Soa help!

Princess2790

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 2 (I have nothing to do with partners money or car)

Monthly Income Details
Monthly income after tax................ 1200 (overtime is guaranteed at least 1 day a week so very rarely come home with this less)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1200

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 20
Gas..................................... 20
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 0
Mobile phone............................ 35 (will be getting rid of this as soon as cheap enough to cancel, 10 months left)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 0
Car Insurance........................... 58
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 943


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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Capital One CC.................1000......35........0
Aqua CC........................700.......10........0
Littlewoods....................425.......48........0 (this will be paid off totally in 8 months max)
Loan...........................750.......95........0 (this will be paid off totally in 8 months max)
New Look SC....................98........5.........0
Overdraft......................1230......31........0
Total unsecured debts..........4203......224.......-


Monthly Budget Summary
Total monthly income.................... 1,200
Expenses (including HP & secured debts). 943
Available for debt repayments........... 257
Monthly UNsecured debt repayments....... 224
Amount left after debt repayments....... 33

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,203
Net Assets.............................. -4,203

Anyone got any ideas?

rising_from_the_ashes

Are all the household costs (rent / utilities etc) 50% of the total?

Groceries leaps out as high if this is the case

Princess2790

I pay the Groceries and OH pays Internet, Phone, TV, TV License and other bits. It works out about 50% in the end

andyfromotley

Not a lot to be saved on that SOA.

Your car maintenance looks a tad high. The good news is that your debts are relatively small and some very short term so can be snowballed like mad.

I don't know how much you have in your emergency fund but don't go mad with it. Stop somewhere between £500 and £1000 and put that money to the debt.

The easiest way to sort this is to increase your income, try to max out the income. Ask for extra overtime. Take a second job? even working two nights a week will help you smash this debt super quick!!

tealady

Hi
Make sure you snowball the debts. Also have a look to see if there is anything you can carboot or fleabay. Oh and keep a spending diary, that will help.
Good luck

patchwork_cat

1/4 of your income is spent on your car. Look into if that can be minimised/ lost?

iolanthe07

Your motor insurance seems extremely high at around £700 a year. Have you shopped around?

StrugglingYouth

iolanthe07 wrote: »

Your motor insurance seems extremely high at around £700 a year. Have you shopped around?

If the OP is fairly young it can be costly.

Source: 26 - TPF&F = £430.

The £600/year maintenance is a tad high.

OP what car do you own?

Princess2790

StrugglingYouth wrote: »

If the OP is fairly young it can be costly.

Source: 26 - TPF&F = £430.

The £600/year maintenance is a tad high.

OP what car do you own?

I don't normally save £50 a month for car maintainance. It's normally £20 but I had an emergency and had to borrow some so have had to up it just until July to cover the MOT

I have a 1.4 peugeot 207

Princess2790

iolanthe07 wrote: »

Your motor insurance seems extremely high at around £700 a year. Have you shopped around?

I did indeed shop around, that is fully comp and I'm only 24. Insurance is up for renewal in May so hopefully can knock that down quite a lot!!

Princess2790

andyfromotley wrote: »

Not a lot to be saved on that SOA.

Your car maintenance looks a tad high. The good news is that your debts are relatively small and some very short term so can be snowballed like mad.

I don't know how much you have in your emergency fund but don't go mad with it. Stop somewhere between £500 and £1000 and put that money to the debt.

The easiest way to sort this is to increase your income, try to max out the income. Ask for extra overtime. Take a second job? even working two nights a week will help you smash this debt super quick!!

Sorry if I sound thick but what's snowballing?

My emergency fund is empty, it did have £550 but it was used for an emergency last month unfortunately!

Overtime is guaranteed, obviously can't count this in my income as it can range from 1 day a month to as much as I can fit in! Any money from overtime Will be put straight into debt clearing obviously.