Help needed - SOA provided

thriftylass

will369 wrote: »

As in there are 2 other adults in my house.

All the debt is mine, no one else’s. Then it isn't relevant that there are two adults and a child as they don't affect your spending it seems

Yes, 108 is all I pay for food, 25 a week, I contribute.

And entertainment…..as in going out drinking? It varies….maybe once a month…maybe twice a month…..

Meals with friends varies….could be once a month…all depends

If you go out drinking once or twice that means you should budget 30-50 for it.

Luckily the old phone debt should be shifted in May and then you can put that towards the next highest interest debt too. I would put the extra 150 towards the loan as it will save you more money in interest you have to pay.

You will get there

Robin9

You owe £6100 - make January a stay at home month but give yourself one evening out at £30.

Record every last penny you spend during the month and pay off a bit of your loan with what you have left over.

KxMx

I'd also keep a spending diary... most of us spend more than we realise or want to admit.

SOA is a great snapshot but spending diaries are comprehensive real time movies

Gigervamp

Your SOA has no income in it.

thriftylass

Gigervamp wrote: »

Your SOA has no income in it.

I think it was amended to take the other adult and child out and by chance the income of 1400 was deleted.

sourcrates

Gigervamp wrote: »

Your SOA has no income in it.

I wondered when someone would notice that lol !!!

will369

sourcrates wrote: »

I wondered when someone would notice that lol !!!

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 693
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 108
Clothing................................ 0
Petrol/diesel........................... 43
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
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)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Bank charges............................ 8
Pension................................. 10
Total monthly expenses.................. 932

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
Old phone contract.............600.......130.......0
Barclays Credit card...........1800......50........18.9
Loan...........................3700......156.3.....24.9
Total unsecured debts..........6100......336.3.....-

Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 932
Available for debt repayments........... 468
Monthly UNsecured debt repayments....... 336.3
Amount left after debt repayments....... 131.7
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -6,100
Net Assets.............................. -6,100
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

MallyGirl

Bank charges............................ 8

what are these?

spending half your salary on rent (inc bills) is never going to leave much room for flexing. Have you addressed whatever caused the CC debt and phone contract backlog to occur. What was the loan for - can you sell it?

will369

MallyGirl wrote: »

Bank charges............................ 8

what are these?

spending half your salary on rent (inc bills) is never going to leave much room for flexing. Have you addressed whatever caused the CC debt and phone contract backlog to occur. What was the loan for - can you sell it?

its the type of account I have with Barclays. means I can insure gadgets on my account

will369

& I need it as I insure my phone and camera on there