Starting to worry (SOA)

Calling14

Been on here a few times before never really taken it seriously. Now realise that my credit card debts are higher than they were 2 yrs ago. Even thou paying over the minimum payments each month. STOP SPENDING the answer !!!!. Never done a SOA before, usually I have a lodger but haven't got any at the moment. Think re do my advert this weekend as so much competition on spare room at the mo.

Cut everything I can think of Sky 1/2 price package for 12 mths.
Telephone bill household in with Broadband package.
Gas/ Electric low as still in credit at the moment. Have reclaimed bulk overpayment and put it to credit card payments.

Have to play swopping cards around again soon luckily have % deals on most of them at moment. Just worry that in two years time this will count agst me when I need to re negotiate my mortgage when the fixed period runs out.

Only 1 income and now feeling the pinch, any ideas welcome :T
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................ 1145.43
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1145.43

Monthly Expense Details
Mortgage................................ 376
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 77
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 28.5
Telephone (land line)................... 0
Mobile phone............................ 12
TV Licence.............................. 12.12
Satellite/Cable TV...................... 10.75
Internet Services....................... 16.75
Groceries etc. ......................... 130
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 14.17
Car Insurance........................... 15.46
Car maintenance (including MOT)......... 16
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8.33
Pet insurance/vet bills................. 0
Buildings insurance..................... 6.42
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 13
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 896.5


Assets
Cash.................................... 0
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 154000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 41910.8..(376)......3.95
Total secured & HP debts...... 41910.8...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin cc......................9451.59...98.19.....0
sainsburys.....................396.98....9.........0
capital one....................338.51....0.........14.88
barclaycard....................1337.28...17.28.....0
tescos.........................1235.88...25........0
Total unsecured debts..........12760.24..149.47....-


Monthly Budget Summary
Total monthly income.................... 1,145.43
Expenses (including HP & secured debts). 896.5
Available for debt repayments........... 248.93
Monthly UNsecured debt repayments....... 149.47
Amount left after debt repayments....... 99.46

Personal Balance Sheet Summary
Total assets (things you own)........... 154,000
Total HP & Secured debt................. -41,910.8
Total Unsecured debt.................... -12,760.24
Net Assets.............................. 99,328.96

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

[Deleted User]

Could you dump Satellite/Cable TV completely, and go Freeview/Freesat?

As for the Unsecured Debts, cut everything back to minimum payments, except Capital One, and throw everything you can at that one.

Calling14

Thanks Bob
I could but would miss Stella my fav programme when that finishes Yeah! Well don't go out so sitting in my onesie need something to do ;-)

I usually cleat Capital one act each month but spent on it too much this month will probably clear all but 80 pounds of it, that amount was recent spend so wouldnt pay int on it. Virgin one got 342.00 int free period runs out in March so will look at swopping that if I can. Not too concerned about that but have to swop 5174.71 around by June. Hoping that Capital one has an int free offer by then.

loubie_lou

Can you increase your income? 2nd Job? Overtime?

Anything you can sell? Ebay, Music Magpie? Old electronics?

Could you rent a room out?

Just a few ideas to get you going.

Good luck

FireWyrm

Calling14 wrote: »

Thanks Bob
I could but would miss Stella my fav programme when that finishes Yeah! Well don't go out so sitting in my onesie need something to do ;-)

.

Actually, I have a similar argument with OH who insists they will miss their favourite show or other. Considering that you now pay £10 per month, at the end of the year, you would have £120 to spend on any box set of your choice. You wont miss your favourite show, just have to wait a bit.

In my case, I used to pay £50 a month for TV which adds up to many more box sets. I promised that I would buy OH any box sets of their choice a the end of the year if they agreed to freeview....

The jury is still out, but I'm working on it and he will cave eventually.

Thrifty_Pixie

Satellite TV - as previously said, get rid when you can!

Groceries - you could probably cut this down for one person the old-style boards have lots of ideas. cook in bulk, soups from leftovers etc

Clothing - could you not cut this for a few months? use what you have or buy secondhand?

Haircuts - £20 every month? maybe change barbers or offer yourself as a guinea pig for students

Other insurance - what's this?

Calling14

Thrifty Pixie Not so much haircuts it is having my roots dyed and haircut every 3 months, do have streaks as well. Found when I did it myself was horrid black colour and as my hair is extremely thick used 2 boxs of dye and bathroom was wrecked, Have an apprentice do it so maybe a bit cheaper same job and she is supervised.

Other insurance is boiler breakdown cover and seeing fan is playing up - good move to have it. Would miss recording facility as tend to watch late at night everything.


Good point about Sky FireWyrm will consider that saving.

Food budget includes dog food and rabbit food plus bedding. Can try to cut down Now do a monthly on line shop filled my freezer so just veg and milk needed this month. Spent 72 pounds so far. Do have relatives that pop in for food not that greedy !!

Lodgers trying to get one, have looked for part time job will try harder. Not much left to ebay will look and report over weekend.

Thanks guys it is nice to know you are not alone ;-)

Thrifty_Pixie

Calling14 wrote: »

Thrifty Pixie Not so much haircuts it is having my roots dyed and haircut every 3 months, do have streaks as well. Found when I did it myself was horrid black colour and as my hair is extremely thick used 2 boxs of dye and bathroom was wrecked, Have an apprentice do it so maybe a bit cheaper same job and she is supervised.

Other insurance is boiler breakdown cover and seeing fan is playing up - good move to have it. Would miss recording facility as tend to watch late at night everything.


Good point about Sky FireWyrm will consider that saving.

Food budget includes dog food and rabbit food plus bedding. Can try to cut down Now do a monthly on line shop filled my freezer so just veg and milk needed this month. Spent 72 pounds so far. Do have relatives that pop in for food not that greedy !!

Lodgers trying to get one, have looked for part time job will try harder. Not much left to ebay will look and report over weekend.

Thanks guys it is nice to know you are not alone ;-)

oh man...yes i know the pains of hair dye upkeep! i gave up on those shenanigans a year or so ago and am going natural (grey :eek:). much easier! hairdressers are extortionate and home boxes are far too much faffing. maybe consider a colour that doesn't need so much professional input? you're spending more on maintaining your hair than you are on your car!

anyway, good luck

dano17439

Even though you have all your unsecred deby bar 1 on 0%, i would be tempted to remortgage to clear your debt as you have a nice bit of equity in your property. The unsecured debt compared to income is high so IMO you'll never clear it. You may even be able to get a better morgage rate than your one. The you can revisit your spending habits to make sure you dont fall into the same situation again

Calling14

Thanks dano17439 did look into that but at my limit to what my building society would lend on my wages. Tied in for another 2 yrs with my fixed mortgage.

Just surviving at the moment, last year had lodgers which did make life more comfortable but fitted a new kitchen as with a lodger needed more storage units.

Probably didn't help my credit cards but paid for it with lodgers income. Majority of my debt is the result of a break up and the only way I could escape was to take on a debt of 10k. Make over of my bedrooms and re advertise this weekend.


Hair may cost more than my car to maintain lol, but maybe then attract a rich guy !!!!!

[Deleted User]

Calling14 wrote: »

I could but would miss Stella my fav programme when that finishes Yeah!

Is this "Stella" programme not available on any FTA service?

Not available on Catchup either?