Fed up of being in debt !

lisani2003

Hi there,

I think it is the first time I have posted here but have never sat down and done an SOA so I have done it today.

It looks like I have £300 surplus each month but this is NEVER the case and I think I need to write a diary of where I spend money each day.

Here is my SOA :

I forgot to put that I have a 2100 overdraft at the bank and this is always used up !

I could do with some help I guess

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1870
Partners monthly income after tax....... 1000
Benefits................................ 750
Other income............................ 0
Total monthly income.................... 3620
Monthly Expense Details
Mortgage................................ 203
Secured/HP loan repayments.............. 177
Rent.................................... 0
Management charge (leasehold property).. 13
Council tax............................. 90
Electricity............................. 92
Gas..................................... 0
Oil..................................... 60
Water rates............................. 0
Telephone (land line)................... 52
Mobile phone............................ 90
TV Licence.............................. 12
Satellite/Cable TV...................... 88
Internet Services....................... 0
Groceries etc. ......................... 480
Clothing................................ 30
Petrol/diesel........................... 240
Road tax................................ 25
Car Insurance........................... 45
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 600
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 25
Life assurance ......................... 50
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 20
Entertainment........................... 200
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 2862

Assets
Cash.................................... 0
House value (Gross)..................... 180000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 183000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 180000...(203)......0.5
Hire Purchase (HP) debt ...... 5400.....(177)......0
Total secured & HP debts...... 185400....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
RBS CC.........................9000......200.......16.4
Sainsbury CC...................2500......50........17.9
Halifax........................3800......90........18
MBNA...........................4000......120.......18
Total unsecured debts..........19300.....460.......-

Monthly Budget Summary
Total monthly income.................... 3,620
Expenses (including HP & secured debts). 2,862
Available for debt repayments........... 758
Monthly UNsecured debt repayments....... 460
Amount left after debt repayments....... 298
Personal Balance Sheet Summary
Total assets (things you own)........... 183,000
Total HP & Secured debt................. -185,400
Total Unsecured debt.................... -19,300
Net Assets.............................. -21,700

Tixy

Hi

A spending diary is definitely the way to go, can you get OH to do one as well? Some ideas on where your money might be going -
interest on the ommitted overdraft?
kids pocket money?
prescriptions/dentists/opticians (nothing budgeted in medical),
newspapers, magazines, lottery tickets,
lunches/coffees & other food 'on the go', takeaways etc
clothing - does £360 a year cover all clothes/kids uniforms/shoes etc? (great if it does but it seems quite low for 6people).

Just a couple of comments on your statement of affairs
Telephone & paid TV - these look really high together, can you get a combined deal? or ditch some of the options on the TV?
Elec - have you looked around for a cheaper supplier/better tariff? can't remember if you have lots of different suppliers in NI? if there is just 1 supplier can you save money by having an online billing tariff or anything?
Water rates - is this in with council tax?
Do you shop around for all insurances at renewal (including B&C insurance)? Have you shopped around for your life ins recently?

lilly81

lisani2003 wrote: »

Hi there,

I think it is the first time I have posted here but have never sat down and done an SOA so I have done it today.

It looks like I have £300 surplus each month but this is NEVER the case and I think I need to write a diary of where I spend money each day.

Here is my SOA :

I forgot to put that I have a 2100 overdraft at the bank and this is always used up !

I could do with some help I guess

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1870
Partners monthly income after tax....... 1000
Benefits................................ 750 have you checked this is correct?
Other income............................ 0 look at up your income board
Total monthly income.................... 3620
Monthly Expense Details
Mortgage................................ 203
Secured/HP loan repayments.............. 177
Rent.................................... 0
Management charge (leasehold property).. 13
Council tax............................. 90 is this over 10 or 12 months?
Electricity............................. 92 look for cheaper supplier, switch things off
Gas..................................... 0
Oil..................................... 60
Water rates............................. 0
Telephone (land line)................... 52
Mobile phone............................ 90 Can this be reduced/use inclusive minutes
TV Licence.............................. 12
Satellite/Cable TV...................... 88 Switch to freeview when contract is over
Internet Services....................... 0
Groceries etc. ......................... 480 Old styleboard for cheap meal ideas
Clothing................................ 30
Petrol/diesel........................... 240 can u use the car less?
Road tax................................ 25
Car Insurance........................... 45
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 600
Other child related expenses............ 100 what are these?
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 25
Life assurance ......................... 50
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60 Reduce the amount you give/do online surveys for shopping vouchers
Haircuts................................ 20
Entertainment........................... 200 What is this?
Holiday................................. 50 is it essential?
Emergency fund.......................... 0 NEEDED
Total monthly expenses.................. 2862

Assets
Cash.................................... 0
House value (Gross)..................... 180000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 183000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 180000...(203)......0.5
Hire Purchase (HP) debt ...... 5400.....(177)......0
Total secured & HP debts...... 185400....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
RBS CC.........................9000......200.......16.4
Sainsbury CC...................2500......50........17.9
Halifax........................3800......90........18
MBNA...........................4000......120.......18
Total unsecured debts..........19300.....460.......-

Monthly Budget Summary
Total monthly income.................... 3,620
Expenses (including HP & secured debts). 2,862
Available for debt repayments........... 758
Monthly UNsecured debt repayments....... 460
Amount left after debt repayments....... 298
Personal Balance Sheet Summary
Total assets (things you own)........... 183,000
Total HP & Secured debt................. -185,400
Total Unsecured debt.................... -19,300
Net Assets.............................. -21,700

I hope these suggestions help, I lived with minimal expenditure for a couple of years to clear my debts.
Lilly