My SOA

Debtfreewannabme

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 700
Partners monthly income after tax....... 2300
Benefits................................ 137.5
Other income............................ 0
Total monthly income.................... 3137.5

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 40
Gas..................................... 41
Oil..................................... 0
Water rates............................. 55
Telephone (land line)................... 10
Mobile phone............................ 95
TV Licence.............................. 12.5
Satellite/Cable TV...................... 40
Internet Services....................... 10
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 300
Road tax................................ 15
Car Insurance........................... 35
Car maintenance (including MOT)......... 55
Car parking............................. 6
Other travel............................ 0
Childcare/nursery....................... 235
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 42
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 100
Total monthly expenses.................. 2271.5


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 15000
Other assets............................ 0
Total Assets............................ 15000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
CC.............................2345......35........0
Bed............................917.......37........0
Household appliance............235.......34........0
Total unsecured debts..........3497......106.......-


Monthly Budget Summary
Total monthly income.................... 3,137.5
Expenses (including HP & secured debts). 2,171.5
Available for debt repayments........... 966
Monthly UNsecured debt repayments....... 106
Amount left after debt repayments....... 760

Personal Balance Sheet Summary
Total assets (things you own)........... 15,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,497
Net Assets.............................. 11,503

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

Hi I decided to post my SOA - this is for when I return to work in April. Currently the amount for Debt repayments is 1,900 after bills. So we are throwing 1000 into an Emergency fund then 900 on debts for this month only ( 225 already been transferred).

The figures I have entered are based on my DH spending 70 on his phone - going over his data allowance. He has since downloaded at app that switches data off just before he reaches limit.

Things I plan to save on are our mobile phones, TV package (60) and food. Diesel is a no go as we both compute to work although it's not always 300 but thought it best to round up.

Felt nervous posting this as I realise we have alot of disposable income. If I thought about it too much I would realise that we could of paid our debts off along time ago and own our own house if it wasnt for my previous obsession with spending - truth is youd think I would have a designer wardrobe/house for the money I previously wasted...but I dont. Instead, we have a cluttered house full of 'stuff' and no where to store it. Thats my next NS goal..but step by step.

I'm proud to say that since my lightbulb moment on 8th Jan 2018 - we have paid off 50% of our debts and that was with me earning under 600 maternity pay and DH picking up OT
!

Posted this to help me get to grips with everything and have a starting point to look back on. DFD is end of June 2018. I WILL do this!
Thanks to anyone that reads this

HampshireH

Good luck with the spring clean sort out. Lots of places to resell stuff aside of the standard ebay. Cheaper items ate usually better sold on preloved gumtree or Facebook the places due to no fees.

Also it's nearly boot sale season which would be a good day for the kids to get involved in. They could have a selling competition

Well done on shifting 50%

a_silver_lining

Hi debtfreewannabme well done posting this!

I have been in a similar situation in that I've owed 10k for over three years and had a fair bit of disposable income I've spent on stuff, travel and house DIY and not saving or debt repayment. I'm now focusing £300pm on saving and £350pm on debt repayment.

I need to find another 2k on top of this and I will end the year debt free and with around 3k savings.

This 2k I'm finding through selling all that 'stuff' I feel hold no or little value. Usually I would fill the odd bin bag and take it to the charity shop, but now most items try gumtree and then ebay.

I've been amazed by what people will pay for things I honestly think are tat. Yes you loose a lot on postage and fees, but I've made about £250ish in two months on ebay and have cleared over a bin bag of 'stuff'. I'm listing my next bin bag of 'stuff' today

If you feel like trying your luck and clearing some space, I've found the 1% challenge thread really motivating to log sales.

fatbelly

Your SoA looks pretty good to me. I was going to suggest you could be debt free by mid-year, then you said exactly that. Good. In the short term if presents, entertainment, go to zero, then it's worth it as you have an achievable goal.

The only things that looked high to me were the mobile phone and the fuel - though if you are both covering a lot of miles, there may not be much you can do about that, as long as you plan where you buy your diesel (For me what works best is Morrisons, with a More Card, paid with a Tesco Clubcard Credit Card)

Is your water metered? Is your council tax spread over 12 months?

Are you with topcashback and quidco and do you shop around for insurance deals and energy switches?

A lot of little savings will add up to a big difference.

Longer term you need to have a savings plan. Your only benefits are child benefit by the looks of it, so not tested against capital. A regular saver linked to a decent current account would be a starter.

[Deleted User]

Two things jumped straight out at me.

Firstly, the mobile phone at £70 pm, which is £840 per year. :eek:

Secondly, £504 per year on haircuts is a lot.

I agree with other posters that, with so much disposable income, you shouldn't have much trouble clearing these debts, provided you don't spend on non-essentials.

Assuming the debts are indeed all 0%, at your current payment rate, you will clear them in 33 months.

If you really do have £760 left each month, you could put that toward the debts, and have them all gone in just 5 months.

Debtfreewannabme

Hello and thank you so much for taking the time to read my post.

In response to questions:
* Water price is set for 10 months each yr - hadn't factored this in so its less than 55 pm
* Council tax is across 10 payments too - will amend both amounts

* mobile is very high - too high, hoping that DH can get it within the set 35 bill until June then we will be going for sim only contract. In reality if he can get it to 45 that will be a saving.

*Haircuts - my husband rarely gets his cut and when he does its £10 max. I go every 7- 8 weeks and its just over £60 for trim and colour. I have used box dye in the past but with two young children - baby and toddler I barely have enough time and energy to have a shower some days let alone commit an hour to dying my hair at night once they are in bed. I have thought about looking at using my MILs mobile hair dresser. I am quite grey at 35 and honestly I am not ready to go grey. I dont spend much on new clothes, make up, jewellery. It is the only thing I do for me. I will have a think about a mobile hairdresser.

* Savings - we have an Emergency Fund in an instant savings attached to current account. It currently has £200 in it and when DH gets paid on Fri we will be transferring £800 in and transferring the total amount to a different savings account with a building society. No atm card. I have also budgetted for £100 pm to be transferred by Standing order to this account from April. Once debts are cleared in June the next step is to save atleast 2 months income then crack on with saving for our first home.
I have also set up several other instant savers and used them to follow Martins piggybanking method so each saver now has 2 months worth of savings in for car costs, hair, dentist, bdays and xmas, tv license.

In other news we cleared a small debt today as per plan. This isnt included in the SOA as I really wanted it paid off by April. The great news is that the settlement figure was £42 cheaper than we budgetted for so will be making an extra payment on the virgin card for this amount tomo.

Feeling that bit lighter tonight...thank you all so much for the feedback x

enthusiasticsaver

Your soa looks fine and good you are saving an EF.

You have dealt with the mobiles which is high and I would look at a mobile hairdresser but I would understand why you would want to spend on colour and trim. If it is every 8 weeks then that is roughly £30 per month. I went grey relatively early and opted for highlights so you don't see the regrowth but it still covers the grey. Consequently I spend £70 twice or max three times a year and just trims in between. Is that an option?

You have lots of disposable income so clearing this should be easy.

Gravedigger

Debtfreewannabme wrote: »

Hello and thank you so much for taking the time to read my post.


* mobile is very high - too high, hoping that DH can get it within the set 35 bill until June then we will be going for sim only contract. In reality if he can get it to 45 that will be a saving.

Might be a good idea to look at GiffGaff, sim only Data at full speed for the first 9Gb then throttled back for the rest of the month. Unlimited text and minutes, free Giffgaff to Giffgaff. Should save a couple of bob. Sim only cost for shown example £20 :cool:

[Deleted User]

If your husband really does need huge amounts of data, three can give him All-you-can-eat data, All-you-can-eat minutes, and All-you-can-eat texts, a 30GB Personal Hotspot, Feel At Home and Go Binge (on a one month rolling contract), for barely more than a third (£35 to be exact) of what he's currently paying.

If he doesn't need massive amounts of data, he can have the above, but with 4GB of data (and a 4GB Personal Hotspot), for £18pm.

Debtfreewannabme

I'm not sure how to quote on my phone sorry!
enthusiastic - I have very dark hair so hairdresser said highlights not a cheaper option. My hair is virtually black - the only thing that puts me off having a hairdresser at home is the fact that it would be stressful as I have a clingy 2 year old and Im not sure she would cope with Mommy having to sit still while colour develops. The thought of it makes me feel stressed ha! If it stays as it is then atm we can afford it and it is the only thing left I spend on for me. Trouble is the grey seems to come through quickly hence the 7-8 weeks. Thanks for suggestions - its really appreciated. I will definately ask to do alternate trims from my nxt appointment if I decide to rebook.

Bedsit bob DH works 12 hour shifts, its lone working and on a night shift he says that playing games/ watching youtube keep him awake in the hours that he is manning the building with no active wrk as such. The three deal sounds perfect for him. He rang EE this week and hes on the lowest £35 tarrif for his phone until June. He says he uses about 15 GB per month. He does download podcasts before work when he remembers. Might be worth doing the maths with a settlement figure plus the extra £25 pm vs paying it and switching to cheaper deal.. .lots to think about/work through.

Debtfreewannabme

Just did the maths - its cheaper for him to keep bill low until June then switch - based on three deal £35 pm.