Can somebody please look at my soa

chocolates

Hi can somebody please look at my soa. Im on a dmp but have missed 2 months because of just not having enough money for xmas presents etc. I will be grateful for any suggestions. I am doing a full time nursing degree and have a 2 year old.

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................ 1154
Partners monthly income after tax....... 0
Benefits................................ 400
Other income............................ 100
Total monthly income.................... 1654

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 325
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 65
Gas..................................... 60
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 39
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 15
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 80
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 575
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1623


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
dmp payment....................17292.....91........0
Total unsecured debts..........17292.....91........-


Monthly Budget Summary
Total monthly income.................... 1,654
Expenses (including HP & secured debts). 1,623
Available for debt repayments........... 31
Monthly UNsecured debt repayments....... 91
Amount short for making debt repayments. -60

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,292
Net Assets.............................. -13,292

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

dancingfairy

Well assuming that your figures on what you spend are accurate then you are overspending by 60 pounds a month. This would suggest that:
1) either you forgot things when you did your original SOA or
2) that cost have gone up substantially since you did it or your circumstances have changed somewhat.
Clearly given your current budget you can't afford to make a dmp payment of 91 a month. I suggest you phone up your dmp provider and have a chat with them and get them to make sure your budget is set at a sensible level. Wer'e talking about 30 a month or less based on that budget.

Best of Luck
df

Finalv

It seems the major cost to you is childcare. Is there anyway of reducing this. I.E. family that can babysit or another cheaper alternative?

My brothers family found childcare a huge problem with their first baby. Family babysitting just 1 day a week made a huge difference to their finances.

Hiddenidenity

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................ 1154
Partners monthly income after tax....... 0
Benefits................................ 400
Other income............................ 100
Total monthly income.................... 1654

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 325
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 65 This with gas is way way high for 2 of you theres me and and 2 under 2 here and its not half what your using. Have you checked comparissons? cut down usage
Gas..................................... 60 see above
Oil..................................... 0
Water rates............................. 50 This is also high is it metered?
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 39 Does this include net and phone? You should think about switching to freeview and getting the cheapest net and phone
Internet Services....................... 0
Groceries etc. ......................... 200 Could probably cut this a little
Clothing................................ 15
Petrol/diesel........................... 120 All all these essential?
Road tax................................ 15
Car Insurance........................... 80 :eek: Any reason why its so high?
Car maintenance (including MOT)......... 0 Need something here
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 575
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0 Need something here
Total monthly expenses.................. 1623


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000 Is it worth looking into getting a new car cheaper on insurance and fuel and putting the remainder of sale price into your debt?
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
dmp payment....................17292.....91........0
Total unsecured debts..........17292.....91........-


Monthly Budget Summary
Total monthly income.................... 1,654
Expenses (including HP & secured debts). 1,623
Available for debt repayments........... 31
Monthly UNsecured debt repayments....... 91
Amount short for making debt repayments. -60

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,292
Net Assets.............................. -13,292

MFWannabe

chocolates wrote: »

Hi can somebody please look at my soa. Im on a dmp but have missed 2 months because of just not having enough money for xmas presents etc. I will be grateful for any suggestions. I am doing a full time nursing degree and have a 2 year old.

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................ 1154
Partners monthly income after tax....... 0
Benefits................................ 400
Other income............................ 100
Total monthly income.................... 1654

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 325
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 65 - This is very high; does it include any arrears? If not then check comparison sites to see if you can get cheaper
Gas..................................... 60 - See above
Oil..................................... 0
Water rates............................. 50 - This seems very high; are you able to have a meter fitted?
Telephone (land line)................... 0
Mobile phone............................ 20 - Change to payg
TV Licence.............................. 13
Satellite/Cable TV...................... 39
Internet Services....................... 0
Groceries etc. ......................... 200 - You could cut this by approx £50
Clothing................................ 15
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 80 - This is very high; check comparison sites to see if you can get cheaper
Car maintenance (including MOT)......... 0 - You need something here
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 575
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1623


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000 - Could you sell and buy a cheap runaround for now
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
dmp payment....................17292.....91........0
Total unsecured debts..........17292.....91........-


Monthly Budget Summary
Total monthly income.................... 1,654
Expenses (including HP & secured debts). 1,623
Available for debt repayments........... 31
Monthly UNsecured debt repayments....... 91
Amount short for making debt repayments. -60

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,292
Net Assets.............................. -13,292

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

Hi
I've made some comments above where you could make some cutbacks

Tixy

Hi

How long have you been on the DMP? do you know what area you spend more than the budget you did for the DMP? (I know you've spent in on xmas presents recently but ideally you should have enough each month to save some for this through the year).

Do you keep a spending diary to track back your spending?

chocolates wrote: »

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................ 1154 is this student loan? or are you working round college?
Partners monthly income after tax....... 0
Benefits................................ 400
Other income............................ 100 is this mainteance and if so is it a 'fair' amount
Total monthly income.................... 1654

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 325
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 65 this does look high, do you have arrears? assuming not do you have any elec heating? do you use a tumble drier or other 'hungry' appliances.
Gas..................................... 60 how recently have you shopped around for gas & elec to see if you can find cheaper? or are you on prepayment?
Oil..................................... 0
Water rates............................. 50 this looks very high for 2, is this including any arrears? do you have a meter and if not would landlord allow you to have one installed? (if you are already on a meter then I would try doing a leak test)
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 39
Internet Services....................... 0
Groceries etc. ......................... 200 this is quite high for 2 of you. See if you can work on reducing this down a little.
Clothing................................ 15
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 80
Car maintenance (including MOT)......... 0 you probably need to budget for this for servicing, tyres, MOT etc (work out the annual cost and divide by 12)
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 575 do you get what you can toward this? benefits/ college etc?
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 is this your actual spend? £120 a year for christmas and birthday presents combined?
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1623


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
dmp payment....................17292.....91........0
Total unsecured debts..........17292.....91........-


Monthly Budget Summary
Total monthly income.................... 1,654
Expenses (including HP & secured debts). 1,623
Available for debt repayments........... 31
Monthly UNsecured debt repayments....... 91 is this your DMP payment? is your DMP with one of the charities or are you paying a commercial company for it?
Amount short for making debt repayments. -60

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,292
Net Assets.............................. -13,292

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

chocolates

Thank you for having a look....
My electricity is high because i am on a prepayment meter,i'm currently paying back £6 pw towards my debt to them. I always switch all plugs off at mains etc and the two of us are out of the house most days.
My water rates are high because i missed a payment,normally around £34
The £39 for satellite is tv,internet land-line
Yes i am going to try and cut groceries
petrol is essential as i travel to uni and it's 30 mins away, i walk everywhere else
My car insurance is high as i had an accident a couple of years ago. My Grandmother brought me the car when i started university so that i had something more reliable than my last one for when i was travelling to university.

chocolates

Tixy wrote: »

Hi

How long have you been on the DMP? do you know what area you spend more than the budget you did for the DMP? (I know you've spent in on xmas presents recently but ideally you should have enough each month to save some for this through the year).

Do you keep a spending diary to track back your spending?

Hi i have been on the dp for 2 and a half years now,i was working full time up until august so was paying a lot more. No i don't keep a spending diary but i realize that this is a must from now on.. I overspend on birthday presents and unexpected costs that crop up. I had to have a new washing machine and now my garden fence has blown into pieces so i'm trying to sort money for that! I just always seem to be in a mess.

chocolates

my dmp is with the cccs.

chocolates

Tixy wrote: »

Hi

How long have you been on the DMP? do you know what area you spend more than the budget you did for the DMP? (I know you've spent in on xmas presents recently but ideally you should have enough each month to save some for this through the year).

Do you keep a spending diary to track back your spending?

and yes i get £500 per month towards the nursery fees from the bursary people.

chocolates

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................ 1154 is this student loan? or are you working round college? This is my bursary and childcare grant.
Partners monthly income after tax....... 0
Benefits................................ 400
Other income............................ 100 is this mainteance and if so is it a 'fair' amount Yes this is maintenance, i went on csa website and they recommend around £34 per week per child. He does by her clothes etc
Total monthly income.................... 1654

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 325
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 65 this does look high, do you have arrears? assuming not do you have any elec heating? do you use a tumble drier or other 'hungry' appliances. Yes i have arrears but i am sure they are almost clear. I will ring british gas in the morning. Yes i do hae a tumble dryer but don't use it in summer.
Gas..................................... 60 how recently have you shopped around for gas & elec to see if you can find cheaper? or are you on prepayment? I can't switch yet because of arrears with british gas
Oil..................................... 0
Water rates............................. 50 this looks very high for 2, is this including any arrears? do you have a meter and if not would landlord allow you to have one installed? (if you are already on a meter then I would try doing a leak test) I missed 2 months direct debit payment on this,
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 39
Internet Services....................... 0
Groceries etc. ......................... 200 this is quite high for 2 of you. See if you can work on reducing this down a little. Yes will definitely cut this down. been looking at meal planning. This does include nappies and wipes etc also
Clothing................................ 15
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 80
Car maintenance (including MOT)......... 0 you probably need to budget for this for servicing, tyres, MOT etc (work out the annual cost and divide by 12) Thankyou i will
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 575 do you get what you can toward this? benefits/ college etc? Yes bursary pay £500 towards this
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 10
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10 is this your actual spend? £120 a year for christmas and birthday presents combined? No i always spend alot more,thats why i am in such a mess
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1623


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly.. .APR
dmp payment....................17292.....91........0
Total unsecured debts..........17292.....91........-


Monthly Budget Summary
Total monthly income.................... 1,654
Expenses (including HP & secured debts). 1,623
Available for debt repayments........... 31
Monthly UNsecured debt repayments....... 91 is this your DMP payment? is your DMP with one of the charities or are you paying a commercial company for it? with cccs
Amount short for making debt repayments. -60

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,292
Net Assets.............................. -13,292

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