New Job New SOA

[Deleted User]

Started a new job 2 months ago and now coming home with double the money I used to as previously I was only working part time.

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1356
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1356

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 97
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 17
Telephone (land line)................... 0
Mobile phone............................ 10.25
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 18.99
Groceries etc. ......................... 70
Clothing................................ 40
Petrol/diesel........................... 50
Road tax................................ 2.5
Car Insurance........................... 32
Car maintenance (including MOT)......... 40
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..................... 5
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 9
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 0
Boiler (financed)....................... 50.15
Total monthly expenses.................. 626.89


Assets
Cash.................................... 1700
House value (Gross)..................... 25000 (my 50% share of property)
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 27700

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
RBS............................380.......10........0
Lowell.........................288.......10........0
Asset Collections..............1802......10........0
Total unsecured debts..........2470......30........-


Monthly Budget Summary
Total monthly income.................... 1,356
Expenses (including HP & secured debts). 626.89
Available for debt repayments........... 729.11
Monthly UNsecured debt repayments....... 30
Amount left after debt repayments....... 699.11

Personal Balance Sheet Summary
Total assets (things you own)........... 27,700
Total HP & Secured debt................. -0
Total Unsecured debt.................... -2,470
Net Assets.............................. 25,230

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

MovingForwards

No rent or mortgage?

Gas / electric are both £50? What type of property do you live in?

Only £70 a month for food?

Do you spend £40 a month on clothes?

Shop around for car insurance on renewal.

DCFC79

Nothing for dentist and emergency fund.


Are you not able to clear 1 of the debts ?

[Deleted User]

No rent/mortgage due to owning the property through inheritance (half, sister owns other half).

Gas/elec might be a bit too much but I pay quarterly and usually have bigger bills in winter so trying to even it out.

I usually just pay for opticians and dentist when I use them like every 2 years.

I also owe £230 in council tax arrears from previous years that I forgot to put down, paying £50 off a month towards that.

Emergency fund - I class the money I've managed to save up in my current account from increased wages as that. Hence why I'm hesitant on blowing it all on the debt in one go.

I also have 2 Cap One cards but they are not in "debt" - I just use them to put spends on and pay off to help build crediting rating. Payments up to date on those.

MovingForwards

You need to budget for everything, that way you know exactly what's going on financially.

savingholmes

My sympathies on your bereavement. How lovely to own half your home. Personally I would create an emergency fund of say £1K to start. Anything after that I would throw at the debt and get it cleared as quickly as possibly. As you've said - you've recently doubled your income and are in a better position to deal with the situation.