Help with SOA please, fell of MS wagon

Orange_Ena

Hi everyone
I haven't been around for about 2 years and consequently, I'm a bit out of control!
I have a good job and earn an ok wage, but I'm forever skint and I've had enough. I need to get this sorted......once and for all.
In the last couple of months, I have really been cutting down on things and trying to have no spend days. When I had my original LBM in 2012 I went through all my bills and managed to save quite a bit by cancelling unnecessary things or getting better deals. I gave up cable telly, I don't drink or smoke, don't go out much, have stopped spending on my craft hobby but I still can't seem to get anywhere. I know I have been guilty of frittering and buying stuff I don't need. I sometimes try and stockpile things when they're on offer so I'm going to eat out of the freezer and cupboards till its gone and not buy lipbalms. 17 lipbalms in the drawer is ridiculous.......I know

I've done an SOA and any comments are welcome. I will be keeping a spending diary. I seem to spend a lot on debt repayment (£170 is the minimum repayments but I have direct debits to pay £275) - and I need to be a bit cleverer so I'll be snowballing ASAP.

Just a few notes for clarity:
* I don't own the car, it's leased through work and comes out of my wages, I only have to pay petrol.
* I don't buy clothes usually every month however, I am losing weight so have budgeted something here
* I can't not pay professional fees, as much as I'd like to. Needed for my job.

When I cut down on bills 3 years ago, I did the least painful things, such as giving up cable, in order to still have my hair cut and coloured and a monthly facial. I have already cut these down again going from 8 to 10 weeks for my hair and from 4 to 8 weeks for my facials. I do the postcode lottery........everyone needs a little hope! :)

I am looking at renting out my spare room but need some money for decorating and a new radiator and carpet. Once I can get that sorted, I'm hoping that will generate £250 per month (after loss of single discount council tax and extra utilities).

I think I know what I need to do, but I'm going all out and in the interests of checking I'm not missing anything, I would like it if you fine people could suggest anything I've missed.

Thank you, much appreciated


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1695
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1695

Monthly Expense Details
Mortgage................................ 409.8
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 59 (gas and electric)
Gas..................................... 0
Oil..................................... 0
Water rates............................. 18.71
Telephone (land line)................... 26 (and broadband)
Mobile phone............................ 26
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 30
Petrol/diesel........................... 130
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 3
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 16.96
Buildings insurance..................... 7.92 (buildings and contents paid yearly)
Contents insurance...................... 0
Life assurance ......................... 21.07
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 25
Boiler service.......................... 5.5
Magazine................................ 1.33
Lottery ................................ 10
Facial ................................. 22
Professional fees ...................... 41
Total monthly expenses.................. 1140.41


Assets
Cash.................................... 200
House value (Gross)..................... 95000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 95200


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 63027....(409.8)....4.29
Total secured & HP debts...... 63027.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Nationwide cc..................1406.52...37.21.....19.9
Barclaycard cc.................4406.31...102.1.....0
JD Williams ...................520.47....30........36.96
Total unsecured debts..........6333.3....169.31....-


Monthly Budget Summary
Total monthly income.................... 1,695
Expenses (including HP & secured debts). 1,140.41
Available for debt repayments........... 554.59
Monthly UNsecured debt repayments....... 169.31
Amount left after debt repayments....... 385.28

Personal Balance Sheet Summary
Total assets (things you own)........... 95,200
Total HP & Secured debt................. -63,027
Total Unsecured debt.................... -6,333.3
Net Assets.............................. 25,839.7

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

PuzzledDave

Am no expert in this, but here are some of my thoughts for all they are worth..

Council tax............................. 75 (Single person discount maybe ?)

Mobile phone............................ 26 (Do you really need to spend £ 312 a year on this ?)

Facial ................................. 22 (Do you really need this ?)

Life assurance ......................... 21.07 (Since you have no spouse or children, whom are you trying to protect in the event of your death ?)

Petrol/diesel........................... 130 ( HOLY GOOD GRAVY -- where the hell are you driving to ?? This alone is a huge cost)

Your cash reserve is very low - if you give up the lottery for one year and put in here instead - your cash reserve will be 50% higher !

Your two cc that you are paying 30% on -- can you refinance these urgently ?

Bobarella

Your SOA looks quite good. I think you just need to knuckle down and get on with the slaying bit if you don't think there is an ongoing issue causing the debt.

Orange_Ena

PuzzledDave wrote: »

Am no expert in this, but here are some of my thoughts for all they are worth..

Council tax............................. 75 (Single person discount maybe ?)

Mobile phone............................ 26 (Do you really need to spend £ 312 a year on this ?)

Facial ................................. 22 (Do you really need this ?)

Life assurance ......................... 21.07 (Since you have no spouse or children, whom are you trying to protect in the event of your death ?)

Petrol/diesel........................... 130 ( HOLY GOOD GRAVY -- where the hell are you driving to ?? This alone is a huge cost)

Your cash reserve is very low - if you give up the lottery for one year and put in here instead - your cash reserve will be 50% higher !

Your two cc that you are paying 30% on -- can you refinance these urgently ?

Thank you Dave

Council tax - this is with single discount, and I'm band A!

Mobile - oh dear, when you say it like that, no, however, I've just upgraded

Facial - I don't really need it, however I'm trying to convince myself that it's an investment in my skin - I'm not getting any younger :rotfl: I will cut down again but maybe ask for a voucher for birthdays and Christmas so that will help.

Life assurance - sorry, it's critical illness cover, not really life assurance.

Diesel - I work I the next county and travel around to people's homes some days, so I do anything from 40-100 miles a day

Lottery - yes I like your thinking. I'll stop doing it.

I'm going to snowball to get rid of the JD Williams first, which is thankfully the lowest amout owed. One CC is 0% which will be the last thing I tackle.

Much appreciated, thanks Dave

Bobarella wrote: »

Your SOA looks quite good. I think you just need to knuckle down and get on with the slaying bit if you don't think there is an ongoing issue causing the debt.

Thanks Bob, you're right, I just need to get on with it, keep my eye on the ball and not fritter.

I did have more in an emergency fund but I had a few things crop up. Got to keep focused.

Thanks again

PuzzledDave

Hopefully won't think am stalking...

>>> Life assurance - sorry, it's critical illness cover, not really life assurance.

Then do you really need it ? If you are suddenly critically ill -- which in insurance terms means just a few months to live - will you need a payout ? The state will provide a good amount to you, which means it is really unlikely you would be turfed out of your home due to failing to keep up with the mortgage before dying. If you had dependents I wouldn't point to this, but I think you are really unlikely to ever 'win' here regardless as to what happens.

>>> Diesel - I work I the next county and travel around to people's homes some days, so I do anything from 40-100 miles a day

Could your work offer to exchange to a cheaper car to run perhaps ? Improving your mpg even a small amount would quickly add up considering your spend.
Also - can you not claim the mileage for your day to day activities ? Most companies will pay out for all the journeys you have to do after you have reached the office. If not, may well be worth asking a HMRC helpline if you can claim back the tax since it is purely for your job. Would only be one phone call and whilst slow to answer could be worth serious money to you.

Your groceries budget seems ok... if this includes pet food or is that a missing item ?

TV Licence.............................. 12.12 -- Could you give up the box entirely, just using catch up TV ? It helped me focus on watching only the programs that are worth watching instead of turning it on because I was bored.

Presents (birthday, christmas etc)...... 25 -- For a single person, again could this be trimmed a little ? Could you perhaps exchange lower priced but higher valued items ? For example, this year I got my Dad to paint me a picture (painting is his current hobby) and my mum to make me a mega birthday cake -- items which mean a lot to me instead of the usual spending £50-£100 on stuff I really don't need or want.

Haircuts................................ 20 -- sorry to poke at the 'Lady treats' -- could you go for the real natural look and just let it grow for a few months ?

If you combined haircuts, facials and lottery and skipped them every other month, this time next year you would be £312 better off. Pay this into the 5% cc debt and you will then be £15.60 better off every year.

Orange_Ena

PuzzledDave wrote: »

Hopefully won't think am stalking...

>>> Life assurance - sorry, it's critical illness cover, not really life assurance.

Then do you really need it ? If you are suddenly critically ill -- which in insurance terms means just a few months to live - will you need a payout ? The state will provide a good amount to you, which means it is really unlikely you would be turfed out of your home due to failing to keep up with the mortgage before dying. If you had dependents I wouldn't point to this, but I think you are really unlikely to ever 'win' here regardless as to what happens.

Haha stalk away.....
You've made me think what I'm actually paying for now. It maybe some mortgage protection but I will check.

>>> Diesel - I work I the next county and travel around to people's homes some days, so I do anything from 40-100 miles a day

Could your work offer to exchange to a cheaper car to run perhaps ? Improving your mpg even a small amount would quickly add up considering your spend.
Also - can you not claim the mileage for your day to day activities ? Most companies will pay out for all the journeys you have to do after you have reached the office. If not, may well be worth asking a HMRC helpline if you can claim back the tax since it is purely for your job. Would only be one phone call and whilst slow to answer could be worth serious money to you.

I'm due a new car in 3 or 4 months which I've just ordered, its cheaper and looks more economical I work for the nhs and we do get some contribution towards mileage, but in order to save money, they changed how it is calculated. I changed my work base too so it's all conspiring against me. I get around £20-25 back which goes straight into my wages. I believe we already get some tax back.

Your groceries budget seems ok... if this includes pet food or is that a missing item ?

Yep it includes cat food. It costs approximately £12 a month to feed him. My food bill used to be a lot more, I wasted so much. On a health kick now, as well as my slightly fat cat so I'm a bit more in control of what we are eating, and I'm wasting very little by shopping every few days. Although my freezer is full so I'm going to buy very little in the next month. I've just ordered 4 bags of dry cat food £4 a bag cheaper than pets at home so ilI'I'll only need to buy some pouches. It's usually for sale in home bargains £1 cheaper than everywhere else!

TV Licence.............................. 12.12 -- Could you give up the box entirely, just using catch up TV ? It helped me focus on watching only the programs that are worth watching instead of turning it on because I was bored.

Erm......nope. I like a big screen to watch stuff on. I admire anyone that does do this though :T

Presents (birthday, christmas etc)...... 25 -- For a single person, again could this be trimmed a little ? Could you perhaps exchange lower priced but higher valued items ? For example, this year I got my Dad to paint me a picture (painting is his current hobby) and my mum to make me a mega birthday cake -- items which mean a lot to me instead of the usual spending £50-£100 on stuff I really don't need or want.

I do try and buy a few things in the sales and I only buy for close family (and 2 friends, which is just about £10). I'm quite creative so I will definitely have a think about this year. My dad paints too and he's just painted something for an exhibition which I love so maybe I'll get him to do another one. Thanks

Haircuts................................ 20 -- sorry to poke at the 'Lady treats' -- could you go for the real natural look and just let it grow for a few months ?

Oh gawd.....I need something to cover the ever emerging grey! I'll maybe try and go 12 weeks instead of 10! Fair? Hehe

If you combined haircuts, facials and lottery and skipped them every other month, this time next year you would be £312 better off. Pay this into the 5% cc debt and you will then be £15.60 better off every year.

Thanks again for your suggestions, really appreciate it.

Comments in bold above

ellesbellesxxx

I was going to say most things look good but why don't you check out phone/net deals? We are with plusnet and don't pay anywhere near that!
Good luck

[Deleted User]

Firs thing I'd do, if I were you, is use the "spare cash" you have each month, to kill off the JD Williams account, then close it.

At your current rate of paying, it's going to take 25 months to clear it, at a cost of £203 in interest.

If you paid £300 to it, at the next payment date, then cleared it the one after, it'd cost you just £7 in interest.

[Deleted User]

Orange_Ena wrote: »

Yep it includes cat food. It costs approximately £12 a month to feed him.

Try Asda Tiger cat food (12 cans for £5) and a bag of Webbox Cat Stars, from £land/world.

That's what I use.

PasturesNew

One way to see how you're overspending is to "pretend you're on the dole" - as that's supposed to be "how much you need to live on", it's one starting point.

Orange_Ena wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1


Monthly Income Details
Monthly income after tax................ 1695

Monthly Expense Details
Mortgage................................ 409.8
Council tax............................. 75
Petrol/diesel........................... 130
Car parking............................. 3
Clothing................................ 30
Medical (prescriptions, dentist etc).... 5
Haircuts................................ 20
Professional fees ...................... 41

Above is what you'd get covered (or not need to pay yourself) on the dole. I've made the assumption clothes spending, haircuts and vehicle costs would be "for work".

JSA for a single person is £73.10, or £316.76/month to pay all the bills and eat.

Orange_Ena wrote: »

Electricity............................. 59 (gas and electric)
Water rates............................. 18.71
Telephone (land line)................... 26 (and broadband)
Mobile phone............................ 26
TV Licence.............................. 12.12
Groceries etc. ......................... 120
Pet insurance/vet bills................. 16.96
Buildings insurance..................... 7.92 (buildings and contents paid yearly)
Life assurance ......................... 21.07
Presents (birthday, christmas etc)...... 25
Entertainment........................... 30
Emergency fund.......................... 25
Boiler service.......................... 5.5
Magazine................................ 1.33
Lottery ................................ 10
Facial ................................. 22

Total monthly expenses.................. 426.61

So on that measure you start by over-spending on the basics by £110/month.

So, if you were on the dole, entertainment, lottery, facial would go out of the window, along with the emergency fund and Christmas. There goes £90/month!

The rest will have to come out of your food budget.

Murphybear

Bedsit_Bob wrote: »

Try Asda Tiger cat food (12 cans for £5) and a bag of Webbox Cat Stars, from £land/world.

That's what I use.

We've tried our cat on most brands. She's just as happy with Aldi own as Whiskas.

Have you tried DIY facials and hair colour? Do you have a college nearby that has a hairdressing salon? Our local one does pedicures/manicures ans well as all beauty treatments. You would have to take time off work though. We have a lot of local salons that offer trainee day appointments, I got my hair highlighted and cut for £25 on a Bank Holiday:D