Diving in. . .how's my SOA?

cathinator

Right, so here we go. . .here's my SOA. I might want to reflect a bit on the MOT/Service charge for the car, though, and increase that savings pot now that she's a bit older. . .I've given notice to the cleaners (sob) so that can go straight on the debt after the notice period is up next month.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2 * Note: I am only doing my own cut here. I pay rent + water and the 210 in other income below is the amount my other half pays to me once he pays the remainder of the bills.
Number of children in household......... 0.5 * Note: Other half's daughter sees us every other weekend and once during the week.
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2552
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 210 * Note: due to a recent rent hike, reflected below already, this will increase over the next few weeks.
Total monthly income.................... 2762

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 825
Management charge (leasehold property).. 0
Council tax............................. 0 * Per note above
Electricity............................. 0 * Per note above
Gas..................................... 0 * Per note above
Oil..................................... 0
Water rates............................. 49.25 * May be overestimated, I pay one lump sum annually
Telephone (land line)................... 0 * Per note above
Mobile phone............................ 25
TV Licence.............................. 0 * Per note above
Satellite/Cable TV...................... 0
Internet Services....................... 0 * Per note above
Groceries etc. ......................... 350
Clothing................................ 100
Petrol/diesel........................... 50
Road tax................................ 13.15
Car Insurance........................... 96.78
Car maintenance (including MOT)......... 12
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8.75
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 10
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 0
Fags.................................... 310
Cleaner................................. 108
Private Pension......................... 35
Total monthly expenses.................. 2032.93


Assets
Cash.................................... 547.63
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5547.63

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Amex...........................3668......160.......0
Aqua...........................3223......500.......0 * Note larger payment than minimum due to snowballing said bills.
Pp.............................576.......10........0
Total unsecured debts..........7467......670.......-


Monthly Budget Summary
Total monthly income.................... 2,762
Expenses (including HP & secured debts). 2,032.93
Available for debt repayments........... 729.07
Monthly UNsecured debt repayments....... 670
Amount left after debt repayments....... 59.07

Personal Balance Sheet Summary
Total assets (things you own)........... 5,547.63
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,467
Net Assets.............................. -1,919.37

iammumtoone

I think you know what everyone is going to say.

Good luck it will be hard but surely seeing it written down in your SOA will give you the motivation.

cathinator

I know, I know. . .I'm honestly not ready to quit yet, but I'm hoping that moving to cheaper (ie, crappy) cigarettes will make me at least cut back.

iammumtoone

I don't smoke so don't know but would ecigs work out cheaper? or rolling your own?

enthusiasticsaver

You know what you need to do not only for your finances but also from a health point of view. £310 on cigarettes is more than 10% of your income and if you gave up it would pay off your Amex card in a year without making any other cutbacks.

Your clothes and groceries budget is also too high.

117pauline

Hi cathinator

It's brave of you to put up your SOA and ask for comments so here are my thoughts

• Car - is the cost of your insurance correct? - if so check your premium is still competitive - increase maintenance figure - no car parking costs ever?
• Groceries - could easily be reduced by a third at very least
• Emergency fund - I would suggest you need one
• Smoking - really easy for me to say give up but I know it isnt
• Cleaner - it would help you to do another SOA once this has stopped and extra income has increased
• Entertainment - seems on the low side
• Swop mobile to SIM only if on contract

Check water rates -would it be cheaper to pay monthly

Clothing - seems very high especially compared to your presents budget

Is the cash figure what you have in savings or is it the amount of money left to use until the end of the month

Check the dates when your 0% credit card deals end

I am wondering whether this actually reflects your current circumstances or is it how you would like it to be? It can take more than a year to get a really exact SOA but this journey is always going to be a Work in Progress

If it is correct then you are doing really well paying off CC2 at £500 per month. It's also good that you are paying into a private pension.

I hate to say it..... but it will soon be CHRISTMAS. Have you anything put away to help?

All in all your situation looks very manageable because you are paying well over the minimum on your credit cards. I would want an emergency fund to give you a buffer.

I hope this helps and I have just listed my thoughts on each entry. However I would encourage you to hit one area at a time otherwise you might become disheartened. Which area do you think you'd like to tackle first?

Good luck, keep posting and you will quickly build up a set of cheerleaders

Pauline

tealady

Hi
If you really want to pack in the ciggys then ask your GP about stopping. There may be local support sessions or you may get NRT on prescription.
Good luck

WorriedFriend2017

You could try vaping?

Is your budget on entertainment, etc, truly realistic? Considering the spend that you've built up on the cards?

iammumtoone

117pauline wrote: »

It's brave of you to put up your SOA and ask for comments so here are my thoughts

I second this very brave and honest. Lots of SOAs get posted but this is the first I have seen with fags as a separate spend. I am sure the OP is not the only person in debt who smokes, most proably hide it in something else or conviently forget about it and then wonder why they can't get their budget to add up.

tallyhoh

I smoked for 30 years & giving up was surprising easy, after 3 days I felt OK. Having said that I have given up drinking & could kill for a large G&T.

My signature says it all really & that is at old prices.

[Deleted User]

cathinator wrote: »

Groceries etc. ......................... 350

That's a lot of groceries for 2 people. Should be able to reduce that a bit.

Car Insurance........................... 96.78

Is there a reason this is so high?

Contents insurance...................... 0

You should have this. Should cost no more than about £10

Emergency fund.......................... 0

You should have something in here.

Fags.................................... 310

This is £3,720 a year, which is :eek:

Cleaner................................. 108

Do you really need a cleaner?