Soa

xxmazza07xx

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1230
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1230

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 340
Management charge (leasehold property).. 0
Council tax............................. 68
Electricity............................. 20
Gas..................................... 30
Oil..................................... 0
Water rates............................. 33
Telephone (land line)................... 7.5
Mobile phone............................ 15
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 10
Groceries etc. ......................... 80
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 10
Car Insurance........................... 28
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 825.5


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................240.......5.........12.9
Credit card....................280.......11........37
Credit card....................260.......8.........28
Catalogue......................450.......30........0
Loan...........................2500......106.......0
Credit card....................500.......15........35
Total unsecured debts..........4230......175.......-


Monthly Budget Summary
Total monthly income.................... 1,230
Expenses (including HP & secured debts). 825.5
Available for debt repayments........... 404.5
Monthly UNsecured debt repayments....... 175
Amount left after debt repayments....... 229.5

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,230
Net Assets.............................. -2,730

Tixy

Hi mazza and welcome to the forum.

Is this your spending as you think it is at the moment? do you have the £229 'spare' a month, and if so are you using it towards extra debt repayments. If you do are you targeting to the most expensive debt first?

If you don't have the £229 spare, or if you are struggling to make payments or your debts are increasing then you might want to try keeping a spending diary to see whether you are spending anything that is not on your SoA.

If you are looking for areas to try to cut spending - would your landlord allow you to go on a water meter? you would probably find you could halve the bill you currently pay (if you are already on a meter have you done a leak check).
Could you get a cheaper phone/tv/internet deal by looking at combined deals maybe?

[Deleted User]

You urgently need to do something about the 37% Credit Card.

At the amount you are paying, it's going to take you 4 years to pay it, and you will be paying nearly as much in interest, as you currently owe on it.

If you cancelled the Satellite/Cable TV, and used that money to overpay, it would be cleared in 8 months, and cost you just £28 in interest.

savingmummy

xxmazza07xx wrote: »

Statement of Affairs and Personal Balance Sheet
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................240.......5.........12.9
Credit card....................280.......11........37
Credit card....................260.......8.........28
Catalogue......................450.......30........0
Loan...........................2500......106.......0
Credit card....................500.......15........35
Total unsecured debts..........4230......175.......-


Monthly Budget Summary
Total monthly income.................... 1,230
Expenses (including HP & secured debts). 825.5
Available for debt repayments........... 404.5
Monthly UNsecured debt repayments....... 175

Amount left after debt repayments....... 229.5

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,230
Net Assets.............................. -2,730

Do you have this left? If you do you can almost pay a CC off each month!
If you don`t have this spare each month after the above payouts then you need to reassess your outgoing amounts to find out where it is going.

marathon_man_3

£80 per month on groceries looks to be very low but well done if you are getting by on that.
Certainly, you should be using the £200 or so left over each month to clear down your debts.

foxgloves

I'd definitely cancel Sky......extra channels are a luxury while there are debts to pay. We were reluctant to cancel our cable tv package but since doing so & swapping to Freeview, we haven't missed a single channel. Keeping a spending diary is also a great idea....I second that. I've just started one for this year, despite us being debt-free now, because I know I was starting to spend a bit too much again leading up to Christmas, so I need to track where my money goes. Just an example.....I couldn't remember spending anything last Friday, but when I looked at receipts & jotted it down, I'd spent
£15-99. Doesn't sound like a lot, but it is if I do it every day or even several times a week.....especially if I'm conveniently going to forget I've spent it!

Moneymash

Hi Mazza,

You've haven't put anything in for presents but we've just had Christmas, and there must be some birthday pressies you need to pay for?

Nothing for haircuts?

Only £20 a month for entertainment?

If you really had £229 left at the end of each month you could have cleared at least 3 of those credit cards by now so I would also recommend a spending diary.