revised SOA how to proceed?help!

lizzydrippin

Hi,
Had to start new thread as couldn't get this to work on previous thread
After studying my bank statements I have tweaked my SOA.
I think this is more accurate and although I have been spending far more on clothes that is what I am no longer going to do.

My position at the moment is that we have both been payed and by the time the rest of the bills have gone out we will be £440 overdrawn
Next pay day for OH is 15th and mine is 22nd the overdraft allowance is £1400 obviously we still need food etc so how should we proceed at this point, any advise would be great
Lizzy:think:

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 750
Partners monthly income after tax....... 1680
Benefits................................ 130
Other income............................ 0
Total monthly income.................... 2560

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 91
Gas..................................... 0
Oil..................................... 80
Water rates............................. 0
Telephone (land line)................... 95
Mobile phone............................ 47
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 650
Clothing................................ 125
Petrol/diesel........................... 200
Road tax................................ 18
Car Insurance........................... 42
Car maintenance (including MOT)......... 50
Car parking............................. 8
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 35
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 50
animal food............................. 50
Total monthly expenses.................. 1796


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
AA.............................7500......140.......22.95
Tesco..........................2840......65........23.95
NW.............................3636......110.......17.9
Loan...........................6336......181.......7.9
BC.............................753.......6.........6.9
Total unsecured debts..........21065.....502.......-


Monthly Budget Summary
Total monthly income.................... 2,560
Expenses (including HP & secured debts). 1,796
Available for debt repayments........... 764
Monthly UNsecured debt repayments....... 502
Amount left after debt repayments....... 262

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -21,065
Net Assets.............................. -16,065

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.[/font]

somethingcorporate

Where do you shop to spend £650 a month on groceries? Harrods?

This is really way too much if you are looking to cut your debt so try heading over to the old style boards for tips on meal planning / batch cooking etc. You can feed a family of 4 comfortably and healthily on a third of that. High grocery bills tend to reflect a lack of planning (and a bit of laziness) so with a bit of forethought you can really take massive cuts and not notice any difference in the quality of food that you eat.

Mikazaru

lizzydrippin wrote: »

Hi,

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 750
Partners monthly income after tax....... 1680
Benefits................................ 130 Is this just child benefit, do you not get tax credits?
Other income............................ 0
Total monthly income.................... 2560

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0 No rent or mortgage?
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 91
Gas..................................... 0
Oil..................................... 80
Water rates............................. 0
Telephone (land line)................... 95 This and mobile is huge, almost £150 for phones!
Mobile phone............................ 47
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 650 Huge! Head over to the OldStyle board for tips.
Clothing................................ 125
Petrol/diesel........................... 200
Road tax................................ 18
Car Insurance........................... 42
Car maintenance (including MOT)......... 50
Car parking............................. 8
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 35
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 50 DO you have any funds at the moment?
animal food............................. 50
Total monthly expenses.................. 1796


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
AA.............................7500......140.......22.95
Tesco..........................2840......65........23.95
NW.............................3636......110.......17.9
Loan...........................6336......181.......7.9
BC.............................753.......6.........6.9
Total unsecured debts..........21065.....502.......-


Monthly Budget Summary
Total monthly income.................... 2,560
Expenses (including HP & secured debts). 1,796
Available for debt repayments........... 764
Monthly UNsecured debt repayments....... 502
Amount left after debt repayments....... 262

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -21,065
Net Assets.............................. -16,065

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.[/font]

Do you have £262 left over at the end of the month? With the high clothes spending have you got anything you can sell/ebay? What has the debt gone towards? Has it left you with anything you can sell?

lizzydrippin

you are right about the lazy shopping and in fact I think I have been spending around £200 a week from being badly organised I really hate trying to think what to cook, but I am trying to do better and I have included HO's beer. I tend to shop at Sainsbury's or Tesco's, normaly with no plan and after work so trying to cut down but don't want to be unrealistic or over ambitious. have 3 men in house and extras with girlfriends etc.
I do have some stuff to sell on ebay never done it before so I need to look into it, thanks

theoretica

I agree- wander over to the old style board and make a shopping list and meal plan. Once you have done this once you can do a lot of recycling if you don't enjoy it much (baked potatoes every Tuesday, curry on Wednesdays sort of thing, or a fortnightly cycle if you like more variety). Presumably if the girlfriends eat at yours that is about balanced out by the times your boys eat at their girlfriends?

lizzydrippin

Having been looking at the sainsbury's feed four for £50 page some good ideas there, I will try and cut the food costs.
But what I really want to know is should I use the overdraft to pay the credit card bill or reduce the overdraft
By the way what is the old style board?

theoretica

Go to the list of forums on this site- you will find Old Style around 50(?) down from this one.

It generally works out cheaper to avoid charges for not paying bills, but it depends on your small print.