Can you cast your eye over my soa

vintagegirl

mildredalien wrote: »

Great start vintagegirl, well done

The virtual pot thing is a great idea, not sure why you are transferring into virtual pots to pay off credit cards though? The interest you are being charged on those cards while there is a balance on them is so high that the benefit of 'saving' to pay the cards off at a later date is wiped out. Unless I'm just misunderstanding and that's your extra payment to the cards?

Just keep your eyes sharply on that surplus, it could so easily disappear each month but think about on the last day before your next payday transferring every last penny over to pay towards a debt. It might be £50, £100 or £300 but it all adds up!

sorry meant to clarify the credit card extra standing orders are to the credit cards directly, not into virtual pots.

[Deleted User]

vintagegirl wrote: »

hiya i have updated my soa to include almost everything i think. Please let me know if i'm missing something
It looks much more realistic now
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................ 1449.37
Benefits................................ 433.33
Other income............................ 195
Total monthly income.................... 2077.7

Monthly Expense Details
Rent.................................... 308.32
Council tax............................. 77Remember that during your CTax free months you will be able to make equivalent over-payments towards your higher paying debt - although they're not coming around soon, it's worth remembering
Electricity............................. 20
Gas..................................... 20
Telephone (land line)................... 24.58
Mobile phone............................ 37I still recon you should take a peek at the GiffGaff webpages to see if you could save
TV Licence.............................. 12.12
Groceries etc. ......................... 130
Clothing................................ 0Maybe £10 or £20 here and then have a DD to a savings account so that when you/your child needs something replacing then you have a fund in place? You might not spend it EVERY month, but it's there if needed
Petrol/diesel........................... 130
Road tax................................ 18.33
Car Insurance........................... 53.45
Car maintenance (including MOT)......... 25
Other travel............................ 69
Childcare/nursery....................... 0
Other child related expenses............ 0Nothing needed here? Any after school clubs? pocket money? regular hobbies etc?
Presents (birthday, christmas etc)...... 0Maybe £10 or £20 here, like clothes - have a DD to an easy access savings account, then it's there when it's needed, and if not required then it will be a good pot for when Xmas comes around
Haircuts................................ 9.75
Emergency fund.......................... 0Again, I would be inclined to have something here, even if it's a low amount until you are debt free, then if some unexpected bill or expense comes along you won't need to reach for a CC to cover it - have a DD to a savings account/ISA
cash for good times .................... 86.66
vanquis. extra standing order.....................108.33
aqua.extra................................... 43.33
capital one..extra........................... 43.33
pocket money ........................... 21.66
BANK ACCOUNT FEE........................ 10Maybe shop around for deals if you are using the PERKS from the account. I had a fee bank account before where I was only using the AA cover, but found out it was cheaper not to have the Fee account, and actually breakdown cover was included in the car insurance, so I didn't need it anyway!!
Total monthly expenses.................. 1097.87


Assets
Cash.................................... 0Would make sure that you begin to have something here for non-monthly expenses and a small emergency account
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.....41.9Any SOA surplus you have put it here -the interest rate is HIGH
AQUA...........................530.......15........35.9
CAPITAL ONE....................197.......10........31.9
MAC HALL.......................500.......4.........0
NATWEST............................1663......160.......0
LITTLEWOODS...........................263.......18.71.....39.9
Total unsecured debts..........4324......252.47....-


Monthly Budget Summary
Total monthly income.................... 2,077.7
Expenses (including HP & secured debts). 1,097.87
Available for debt repayments........... 979.83
Monthly UNsecured debt repayments....... 252.47
Amount left after debt repayments....... 577.37

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,324
Net Assets.............................. -4,324

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

Well done, it looks very realistic now. I hope it helps.

I've also made a few comments above, HTH,

Good luck, D9

vintagegirl

thanks for all your replies. I am now thinking of just paying off the capital one card (197) at the end of this month, and getting rid, then putting the extra 80 odd to the Vanquis.
Once i have had my holiday, and allowed spending money for that, i will be in a better position to judge.

I now have the following standing orders in place as well as a weekly budget as follows.

(WEEKLY)
HAIRCUTS - 2.25
ENTERTAINMENT - 20
CLOTHES - 4.60
MOT - 5
ROAD TAX- 4.42
POCKET MONEY FOR CHILD - 5

PETROL - 30
FOOD - 30
GAS - 5
ELECTRICITY - 5
DAUGHTERS SCHOOL CLUB - 1
DAUGHTERS LUNCH 1 DAY A WEEK - 2.50
DAUGHTERS BUS FARE - 16

MY BUDGET STARTS on a sunday night so as ive been off work so far this week, I have only spend £17.74 in Aldi's today and £10.03 on petrol

my mobile is up for renewal end of this month and i am in 2 minds as to what to do. its an iphone 4 with unlimited everything for £30 per month

patman99

Castlehill7 is not a tool. Tools are useful. At the moment I cannot think of a use for that eejit.

OP, noticed you are paying £10 a month for banking. Is this for an enhanced account?. If so, does it offer enough benefits to out-weigh the £120 a year you are paying?.

vintagegirl

patman99 wrote: »

Castlehill7 is not a tool. Tools are useful. At the moment I cannot think of a use for that eejit.

OP, noticed you are paying £10 a month for banking. Is this for an enhanced account?. If so, does it offer enough benefits to out-weigh the £120 a year you are paying?.

hiya thanks for your response.
im paying the £10 and get the fee free £300 overdraft, iphone insurance, holiday insurance and breakdown.
to be honest, i feel its worth it because my phone insurance was £12.99 with o2 on its own, im going on holiday end of this month and ive used the breakdown 3 times since opening the account, so i think it is worth it at the moment

vintagegirl

Have 4 days left of my budget and set myself a budget of £83.10 this week which was £30 petrol
£30 food
£9.60 bus fare
and £10 gas/elec

So far has been £17.74 food
£2.24 diet coke(my one vice)
£3.2 bus fare
and £10.03 petrol

So altogether have £49.89 left, but still have £6.60 bus fare to find and probably more petrol, so far so good though.
I haven't touched my entertainment money (the standing order of £20 per week) so have that as a back up.
I have now set up extra standing orders for my bnpl items i have on my Littlewoods account, but I have timed them to start on 07/08/12 so that i will have the majority of my credit card paid off by then Hopefully

ellesbellesxxx

vintagegirl wrote: »

thanks for all your replies. I am now thinking of just paying off the capital one card (197) at the end of this month, and getting rid, then putting the extra 80 odd to the Vanquis.
Once i have had my holiday, and allowed spending money for that, i will be in a better position to judge.

I now have the following standing orders in place as well as a weekly budget as follows.

(WEEKLY)
HAIRCUTS - 2.25
ENTERTAINMENT - 20
CLOTHES - 4.60
MOT - 5
ROAD TAX- 4.42
POCKET MONEY FOR CHILD - 5

PETROL - 30
FOOD - 30
GAS - 5
ELECTRICITY - 5
DAUGHTERS SCHOOL CLUB - 1
DAUGHTERS LUNCH 1 DAY A WEEK - 2.50
DAUGHTERS BUS FARE - 16

MY BUDGET STARTS on a sunday night so as ive been off work so far this week, I have only spend £17.74 in Aldi's today and £10.03 on petrol

my mobile is up for renewal end of this month and i am in 2 minds as to what to do. its an iphone 4 with unlimited everything for £30 per month

Hi if you go on e2save or dialaphone (Via Quidco will nab you cashback!) There are some excellent deals onolder phones - with cashback or money off via redemption. My deal works out at 10 a month! Plus got 30 back

whiteguineapig

there is also something called giffgaff which i have seen a lot of people reccomend, i'm not sure if its suitable for you tho

Barbeduk

Hi, coming to the party late, see there was a numpty in earlier. Why do these eejits visit the debt free boards? This is where the nice people hang out!

Sorry vintagegirl, it could be that I haven't had enough coffee yet, but why are you so keen on the vanquis card? They are taking the p*** with that interest rate. You have other cards and a bank account so don't follow the argument about your credit rating. I personally think you should pay this off first, min payment plus £1 to the others, save yourself a fortune in interest.

With things like the present budget, I worked backwards. Decided how many people I'd need to spend on for birthdays/Christmas, how much I wanted to spend, and divided by 12. Gets more complicated when you have to factor in your child's friends though, hate those darn party invitations! Bah humbug. And I keep a stock of cheap cards, or even better get dd to make her own.

Good luck, but please get rid of vanquis and get a 0% card instead!!

vintagegirl

Barbeduk wrote: »

Hi, coming to the party late, see there was a numpty in earlier. Why do these eejits visit the debt free boards? This is where the nice people hang out!

Sorry vintagegirl, it could be that I haven't had enough coffee yet, but why are you so keen on the vanquis card? They are taking the p*** with that interest rate. You have other cards and a bank account so don't follow the argument about your credit rating. I personally think you should pay this off first, min payment plus £1 to the others, save yourself a fortune in interest.

With things like the present budget, I worked backwards. Decided how many people I'd need to spend on for birthdays/Christmas, how much I wanted to spend, and divided by 12. Gets more complicated when you have to factor in your child's friends though, hate those darn party invitations! Bah humbug. And I keep a stock of cheap cards, or even better get dd to make her own.

Good luck, but please get rid of vanquis and get a 0% card instead!!

Thanks very much for your helpful reply. I agree re vanquis and am starting to see the light. I have set up the standing orders for £1 each to cap one and aqua and £178 to vanquis.

What I'm not sure whether to do or not is start it on 01/07 or the month later because I'm going on holiday end of this month. So maybe i should save for that first then concentrate on vanquis when I come back

I'm not going to close it though, just give it to my mum so I can't spend on it