Starting 2013 the DFW....

lacoste1985_2

Hi All

I am actually going to get around to posting a SOA tonight as this is something that I STILL havent managed to ever really do.

Currently in about £9600 worth of debt after buying a newish car last year and racking up other debts (by living off CC). Want to be debt free by September 2013 if I can. Mum and dad lent me £3500 to buy my car which I am aiming to repay back first, then its just the CC debt to get rid of so OH and I can start svaing up the 20k we desperately need to buy our first home and get married in Sept 2015.

Am hoping once I've posted my SOA peeps might be able to come up with some ways of saving me even more money to make my DFW goal a reality

Until laters peeps...:j

StressedSteph

Hi Lacoste,

Well done for taking the first steps.

Look forward to helping you with your SOA.

Keep going xx

lacoste1985_2

Okay guys here is my SOA, not sure if I have done it all right:

Statement of Affairs and Personal Balance Sheet

Household Information[/b]
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details[/b]
Monthly income after tax................ 1356
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1356

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 10
Clothing................................ 15
Petrol/diesel........................... 50
Road tax................................ 8.5
Car Insurance........................... 25
Car maintenance (including MOT)......... 8.5
Car parking............................. 8
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 15
Entertainment........................... 90
Holiday................................. 25
Emergency fund.......................... 0
Overpayment on CC debt.................. 750
Bank Account Fee........................ 17
Cineworld membership.................... 14.99
Total monthly expenses.................. 1336.99


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 8000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Loan from parents..............3500......0.........0
M&S............................1057.56...30........0
Natwest........................3000......70........0
Virgin.........................1998.95...25........0
Total unsecured debts..........9556.51...125.......-


Monthly Budget Summary
Total monthly income.................... 1,356
Expenses (including HP & secured debts). 1,336.99
Available for debt repayments........... 19.01
Monthly UNsecured debt repayments....... 125
Amount short for making debt repayments. -105.99

Personal Balance Sheet Summary
Total assets (things you own)........... 8,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,556.51
Net Assets.............................. -1,556.51

A few things to note. I am 27 and still live at home with my parents, hence why my 'rent' is only £200. I dont pay Council Tax, utilities etc so these will say 0.

I have 3 jobs yet I have only taken the income from 2 of them into account as the 3rd one is casual bar work. I cannot always be guaranteed shifts and I didnt want to estimate income when it may not be a true reflection of my actual earnings.. I suppose any income I get from my casual job could go in a separate pot and then be used to make overpayments on my CC debt?

My mobile phone I am tied into a contract until August 2013. I have tried to lower my tariff but Vodafone were having none of it. I am waiting for Phones for U to call me the end of Jan to discuss them buying out my contract so I can go on a new one thats cheaper (no more than £25 a month) or failing that I am planning to buy a new phone (current one is a non reliable BB) and get a SIM only deal with giffgaff. But that may not be until the very end of August.

I have estimated some categories like groceries, which are usually little bits and pieces I buy from Asda that always seem to add up (munchies for weekend or food that I can eat at my desk before doing a shift in my casual job). Similarly I have est clothes as unless something breaks or I need need new work shoes or work clothes i dont generally tend to buy clothes and ask for gift vouchers for bday/xmas instead.

Again Haircuts category I usually buy KGB/Groupon deals to save money in my local area. Entertainment is basically my 'allowance' for the month. I withdraw £100 at the beginning of the month and use that for meals out, parking, bowling, drinks etc.

I dont go abroad usually and am only going away for a few days in March to Gloucestershire hence why my holiday fund is so low. That will prob be all me and OH will be able to manage this year.

Christmas/Hol Fund - I save £40 a month with the Credit Union which goes towards buying christmas and birthday gifts. Taking this into account, I buy the majority of my presents in the Jan sales (Boots being my fave!) so theyre all half price anyway. Bought £125 worth of stuff the other day from Boots but all of it will be used throughout the year for bday gifts, mothers and fathers day and whatever I got left my xmas will also be put to good use. By the end of 2013 I know I will have almost £500 to put towards all the things I have purchased throughout the year.

My Unsecured Debts, or all my CC debts in other words are all on 0% interest deals until at least Nov 2013 so at least I do not have to pay any interest. I am aiming to be debt free by Sept/Oct 2013 if I can. The reason I have approx £8000 assets under 'car' is because I bought a new car last year after previous one packed up. I'd spent so much money on getting other one repaired that I wasnt willing to part with any more hard earned cash and made the (pricey) decision to get something a bit newer and a bit more reliable.

If anyone has any ideas for how to make any savings please feel free to post....

lauradora

Sorry to be blunt but the obvious answer to me is sell the car!!

Look at buying a banger to get you through in order to pay your debts off otherwise saving £20k to buy a house will be further off than you want
:money:

lacoste1985_2

The last car I had was a 'banger' hence why I decided to buy something from 2011 that is costing me £200 less in insurance, has a very low tax band £100 a year, doesnt require an MOT until July 2014 and will probably last me much longer than my previous one which was pushing 10 yrs old and that I'd spent in the region of £5000 on in repairs and maintenance during the 6 years I'd owned it.

I also need a car for work and to get me around my 3 jobs. A bangor is not the answer to this. Originally I was only going to spend 6k on a new car but after speaking to many car salesmen I realised this wasnt going to buy me something that was less than 3 yrs old. Everything they were offering me was much older, had had many owners, mileage was higher etc than I wanted.

For 2k more I was able to get a car that had a 2yr warranty left on it, didnt require an MOT, had 1 owner, only 14k on clock....if you knew the problems Id had with my previous one youd understand why I decided to part with 8k for one thats hopefully going to last the next decade....

R_P_W

Do you really need to spend £17 on a bank fee? what do you get for that?

I'm not going to try and tell you what car to buy how much to spend on it, but seeking advice from car salesman on how much you need to spend to get a reliable car probably isnt the best idea - they want you to spend as much as they can get you to spend or get you to buy something they need to shift.

lacoste1985_2

R_P_W wrote: »

Do you really need to spend £17 on a bank fee? what do you get for that?

I'm not going to try and tell you what car to buy how much to spend on it, but seeking advice from car salesman on how much you need to spend to get a reliable car probably isnt the best idea - they want you to spend as much as they can get you to spend or get you to buy something they need to shift.

For £17 I month I get a fee free OD up to £300, mobile phone insurance, card cover if my cards get stolen or lost and AA Breakdown cover. wORKS OUT cheaper to have all that with bank than to buy it all separately.