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Q1122
Posts: 18 Forumite
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 12
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 130
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 300
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 684
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................2000......185.......21
Parents........................350.......50........0
Total unsecured debts..........2350......235.......-
Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 684
Available for debt repayments........... 416
Monthly UNsecured debt repayments....... 235
Amount left after debt repayments....... 181
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,350
Net Assets.............................. 650
.
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 12
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 130
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 300
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 684
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................2000......185.......21
Parents........................350.......50........0
Total unsecured debts..........2350......235.......-
Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 684
Available for debt repayments........... 416
Monthly UNsecured debt repayments....... 235
Amount left after debt repayments....... 181
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,350
Net Assets.............................. 650
.
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Comments
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Wow, what on earth do you spend 300 quid on in entertainment a month. Is it a bit of a waste, are you throwing it at a pub chain or something.
Cut it down or out and throw it at your debts, have nights in at home, get friends in and get them to bring a bottle,
play Triv or something,
What is 'other travel'make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
£300 entertainment is basically nights out etc.
Other travel is my £60 monthly bus pass to commute to work... I work in the city centre so car parking alone would cost me more if I was to drive.0 -
If you halved your entertainment for a couple of months you could pay your parents back fully.
Another few months of the same you could majorly break the back of your other loan,
Go to the pictures, find other cheaper entertainment, find some 2 for 1 offers if you go out to eat.
Slug and lettuce do a 25% off food at the moment - voucher here
http://www.slugandlettuce.co.uk/promotions/
Sign up for their news letter and get £10 off a £20 spend,make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Hi there
Comments are below:
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1100 can you increase this at all? part time job or something?
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100 assume you're living with parents - you're very lucky to only be paying this small amount. does it include food as well?
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35 you need to reduce this - depending on how far into your contract you are, you may be able to change your tariff
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 12 this is reasonable!
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 0 you should put something away here as otherwise you'll be hit with the cost in one month and then your budget is blown. Put aside 1/12 of the yearly amount a month to cover tax and make sure you buy a year's worth as yo tu do save a little bit! then you won't get hit with a huge payout one month!
Car Insurance........................... 130 Whoa!!! Why so high?! Is it because of your car or you?!
Car maintenance (including MOT)......... 0 you should put something away here as otherwise you'll be hit with the cost in one month and then your budget is blown. Put aside £20 a month to cover tyres, MOT and possible repairs needed in a year, then you won't get hit with a huge payout one month!
Car parking............................. 0
Other travel............................ 60 why if you have your car? This is uneconomical with your insurance so high
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 you never buy anyone a present? You should budget here - a little something each month
Haircuts................................ 0 never have a haircut? again, put a little something aside and you don't blow your careful budgeting!
Entertainment........................... 300 you know this is high of course. However if you're used to spending this then it will be harder to cut down. Some may say get rid of it, I suggest lowering it to £250 at first, then maybe come down by £20 a month and see how you do. £300 a month works out at just under £70 a week!!! Surely you can reduce this?!
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 684
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 3000
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................2000......185.......21
Parents........................350.......50........0
Total unsecured debts..........2350......235.......-
Monthly Budget Summary
Total monthly income.................... 1,100
Expenses (including HP & secured debts). 684
Available for debt repayments........... 416
Monthly UNsecured debt repayments....... 235
Amount left after debt repayments....... 181
Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,350
Net Assets.............................. 650
.I’m a Forum Ambassador and I support the Forum Team on the Old Style, Crafting and Techie Stuff boards.If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.GC: May 22 £tbc/£250 Vegan 27-8-130 -
Wow, what on earth do you spend 300 quid on in entertainment a month. Is it a bit of a waste, are you throwing it at a pub chain or something.
Cut it down or out and throw it at your debts, have nights in at home, get friends in and get them to bring a bottle,
play Triv or something, What is 'other travel'
Not always easy to have friends round with a bottle when you're living with your parents! I certainly couldn't have done that when I was living back at home.
OP does need to think of cheaper alternatives (maybe limit it to one night out a month) - but getting out to have some fun is important when you're young.If you will the end, you must will the means.0 -
Hi Q1122. I presume that you are living at home with parents? If so now would be a good time to try and get on top of the debts so that when you do move out you aren't in debt to start with.
At the moment it is looking from the SOA that you have 181 pounds a month spare after paying your debts each month - is this about right?
If not then you might want to do a spending diary to find out what you are actually spending and to see if there are any areas where you could cut down.
The hardest thing is going to be keeping up with your mates while paying the debts down - you're going to need to be creative on this one - try things like going to the cinema on Orange wednesdays, maybe having a drink or 2 at home before you head out for the night, using restaruant vouchers, maybe alternating alcholic drinks with soft drinks (can claim you are trying to last longer into the evening or something) - perhaps you could even volunteer to drive one night (in return for free soft drinks of course!) once in a while.
You could even claim you are trying to save up for a mega holiday in a few years/your own place/new car/ uni etc etc if your mates are not very understanding.
Even if you cut back by say 10-20 a week it will make an impact.
best of Luck
dfMaking my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0 -
If you only went out once a month for the next 9 months you could be debt free. You're in an enviable position and you're very lucky to have found this forum while your debts are so low and you're living comfortably with your parents.... Have the discipline to do this and then all your money is your own to do with as you wish - trust me, it's much more difficult to clear 30k of debts and have to stay in month in and month out and repeatedly say no to my children because we just don't have the money. Make the next 9 months of your life count."I once grumbled at having no boots - until I met a man with no feet" Anon
Total personal debt of [STRIKE]£7850[/STRIKE] [STRIKE] £5977.74[/STRIKE] £5635.17
Total household debt [STRIKE]£35092.42[/STRIKE] £22557.550 -
I'm all for having an entertainment budget but £70 a week. What does that go on? I was trying to work it out. 35 pints at a cheap bar such as Wetherspoons or 20 pints a week at the posh wine bar down the road.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S)
Loans cost 2.9% per year (Nationwide) = FREE money.
0 -
Wise words indeed MrsTUS.
HappyMJ - £70 is nothing these days when going out on the town. OP hasn't said how many nights per wk they are going out, but if you take into account taxi fares, drinks, food, getting into clubs, maybe clothes to go out in too (no seperate budget for clothing in the SOA I notice), I can understand where £300 per mth goes.If you will the end, you must will the means.0 -
Wise words indeed MrsTUS.
HappyMJ - £70 is nothing these days when going out on the town. OP hasn't said how many nights per wk they are going out, but if you take into account taxi fares, drinks, food, getting into clubs, maybe clothes to go out in too (no seperate budget for clothing in the SOA I notice), I can understand where £300 per mth goes.:footie:Regular savers earn 6% interest (HSBC, First Direct, M&S)
Loans cost 2.9% per year (Nationwide) = FREE money.
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