any advice on an update soa

vintagegirl

Just looking for a fresh eye over it.
A few months ago would have said i didnt have a clue where the excess was going but now, im down to knowing where every penny is, Wish i had done it before or i wouldnt have used the credit cards

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1870.88
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 151.66
Total monthly income.................... 2022.54

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 308.32
Management charge (leasehold property).. 0
Council tax............................. 77
Electricity............................. 21.67
Gas..................................... 21.67
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25.58
Mobile phone............................ 40
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 130
Clothing................................ 19.93
Petrol/diesel........................... 173.33
Road tax................................ 19.72
Car Insurance........................... 53.45
Car maintenance (including MOT)......... 21.67
Car parking............................. 0
Other travel............................ 62
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)...... 20.8
Haircuts................................ 7.02
Entertainment........................... 130
Holiday................................. 0
Emergency fund.......................... 0
pocket money............................ 21.67
army.................................... 4.33
school lunch............................ 10.8
bank fee................................ 10
Total monthly expenses.................. 1191.08


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........................1244......60........45.9
very...........................114.......8.62......45.9
aqua...........................532.......16.8......35.9
Total unsecured debts..........1890......85.42.....-


Monthly Budget Summary
Total monthly income.................... 2,022.54
Expenses (including HP & secured debts). 1,191.08
Available for debt repayments........... 831.46
Monthly UNsecured debt repayments....... 85.42
Amount left after debt repayments....... 746.04

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,890
Net Assets.............................. -1,890

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

mum2one

vintagegirl wrote: »

Just looking for a fresh eye over it.
A few months ago would have said i didnt have a clue where the excess was going but now, im down to knowing where every penny is, Wish i had done it before or i wouldnt have used the credit cards



Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1870.88
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 151.66
Total monthly income.................... 2022.54

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 308.32
Management charge (leasehold property).. 0
Council tax............................. 77 - I'm guessing its one adult household are you getting the single person discount
Electricity............................. 21.67
Gas..................................... 21.67
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25.58
Mobile phone............................ 40 - thats still on the high side could you down grade - consider roll on sim only
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 130
Clothing................................ 19.93
Petrol/diesel........................... 173.33
Road tax................................ 19.72
Car Insurance........................... 53.45 - at renewal shop around, comparision sites,
Car maintenance (including MOT)......... 21.67
Car parking............................. 0
Other travel............................ 62
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)...... 20.8
Haircuts................................ 7.02
Entertainment........................... 130 i would say your entertainment could be reduced
Holiday................................. 0
Emergency fund.......................... 0 consider outting something by for emergency
pocket money............................ 21.67
army.................................... 4.33
school lunch............................ 10.8
bank fee................................ 10 - are you getting £120+ worth fron the fee paying account
Total monthly expenses.................. 1191.08


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........................1244......60........45.9
very...........................114.......8.62......45.9
aqua...........................532.......16.8......35.9
Total unsecured debts..........1890......85.42.....-


Monthly Budget Summary
Total monthly income.................... 2,022.54
Expenses (including HP & secured debts). 1,191.08
Available for debt repayments........... 831.46
Monthly UNsecured debt repayments....... 85.42
Amount left after debt repayments....... 746.04

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,890
Net Assets.............................. -1,890

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

Wow with a amount left after debt repayment, your be flying free soon, I notice you have the lovely Vanquis account, from experience keep an eye as they rate jacked me from 39.9% to 59.9%, - I would chuck every spare penny at these accounts in theory you could be debt free in 3 months time, xx

vintagegirl

mum2one wrote: »

Wow with a amount left after debt repayment, your be flying free soon, I notice you have the lovely Vanquis account, from experience keep an eye as they rate jacked me from 39.9% to 59.9%, - I would chuck every spare penny at these accounts in theory you could be debt free in 3 months time, xx

thanks a lot for your reply, the mobiles are for 4 lines, my mums and childs inc. i will be renewing car insurance at end of nov, not looking forward to that as i have 3 points, hoping to get it down to about £40.
Im just finishing a car loan so have chucked every spare penny at that, and this soa is from next month,so then ill concentrate on the evil V haha.

How much would you recommend for emergencies

mum2one

Whoops to the points but def shop around as some policies add a charge on others don't, for 4 mobiles for £40 ur going brilliantly, I would just say £30 in the fund, also noticed got nothing in holiday fund, thinking now car loan paid off, may want to get away (bar the cost of the petrol), to me those would be the areas that would rack up the expenses.
I have to just look at my daughters "if we had the money holiday list", cuba, sri lanka, goa, miama, Las Vegas, back to Dom rep and back to Tunisia, - shes 10 next week! xx

fredandwilma

vintagegirl wrote: »

Just looking for a fresh eye over it.
A few months ago would have said i didnt have a clue where the excess was going but now, im down to knowing where every penny is, Wish i had done it before or i wouldnt have used the credit cards

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1870.88
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 151.66
Total monthly income.................... 2022.54

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0 ( you have now finished the car loan?)
Rent.................................... 308.32
Management charge (leasehold property).. 0
Council tax............................. 77
Electricity............................. 21.67
Gas..................................... 21.67
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 25.58
Mobile phone............................ 40
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 130
Clothing................................ 19.93
Petrol/diesel........................... 173.33
Road tax................................ 19.72
Car Insurance........................... 53.45
Car maintenance (including MOT)......... 21.67
Car parking............................. 0
Other travel............................ 62
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 ( It might be wise to have contents insurance if you are the only adult in the house?) How many adults are in the house, or is this just your soa?
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20.8
Haircuts................................ 7.02
Entertainment........................... 130
Holiday................................. 0
Emergency fund.......................... 0
pocket money............................ 21.67
army.................................... 4.33
school lunch............................ 10.8
bank fee................................ 10
Total monthly expenses.................. 1191.08


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........................1244......60........45.9
very...........................114.......8.62......45.9
aqua...........................532.......16.8......35.9
Total unsecured debts..........1890......85.42.....-


Monthly Budget Summary
Total monthly income.................... 2,022.54
Expenses (including HP & secured debts). 1,191.08
Available for debt repayments........... 831.46
Monthly UNsecured debt repayments....... 85.42
Amount left after debt repayments....... 746.04

Personal Balance Sheet Summary
Total assets (things you own)........... 0 ( You don't own a car / no car as an asset?)
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,890
Net Assets.............................. -1,890

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

vintagegirl wrote: »

Im just finishing a car loan so have chucked every spare penny at that, and this soa is from next month,so then ill concentrate on the evil V haha.

I notice your soa is from next month, so you have finished your car loan, but don't have a car as an asset?

bargainbetty

Honestly, you're looking pretty good there! That's a really healthy sum to have as 'disposable' income, and you can really clear things quickly if you want to.

Personally, and I know it goes against the ethos of 'highest interest first' I'd clear the Very debt straight away, and half of the Aqua debt next month, clearing the Aqua debt in full in November. Then close the accounts! Having the three stripped down to one will give you a huge morale boost.

If you really have that much available, then set aside a good chunk of it, say at least £400, and use that to pay off your debts each month. You will be free and clear by Jan/Feb, while allowing yourself a decent emergency fund and Christmas without running up debt. You could do it more quickly, but that's up to you.

Congrats - it's wonderful when you can see the light at the end of the tunnel and know it's not an oncoming train x

vintagegirl

i do have a car yeahbut forgot to putit down. its just me and my child in the house. thanks for your suggestions, going to save this months excess as savings then pay the rest of the following months pff the debt i think

mildred1978

vintagegirl wrote: »

i do have a car yeahbut forgot to putit down. its just me and my child in the house. thanks for your suggestions, going to save this months excess as savings then pay the rest of the following months pff the debt i think

No child benefit?

Tabatha_Kitten

Is your figure for car maintenace realistic ? A little over £240 per year seems low especially as you must do a lot of miles looking at your petrol spend.
Dont just think service and MOT. You need to think tyres, brakes, timing belt, exhaust, breakdown, little emergencies etc,etc etc.
My total spend for two cars over the last 12 months has come to just under £2500.
Ok so they are both around 6yrs old and everything seemed to need doing at once but the point is it still needs to be budgeted for.
And if those little emergencies dont happen then great, you've got a fund there ready for when they do.

vintagegirl

mildred1978 wrote: »

No child benefit?

yeah ive put that in with my income, the other income is maintenance of £35 a week

vintagegirl

the car budget is a hard one. i have mot due at end of Nov and hopefully it should be ok but im dreading it
i have no idea of costing