SOA & getting on track with new income

Luckylucy

EDIT Deleted weekly SOA, as it was wrong and confusing.

There is also Student Finance roughly every Jan, April and September

This is the first time we've actually thought about money really. Were both terrible and need to get sorted out! I want to buy a house after I graduate so need to get my bum in gear.

I think I can cut down on our cable bill a little by ringing Sky, but we also pay for bf's Mums Sky TV/Phone/BB package. Our Mobiles can't be cut down. Gas and Elec aren't too bad I don't think. I am in over £100 credit on both accounts though. In a lot of debt with water but not sure how much.

Planning on getting BF to scrap one car its worth about £140 and try and get him to sell his bike worth about £500, Will also save us in insurance.

I know we now have a considerable sum of money but it's never been like this before we had our first payments in September and just went a bit silly and wasted it all :eek: After many sleepless nights on my part I've committed to growing up a bit and getting sorted from now on.

I think we need to speak to DMP and get the payment readjusted but BF thinks to just leave as it is and every student loan take a chunk and do full and finals on the accounts?

I feel quite embarrassed, hopefully this is the wake up call we need!

double_mummy

Luckylucy wrote: »

This is a rough weekly SOA for us.

There is further debts but I haven't worked them out yet and I am hoping to pay them off in Full and Finals apart from the Credit Union Loan then start tackling my Boyfriends DMP.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 3

Monthly Income Details
Monthly income after tax................ 118.35
Partners monthly income after tax....... 0
Benefits................................ 398.32
Other income............................ 40
Total monthly income.................... 556.67

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 93.27
Management charge (leasehold property).. 5.16
Council tax............................. 0
Electricity............................. 18.5
Gas..................................... 0
Oil..................................... 0
Water rates............................. 16.2
Telephone (land line)................... 0
Mobile phone............................ 14.31
TV Licence.............................. 5.6
Satellite/Cable TV...................... 32.3 do you need this?
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 25
Petrol/diesel........................... 50
Road tax................................ 5
Car Insurance........................... 40 is this right?
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 20
Childcare/nursery....................... 70
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 1
Other insurance......................... 8
Presents (birthday, christmas etc)...... 35.5 this can be reduced thats over £1800 a year!!
Haircuts................................ 5 £250 a year in haircuts?
Entertainment........................... 10 whats this?
Holiday................................. 25 this is £1300 a year can you do without a holiday or do a sun holiday because that is v high
Emergency fund.......................... 25
Total monthly expenses.................. 614.84


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Union...................1200......22........3
DMP............................7000......10........0
Total unsecured debts..........8200......32........-


Monthly Budget Summary
Total monthly income.................... 556.67
Expenses (including HP & secured debts). 614.84
Available for debt repayments........... -58.17
Monthly UNsecured debt repayments....... 32
Amount short for making debt repayments. -90.17

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,200
Net Assets.............................. -5,700

Created using the SOA calculator at .
Reproduced on Moneysavingexpert with permission, using other browser.

There is also Student Finance roughly every quarter of £6500 which equates to around £375 a week. I want to use this to top up the negative balance and blast my debts and I have to put aside £1500 of this payment for my trip to Korea. £200 for my Professional Qualification fees, I also need to set aside £500 for Passports and holiday spends for holiday in April and £200 to send to my mum for December Holiday, £1000 to pay off my debts and any surplus to chuck at bf's DMP

Leaving £172.22 per week roughly which covers the 'debt' and leaves £82.05 ish per week floating about.

I think?! This is the first time we've actually thought about money really. Were both terrible and need to get sorted out! I want to buy a house after I graduate so need to get my bum in gear.

I think I can cut down on our cable bill a little by ringing Sky, but we also pay for bf's Mums Sky TV/Phone/BB package. Our Mobiles can't be cut down. Gas and Elec aren't too bad I don't think. I am in over £100 credit on both accounts though. In a lot of debt with water but not sure how much.

Planning on getting BF to scrap one car its worth about £140 and try and get him to sell his bike worth about £500, Will also save us in insurance.

I know we now have a considerable sum of money but it's never been like this before we had our first payments in September and just went a bit silly and wasted it all :eek: After many sleepless nights on my part I've committed to growing up a bit and getting sorted from now on.

I think we need to speak to DMP and get the payment readjusted but BF thinks to just leave as it is and every student loan take a chunk and do full and finals on the accounts?

I feel quite embarrassed, hopefully this is the wake up call we need!

would it be possible to drop to 1 car as you bf has no income?

what is your priority is it clearing your debt or something else?

[Deleted User]

Only 2 adults, yet you have 3 cars :huh:



You pay £1,680pa for Satellite/Cable TV? :eek:

£350pm on Groceries? That's £70 per person per month, which is A LOT!

£1,300pa on clothing? :eek:

£2,080pa for Car Insurance? :eek:

Those four items alone, are using up almost 1/3rd of your salary.

As for £62pm on mobile phones? :eek: :eek: :eek: :eek: :eek: :eek:

moneybuster

I am sorry but nearly £400 per week on benefits, are you sure it's per week and not per month.

Have you confused yourself on this point.

hettiecarro

Hi
Are you sure you haven't mixed in weekly expenses with monthly!

[Deleted User]

I think it might make life easier, for everyone, if you convert everything into monthly figures, and post a monthly SOA.

To convert, multiply the weekly figure by 52, then divide by 12.

[Deleted User]

moneybuster wrote: »

I am sorry but nearly £400 per week on benefits, are you sure it's per week and not per month.

I suspect it's monthly as, if it is weekly, it's £1,726 per month.

Based on all the figures being weekly, the total annual salary is almost £29,000 nett.

Luckylucy

it's all correct in weekly figures, sorry I get paid weekly and all the benefits come in weekly so that's why I did it weekly. I will readjust!

The Sky is ridiculous but OH insists on having HD Channels, Sports and Movies I will transfer it too Monthly figures! He is at home a lot so I don't really want to take them away but will try an renegotiate with Sky the cost.

Benefits are WTC with SDP, DLA, CTC & CB That's why it is so much.

No-one counts the Student Finance as income (apart from Housing) but on my wages I am not eligible anyway.

[Deleted User]

How does someone taking home over £2,400pm, qualify for over £1,700pm in benefits :huh:

Likewise, with almost £29,000pa coming in (and so little to pay toward debts), how can you be £390pm short :huh:

Moneymash

Sorry, I'm confused.

rising_from_the_ashes

Luckylucy wrote: »

it's all correct in weekly figures, sorry I get paid weekly and all the benefits come in weekly so that's why I did it weekly. I will readjust!

The Sky is ridiculous but OH insists on having HD Channels, Sports and Movies I will transfer it too Monthly figures! He is at home a lot so I don't really want to take them away but will try an renegotiate with Sky the cost.

Agree with the others, it really needs to be done in monthly figures to get an accurate costing

Re Sky - I'm sorry but that is absolutely ludicrous - you cannot afford it!

If your OH is at home all day then he either needs to find work or find stuff to do around the house to occupy himself ie batch cooking to reduce food costs!


Some of the other costs are also way too high but will wait for the monthly figures before commenting - some of the figures are def incorrect (ie TV license is not over £20 / month)

However - why do you need 3 cars with 2 adults in the house, 1 of whom is there most of the time?