My soa

vintagegirl

HI there I feel like i've been here before with debt and got it all paid off but ive recently got married so we had some costs for that.

I have accounted for every single penny of my wage and i do get substantial commisions most months from my job.

I have attached my SOA and i'll explain some. THis is all my share of the bills and we are lucky to have such a small mortgage.
I have snowballed my debts and i should have all this paid off by February 2021. and according to the snowball chart I will have paid £534 in interest. I am discounting the loan and the Couch payments from this and just including the Credit cards.
I will overpay the others once i've paid off the credit cards.

I have allowed £300 for 'Date Nights' as i tend to overspend when i havent allowed myself any fun money to do something with so ive allowed for this and for £250 per month savings too.

Any other suggestions for things i havent thought of?
Many thanks
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1573.36
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1573.36

Monthly Expense Details
Mortgage................................ 122.3
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 58
Electricity............................. 29
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 37.5
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 17.5
Car Insurance........................... 20
Car maintenance (including MOT)......... 25
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..................... 7.5
Contents insurance...................... 0
Life assurance ......................... 8.14
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
savings................................. 250
christmas............................... 10
(Unnamed monthly expense)............... 0
(Unnamed monthly expense)............... 0
(Unnamed monthly expense)............... 0
(Unnamed monthly expense)............... 0
(Unnamed monthly expense)............... 0
(Unnamed monthly expense)............... 0
date night.............................. 300
Son phone bill.......................... 13.41
netflix................................. 5
Total monthly expenses.................. 1113.35


Assets
Cash.................................... 8500
House value (Gross).....................65000
Shares and bonds........................ 0
Car(s).................................. 2
Other assets............................ 0
Total Assets............................ 0


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 58500....(122.3)....0
Total secured & HP debts...... 58500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Couch payment..................670.......33.37.....0
loan...........................3754......93.54.....6.9
barclaycard....................2186.21...222.2.....26.9
Very Tv........................245.04....24.5......0
TSB credit card................469.2.....20........19.9
Capital one....................1020.69...66.4......30.34
Total unsecured debts..........8345.14...460.01....-


Monthly Budget Summary
Total monthly income.................... 1,573.36
Expenses (including HP & secured debts). 1,113.35
Available for debt repayments........... 460.01
Monthly UNsecured debt repayments....... 460.01
Amount left after debt repayments....... 0

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -58,500
Total Unsecured debt.................... -8,345.14
Net Assets.............................. -66,845.14

Created using the SOA calculator at https://www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.

tallyhoh

Is the £300 your share of the date nights or all of it? are you including the commission in your income or excluded it?

vintagegirl

My side of date night as we go abroad once a month, so i find if i dont budget for that, i will just spend and spend.
I don't include my commissions as they are different every month, but usually a minimum of around £500

Louoffofsparkle

Do you actually save £250 a month? Or is that what you want to do?
Does the commission you make each month go to debt payments, savings or just get spent?

Socajam

vintagegirl wrote: »

HI there I feel like i've been here before with debt and got it all paid off but ive recently got married so we had some costs for that.

I have accounted for every single penny of my wage and i do get substantial commisions most months from my job.

I have attached my SOA and i'll explain some. THis is all my share of the bills and we are lucky to have such a small mortgage.
I have snowballed my debts and i should have all this paid off by February 2021. and according to the snowball chart I will have paid £534 in interest. I am discounting the loan and the Couch payments from this and just including the Credit cards.
I will overpay the others once i've paid off the credit cards.

I have allowed £300 for 'Date Nights' as i tend to overspend when i havent allowed myself any fun money to do something with so ive allowed for this and for £250 per month savings too.

Any other suggestions for things i havent thought of?
Many thanks
Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1573.36
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1573.36

Monthly Expense Details
Mortgage................................ 122.3
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 58
Electricity............................. 29
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 37.5
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 100
Road tax................................ 17.5
Car Insurance........................... 20
Car maintenance (including MOT)......... 25
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..................... 7.5
Contents insurance...................... 0
Life assurance ......................... 8.14
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
savings................................. 250
christmas............................... 10
(Unnamed monthly expense)............... 0
(Unnamed monthly expense)............... 0
(Unnamed monthly expense)............... 0
(Unnamed monthly expense)............... 0
(Unnamed monthly expense)............... 0
(Unnamed monthly expense)............... 0
date night.............................. 300
Son phone bill.......................... 13.41
netflix................................. 5
Total monthly expenses.................. 1113.35


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 58500....(122.3)....0
Total secured & HP debts...... 58500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Couch payment..................670.......33.37.....0 - clear with 2 months of date night money
loan...........................3754......93.54.....6.9 - Put all those cleared debt money on this your last debt and have wonderful date night and a bottle of champagne at the same time.
barclaycard....................2186.21...222.2.....26.9 - clear this debt with all the extra money you now have from those debts you have cleared. Have a date night in the 3rd month.
Very Tv........................245.04....24.5......0 - clear with 1.5 months of date night money
TSB credit card................469.2.....20........19.9 - clear with 1.5 months of date night money
Capital one....................1020.69...66.4......30.34 - you can clear this with 2.5 months of date night money plus the TV money, TSB money and couch money. Have a date night in the 3rd month.
Total unsecured debts..........8345.14...460.01....-


Monthly Budget Summary
Total monthly income.................... 1,573.36
Expenses (including HP & secured debts). 1,113.35
Available for debt repayments........... 460.01
Monthly UNsecured debt repayments....... 460.01
Amount left after debt repayments....... 0

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -58,500
Total Unsecured debt.................... -8,345.14
Net Assets.............................. -66,845.14

Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.

Yes date night is extremely important in a relationship, but what can kill a relationship in a blink of an eye is debt. If you follow the advice from me and others that may differ from what I wrote, you can be debt free within the first 6 months of 2020 and then concentrate on saving for an emergency fund and life happens fund and have worry free date nights.

vintagegirl

THanks for your replies.
I think my problem is procrastination. I have been here many times before with clearing credit cards and then running them up again so what im trying to do here is live well within my means and build up a savings and have some fun money every month so i dont fall into the same trap

Andyjflet

£300 a month date night when you have £8k in debt payments ? Have you discovered Dave Ramsey ? , It will change your life.

EssexHebridean

The thing that stands out here is that I don't believe I have EVER seen an SOA with a perfect balance at zero before. There is currently nothing factored in for presents, clothing, haircuts, or a main holiday - although I assume that if you go abroad once a month you don't take another holiday as well.

Nothing for TV license? Contents Insurance (that could be in the Building insurance and lumped together though)? No water rates - are you in Scotland?

Are you confident that the grocery spend is accurate also? It's an area where a lot of people spend far more than they imagein - and frankly, if you are the sort of people who routinely spend £600 a month (assuming your partner's contribution is the same as your on the date night thing) on "going out" then I'd question whether there isn't perhaps also a higher spend on "eating in" as well.

You show an amount monthly for car maintenance in but firstly is that really enough - think about servicing, MoT, and depreciative items like tyres etc. Secondly there is nothing listed under cash assets so where is the money that you are saving bother here and under the general "savings" tab going - is it really be saved, or are you factoring that into your budget, but not actually saving, so there is no option but to reach for the CC when a bill comes along? Also your cars are not showing an asset value.

Are you still carrying - and using - the credit cards?

vintagegirl

EssexHebridean wrote: »

The thing that stands out here is that I don't believe I have EVER seen an SOA with a perfect balance at zero before. There is currently nothing factored in for presents, clothing, haircuts, or a main holiday - although I assume that if you go abroad once a month you don't take another holiday as well.

Nothing for TV license? Contents Insurance (that could be in the Building insurance and lumped together though)? No water rates - are you in Scotland?

Are you confident that the grocery spend is accurate also? It's an area where a lot of people spend far more than they imagein - and frankly, if you are the sort of people who routinely spend £600 a month (assuming your partner's contribution is the same as your on the date night thing) on "going out" then I'd question whether there isn't perhaps also a higher spend on "eating in" as well.

You show an amount monthly for car maintenance in but firstly is that really enough - think about servicing, MoT, and depreciative items like tyres etc. Secondly there is nothing listed under cash assets so where is the money that you are saving bother here and under the general "savings" tab going - is it really be saved, or are you factoring that into your budget, but not actually saving, so there is no option but to reach for the CC when a bill comes along? Also your cars are not showing an asset value.

Are you still carrying - and using - the credit cards?

THanks for replying,
im not going to use the credit cards anymore thats why im putting such a high amount on date night and savings to avoid being tempted to put anything back on the credit card.
I do have savings but im keeping them out of this and to the side just now,.

i am in scotland so dont pay water rates. i think £300 a year should be ok for car maintenance, im hoping, how much would you suggest?
I have worked out i could pay off the 3 credit cards in the next 4 months before april but we have 3 abroad trips in jan, feb and march so doing that would mean id have no spare money and would just use the credit cards again so seems pretty pointless to me, dont you think?

My partner doesnt tend to budget, we do mostly half everything but i do earn quite a bit more than him with commissions so i tend to pick up the tab

vintagegirl

Andyjflet wrote: »

£300 a month date night when you have £8k in debt payments ? Have you discovered Dave Ramsey ? , It will change your life.

I have seen some of dave ramsay but dont really follow it. Could you give me the basics of its principles if you dont mind?

Andyjflet

vintagegirl wrote: »

I have seen some of dave ramsay but dont really follow it. Could you give me the basics of its principles if you dont mind?

In your position you could crack this quickly and then all the money you have spare at the end of the month would be your own not paying a bank.

Step 1 - get current, clear overdraft.
Step 2 - Save £1000 emergency fund for total emergencies
Step 3 - Pay off all your debt starting smallest first, then snowball that payment onto the next debt etc. During this time you live as cheaply as you can, earning more if you can in a side hustle.
Step 4,5,6 - Your debt is paid !! now you can start on the mortgage, saving money in funds, pension and for the future. Ease back on the frugality, enjoy yourself.

So for you in order;

Very
TSB
Couch
Capital One
Barclaycard
Loan, by the time you get to this you will be throwing £460 a month at it which will then only take you 8 months to clear.

you can use the snowball calculator to see when you could be Debt Free !! and giving you £460 a month extra in your bank to do what you like with.