my SOA isnt looking too good

jigsaw1234

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 800
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 88
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 31
Gas..................................... 31
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 11
Mobile phone............................ 0
TV Licence.............................. 20
Satellite/Cable TV...................... 40
Internet Services....................... 7.5
Groceries etc. ......................... 50
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
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)...... 0
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
cigarettes.............................. 179
Total monthly expenses.................. 867.5

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

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 800......(88).......33
Total secured & HP debts...... 800.......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
capital one....................200.......15.22.....34
Total unsecured debts..........200.......15.22.....-

Monthly Budget Summary
Total monthly income.................... 800
Expenses (including HP & secured debts). 867.5
Available for debt repayments........... -67.5
Monthly UNsecured debt repayments....... 15.22
Amount short for making debt repayments. -82.72
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -800
Total Unsecured debt.................... -200
Net Assets.............................. -1,000
Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using IE browser.

lindens

WEll you have to give up smoking

or cut down.
and can you reduce your clothes buying and satllite until your loan is paid off?
Do you have a spare room you can rent out?

GeorgieFTB

You need to up you income...

Smoking and satellite need to be reduced (I have both issues so I know its not that easy)

Is there anyway to get overtime/ a second job? Are you getting all the benefits you are entitled to? There is a checker on this site I think...

Gx

Pollycat

lindens wrote: »

WEll you have to give up smoking

or cut down.
and can you reduce your clothes buying and satllite until your loan is paid off?
Do you have a spare room you can rent out?

I agree - spending almost 25% of your income on cigarettes is not very sensible.

Just over one month without cigarettes would mean you could clear off your Capital One card.

Also agree that £30 per month on clothes is high.

HisDoris

£179 is alot of money to be spending on cigarettes each month! I smoke to so I know its VERY hard to give up and even cut down at times but could you not try and cut down? Or look for a cheaper brand atleast?

Sorry I know you've probably been told 100 times that smoking costs a fortune and I know you've probably said a million times you can't give up but maybe looking at how much you're spending it might make you think twice - its £2148 a year so within half a year you could have paid all of your debts of with that?

You seem to keep all other expenses down so I think cigarettes are the only thing worth cutting back on or cutting out (sacry thought I know!) to help you get your finances back on track!

Good luck with everything!

Tixy

Hi

Do you live alone?
Is there anyway you can increase your income? would you be entitled to any working tax credits at that level of income? I'm not sure but worth checking.

What size is the property? if more than 1 bedroom could you let out/ house share with someone?

Gas & elec look a bit high for someone on their own (I assume thats an estimate split rather than actual - if actual then elec would seem very high).

Landline/internet/satellite tv - can you reduce your satellite package or get a combined deal so you get all 3 of these for less.

Have you tried to give up smoking? or reduce? there is free help available on the NHS for people trying to quit.

How are you managing the shortfall at the moment each month?

fluffy70

Hi Jigsaw,

I think that you need to be more honest on your SOA if your other post from today was accurate :


#4 jigsaw1234 Today, 11:00 AM
MoneySaving Newbie

Join Date: Aug 2008
Posts: 9
Thanked 1 Time in 1 Post

im employed full time i currentley take home about £1000 a month i have an outstanding loan with provident £500 and a credit card with capital one with a balance of £150

You don't seem to mention any of this on your SOA and you're on another post asking for who can lend you money as Wonga said no....

If you redo your SOA with your true income of £1000 take home, reduce your smoking as it looks like you're on about 20 a day, reduce your entertainments (I'm sure you can cut it from £50 a month), maybe cut your cable package down and don't buy any clothes for a couple of months you might find it easier. TBH you can't afford to smoke and go our at the moment if your SOA is in negative, but are you sure that you're only spending £50 a month on groceries??? Well done if you are. And last time I looked TV Licence monthly was about £12 and not £20.

jigsaw1234

i have tried giving up smoking numerous times i just cant do it im on the lowest package that sky will give me and i cant leave as im still tied into a contract. i live on my own in a one bedroom flat. my tv lisence is £5 a week so thats £20 a month

RAS

have you only recently moved intom the flat?

split_second

have you tried going through your doctors to get nicoteen (sp?) patches on prescription? my mum used to do that a couple of years back

Pee

I'm a smoker and have no incentive to give up, but I do smoke mainly roll ups with the occasional packet of cigarettes from trips abroad and this is entirely due to the cost.

Put it this way., I think you will find it easier to save the £67 a month from this that from any other catergory or combination of catergories as the rest of your costs look reasonably low - the figure for entertainment looks reasonable, your rent is reasonable, your grocery budget is very good, you don't have a mobile etc.

Could you increase your income at all?