My soa

sillyspendy

A few people advised posting it here.
My signature below explains my situation and goals.

So hello again I am a silly spender but looking to have counselling also to see why I spend so much on silly things

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 1890
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 3070

Monthly Expense Details
Mortgage................................ 470
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 100
Gas..................................... 100
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 20
Mobile phone............................ 100
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 10
Car Insurance........................... 20
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 60
Childcare/nursery....................... 280
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 30
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 50
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1843


Assets
Cash.................................... 0
House value (Gross)..................... 132000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 132000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(470)......0
Total secured & HP debts...... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Loan...........................5000......200.......0
Barclaycard....................8500......180.......0
Barclaycard Gold...............850.......20........0
Guitar.........................1170......0.........0
Capital 1......................700.......25........0
Aqua...........................500.......25........0
Vanquis........................500.......30........0
Very...........................1400......100.......0
Total unsecured debts..........18620.....580.......-


Monthly Budget Summary
Total monthly income.................... 3,070
Expenses (including HP & secured debts). 1,843
Available for debt repayments........... 1,227
Monthly UNsecured debt repayments....... 580
Amount left after debt repayments....... 647

Personal Balance Sheet Summary
Total assets (things you own)........... 132,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -18,620
Net Assets.............................. 113,380

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

sillyspendy

Want to add the mobiles are mine 60 a month and hubbys 40 a month combined

lovinituk

It says you have £647 spare each month. If that's the case then not sure where the problem is. Have you missed things out on the SOA? If that is spare and you pay that extra off the debt then I can't see a problem with you hitting your debt free goal.

sillyspendy

That is correct. The 647 is spare which is approx 27 a day to play with.

However, I want to pay some extra off the debts but leave some money each month for my son incase he needs clothing etc. He is 10 months. He does not need clothes every single month so have not calculated it in.
I am aiming to pay an extra 20.00 per debt each month to pay the smaller cards off. I am not really after tons of advice just putting it out there where we are and to see if people can recommend better deals on mobiles etc x

-taff

If ou have 650 left each month, you could pay entire debts off each month, one month vanquis etc...instead of just the minimum

lovinituk

The Aqua and Vanquis cards could be paid off in full in just 2 months, still leaving £147 per month for baby clothes. Babies really don't need £147 worth of clothes a month! You could clear debts a lot quicker than your target if you hammer them hard and still have some put by for a rainy day.

sillyspendy

I would love to Taff but our house is the house that jack built and often we need to pay out for something or our car is ready for the tip! I will take your advice and use half each month to pay it off

Swampy3k

you definitely need better mobile deals! best thing I found was to research it on the internet, i found my best deal, went into vodaphone, asked them to match it then cheekily got them to add my 20% Military discount

Other than that your going to be fine, the light at the end of the tunnel is closer than you think if you can make payments with that amount per month, you said all are 0% offers, when do these expire, it may be worth picking out 2-3 which expire first (or worst APR when done) and blitz these debts first, then once they're gone snowball the payments from them onto the next most serious one in your eyes. Hope all turns out well!

[Deleted User]

£2,400 per year on gas and electric? :eek:

That's over £6-50 per day, all year round.

Are there arrears or something?

Likewise, £1,200 per year, on two mobiles, is :eek:

Move to a cheaper contract (or go PAYG/sim only - for around £10 per phone), ASAP.

You need Buildings Insurance. Indeed, as you have a mortgage, it's probably mandatory.

Northing for medical/dental, ever?

Nothing at all, on presents and/or holidays?

You really should have an Emergency Fund, particularly as you are a home owner.

Your car has zero value?

Are all your debts really on 0%?

retepetsir

As above really. Something doesn't add up if you apparently have £600 left per month?

sillyspendy

I do not know off hand the interest rates they are not on 0% those payments each month are the minimum payments.

We do not buy each other presents only my son and thats not monthly and we have small family and friends and usually all do a chip in of a tenner here or there, so again, it is not monthly.

We do have 600 spare a month hence me doing a SOA to see. I have also got my bank statements here at work and everything is on direct debits and that is all that goes out each month. I have no reason to sugar coat the reality.

I shall get an emergency fund sorted.

I DO NOT (sorry for caps) spend £140 a month on my childs clothes i was simply giving an example of rough things I may need to put money aside for.

Utilities were in arrears and should be back to £100 this month.

Thanks Guys x