SOA for review please

Rossco1983_2

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................ 1145.31
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1145.31

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 55
TV Licence.............................. 0
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 40
Clothing................................ 0
Petrol/diesel........................... 110
Road tax................................ 200
Car Insurance........................... 44
Car maintenance (including MOT)......... 99
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 150
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)...... 500
Haircuts................................ 24
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1512


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................1224......136.......0
CREDIT CARD....................1900......30........21
credit card....................5100......161.......18
Total unsecured debts..........8224......327.......-


Monthly Budget Summary
Total monthly income.................... 1,145.31
Expenses (including HP & secured debts). 1,512
Available for debt repayments........... -366.69
Monthly UNsecured debt repayments....... 327
Amount short for making debt repayments. -693.69

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,224
Net Assets.............................. -6,224

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

Tixy

Hi

Some comments below

Rossco1983 wrote: »

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................ 1145.31
Partners monthly income after tax....... 0
Benefits................................ 0 need to put child benefit in here and any other benefits you receive - are you entitled to working tax credit and or child tax credits?
Other income............................ 0 any maintenance from other parent at all?
Total monthly income.................... 1145.31

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150 is this the total cost or is some paid by housing benefit?
Management charge (leasehold property).. 0
Council tax............................. 0 don't you pay this?
Electricity............................. 0 this
Gas..................................... 0 and this?
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 55 seems high - are you in contract? ask to switch to a cheaper tariff or if not in contract find a much cheaper deal
TV Licence.............................. 0 don't you pay this?
Satellite/Cable TV...................... 20 cancel this or downgrade if in contract
Internet Services....................... 20 look for cheaper or try to combine with satellite
Groceries etc. ......................... 40 are you sure this is all you spend for a whole month for you and child?
Clothing................................ 0 nothing ever? not even for the child?
Petrol/diesel........................... 110
Road tax................................ 200 this needs to be a monthly figure for road tax, hopefully this will get rid of quite a lot of your shortfall once corrected.
Car Insurance........................... 44
Car maintenance (including MOT)......... 99 work out annual cost and divide by 12 to get this figure - this looks very high
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 150 what are these?
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)...... 500 needs to be a monthly average (total for year divide by 12 - probably needs to be nearer £40)
Haircuts................................ 24
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1512


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................1224......136.......0
CREDIT CARD....................1900......30........21
credit card....................5100......161.......18
Total unsecured debts..........8224......327.......-


Monthly Budget Summary
Total monthly income.................... 1,145.31
Expenses (including HP & secured debts). 1,512
Available for debt repayments........... -366.69
Monthly UNsecured debt repayments....... 327
Amount short for making debt repayments. -693.69 correct road tax and presents and you should be around breakeven point each month.

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,224
Net Assets.............................. -6,224

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

Rossco1983_2

Hi re council tax etc don't pay as am living with my parents which is why they are left blank. Also don't receive any benefits (checked to see if was entitled & nothing came back)

The £150 rent is money I give to my parents each month which should be higher but it is all I can afford.

The mobile phone bill is so high as I have 2 contracts (headache of an old relationship) one of these is with vodafone who have already said that as am on a YPL (think that is what it is called) I can not reduce.

Also my son does not stay with me other child costs is the amount I hand over to his mum every month (sometimes more depending on him needing clothes/shoes etc which are in my amended soa)

Rossco1983_2

updated SOA.

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....................

Monthly Income Details
Monthly income after tax................ 1145.31
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1145.31

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 55
TV Licence.............................. 0
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 40
Clothing................................ 40
Petrol/diesel........................... 110
Road tax................................ 16.66
Car Insurance........................... 44
Car maintenance (including MOT)......... 8.67
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 150
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)...... 41
Haircuts................................ 6
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 801.33


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................1224......136.......0
credit card....................1900......30........21
credit card....................5100......161.......18
Total unsecured debts..........8224......327.......-


Monthly Budget Summary
Total monthly income.................... 1,145.31
Expenses (including HP & secured debts). 801.33
Available for debt repayments........... 343.98
Monthly UNsecured debt repayments....... 327
Amount left after debt repayments....... 16.98

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,224
Net Assets.............................. -6,224

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

Tixy

That makes more sense and looks a bit better.
Check out if you can reduce the cost of satellite & internet by finding a cheaper deal or provider. Or could you just swtich to using freeview channels.
How soon does the first mobile phone contract end?

Do you find that having a small shortfall actually reflects reality? ie that you can make all your minimum payments and are not buying anything on the cards anymore? If so then you really just need to work on making small reductions on anything you can so that you can start overpaying your cards a little (starting with the most expensive one).

Can you work more hours at work to earn overtime? or have you considered a second job?

Once your loan is paid off you'll be able to divert the 136 you pay that to paying off your cards which should then start to see them reducing a bit quicker.

curlytop12

rossco1983 wrote: »

updated soa.

hi there,see comments below


monthly income details
monthly income after tax................ 1145.31 anyway to increase?
partners monthly income after tax....... 0
benefits................................ 0
other income............................ 0
total monthly income.................... 1145.31

monthly expense details
mortgage................................ 0
secured/hp loan repayments.............. 0
rent.................................... 150
management charge (leasehold property).. 0
council tax............................. 0
electricity............................. 0
gas..................................... 0
oil..................................... 0
water rates............................. 0
telephone (land line)................... 0
mobile phone............................ 55
tv licence.............................. 0
satellite/cable tv...................... 20 go freeview
internet services....................... 20 look into better package,maybe added to your parents landine eg.talktalk,landline,calls,internet-£25 ish a month
groceries etc. ......................... 40
clothing................................ 40 reduce or stop for a few months
petrol/diesel........................... 110
road tax................................ 16.66
car insurance........................... 44
car maintenance (including mot)......... 8.67
car parking............................. 0
other travel............................ 0
childcare/nursery....................... 0
other child related expenses............ 150
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)...... 41 reduce furthur
haircuts................................ 6
entertainment........................... 100 reduce furthur,keep some and put into emergency fund instead
holiday................................. 0
emergency fund.......................... 0
total monthly expenses.................. 801.33


assets
cash.................................... 0
house value (gross)..................... 0
shares and bonds........................ 0
car(s).................................. 2000
other assets............................ 0
total assets............................ 2000

no secured nor hire purchase debts

unsecured debts
description....................debt......monthly...apr
loan...........................1224......136.......0
credit card....................1900......30........21
credit card....................5100......161.......18 what are the credit limits on these?can you switch to 0% cards or at least put more from higher interest one to lower interest one?
anything you can sell that you used the cards to buy?
total unsecured debts..........8224......327.......-


monthly budget summary
total monthly income.................... 1,145.31
expenses (including hp & secured debts). 801.33
available for debt repayments........... 343.98
monthly unsecured debt repayments....... 327
amount left after debt repayments....... 16.98

personal balance sheet summary
total assets (things you own)........... 2,000
total hp & secured debt................. -0
total unsecured debt.................... -8,224
net assets.............................. -6,224

created using the soa calculator at
reproduced on moneysavingexpert with permission, using firefox browser.

good luck:)

HisDoris

Rossco1983 wrote: »

updated SOA.

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....................

Monthly Income Details
Monthly income after tax................ 1145.31
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1145.31

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 150
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 55
TV Licence.............................. 0
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 40
Clothing................................ 40 (Can you not try and go without clothes for a few months? I tend to buy clothes when i really dont need any ... like most people!)
Petrol/diesel........................... 110
Road tax................................ 16.66
Car Insurance........................... 44
Car maintenance (including MOT)......... 8.67
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 150
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)...... 41
Haircuts................................ 6
Entertainment........................... 100 (What about giving yourself £20 a week rather than the £25? Is that an option?)
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 801.33


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................1224......136.......0
credit card....................1900......30........21
credit card....................5100......161.......18
Total unsecured debts..........8224......327.......-


Monthly Budget Summary
Total monthly income.................... 1,145.31
Expenses (including HP & secured debts). 801.33
Available for debt repayments........... 343.98
Monthly UNsecured debt repayments....... 327
Amount left after debt repayments....... 16.98

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,224
Net Assets.............................. -6,224

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

that could save you £60 a month if you where willing to live like that?

You seem to have worked it out really well - not much I can see that you could change.

Good Luck!

Rossco1983_2

This month has been particularly hard & have gone over the limit on both my credit cards so will be getting charges on those this month.

Also went over my overdraft limit also.

Very rarely buy myself anything to be honest.

Have looked into freeview but doesn't come to my area until June but when it does I am getting rid of virgin tv & just keeping the broadband.

Also tried selling stuff on ebay & amazon (mostly books) but not getting good prices for the stuff & auctions are often ending without sales

Got a quote for my hi-fi which I rarely use at cash generator so going to take that in there next week.

Thanks for all replies hopefully can come back in a few months in a healthier position

Tixy

You might also want to try green metropolis for books and music magpie if you have music or games to sell. The prices are not great but some things do sell better there that on ebay.

Do you know why you went over your limits particularly this month (I don't mean justify it on here but do you know for yourself so you can try to prevent it happening again in the future?)

Good luck.

anh1904

Can you cycle to work or a station and commute to save costs?
You could then use the bike as your entertainment and get yourself hyper-fit?
You could consider a job in a pub, club or somewhere fitting with your lifestyle (desired, not current)
Can you do some 0% transfers to switch the 21% and 18% cards?

GAH

Do your parents know that you are struggling a bit? Would they allow a reduce monthly rent or even nothing just so you could get some of your cards cleared a bit quicker?