Back again - new SOA any advice welcome!

littlepinkstars44

Hello all, I've been on and off these boards for years, and I've managed to clear 3 store cards and 1 credit card since January, but I still have a fair bit to go before I can be totally debt free!
I'm trying to pay off as much as I can in the next year as I'm hoping to go back to university next September.

I have given myself a new budget to work with and planning on throwing the extra cash towards my debts, I'm looking for any advice on this new SOA/budget, is it do-able? Or do you think I'm still spending too much, and should be throwing more at my debts?
I owe my grandpa £84 from a car repair a couple of weeks ago, I have added into my SOA but I'm paying him back tomorrow when I get paid.

Thanks in advance!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 200
Total monthly income.................... 1000

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)................... 18.5
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 50
Clothing................................ 40
Petrol/diesel........................... 50
Road tax................................ 12
Car Insurance........................... 58
Car maintenance (including MOT)......... 15
Car parking............................. 6
Other travel............................ 10
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 ......................... 5
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 20
Gym..................................... 10.99
Work Lottery............................ 4
Total monthly expenses.................. 564.49


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1300
Other assets............................ 0
Total Assets............................ 1300

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft #1...................200.......0.........3.6
Graduate Account...............1800......0.........0
Overdraft #2...................599.97....10........0
Grandpa........................84........84........0
Catalogue......................4689......20........0
Total unsecured debts..........7372.97...114.......-


Monthly Budget Summary
Total monthly income.................... 1,000
Expenses (including HP & secured debts). 564.49
Available for debt repayments........... 435.51
Monthly UNsecured debt repayments....... 114
Amount left after debt repayments....... 321.51

Personal Balance Sheet Summary
Total assets (things you own)........... 1,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,372.97
Net Assets.............................. -6,072.97

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

[Deleted User]

do you need the car?

littlepinkstars44

woodbine wrote: »

do you need the car?

I only got my car 3 months ago after I passed my test, luckily it was bought for me, so major expense there. Between my petrol and insurance it actually works out the same (there is only £5 difference) as I would be spending per month on public transport to work. I start work at 6:30am and there's no buses, so it was always a taxi to work every morning. As for my road tax, I've cut back on other spending (cigs) to pay for that.

I also pick up a colleague 3 mornings a week, and get petrol money from them which helps.

So I don't really want to get rid of it, as I am still a fairly new driver and am still building my confidence on the roads.

ellesbellesxxx

Do you have the 300 left over each month? If so, is that going to debt repayment? This month you said obv paying your Grandpa back.
The 20 you are putting into emergency fund - do you have that or have you just started to do this?
You are spending a lot on your car - what is the other travel?
Just some ideas

littlepinkstars44

ellesbellesxxx wrote: »

Do you have the 300 left over each month? If so, is that going to debt repayment? This month you said obv paying your Grandpa back.
The 20 you are putting into emergency fund - do you have that or have you just started to do this?
You are spending a lot on your car - what is the other travel?
Just some ideas

Thanks for that!

I do have roughly £300 left over, in the past I've just been frittering it away, but am now planning on throwing it towards debt repayments. Payday for me today, so this is the start of the new budget

The £20 emergency fund I've only just started, as I feel like I should have something put away in case something does crop up with the car, planning to saving £200 for that. Once I reach that the extra £20 will be getting put towards debt repayments as well.

The other travel is for train fares into the city centre, maybe twice a month. I'm still not comfortable driving in there as it's all uphill and one way systems, plus it would probably cost more in petrol and parking charges than just getting the train.

I don't really think I'm spending that much on my car, but then again I've been paying out £150 a month for driving lessons since January, so I don't really notice much difference in how much I'm paying out.

[Deleted User]

What is the "Other income"?

£40pm on clothing, every month?

Tixy

will all your 0% debts remain at 0% for the next year? or will any (the catalogue) start charging your interest?

If they all remain at 0% and if you can stick to that budget and use all of the £435 a month towards your debts then by the end of August next year you would owe around £2154. Thats assuming you pay off the interest charging overdraft first.

If you want to pay off the whole debt before you restart Uni, so within 13 months then you would need to be paying around £570 a month.
I'd say there are some cutbacks you could make if you were prepared to live on the bare minimum for a year but you'd likely still need to somehow increase your income to be able to pay £570 each and every month towards your debts.

Obviously if you cannot realistically stick to that budget or if you start spending on anything not listed in it, or if any creditor will start charging interest then by September than that you would still owe more than the £2154.

littlepinkstars44

Bedsit_Bob wrote: »

What is the "Other income"?

£40pm on clothing, every month?

I make and sell charms, flatbacks and moulds on Ebay. It varies every month but £200 in the minimum I make.

Yes £40 is the budget I've set myself, I used to easily blow £200 a month on clothes, shoes, bags etc so have now cut it!

[Deleted User]

£2,400 pa on clothes, shoes, bags etc. :eek:

littlepinkstars44

Tixy wrote: »

will all your 0% debts remain at 0% for the next year? or will any (the catalogue) start charging your interest?

If they all remain at 0% and if you can stick to that budget and use all of the £435 a month towards your debts then by the end of August next year you would owe around £2154. Thats assuming you pay off the interest charging overdraft first.

If you want to pay off the whole debt before you restart Uni, so within 13 months then you would need to be paying around £570 a month.
I'd say there are some cutbacks you could make if you were prepared to live on the bare minimum for a year but you'd likely still need to somehow increase your income to be able to pay £570 each and every month towards your debts.

Obviously if you cannot realistically stick to that budget or if you start spending on anything not listed in it, or if any creditor will start charging interest then by September than that you would still owe more than the £2154.

Thanks for that, yes all at 0% catalogue and overdraft #2 are with DCA's and have interest frozen.

I am paying interest on £800 of my £1800 overdraft at the moment, it's a graduate account. So If I can clear that £800 for the time being I'll be quite happy then can slowly chip away at the remaining £1000 as that is interest free till Aug 2014.

I have applied for 2 Christmas temp jobs 5pm-10pm 3/4 nights a week. As I work 30 hours 6:30am-3:30pm just now, so fingers crossed I get one of them. Still looking for other Christmas temp jobs as well. A shop in a shopping centre would suit me perfect as I could do that kind of later shift which I don't think a lot of people would be actively asking for.

littlepinkstars44

Bedsit_Bob wrote: »

£2,400 pa on clothes, shoes, bags etc. :eek:

I know!!! I don't think going cold turkey would do me any favours though, as I would just be so tempted and stressing myself out. I don't have a lot of will power and I know eventually I would end up caving and buying something..probably just for the sake of buying it. At least if I budget myself £40 I know that's my limit for the month and will hopefully look for the best deals/sales etc.

I am hoping to eventually bring it down slowly, i.e £35 limit in a couple of months, then down to £30 and so on.

If that makes sense?