Full Time Student & Mum to 3 - Aiming to be free of debt

MinnieMousesMummy

Thank you to everyone who has been given supportive comment on my diary.

My plan of action for today:
Catch up with emails
Do mystery shopping work
Work at clients office 12-3
Sort through and clean fridge
Do 3 loads of laundry
Check through Mr A order - scan and put away
Do an inventory of the cupboards and freezers
Do some of ironing pile
Update survey spreadsheet and claim anything that is due
Do freelance work that is in for today
Tidy office area
Contact client to see what work I need to do this weekend

dorothyjeffery

have you told the council that you are a full time student?? think you may get something off your council tax.

Mara_uk7

Soa .. too much on entertainment, and no buildings or contents insurance ? Can your OH claim back on his works mileage ?

joedenise

MinnieMousesMummy wrote: »

ok,Thought I would take the next big step and do a soa

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 500
Partners monthly income after tax....... 1200
Benefits................................ 1380
Other income............................ 0
Total monthly income.................... 3080
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 580
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 80
Gas..................................... 0
Oil..................................... 100
Water rates............................. 0
Telephone (land line)................... 50 (this also includes broadband)This is high - I can only get BT and I pay £23 per month (pay rental annually upfront)
Mobile phone............................ 20 (this is for both me and DH)
TV Licence.............................. 12
Satellite/Cable TV...................... 35 Go freeview/freesat
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 0 Need something here, especially with 3 children
Petrol/diesel........................... 270 (DH travels a lot for his work)
Road tax................................ 12
Car Insurance........................... 40
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 800
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 0Need something here
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0Need something here
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)......80 Seems high
Haircuts................................ 15
Entertainment........................... 300 Too high, needs cutting back
Holiday................................. 0
Emergency fund.......................... 0Need something here
Total monthly expenses.................. 2924

Assets
Cash.................................... 100
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 200
Total Assets............................ 1000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Bank Loan......................25000.....0.........0
Catalogue......................434.5.....26.8......0
Loan...........................40........60........399.7?
Student Loan...................6000......0.........0
Family.........................1500......0.........0
Cataglogue 3...................500.......0.........0
Credit Card....................1500......0.........0
Catalogue 2....................70........0.........0
Tax Credit Overpaymen..........1000......0.........0
Council Tax....................1200......0.........0
Loan...........................107.......80........44
Total unsecured debts..........37351.5...166.8.....-
Need to include interest rates.
Monthly Budget Summary
Total monthly income.................... 3,080
Expenses (including HP & secured debts). 2,924
Available for debt repayments........... 156
Monthly UNsecured debt repayments....... 166.8
Amount short for making debt repayments. -10.8
Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -37,351.5
Net Assets.............................. -36,351.5

OK, I have just run my information through the snowball calculator and it is looking like January 2026 before debt free is finally real life.

I've added some comments to your SOA. Some things seem to be very high, others you need to allow something for.

Denise

killerpeaty

Sorry to sound like a broken record, but had a quick google, you might still have a chance to get the access to learning fund. https://www.gov.uk/extra-money-pay-university/university-and-college-hardship-funds