DMP Help

spooney7

I had a go at doing an SOA, although I don't really understand the result.

Monthly Income Details
Monthly income after tax................ 900
Partners monthly income after tax....... 500
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 380
Management charge (leasehold property).. 0
Council tax............................. 130
Electricity............................. 60
Gas..................................... 20
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 10
Internet Services....................... 15
Groceries etc. ......................... 120
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1135

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 750
Other assets............................ 0
Total Assets............................ 750
No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly
Overdraft......................2000......45
Barclaycard ...................6000......140
Capital One....................1050......30
Partner's credit card..........100.......5
Total unsecured debts..........9150......220

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 1,135
Available for debt repayments........... 265
Monthly UNsecured debt repayments....... 220
Amount left after debt repayments....... 45

Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,150
Net Assets.............................. -8,400

I'm not sure what to do with my degrees now. I don't think I can go into teaching unless I'm still working in the field. I'm always on the lookout for new jobs, but at the same time I'm worried that it looks bad if I switch jobs all the time.

My OH is very supportive about me trying to sort my finances out. I'm just worried because we have to move in a few months, will a DMP/DRO/bankruptcy cause a problem when dealing with rental agencies? Like a credit check? We pay our rent in full every 4 weeks in advance, I wouldn't want my other financial problems to keep us from finding a new place.

Pixie5740

According to that SOA, if it's accurate, then as a household you can afford to service these debts and still have £45 a month left over. If you are having to put groceries on your credit card each month because you've run out of money though I suspect your SOA still needs some tweaking unless your OH actually has some money leftover each month.

fatbelly

Have a closer look at the groceries etc figure. That's food and housekeeping so includes cleaning materials, toiletries, newspapers, magazines - pretty much everything you buy at the supermarket. For a couple, I'd expect a figure double yours.

rockm87

Go back over your receipts and see what you are really spending.

As a couple we spend about £240 a month, which can include cat food and cat litter as well as toiletries etc.

spooney7

I guess my grocery budget probably doesn't include the trips to local shop for a few bits or if I need to pick up stuff from work (I work in a supermarket). These are usually once or twice a week, around a tenner each time.

rockm87

these are called 'leaks'..you need to plug those, so you know where all your money is going!

crazy_cat_lady

Keep a spending diary - write down everything that you spend on absolutely anything for the next month. It will be a real eye opener for you to see where your money is going.