No more Shopping......

laurag89

SOA:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 3

Monthly Income Details
Monthly income after tax................ 1471.27
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1471.27

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)................... 0
Mobile phone............................ 45
TV Licence.............................. 0
Satellite/Cable TV...................... 10
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 35
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 150
Holiday................................. 20
Emergency fund.......................... 0
Packaged account........................ 8
Total monthly expenses.................. 588


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
Natwest Loan...................9509.9....266.9.....17
Nationwide.....................4300......180.......10
Barclaycard....................1375.18...80........0
Total unsecured debts..........15185.08..526.9.....-


Monthly Budget Summary
Total monthly income.................... 1,471.27
Expenses (including HP & secured debts). 588
Available for debt repayments........... 883.27
Monthly UNsecured debt repayments....... 526.9
Amount left after debt repayments....... 356.37

Personal Balance Sheet Summary
Total assets (things you own)........... 1,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -15,185.08
Net Assets.............................. -13,885.08


Looking at my outgoings, my Phone bill per month is extremely high at £45 a month I am in contract until January however I have looked on the internet and for selling my I phone and using my old basic phone upstairs in my cupboard I could get £222 still for my I Phone 5. Although it would kill me not to have my I phone anymore, maybe I could not really afford it in the first place. What is everyone's thoughts on this?

LittleMissGiggles123

Hi Laura


Just looking at your SOA, you've got nothing for haircuts or emergency fund.


You do have a good surplus left over, but I'm guessing you don't have that left over every month, otherwise you wouldn't be in debt. It's definitely the little things that add up so keep at it. Great news giving up smoking, better for your wallet & your health.


I'd cut back on entertainment for a few months too, maybe cut it down to £100 & put the extra £50 towards your savings.


Personally I couldn't get rid of my iPhone because I use it for more than just phone calls & texts, but you could get rid of it & get a cheaper iPhone. I think you can get an IPhone 4 for around £90 now. But I agree that your phone bill is high.


Good luck


x

LittleMissGiggles123

Just one more thing. You only use £40 petrol per month & you live 5 minutes from work so is it really worth you actually having a car?

laurag89

Thanks Littlemissgiggles123, I luckily do not have to pay for haircuts my mum used to be a hairdresser so she does it for free at the moment. I left out emergency fund as I haven't been able to build one up until now.

I cannot get rid of my car cause of the boyfriend and I living 55 miles apart at the moment, I go up to him every other weekend and he comes here every other weekend. That is where the £40 per month goes for diesel. Would cost me more on a coach or train I have also checked that out, and would take me ages!

I also use my I phone for pretty much everything,the only thing I could do is keep my phone and wait to January stop the contract and go onto Sim only which would be soooo much cheaper as I will not be upgrading my phone.

laurag89

The Surplus money each month pretty much paid for my smoking, I was smoking 20 a day up until 6 days ago, which was pretty much £200 a month going! x

laurag89

Productive afternoon/Evening so far for me:Went for a run, stuck two things onto Ebay, and also made a payment to my credit card ..... odd amount of £13.16 which leaves me £10 in my bank account until payday on Friday just incase anything sneaks out payment wise before then. If it doesn't the last £10 will also be making its way to Barclaycard..... not spent on any luxuries.

Been thinking of getting these debts down as soon as possible, and every quarter at work we get a bonus.......... nothing huge but an extra £150 ish on top of my usual wages, so I have decided I am going to use all bonus payments as an overpayment to my Natwest loan. I know I get penalized but it will get rid of it quicker!!

Off to find some clothes to stick on Ebay now, every little amount helps towards overpayments to debt!

laurag89

Hello Diary,

Today has been a NSD for me, and I have managed to make a £1 payment to my Barclaycard. A payment a day
I went to the gym to make the most of the membership I can't get out of until October, and also did a couple of surveys on Valued Opinions, so I am a little closer to my next voucher.

I have a bid on one of my Ebay Items I am selling, its only 99p so far with 2 days to go but every little helps towards clearing those debts.

Also today is 1 week smoke free

laurag89

Also forgot to mention that instead of going out and buying a new book to read, I got one for free on my Iphone on I Books.

I am finally finally starting to learn about this non spending!

Just to add to a successful day, I just found £14.52 in my paypal account

laurag89

Since yesterday I have been very busy getting things into practice.
I have had another NSD today, I wen't to the stop smoking clinic to get my next batch of tablets... I do not have to pay for prescriptions so no spending on that either

I have found out a notebook to use as a spending diary so I can keep a track of exactly what I am spending, and I am going to complete it everyday! I get paid tomorrow so it seems like the perfect time to start.

I just completed another survey on valued opinions, so I am another step closer to my next voucher. Making sure I log on to there everyday now.

I made a very small payment to the Barclaycard today, It was only 52p but everything will help. I will be paying my set £80 to it tomorrow, which is the exact amount I need to be paying per month to make sure it is paid off in time.

Maryland_Cookie

Well done Laura, especially on the stopping smoking. You seem really focused on tackling your debt your plans sound great x