Can you cast your eye over my soa

vintagegirl

I have just recently paid off a 2 grand overdraft, (not paying any fees on it now) so was working on that as my main debt.
Now that's gone, and i have a little spending money saved for my holiday at the end of this month, i'd like to see what i can do here.

I have a not bad surplus at the end of the month, this is fairly new, because i didn't used to have this left at all but am now meticulous at logging things.
I have another Capital One credit card which is paid off in full every month, i just use it to keep track of every penny, which seems to be more accurate.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1449.73
Partners monthly income after tax....... 0
Benefits................................ 433.33
Other income............................ 195
Total monthly income.................... 2078.06

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 308.32
Management charge (leasehold property).. 0
Council tax............................. 77
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 24.58
Mobile phone............................ 37
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 130
Clothing................................ 0
Petrol/diesel........................... 130
Road tax................................ 18.33
Car Insurance........................... 53.45
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
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)...... 0
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
bank account fee........................ 10
Total monthly expenses.................. 870.8


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
vanquis........................1171......44.76.....41.9
littlewoods....................263.......18.71.....39.9
capital one....................197.......10........31.9
aqua...........................520.......35......35.9
natwest........................1663......160.......0
mac hall.......................500.......4.........0
Total unsecured debts..........4314......273.37....-


Monthly Budget Summary
Total monthly income.................... 2,078.06
Expenses (including HP & secured debts). 870.8
Available for debt repayments........... 1,207.26
Monthly UNsecured debt repayments....... 273.37
Amount left after debt repayments....... 933.89

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,314
Net Assets.............................. -4,314

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

[Deleted User]

vintagegirl wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income DetailsHow many people does this SOA need to support? How many kids? adults?
Monthly income after tax................ 1449.73
Benefits................................ 433.33
Other income............................ 195
Total monthly income.................... 2078.06

Monthly Expense Details
Rent.................................... 308.32
Council tax............................. 77If you are the only adult in the house are you getting the 25% single persons allowance?
Electricity............................. 20Both this and below seem very good - just check every 6-12 months that there's not a cheaper tariff/company on the comparison sites
Gas..................................... 20as above
Water rates............................. 0Don't you pay this? (Ignor if in Scotland as it's included in CTax there
Telephone (land line)................... 24.58Does this include internet? If not then I think it could be cheaper. If so it seems reasonavle
Mobile phone............................ 37This seems on the high side. How many phones? If/when out of contract switch to SIM only/PAYG - and take a look at GiffGaff
TV Licence.............................. 12.12
Internet Services....................... 0included with phone?
Groceries etc. ......................... 130It's difficult to say if this is good or not, how many people?
Clothing................................ 0never?
Petrol/diesel........................... 130Are all journeys essential?
Road tax................................ 18.33
Car Insurance........................... 53.45
Car maintenance (including MOT)......... 25
Other travel............................ 0would this be cheaper?
Medical (prescriptions, dentist etc).... 0never?
Contents insurance...................... 0You might want to consider this
Presents (birthday, christmas etc)...... 0never?
Haircuts................................ 5
Entertainment........................... 0never?
Emergency fund.......................... 0You might want to start putting a little here so that if an emergency cropped up you wouldn't have to reach for credit
bank account fee........................ 10Does the bank account come with special features and if so do you use them, and if you use them could you get them for cheaper elsewhere? If you don't use them or they are cheaper elsewhere, cancel and switch to an account that is free (even check on the cashback sites [quidco, topcashback, onepoll] and see if there are any incentives for switching your account
Total monthly expenses.................. 870.8


Assets
Cash.................................... 0You need the money here for non-monthly bills - MOT, hair cut, etc
Car(s).................................. 0Don't you own your car?
Total Assets............................ 0[/b]


No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
1. vanquis........................1171......44.76.....41.9this needs to be your priority as it is costing you a fortune in interest.
2. littlewoods....................263.......18.71.....39.9
3. aqua...........................520.......35......35.9
4. capital one....................197.......10........31.9
5. natwest........................1663......160.......0Is this 0% and will it remain so for the duration of the debt?
6.mac hall.......................500.......4.........0As above
Total unsecured debts..........4314......273.37....-


Monthly Budget Summary
Total monthly income.................... 2,078.06
Expenses (including HP & secured debts). 870.8
Available for debt repayments........... 1,207.26
Monthly UNsecured debt repayments....... 273.37
Amount left after debt repayments....... 933.89Do you actually see this at the end of every month? If not then keep a spending diary and see where every penny goes, then either cut out the overspending or update your SOA to include absolutely everything. If you do have this at the end of every month then I have no doubts that you will be well on your way to debt-free and that you will achieve this goal in almost no time at all!

Snowball your debts:
*Always pay the minimum payment required towards ALL debts
*Then once all minimums have been paid use any surplus in your SOA to overpay on the debt that is costing you the most in interest everymonth, in this case VANQUIS CC, keep paying your monthly surplus to this debt until it is fully repaid (2 months if your SOA is accurate)
*When this debt is fully repaid move on to the next highest costing debt on the list (LITTLEWOODS and AQUA) this time paying the surplus you have from the SOA (£933.89) + the previous minimum payment that you were making to VANQUIS (£44.76), so £978.65.
*Move on down the list, each time a debt is repaid adding the previous minimum payment to the surplus, until all debts are fully repaid

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,314
Net Assets.............................. -4,314

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

I've made some comments above - hope they help.

You seem to have a really healthy surplus, so I have no doubt that you will be debt free in no time at all. Just make sure that you have not missed anything off your SOA.

And, Good luck,

D9

camuk81

Try keeping a spending diary if you are not sure where the surplus is going every month. Really good feedback other then look into the occupancy as that could save money or ask for 12 months rather then 10

mildredalien

As domino has suggested, make sure you put amounts in to all expenses you will reasonably have each month (or even on an irregular basis). This includes entertainment, clothes, presents, an emergency fund, insurance etc. You have a nice healthy surplus, so once you have a budget set for all your monthly spends you can throw every extra penny at them. You could be debt free in 6 months or so!

Definitely tackle Vanquis first, then aqua, then littelwoods and natwest (unless natwest shoots up interest wise in the mean time).

If your capital one card is your monthly spending card, is that £197 on there currently spending that has been included in your budget? If so there's no need to add it to your debt list as it's already been accounted for.

RAS

Try and clear that Vanquis card ASAP.

What is the limit on the CAP 1 card?

Hillbilly1

Slightly off topic, how can you earn that much and get benefits? Is it DLA?

vintagegirl

vintagegirl wrote: »

I have just recently paid off a 2 grand overdraft, (not paying any fees on it now) so was working on that as my main debt.
Now that's gone, and i have a little spending money saved for my holiday at the end of this month, i'd like to see what i can do here.

I have a not bad surplus at the end of the month, this is fairly new, because i didn't used to have this left at all but am now meticulous at logging things.
I have another Capital One credit card which is paid off in full every month, i just use it to keep track of every penny, which seems to be more accurate.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1449.73
Partners monthly income after tax....... 0
Benefits................................ 433.33
Other income............................ 195
Total monthly income.................... 2078.06

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 308.32
Management charge (leasehold property).. 0
Council tax............................. 77
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 24.58
Mobile phone............................ 37
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 130
Clothing................................ 0
Petrol/diesel........................... 130
Road tax................................ 18.33
Car Insurance........................... 53.45
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
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)...... 0
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
bank account fee........................ 10
Total monthly expenses.................. 870.8


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
vanquis........................1171......44.76.....41.9
littlewoods....................263.......18.71.....39.9
capital one....................197.......10........31.9
aqua...........................520.......35......35.9
natwest........................1663......160.......0
mac hall.......................500.......4.........0
Total unsecured debts..........4314......273.37....-


Monthly Budget Summary
Total monthly income.................... 2,078.06
Expenses (including HP & secured debts). 870.8
Available for debt repayments........... 1,207.26
Monthly UNsecured debt repayments....... 273.37
Amount left after debt repayments....... 933.89

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,314
Net Assets.............................. -4,314

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

Domino9 wrote: »

I've made some comments above - hope they help.

You seem to have a really healthy surplus, so I have no doubt that you will be debt free in no time at all. Just make sure that you have not missed anything off your SOA.

And, Good luck,

D9

thanks for all your replies, i was throwing every debt at the overdraft first as i hated paying that £30 a month fees, NOw that thats clear, I can concentrate on a proper budget. I think once my holiday is by this month, i will aim to clear one small debt a month and pay the rest of Vanquis till clear.
The problem with Vanquis is that once ive cleared it, i tend to run it up again. I dont want to pay it off then cancel as it is helping my credit rating.

to answer some of your questions, my home phone includes internet, so that was haggied down with BT.
The mobile is for 3 lines with o2, which i thought wasn;t too bad but one is up for renewal this month so ill decide then what to do with that.
There is just me and my daughter so i get the 25% discount on council tax and am still oohing and aaahing whether to pay it over 10 or 12 months as i kind of like having nothing to pay in Feb or March.
all journeys are essential, im afraid so i can't even cut down on perol.
The food /groceries is for me and my daughter, so i dont know if thats too bad or not, that's it averaged out over the year at about £30 per week.

How much should i allow for entertainment? i was thinking maybe £20 a week, so that i stay on track and aren't tempted to overspend???

ill haggle for car insurance come November, ill be able to get it for around £33 a month once my points drop off.

Have i allowed enough for my MOT??
many thanks

vintagegirl

mildredalien wrote: »

As domino has suggested, make sure you put amounts in to all expenses you will reasonably have each month (or even on an irregular basis). This includes entertainment, clothes, presents, an emergency fund, insurance etc. You have a nice healthy surplus, so once you have a budget set for all your monthly spends you can throw every extra penny at them. You could be debt free in 6 months or so!

Definitely tackle Vanquis first, then aqua, then littelwoods and natwest (unless natwest shoots up interest wise in the mean time).

If your capital one card is your monthly spending card, is that £197 on there currently spending that has been included in your budget? If so there's no need to add it to your debt list as it's already been accounted for.

the capital one card is a classic one with a balance, i have a cap one progress i use for all spending.
How much should i allow for presents clothes and entertainment?

Naf

I notice you seem to be using no water?
Also you've listed nothing for clothing, while you probably will need to buy some from time to time, worth keeping something aside for when considering your overall SOA.
Also, you have no insurance on your home? Even I've got that, and I barely own anything worth replacing lol.

mildredalien

Personally I allow about £20 a month for gifts, £10 for clothes and £21 for entertainment (netflix and cineworld subscriptions). Any other things come out of my monthly 'grocery' budget which at £200/month is higher than it could be but is for everything other than direct debits. Whatever suits your budget/lifestyle though really!

Just wondering why you keep running up Vanquis if you have other cards you can spend on and clear monthly! Those will help your credit rating, just get rid of that Vanquis one you don't need it.

As for the MOT, depends on your car I guess! The MOT itself is only what, £40, so depends how many repairs your car generally needs... £300 is likely to cover most things I'd say.

rising_from_the_ashes

Great comments already so won't repeat but .......

vintagegirl wrote: »

Statement of Affairs and Personal Balance SheetClothing................................ 0
Medical (prescriptions, dentist etc).... 0
Contents insurance...................... 0
Life assurance ......................... 0
Presents (birthday, christmas etc)...... 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0

You need to put something in for all of the above so you've money put aside when they come up / they're essentials

Well done on clearing the OD:T

Re car & MOT - hard to say as load of factors like age / type of car etc. I budget £35 / month and mine's fairly new (excl MOT costs as doesn't need one) & where you get it serviced (I'm stuck with the manufacturer to maintain warranty). Type of car can alter costs hugely - some can cost £100 for a part but the same part might cost £500 on a different make