.

Pollycat

Are you living with your parents?

If not, there's lots of things missing/anomalies in your SOA.

Such as no council tax, gas/electric/water bills etc etc.

Living with parents would possibly explain the low monthly spend on food.

As Hannah_10 points out, you've not said what comments/advice you are looking for on your SOA.

If you have over £500 left over each month you really ought to be throwing this surplus at your credit card bills.

You could also maybe consider if paying almost 10% of your income on mobile phones and satellite/cable is sensible.

ryan86uk

£80 a month for car insurance?? Jeez!!

CH27

Do you have the £562 left over?

HappyMJ

ryan86uk wrote: »

£80 a month for car insurance?? Jeez!!

Yes it is quite cheap...for someone who is young I'd expect it to be double that.

Sbound

Quite right I didn't say what advice. It's just general coments really. To get other peoples views. Yes I do live with parents hence the cheaper bills. The car insurance is right £80 a month. And unfortunately so is the sky any mobile bills. I tend to blow the left over money on rubbish, this was to see how my money looked if I weren't spending so much on crap. Thank you for the insight.

koloko

deleted deleted deleted

KingElvis

£70 per month for a mobile, who you calling? God?

[Deleted User]

Monthly income after tax................ 1150
Total monthly income.................... 1150

Monthly Expense Details
Rent.................................... 100
Mobile phone............................ 70 This is huge - do you really use all the minutes and texts that you recieve? If you are stuck in a contract see if you can drop a tariff, if/when out of contract look at SIM onlt PAYG deals
Satellite/Cable TV...................... 31 See if combining with internet would be cheaper, also consider dropping to the lowest pacckage or going freeview
Internet Services....................... 15 as above
Groceries etc. ......................... 20
Clothing................................ 30
Petrol/diesel........................... 100
Road tax................................ 20
Car Insurance........................... 80
Car maintenance (including MOT)......... 20
Presents (birthday, christmas etc)...... 30
Haircuts................................ 12
Entertainment........................... 0 nothing?
Total monthly expenses.................. 528


Assets
Cash.................................... 0 where do you put the money you have budgeted for your car MOT?
Car(s).................................. 1500
Total Assets............................ 1500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................2400......50........24 you should be overpaying on this card first as it is the one that it costing you the most in interst
Credit card....................200.......10........19 continue to pay the minimum payment on this until the first one's cleared, when that one's cleared, pay this one off
Total unsecured debts..........2600......60........-

Monthly Budget Summary
Total monthly income.................... 1,150
Expenses (including HP & secured debts). 528
Available for debt repayments........... 622
Monthly UNsecured debt repayments....... 60
Amount left after debt repayments....... 562 You could be debt free in a matter of months if you pay this towards your CC's

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,600
Net Assets.............................. -1,100[/QUOTE]