Help with SOA and whether my estimations are right

the-mango

Hi,

Please would it be possible to have some help with my SOA, at the moment I am not really doing anything with my money and properly keeping track of what I'm spending, it's not anywhere near what I earn/receive each month so it hasn't been an issue but I know I could save more.

I thought that since I'm going to be living back at university in September that it'd be worth sorting this all out now. I have no idea of what bills are going to be like. I have tried estimating them using various online calculators and I will be living in a 3 bed flat, so have estimated and divided my share by 3. Any advice whether they are wildly right/wrong would be much appreciated. I have also estimated my food bill at 30 pounds a week, I have lived alone before but never kept a close track of what I spent ! I must sound absolutely awful but I want to work it all out now and be sorted.

I also have not included income from my part-time job because that varies how much I work, which in turn varies with the amount of academic work I have on at the time, it can range from about £50 per month to about £1400, on average about £4000 a year. To make things easier I have left it out.

So here is my SOA, thanks for any help!

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 400
Total monthly income.................... 400

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 21
Gas..................................... 21
Oil..................................... 0
Water rates............................. 13
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 9
Groceries etc. ......................... 120
Clothing................................ 10
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 6.25
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9.3
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 264.55


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
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 400
Expenses (including HP & secured debts). 264.55
Available for debt repayments........... 135.45
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 135.45

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

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

HappyMJ

Loads of stuff missing. Travel for one...

the-mango

HappyMJ wrote: »

Loads of stuff missing. Travel for one...

but I don't travel anywhere... I walk to university

Is it more helpful if I write notes by each item?

HappyMJ

the-mango wrote: »

but I don't travel anywhere... I walk to university

Is it more helpful if I write notes by each item?

Nowhere at all....in a whole year? Travelling home in the holidays? Travelling to another town once a month? Taxi's when you do shopping or returning home late at night or in the torrential rain? Nothing at all.

rising_from_the_ashes

There's nothing in for rent?

the-mango

HappyMJ wrote: »

Nowhere at all....in a whole year? Travelling home in the holidays? Travelling to another town once a month? Taxi's when you do shopping or returning home late at night or in the torrential rain? Nothing at all.

Ah ok, I see your point... I should probably budget a nominal amount in each month for overall yearly spend. Thanks for reminding me. When I'm at uni everything I do is very closeby, shopping, going out etc so it's not worth getting a taxi anywhere really, I'd probably spend more time waiting for it than I did running to the place!

rising_from_the_ashes wrote: »

There's nothing in for rent?

Yes, I'm in a lucky situation where I don't have to pay rent.

flyinggiraffe_2

You've not got anything for entertainment at the moment - Is this correct? You don't go to clubs/cinema/hobby etc?

When I was at uni I managed ok with money until I factored in my entertainment spend so would always suggest putting something there, even if you don't go out every week.

the-mango

flyinggiraffe wrote: »

You've not got anything for entertainment at the moment - Is this correct? You don't go to clubs/cinema/hobby etc?

When I was at uni I managed ok with money until I factored in my entertainment spend so would always suggest putting something there, even if you don't go out every week.

I probably only spend money on going out once every week or fortnight as I don't drink so when I go out it's very cheap. Hobby is sports related and that's all paid for previoiusly, uni sports memberships gym etc as it was a more than 1 year deal thing

flutterbyuk25

If you are looking to save money then your grocery bill is quite high for one. I average £60-£80/month (I am veggie though so a bit cheaper), this month I have only spent £50

It does help if you can cook from scratch, have a small storecupboard of basics (tins/herbs etc) and have a freezer.

HTH

the-mango

flutterbyuk25 wrote: »

If you are looking to save money then your grocery bill is quite high for one. I average £60-£80/month (I am veggie though so a bit cheaper), this month I have only spent £50

It does help if you can cook from scratch, have a small storecupboard of basics (tins/herbs etc) and have a freezer.

HTH

I know my grocery bill could be lower, I am veggie, but I am also am an extremely fussy eater and for my wellbeing and sanity (and probably the people around me) it's money well spent if it means I actually eat. I never eat anything not cooked from scratch but my diet is limited so I don't have much scope for movement there, although I am working on it!