Help needed

BrandNewStart

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2964
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2964

Monthly Expense Details
Mortgage................................ 562
Secured/HP loan repayments.............. 205
Rent.................................... 675
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 34
Gas..................................... 46
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 15
Mobile phone............................ 67
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 7
Groceries etc. ......................... 222
Clothing................................ 34
Petrol/diesel........................... 150
Road tax................................ 0
Car Insurance........................... 49
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 11
Pet insurance/vet bills................. 0
Buildings insurance..................... 19
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 9
Entertainment........................... 69
Holiday................................. 0
Emergency fund.......................... 12
Dry Cleaning ........................... 10
Union Fees.............................. 17
Books................................... 20
Total monthly expenses.................. 2426


Assets
Cash.................................... 0
House value (Gross)..................... 82000
Shares and bonds........................ 0
Car(s).................................. 5825
Other assets............................ 0
Total Assets............................ 87825


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 96000....(562)......5
Secured Debt.................. 6500.....(205)......18.9
Total secured & HP debts...... 102500....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Engagement Ring................275.......19........0
Barclaycard....................2800......65....... .0
Bike...........................1750......53....... .0
Santander Credit Card..........122.......5.........16.9
Overdraft......................2106......17....... .0
Total unsecured debts..........7053......159.......-


Monthly Budget Summary
Total monthly income.................... 2,964
Expenses (including HP & secured debts). 2,426
Available for debt repayments........... 538
Monthly UNsecured debt repayments....... 159
Amount left after debt repayments....... 379

Personal Balance Sheet Summary
Total assets (things you own)........... 87,825
Total HP & Secured debt................. -102,500
Total Unsecured debt.................... -7,053
Net Assets.............................. -21,728

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

I have been advised to set up a new bank account and pay off my O/D from there, as a clean slate and an easier way of watching my money. Would love any advice on my SoA etc.

mrsscattercushion

Well done for doing it...some initial thoughts/queries...you include both rent payment and mortgage...is one of the properties rented out and have you included this as part of your income?

Mobile phone seems high, is that on contract, anyway of reducing this? do you need landline and mobile?

is the dry cleaning needed every month? are the books essential, anyway of getting these for free?

Clothing, is it essential every month?

Car insurance, is this due up fir renewal, can you get this cheaper?

BrandNewStart

mrsscattercushion wrote: »

Well done for doing it...some initial thoughts/queries...you include both rent payment and mortgage...is one of the properties rented out and have you included this as part of your income?

Yes that is right one is rented out and it is included in income.

Mobile phone seems high, is that on contract, anyway of reducing this? do you need landline and mobile?

Broadband/landline come as a package. Mobile is on contract. Just checked and latest mobile bill is £30 which is better!

is the dry cleaning needed every month? are the books essential, anyway of getting these for free?

Dry cleaning is for cost of suit every 6 weeks or so. It does need it as I only have one!

Clothing, is it essential every month?

Nope, I hardly ever buy clothes! I was trying to give myself more room.

Car insurance, is this due up fir renewal, can you get this cheaper?

Hopefully but renewal is in June

Thank you Mrs. SC for your interest

mrsscattercushion

Good idea re the change of bank account and looks like there is some scope for some extra money within the SoA if you've overestimated some outgoings etc mobile, clothes. Could you use some of that to get the Santander card paid off, as that is one debt you are accruing interest on? Also could make you feel good in one getting paid off! How long left on the bike and ring to go?

May be worth diarying in when the 0% interest rates on the cards is due to expire, in order to prioritise paying them off, transferring money across if possible.

Worth checking if you are on the cheapest gas and elec tariffs for you, especially with the price rises recently.

Keeping spending diary to see what you actually spend can be really useful. My DH did that when he was going through his DMP and it was enlightening where his money went...usually on coffee and buying food/drinks for lunches...after a few weeks the amount mounted up for sure.

The positive side is it seems you do have a surplus each month, taking into account the outgoings you've put there. No debt is unmanageable and I'm sure others far more MSE than me will come up with other good ideas. Have you anything you could sell online, car boot to bring in some extra money. I'm addicted to the OS board on here for MS ideas re groceries and household stuff

Good luck :-)

wegle

Hey BNS

A massive well done for getting you SOA completed! This was a first big step for debt freedom! :j Also well done for approaching the GP regarding your depression. I know how hard that step can be to take so really, truthfully, well done.

I've made a few comments on your SOA in red.

BrandNewStart wrote: »

Finally, finally:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2964
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2964

Monthly Expense Details
Mortgage................................ 562
Secured/HP loan repayments.............. 205
Rent.................................... 675
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 34Your gas and electric certainly aren't terrible but it's still worth checking you are getting the best deal. Dig out your bills and put the figures into uswitch.com to check you're getting the best you can
Gas..................................... 46
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 15
Mobile phone............................ 67This is high but I see you've said your latest bill was £30. Check what you paid over the last year and average it out so you can put a truly realistic figure here
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 7
Groceries etc. ......................... 222I think there is scope to cut this down. For reference me and hubby spend £150 on groceries including all cleaning products etc. Check out the old style board for tips.
Clothing................................ 34
Petrol/diesel........................... 150
Road tax................................ 0Is this really zero?
Car Insurance........................... 49
Car maintenance (including MOT)......... 30Are you putting this money aside each month somewhere safe?
Car parking............................. 0Might be worth having a budget for this. Trips to the docs etc. Even if only £5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 11Again make sure you are putting this somewhere safe
Pet insurance/vet bills................. 0
Buildings insurance..................... 19
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0It's worth having a budget for this so you don't get stung in December
Haircuts................................ 9
Entertainment........................... 69
Holiday................................. 0
Emergency fund.......................... 12
Dry Cleaning ........................... 10
Union Fees.............................. 17 Do you get £17 worth from them? I'm not sure what you're line of work is but in mine we as an office elect one person to be the union member and we divide the fees between us. For many unions you don't actually have to be a member to access some of the benefits. This will be personal to you though so don't just chop it if you think you will need specific union support.
Books................................... 20Can this be cut down a bit? Charity shops and the library are great for cheap and free books
Total monthly expenses.................. 2426


Assets
Cash.................................... 0
House value (Gross)..................... 82000
Shares and bonds........................ 0
Car(s).................................. 5825
Other assets............................ 0
Total Assets............................ 87825


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 96000....(562)......5
Secured Debt.................. 6500.....(205)......18.9
Total secured & HP debts...... 102500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Engagement Ring................275.......19........0How long are the 0% on these debts?
Barclaycard....................2800......65........0
Bike...........................1750......53........0
Santander Credit Card..........122.......5.........16.9
Overdraft......................2106......17........0
Total unsecured debts..........7053......159.......-


Monthly Budget Summary
Total monthly income.................... 2,964
Expenses (including HP & secured debts). 2,426
Available for debt repayments........... 538
Monthly UNsecured debt repayments....... 159
Amount left after debt repayments....... 379

Personal Balance Sheet Summary
Total assets (things you own)........... 87,825
Total HP & Secured debt................. -102,500
Total Unsecured debt.................... -7,053
Net Assets.............................. -21,728

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

I just popped your figures into the snowball calculator at http://www.whatsthecost.com/snowball.aspx and it comes out that you could clear you unsecured debts by Christmas next year. And have 2 debts cleared by Christmas this year!! :j That's a real positive and a great goal to work towards. Of course you could try and get there earlier by eBaying stuff and saving where you can.

I know you have a tenant moving out soon so that may affect the income for a while, but remember rental properties are in high demand at the moment so fingers crossed you should have no problem getting a new tenant soon.

Again a big huge well done on taking the first steps!! :beer:

BrandNewStart

Hi Wegle thanks so much. I am in a rush right now but just wanted to say thank you - I will reply more fully later on!

BNS

BrandNewStart

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2964
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2964

Monthly Expense Details
Mortgage................................ 562
Secured/HP loan repayments.............. 205
Rent.................................... 675
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 34Your gas and electric certainly aren't terrible but it's still worth checking you are getting the best deal. Dig out your bills and put the figures into uswitch.com to check you're getting the best you can OK I have just moved to Utility Warehouse
Gas..................................... 46
Oil..................................... 0
Water rates............................. 24
Telephone (land line)................... 15
Mobile phone............................ 67This is high but I see you've said your latest bill was £30. Check what you paid over the last year and average it out so you can put a truly realistic figure here Ooh good idea.
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 7
Groceries etc. ......................... 222I think there is scope to cut this down. For reference me and hubby spend £150 on groceries including all cleaning products etc. Check out the old style board for tips. Thank you, will do Just want to get into a routine with food and budget as I fail to plan and then spend more. I hate supermarket shopping plus work part of weekend so I might go down the online delivery route.
Clothing................................ 34
Petrol/diesel........................... 150
Road tax................................ 0Is this really zero? Yes - low emissions car!
Car Insurance........................... 49
Car maintenance (including MOT)......... 30Are you putting this money aside each month somewhere safe? No - Should I take cash out and keep it aside? Or savings account?
Car parking............................. 0Might be worth having a budget for this. Trips to the docs etc. Even if only £5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 11Again make sure you are putting this somewhere safe - Should I take it out and keep it or stick it in a savings account?
Pet insurance/vet bills................. 0
Buildings insurance..................... 19
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0It's worth having a budget for this so you don't get stung in December OK, I need to budget for this...
Haircuts................................ 9
Entertainment........................... 69
Holiday................................. 0
Emergency fund.......................... 12
Dry Cleaning ........................... 10
Union Fees.............................. 17 Do you get £17 worth from them? I'm not sure what you're line of work is but in mine we as an office elect one person to be the union member and we divide the fees between us. For many unions you don't actually have to be a member to access some of the benefits. This will be personal to you though so don't just chop it if you think you will need specific union support. Yep think I will keep this as in teaching you never know what can happen!
Books................................... 20Can this be cut down a bit? Charity shops and the library are great for cheap and free books
Total monthly expenses.................. 2426


Assets
Cash.................................... 0
House value (Gross)..................... 82000
Shares and bonds........................ 0
Car(s).................................. 5825
Other assets............................ 0
Total Assets............................ 87825


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 96000....(562)......5
Secured Debt.................. 6500.....(205)......18.9
Total secured & HP debts...... 102500....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
Engagement Ring................275.......19........0How long are the 0% on these debts?
Barclaycard....................2800......65....... .0
Bike...........................1750......53....... .0
Santander Credit Card..........122.......5.........16.9
Overdraft......................2106......17....... .0
Total unsecured debts..........7053......159.......-


Monthly Budget Summary
Total monthly income.................... 2,964
Expenses (including HP & secured debts). 2,426
Available for debt repayments........... 538
Monthly UNsecured debt repayments....... 159
Amount left after debt repayments....... 379

Personal Balance Sheet Summary
Total assets (things you own)........... 87,825
Total HP & Secured debt................. -102,500
Total Unsecured debt.................... -7,053
Net Assets.............................. -21,728

BrandNewStart

Just tried to open a new account with First Direct but was refused. Not sure why. Bit worrying!

DCFC79

BrandNewStart wrote: »

Just tried to open a new account with First Direct but was refused. Not sure why. Bit worrying!

How about a basic account.

BrandNewStart

DCFC79 wrote: »

How about a basic account.

With the same bank you mean?

Just want to tidy things up so I can see my O/D going down. Hmm