The Law of Sod

dojoman

As the others have said take the job, hopefully it will last a lot longer than 3 years you may not get another chance with the present economic climate.

BaldEagle

Here's my revised SOA. Remember, the OR already has the household expense figures so I guess they would be somewhat suspicious if these suddenly changed (i.e. I had a couple of kids or grew some hair that needed cutting).

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Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1715
Partners monthly income after tax....... 0
Benefits................................ 26
Other income............................ 0
Total monthly income.................... 1741

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 788
Management charge (leasehold property).. 0
Council tax............................. 79
Electricity............................. 29
Gas..................................... 33
Oil..................................... 0
Water rates............................. 31
Telephone (land line)................... 35
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 100
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 1397



Monthly Budget Summary
Total monthly income.................... 1,741
Expenses (including HP & secured debts). 1,397
Available for debt repayments........... 344
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 344

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

skylight

Up the clothing. Add in dry cleaning for those new suits that are needed. Pension payments, life insurance, haircuts, add a little onto food as you now need sandwiches for work and cannot make do with leftovers. Is the travel right? Add a little extra for unforseen taxis when the bus is late or you are doing a later night shift and buses no longer run at that time.


As a start, anyway.


And congratulations on the job!

JCS1

Add £10 emergency fund too

fiveyearplan

I think your utilities look low. Does that include heating in the winter?

alastairq

Does that include heating in the winter?

Nah...kept warm by burning DCA letters, as per another thread?

BaldEagle

Thanks for all the words of support. Yeah, I'll probably take the job but it smarts knowing that I'll be no better off financially at the end of the day.

I'll probably try to up the clothing figure because I will need to get some business clothes and the ol' suit dry cleaned. Not sure if I'll be able to get much more on food. Anyone got any feedback on that? Utilities are what I pay at the moment and the figure on my current SOA. Guess the OR might raise an eyebrow if I increase those figures...

Ineedaname

I think it's a dilemma many go through and if the economic climate was different then the advice may have been too.

Keep in mind your long term goals and the fact you'll be out of it in 3 years and much better off as a result of having taken the job now.

No thoughts on the allowances, will let the experts comment on that for you.

Teen_the_Drama_Queen

Hi Bald Eagle

Well done on the new job - trust your gut feeling and go with it - only you know what is right for you.

Just on your SOA though, someone mentioned life insurance - all our insurances lapsed when we stopped paying the mortgage and we took out basic life ins. (we have a 14 year old and thought we should act a bit responsible) - £25 quid a month for each of us with SAGA (they ain't THAT cheap - what are the benefits of being over 50???:p) and that only gives the other one of us about 7 grand if t'other of us pops our clogs.

OR won't allow that for some reason (and here we are trying to be adult and responsible) so it has to come out of our allowed "groceries" amount (as will the pet insurance). I'm worried we'll have so many payments for other things coming out of our groceries allowance we will be living on bread and water :rotfl:but hey, ho, we got ourselves into this mess and we will get ourselves out.

TtDQ
x

HateBanks

Good Luck and Congratulations on your new job.
Bummer on the timing. But I feel an increase on utilities would be acceptable, as well as groceries, as you say dry cleaning, a new suit or two too, things change in households all the time, my belief is OR has 'bigger fish to fry' than us, and will let some of our expenses slip through the net. best of luck.