Target : 0 Debt

user1168934

I think your SOA is one the most balanced I have seen on this forum in a long long time. Cut back on things if you can as others have suggested but I think what you should really work on is to increase your income. For London an income of £1380 seems quite low to me, may be try switching your job? I know it all depends on the particular job and industry etc but its just a suggestion.

Mendry

After many years as an underpaid bartender I decided to put myself through university. I graduated this year (2015, so actually last year now) at the ripe age of 29 and this is my "first job" and as such my income is, fingers crossed, going to increase considerably in the next few years, starting in june/july when I am done with my 1st year.
As I work in procurement/purchasing, it takes a little bit of time to get going, but should see a good increase in the first few years!

Many thanks for all your comments!

edit: I still thought it was 2015. :rotfl:

Mendry

Hello all!

I thought it would be a good time to post some sort of balance for the year. Got rid of the loan, moved credit card into 0% and took advantage of it to do some further professional training. This was motivated by the comment regarding the low wage level for a london job, so I have you to thank for. I have since landed a new better paid job, starting in January.

Looking back at the year, my debt level has probably gone up, I will update in the coming days for those of you who would like to read more about it. However, my budgeting has improved greatly, and despite a slightly higher overall level of debt, I have actually made interest money, rather than paid - thanks to a 0% credit card and 1 year of no-fee student overdraft, combined with a new 5%(soon to be 3%) TSB account.

I look forward to pouring over the details for the year in greater detail in the coming days/weeks.

Kind regards.

PS:
Could a moderator move this to debt-free diary? I will be posting more regular updates and don't want to "clutter" the wrong board

EssexHebridean

Good to hear from you! It's always nice when people come back and update on how they're doing! Congratulations on the job too - that's brilliant! :T

Could I suggest you update your SOA to reflect your current situation? It's a good plan to keep it up to date as things change anyway, and also helps you to keep a track on where you might have slipped a bit, and want to focus on cutting back.

Mendry

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................ 1380 (This did increase, but I used upped my pension contribution to match the increase 5% salary sacrifice atm)
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1380

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 395
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 16
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 30
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 146
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 5
Entertainment........................... 150
Holiday................................. 0
Emergency fund.......................... 0
Gym/Sports.............................. 50
Photoshop+Lightroom..................... 7
Spotify................................. 10
Total monthly expenses.................. 974


Assets
Cash.................................... 886.87 (Held on a 5% quick access savings account)
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 886.87

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Overdraft......................1000......0.........0
Credit Card....................2064.74...35........0
Total unsecured debts..........3064.74...35........-


Monthly Budget Summary
Total monthly income.................... 1,380
Expenses (including HP & secured debts). 974
Available for debt repayments........... 406
Monthly UNsecured debt repayments....... 35
Amount left after debt repayments....... 371

Personal Balance Sheet Summary
Total assets (things you own)........... 886.87
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,064.74
Net Assets.............................. -2,177.87

As expected, slightly above last years debt level, but my new job will make this have been worth it. Will hopefully update this at the end of Feb'17 with more positive figures.

As always, any comments or advice are welcome.