SOA check for me

greensalad

I've been on the DFW boards for a while but it's been a long time since I did an SOA.

I am just wondering if anyone can cast an eye over my SOA and help me identify anywhere that I could trim. Getting it down into an SOA has certainly showed me some key areas I really need to reduce, but maybe someone else will pick something up that I haven't.

I split bills with my partner so I've entered this as a solo SOA.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 3728
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3728

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 725
Management charge (leasehold property).. 0
Council tax............................. 67.5
Electricity............................. 17.5
Gas..................................... 17.5
Oil..................................... 0
Water rates............................. 10
Telephone (land line)................... 20.7
Mobile phone............................ 44
TV Licence.............................. 6.27
Satellite/Cable TV...................... 15.25
Internet Services....................... 15.25
Groceries etc. ......................... 60
Clothing................................ 50
Petrol/diesel........................... 10
Road tax................................ 6
Car Insurance........................... 18.75
Car maintenance (including MOT)......... 19.25
Car parking............................. 2
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5.42
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 360
Holiday................................. 100
Emergency fund.......................... 0
Travel (monthly season ticket).......... 364
Total monthly expenses.................. 1979.39


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...APR
Barclaycard....................4500......45........34.9
MBNA...........................8200......85........19.9
Aqua...........................300.......15........27.9
Natwest........................1800......0.........10
Barclays overdraft.............850.......0.........10
Grandparents...................1700......0.........0
Total unsecured debts..........17350.....145.......-


Monthly Budget Summary
Total monthly income.................... 3,728
Expenses (including HP & secured debts). 1,979.39
Available for debt repayments........... 1,748.61
Monthly UNsecured debt repayments....... 145
Amount left after debt repayments....... 1,603.61

Personal Balance Sheet Summary
Total assets (things you own)........... 750
Total HP & Secured debt................. -0
Total Unsecured debt.................... -17,350
Net Assets.............................. -16,600

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

getmore4less

Are bills split 50:50 ?

Amount left after debt repayments....... 1,967.61

How much do you really have left?
(eg what was left Nov,Dec,Jan)

£10 fuel, you pay a lot for a car you don't use much.

£600py on clothes is an easy cutback but you don't need to if you have nearly £2kpm spare

Edit: your min payments looks wrong. they won't cover the interest

HappyMJ

Trim?

Are you sure you've got the numbers right?

Give your grandmother her money back as priority number one.

I would get rid of the car...unless it's an electric car but at a value of £750 I doubt it. £10 per month on fuel isn't very much.

I would up the grocery budget £60 for one person isn't much. It's very hard for a single person on benefits to stick to £60 per month. As you're working full time you won't have as much time to batch cook and to cook from raw every time. I'd put £200 per month.

greensalad

HappyMJ wrote: »

Trim?

Are you sure you've got the numbers right?

Give your grandmother her money back as priority number one.

I would get rid of the car...unless it's an electric car but at a value of £750 I doubt it. £10 per month on fuel isn't very much.

I would up the grocery budget £60 for one person isn't much. It's very hard for a single person on benefits to stick to £60 per month. As you're working full time you won't have as much time to batch cook and to cook from raw every time. I'd put £200 per month.

I'm currently focusing debt on my highest credit card and grandparents as a priority. I tried to give them more per week but they told me they wanted me to put the amount owed on hold until next year! I don't feel comfortable with that so I split it.

The car is owned by my partner and I, he uses it to go to work about 3 times a week and I use it for grocery shopping, visiting my Mum and also a monthly meeting 3hrs away I have to attend because of work (petrol paid) hence low petrol cost on my part.

£60 is just for dinners as I get free breakfast, lunch (and technically dinner if I stay 1.5hrs late, which I tend to do it partner isn't going to be in as he is the chef!) all week at work. Entertainment budget contains our weekend food as we often get breakfast out on a Saturday morning which I consider "entertainment" :P

greensalad

getmore4less wrote: »

Are bills split 50:50 ?

Amount left after debt repayments....... 1,967.61

How much do you really have left?
(eg what was left Nov,Dec,Jan)

£10 fuel, you pay a lot for a car you don't use much.

£600py on clothes is an easy cutback but you don't need to if you have nearly £2kpm spare

Edit: your min payments looks wrong. they won't cover the interest

I'll check min payments. Aqua and MBNA definitely correct as I have the statements from last month. But my debt on my credit cards increased last month due to house move and I'm basing the mins off last statement so they're probably a little off. I can update when I have this month's statements.

Clothing definitely true. Clothes buying is my weak spot.

I probably need to add a hobby spend onto the outgoings, I sew as a hobby so my clothes spend there is half clothing half fabric purchases.

£10 of fuel is my contribution, my partner uses the car for work and I also use it to attend monthly meetings that are a drive away, but my company pays the fuel cost.

getmore4less

Still does not explain where that £2k spare is going?

Go back 6-12 months and look at whats been happening to your money

Perhaps a full year 2015 SOA might give you a clue.
look at debt difference Jan15-16 and all income and try to account for it all.

greensalad

getmore4less wrote: »

Still does not explain where that £2k spare is going?

Go back 6-12 months and look at whats been happening to your money

Perhaps a full year 2015 SOA might give you a clue.
look at debt difference Jan15-16 and all income and try to account for it all.

I only started working in this role in October so I don't have that far back.

A lot of it has gone on debt repayment which I know full well I've then re-spent. I'm looking for a fresh start to my spending now, not looking to rehash mistakes made in the past

getmore4less

Looking back just tells you where your weakness are so you can keep an eye out for them.

From now, Spending diary is probably the tool to use,

if you can stick to what you have on the SOA you will be fine,

Could trim the TV/Internet mobile if you wanted next time contracts are up.

also as you have moved probably worth a meter readings at a month to check your current DD are going to cover.

Can't see what changed it now says £1600 spare!

I would kill the OD and live within that, consider its limit your emergency fund.

Look for 0% CC to kill the interest a purchase card would be zero cost choice throw all your normal spends on that and use the cash to get the other debts down.

A DFD target of Dec could be possible if you can get the rates down.

greensalad

getmore4less wrote: »

Looking back just tells you where your weakness are so you can keep an eye out for them.

From now, Spending diary is probably the tool to use,

if you can stick to what you have on the SOA you will be fine,

Could trim the TV/Internet mobile if you wanted next time contracts are up.

also as you have moved probably worth a meter readings at a month to check your current DD are going to cover.

Can't see what changed it now says £1600 spare!

I would kill the OD and live within that, consider its limit your emergency fund.

Look for 0% CC to kill the interest a purchase card would be zero cost choice throw all your normal spends on that and use the cash to get the other debts down.

A DFD target of Dec could be possible if you can get the rates down.

Thanks,

Yeah I am going to try and move down a tarriff on contract. Sky is an ongoing battle with my partner as he really wants it (and he is not in debt) so we have it balanced out that I only pay the same as we paid for old Talk Talk internet. It's still more than I want to pay.

Spending diary is getting there. I transfer my weekly entertainment budget to a prepaid mastercard and then only spend from that as it's easier to track.

Thanks for casting your eye over it.

lazer

Do you really only spend £120 a year on presents? This this probably needs increased slightly.


Mobile - £44, can be cut down, SIM only £5 - £10 a month.


Clothes - as above can be cut.


Holiday - £1200 a year, very high, consider cheaper holidays until debt paid off.


The £360 entertainment is also very high - so if you want the debt paid off this could be reduced.


However, you have £17,000 of debt and £1750 a month surplus, that's the debt paid in 10 months (And get it all onto 0% deals or at least lower interest)


Phone/internet Sky - if your partner wants to keep the current package - haggle with Sky to see if you reduce costs.

densol_2

You are in debt but your partner is not ? This happened to me once. He earned more than me and I got into debt " keeping up with him " he always had a plan to buy this or buy that and bully me into paying half ! Most of the stuff was a load of old tat. Are you loans spent on " your " stuff or shared ?

You seem to have a decent amount left per month. I would focus on paying off the debts as fast as I could and refuse to buy stuff until it was.

I've only got one CC now. None of that 0% swapping around crap. Sounds good in principle but you end up with loads of credit cards, all growing in debt unless you are extremely disciplined - which most people are not. I only use mine for holiday stuff and pay off when bill is through.