Here goes.....SOA :s

beadgirl87

Hello,
Please see below my SOA I have put everything down and mentioned when it is an estimate. Currently doing spending diary so will be more accurate soon. Also a couple of things have a * with explanation at the bottom. Thank you for reading and please be nice, I’m a bit scared how the numbers add up.


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.............. .....1

Monthly Income Details
Monthly income after tax.............. ..300 *1
Partners monthly income after tax....... 0
Benefits........................ .................0
Other income....................... ............0
Total monthly income.................. ....300

Monthly Expense Details
Mortgage.................................... ...........0
Secured/HP loan repayments......................0
Rent.................................... .................0 *2 Parents own this house and rent out to other people.
Management charge (leasehold property).. ..0
Council tax..........................................100 At the end of the month it is just me living here so should go down to 75.
Electricity............................. ..................0
Gas..................................... ..................0
Oil..................................... ....................0
Water rates.............................. ..............0
Telephone (land line)................ .................0
Mobile phone.......................... ................20 (Newish contract but I am happy with it, I get alot of minutes and use my allowance.)
TV Licence.............................. ...............12.75
Satellite/Cable TV...................... ................0
Internet Services...................... ...............20
Groceries etc. ......................... ...............60 (estimate, am doing spending diary to know for sure)
Clothing................................ ..................0 Honest, can't remeber last clothes I bought, at least 3 months ago
Petrol/diesel........................... .................60 (estimate)
Road tax................................ ................10 (6 month renewal)
Car Insurance........................... ................0 (paid for year upfront)
Car maintenance (including MOT)................. 5
Car parking............................. .................0
Other travel............................ .................5 (train travel to visit people)
Childcare/nursery....................... .....0
Other child related expenses............0
Medical (prescriptions, dentist etc).. 0
Pet insurance/vet bills................. ....0
Buildings insurance..................... .....0
Contents insurance...........................0 (will get when earning more)
Life assurance ......................... ........0
Other insurance......................... ......0
Presents (birthday, christmas etc).......10
Haircuts........................................ ...0
Entertainment........................... ......20
Holiday......................................... ...0
Emergency fund.......................... ....0
Total monthly expenses............... 302.75

Assets
Cash........................................... 40 To last week
House value (Gross).........................0
Shares and bonds..................... ...500 (premium bonds) *3
Car(s)...................................... 1200
Other assets................................. 0
Total Assets............................ ..1740

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage......................
Hire Purchase (HP) debt ......
Total secured & HP debts..... 0

Unsecured Debts
Description................................Debt......Monthly.. .APR
Barclays career development loan 7000 £157 16% *3
Lloyds credit card 441 5 19.9
Lloyds overdraft 1600 0 0 (£5 monthly charge if is over 1500)
Total unsecured debts 9041

Monthly Budget Summary
Total monthly income.............................. 300
Expenses (including HP & secured debts). .. 302.75
Available for debt repayments........... ............0
Monthly UNsecured debt repayments......... 163
Amount short for making debt repayments. 163
Personal Balance Sheet Summary
Total assets (things you own)................. 1740

Total HP & Secured debt................. 0
Total Unsecured debt.................... ....9041
Net Assets..................................... -7301

*1 I currently work part time, desperately looking for anything else to add on top or replace this job. Have signed up to temp agencies this week and am pretty hopeful of work with them as I have good temping experience.
*2 my parents bought this house for me and friend to live in at uni and rent out. Now we have finished uni they are still renting out the house to other tenants and I live here as well. When I earn more I will pay rent.
*3 I have 500 in premium bonds and 500 in a bank account which is paying off the Barclays loan on minimum payments. I did this as at the time all I knew was that if you miss a payment it is really bad so I made sure to set aside money to cover it until I get a full time job. Plan is when I get a better job I will be paying this off as quick as possible.


Petrol spend, I only use the car to travel to my 2 volunteering jobs (to improve CV for work in my relevant field) and food shop.

I havn’t posted so far because I was worried about people judging me as my parents own this house and I don’t pay rent atm. They were lucky that at the time I was staying on at uni, they had some savings that they didn’t want in a bank (right at the start of credit crunch) and thought that we can live in a nice house with good landlords as the year before we had some big issues with the house we were living in and safety concerns. We have agreed that I will pay rent once earning more and I act as caretaker for the house for the time being.
It looks like I have been gradually overspending every month and have managed to creep up the overdraft over time.
I don’t want to apply for jobseekers as my situation seems a bit complicated and if I end up with temp work doing a week here and there I think it will mess up the payments and everything. People I know havn’t done smaller jobs or very short term stuff because it will affect their jobseekers.

Lastly I am on topcashback, doing clicks and surveys etc. Going to step this up next week.

beadgirl87

Oh I spent ages trying to get all of the lines looking all neat! I hope it is readable still, sorry!

Tixy

Hi
Well done for posting up - and it looks perfectly readable.

Don't wory about people judging your housing situation, you are in a fortunate position and thats great.

beadgirl wrote: »

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.............. .....1

Monthly Income Details
Monthly income after tax.............. ..300 *1
Partners monthly income after tax....... 0
Benefits........................ .................0 I guess you are probably not entitled to anything -but have you checked?
Other income....................... ............0
Total monthly income.................. ....300

Monthly Expense Details
Mortgage.................................... ...........0
Secured/HP loan repayments......................0
Rent.................................... .................0 *2 Parents own this house and rent out to other people.
Management charge (leasehold property).. ..0
Council tax..........................................100 At the end of the month it is just me living here so should go down to 75.
Electricity............................. ..................0
Gas..................................... ..................0
Oil..................................... ....................0
Water rates.............................. ..............0
Telephone (land line)................ .................0
Mobile phone.......................... ................20 (Newish contract but I am happy with it, I get alot of minutes and use my allowance.)
TV Licence.............................. ...............12.75
Satellite/Cable TV...................... ................0
Internet Services...................... ...............20
Groceries etc. ......................... ...............60 (estimate, am doing spending diary to know for sure)
Clothing................................ ..................0 Honest, can't remeber last clothes I bought, at least 3 months ago
Petrol/diesel........................... .................60 (estimate) do you try to drive 'fuel efficently' and make sure you fill up at the cheapest place etc?
Road tax................................ ................10 (6 month renewal)
Car Insurance........................... ................0 (paid for year upfront) ideally I would say budget for this as you go along so you'll have the money for next year, although I expect you are hoping to be able to save it up if you get a better job in the meantime
Car maintenance (including MOT)................. 5
Car parking............................. .................0
Other travel............................ .................5 (train travel to visit people)
Contents insurance...........................0 (will get when earning more)
Presents (birthday, christmas etc).......10
Haircuts........................................ ...0
Entertainment........................... ......20
Holiday......................................... ...0
Emergency fund.......................... ....0
Total monthly expenses............... 302.75

Assets
Cash........................................... 40 To last week
House value (Gross).........................0
Shares and bonds..................... ...500 (premium bonds) *3
Car(s)...................................... 1200
Other assets................................. 0
Total Assets............................ ..1740

Unsecured Debts
Description................................Debt......Monthly.. .APR
Barclays career development loan 7000 £157 16% *3
Lloyds credit card 441 5 19.9 - are you up to date with the minimum payments on this?
Lloyds overdraft 1600 0 0 (£5 monthly charge if is over 1500) is this still going up? what is your limit?
Total unsecured debts 9041

Monthly Budget Summary
Total monthly income.............................. 300
Expenses (including HP & secured debts). .. 302.75
Available for debt repayments........... ............0
Monthly UNsecured debt repayments......... 163
Amount short for making debt repayments. 163
Personal Balance Sheet Summary
Total assets (things you own)................. 1740

Total HP & Secured debt................. 0
Total Unsecured debt.................... ....9041
Net Assets..................................... -7301

*3 I have 500 in premium bonds and 500 in a bank account which is paying off the Barclays loan on minimum payments. I did this as at the time all I knew was that if you miss a payment it is really bad so I made sure to set aside money to cover it until I get a full time job. Plan is when I get a better job I will be paying this off as quick as possible.

Petrol spend, I only use the car to travel to my 2 volunteering jobs (to improve CV for work in my relevant field) and food shop. I know its voluteering but I don't suppose there is any chance you got get a contribution from them towards your costs?

I don’t want to apply for jobseekers as my situation seems a bit complicated and if I end up with temp work doing a week here and there I think it will mess up the payments and everything. People I know havn’t done smaller jobs or very short term stuff because it will affect their jobseekers. ah see this answers the earlier question - perhaps wait and see what temp work you get over say the next month. If you get some great, if not then I might be tempted to reconsider this.

Can't really see anywhere else you can cut costs really. In term time will others help towards the ctax and things like tv licence and internet, or are these included in the rent they pay parents?

Good luck job huntign and temping.

RAS

Check whether you might be able to get some Council Tax benefit when the others leave? You income may be low enough?

PeterJohnson

Hi well done for posting. You may be able to bring down shopping bill after you start your diary. Posting on here is a great start so be sure you wll get there. Also just a suggestion but you aren't getting interest on premium bonds but you are being charged on debt. Consider paying off some debt with the bonds.

suzitiger

Hi Beadgirl, well done for posting. I know myself it isn't easy, especially on a low income like I am too. Sounds like we're in a pretty similar position actually. It's always nice to know you're not alone :grouphug: (hugs) You are in a lucky position that ur parents are helping you out, but nobody is going to judge you on that, it means you are more likely to be able to help yourself become more finacially stable, which is great. I don't know what I can help you with from ur SOA, its better than mine tbh but have you tried seeing if you are elegable for tax credits? My partner and i are applying for them because if you work over 16hrs a week on minimum wage you could get up to 80 quid a week i think, which would be a great help! If you want to know how to enquire i could try and find the number for you, or just look on the government website hmrc.gov.uk

beadgirl87

Thank you for the helpful replies

Tixy - I use that petrol website to check all the local petrol stations in town and use the cheapest one....that is a great website! Just been reading about more efficent driving, I am starting to work on that now.
All debts are being paid, always on time and have never been late. Overdraft limit is 1800 so I am keen to get away from this. I do get some petrol expenses but take a while to get processed.
Peterjonson - yes I am hoping to reduce the food bill slightly and improve my cooking skills at the same time! The bonds will get redeemed in time to pay back the loan, I would prefer to pay off a lum sum, but want to keep this money as a store to pay the monthly payments. I don't know if that makes sense.
RAS I will check out the council tax
Suzitier - Thank you for your comment, I was actually looking at your thread earlier this evening and was thinking that yours seemed similar to mine lol.There is alot of useful information here, I have learn so much about money things in the last few weeks. Good luck with everything, feel free to pm me about anything I will have a look on the website about the credits.
Thanks again. I will see how the spending goes for the rest of the month and see what I can adjust on here.
I was considering cancelling my TV license as I don't really watch it as we have hopeless digital signal here. I jut don't know if they will believe me if I say that I will stop watching TV for 3 months or whatever?

tallyhoh

Have a look at entitled to, I am sure you are at least entitled to help with council tax and perhaps tax credits

suzitiger

Hi beadgirl, in regards to the tv licence you can watch stuff online as long as it isn't live without a tv liscence, so i'm sure you wud survive for 3 months, put ur t.v away in a cupboard incase they come round to check

calleyw

tallyhoh wrote: »

Have a look at entitled to, I am sure you are at least entitled to help with council tax and perhaps tax credits

To get tax credits as a single person with no children and no disablity you have to be over 25 and work 30 + hours a week and and earn less than £13200 per year.

Yours

Calley

Sharon87

I think you'd definitely be entitled to Council Tax benefit. Are you and the other tenants on the bill? If so they'll pay your portion of the bill.

You say you pay £100 a month, is that the whole bill and is it only you who pays this? What about the other tenants contribution? Do they pay the electric/gas instead? There's nothing down for that.

It might not be worth signing onto JSA as your income may exceed their earning limits and won't receive any extra money, just getting your NI contributions paid.

Good luck in finding a new job!