We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

statement of affairs help required

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Income from Employment (after tax). . . . . . . . . . . . . . . . . . . . . . . 1,477.00
Income from Self Employment (before tax). . . . . . . . . . . . . . . . . . . . 0.00
State Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private Pension / Annuity Payout. . . . . . . . . . . . . . . . . . . . . . . . 0.00
Benefits (Inc. Child Benefit/Tax Credits & Income Support). . . . . . . . . . . 0.00
Income From Savings & Investments . . . . . . . . . . . . . . . . . . . . . . . 0.00
Gifts From Family / Friends . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Monthly Expense Details
In Your Home
Mobile phones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
TV licence. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.12
Internet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.61
Home phone. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cleaning products/Cleaner . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Garden maintenance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Household maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Electricity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.50
Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.50
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Council tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139.00
Overdraft cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Bank account fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Home insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.00
Mortgage/Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 304.54
Plumbing/Boiler cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Mortgage life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.43
Mortgage payment protection . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Food and household shopping . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
Drinks for home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Motoring & Public Transport
Petrol/Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
Parking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Car tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.00
Car insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.45
Car maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70.00
Rail/Buses/Taxis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Breakdown cover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.84
Debt Repayments
Credit card repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132.95
Hire purchase repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Personal loan repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.08
Car loan repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114.95
Savings & Investments
Pension payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Buying shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cash ISAs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00
Lump sum saving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Regular saving. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
Family
Pet food. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.00
School trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School meals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pocket money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Nappies/Baby extras . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Laundry/Dry cleaning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Children's travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Baby-sitting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Childcare/Playgroups. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.45
Travel insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Entertainment
Satellite/Digital TV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Family days out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Cinema/Theatre trips. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Books/Music/Films/Computers . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big days out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Shopping for fun. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Pet costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Hobbies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.00
IT/Computing (antivirus, etc) . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
DVD rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Drinking out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Eating out. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Clothes, Health & Beauty
Complimentary therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Optical bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Haircuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.00
Dentistry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Beauty treatments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.00
Healthcare cash plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Dental insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Private medical insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Fitness/Sports/Gym. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Work clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New children's clothes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
New clothes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Education & Courses
University tuition fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
School fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Your courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Big One-Offs
Funeral expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Wedding expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Sofa/Kitchen/TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Birthdays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Winter holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Summer holiday. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Christmas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Odds & Sods
Newspapers and magazines. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Tax & NI Provisions (self-employed only). . . . . . . . . . . . . . . . . . . . 0.00
Regular charity donations . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Meals at work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.00
Smokes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Coffees/Sandwiches/Snacks . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,477.00

Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,544.42


stae

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    edited 27 February 2013 at 4:01PM
    Hi milo

    So it looks like you are spending £67 a month more than you have coming in? Does that feel about right? are you having to reuse cards each month? Or having to reuse the money you are putting in to savings each month?
    milo28 wrote: »
    Statement of Affairs and Personal Balance Sheet
    Monthly Income Details
    Income from Employment (after tax). . . . . . . . . . . 1,477.00
    Monthly Expense Details
    In Your Home
    Mobile phones . . . . . . . . . . 0.00
    TV licence. . . . . . . . . . . . 12.12
    Internet. . . . . . .. . . . . 60.61 this looks very high - does it also include landline? have you looked for a cheaper deal?
    Home phone. . . .. . . . . . . . 0.00
    Electricity . . . . . . . . . . 33.50
    Gas . . . . . . . . . . . . . . 33.50 have you shopped around to see if you are on the best tariff with the cheapest supplier?
    Water . . . . . .. . . . . . . 0.00 don't you pay this?
    Council tax . . . . .. . . . . 139.00 how many in the household? if its just you are you claiming the 25% discount?
    Overdraft cost. . . . . . . . . 0.00
    Bank account fee. . . . . . . . 0.00
    Home insurance. . . . .. . . 26.00 is this buildings & contents?
    Mortgage/Rent . . . . . . . 304.54 do you rent or pay a mortgage? if a mortgage is it capital or repayment? what APR?
    Plumbing/Boiler cover . . . . . . 0.00
    Mortgage life insurance . . . . . 20.43 have you shopped around to see if this is the best deal?
    Mortgage payment protection . . . 0.00
    Life insurance . . . . . . . . . . 0.00
    Food and household shopping .. . . 100.00
    Drinks for home . . . . . . . . 0.00
    Motoring & Public Transport
    Petrol/Diesel . . . . . .. . . . 30.00
    Parking . . . . . . . . . . . . 0.00
    Car tax . . . . . . . . .. . . . 10.00
    Car insurance . . . . .. ... . . 34.45
    Car maintenance . . .. . . . . . 70.00
    Rail/Buses/Taxis. . . . . . . . . 0.00
    Breakdown cover . . . . . . . . 17.84 have you looked in to finding a cheaper deal?
    Debt Repayments
    Credit card repayments. .. . . . 132.95 is this just the minimum payments? how much do you owe in total? what APR(s)?
    Hire purchase repayments. .. . . . 0.00
    Personal loan repayments. . . . . 20.08 how much do you owe in total? how long left on the loan?
    Car loan repayments . . . . . . . 114.95 how much do you owe in total? how long left on the loan? is the car worth more than the finance or less?
    Savings & Investments
    Pension payments. . . . .. . 0.00
    Buying shares . . . . . .. . 0.00
    Investments . . . . . . . . . 0.00
    Cash ISAs . . . . . . . . . . 100.00 how much do you have saved? what APR is it earning you?
    Lump sum saving . . . .. . . 0.00
    Regular saving. . . . .. . 50.00 again how much save and what is it earning?
    Family
    Pet food. . . . . . . . . . 30.00
    Pet insurance . . . . . . . . 14.45
    Travel insurance. . . . . . . . 0.00
    Entertainment
    Hobbies . . . . . . . . . . . . 50.00
    Haircuts. . . . . . . . . . . . 48.00
    Dentistry . . . . . .. . . . . . 0.00
    Beauty treatments . .. . . . . . 40.00
    Healthcare cash plans . .. . . . . 0.00
    Dental insurance. . . . . .. . . . 0.00
    Private medical insurance .. . . . 0.00
    Fitness/Sports/Gym. . . . . . . 0.00
    New clothes . . . . . . . . . . . 0.00 do you never buy any new clothes?
    Big One-Offs
    Birthdays . . . . . . .. . . . . 0.00 do you never spend anything on presents or holidays?
    Winter holiday. . . . . . . . . 0.00
    Summer holiday. . . .. . . . . . 0.00
    Christmas . . . . . . . . . . . . 0.00
    Odds & Sods
    Newspapers and magazines.. . . . . . 0.00
    Tax & NI Provisions (self-employed only . 0.00
    Regular charity donations . . . . . . . 0.00
    Meals at work . . . . . . . . . . . . 52.00
    Smokes. . . . . . . . . . . . . . . . . . 0.00
    Coffees/Sandwiches/Snacks . . . . . . . 0.00

    Total monthly income. . . . . . . . . . . 1,477.00

    Total monthly expenses. . . . . . . . . . 1,544.42


    stae

    There are certainly areas you could make reductions, without knowing how much debts you have and how much in savings its hard to see how much you might want to reduce outgoings by.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • blitzboy
    blitzboy Posts: 477 Forumite
    Internet - Ridiculously high. Even with landline included it should only be around £15 a month.

    Home insurance and life insurance - both look high, although it's difficult to tell as I don't know how much cover you have/need. May be worth getting some new quotes on a comparison site.

    Food & Household shopping - Are you sure it's only £100 a month? Just over £3 a day for all meals etc?

    Breakdown cover - £214 a year is a lot! Mine is £50 and includes European cover as I drive abroad occasionally. You can get them even cheaper than that for UK only.

    Savings - £150 a month seems excessive when you are struggling with debts. I agree that it's nice to have a little pot to fall back on, but perhaps a few months of that £150 going onto your debts instead of savings would help a lot in the long run.

    Entertainment etc - Nothing at all? Ever?

    New clothes - as above?

    Birthday & Xmas - You don't buy anything?

    Holidays - again, never?


    Have you considered keeping a spending diary? It might enlighten you as to exactly where the money keeps going each month. It was certainly an eye opener for me when I tried it. Luckily I tried it out of curiosity so managed to get on top of a few things before they became a problem rather than it being too late.

    Good luck! I hope something I've said will assist you.
  • £48.00 on haircuts????
    credit card bill. £0.00
    overdraft £0.00
    Help from the state £0.00
  • milo28 wrote: »
    Statement of Affairs and Personal Balance Sheet
    Monthly Income Details
    Income from Employment (after tax 1,477.00

    Monthly Expense Details
    In Your Home
    Mobile phones 0.00
    TV licence 12.12
    Internet (includes phone/Cable?) 60.61 Can you shop around?
    Electricity 33.50
    Gas 33.50
    Water 0.00 (Nothing here?)
    Council tax 139.00
    Home insurance 26.00
    Mortgage/Rent 304.54
    Mortgage life insurance 20.43 Shop around here too
    Food and household shopping 100.00
    Motoring & Public Transport
    Petrol/Diesel 30.00 Considering the amount you drive, is it really worth having the car?
    Car tax 10.00
    Car insurance 34.45
    Car maintenance 70.00 Do you put this away each month? Seems really high.
    Breakdown cover 17.84
    Debt Repayments
    Credit card repayments.132.95 How is this split? Interest rates etc.
    Personal loan repayments 20.08
    Car loan repayments 114.95

    Cash ISAs 100.00
    Regular saving 50.00 You might need to reduce your savings, and instead throw it at your debts. You pay more in interest than you can earn.

    Pet food 30.00
    Pet insurance 14.45


    Hobbies 50.00
    Haircuts 48.00
    Beauty treatments 40.00
    Meals at work 52.00 All these four could be looked at more closely.

    Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,477.00

    Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,544.42

    Just a few thoughts, probably nothing that others won't spot!
    Some days, it's just not worth chewing through the leather straps....
    LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!



    May grocery challenge £45.61/£120
  • Barbeduk
    Barbeduk Posts: 869 Forumite
    Tenth Anniversary 500 Posts Combo Breaker Debt-free and Proud!
    It was the haircuts, beauty treatments, meals at work and Internet (includes sat tv or cable?) that jumped out. Those are the 4 where you could easily save big money.

    What's the amount of debt and how high are the interest rates?
    Make £2020 in 2020 £178.81/£2020
    SPC 13 #51
    Feb Grocery Challenge £4.68/£200
  • milo28
    milo28 Posts: 15 Forumite
    hi yes you are right i use the money i am saving every month and still feel the need to use cards

    Tixy wrote: »
    Hi milo

    So it looks like you are spending £67 a month more than you have coming in? Does that feel about right? are you having to reuse cards each month? Or having to reuse the money you are putting in to savings each month?



    There are certainly areas you could make reductions, without knowing how much debts you have and how much in savings its hard to see how much you might want to reduce outgoings by.
  • milo28
    milo28 Posts: 15 Forumite
    the credit cards debt is £6000 on a )% for 24 months

    internet includes cable and phone - have tried to get it lower but they say that is the lowest.

    Barbeduk wrote: »
    It was the haircuts, beauty treatments, meals at work and Internet (includes sat tv or cable?) that jumped out. Those are the 4 where you could easily save big money.

    What's the amount of debt and how high are the interest rates?
  • redpete
    redpete Posts: 4,738 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    milo28 wrote: »
    hi yes you are right i use the money i am saving every month and still feel the need to use cards

    If you save £50 one month and take it out to spend the next month then it is not really saving - you are including the money twice in your SOA.

    There is something like £130 a month discretionary spending on hobbies, hair and beauty treatments plus £100 or £150 that might be available from saving. This would on the face of it be sufficient to get you to spending within your means and leave some to pay off the card and loans.

    There is also a number of items that you might not have included (clothes, presents, holiday, mobile).
    loose does not rhyme with choose but lose does and is the word you meant to write.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.6K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.2K Work, Benefits & Business
  • 600.8K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.