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Hopefully lightbulb moment...

32 replies 3.5K views
2020Lightbulb2020Lightbulb Forumite
12 posts
10 Posts
MoneySaving Newbie
[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 0[b]

Monthly Income Details[/b]
Monthly income after tax................ 1911
Partners monthly income after tax....... 0
Benefits................................ 82.5
Other income............................ 150[b]
Total monthly income.................... 2143.5[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 730
Management charge (leasehold property).. 0
Council tax............................. 119
Electricity............................. 76
Gas..................................... 0
Oil..................................... 0
Water rates............................. 39
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 13.5
Satellite/Cable TV...................... 3.99
Internet Services....................... 29
Groceries etc. ......................... 120
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 27
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 168
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 22
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 150
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 50
Emergency fund.......................... 0[b]
Total monthly expenses.................. 1827.49[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0[b]
Total Assets............................ 0[/b]
[b]
No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Loan...........................12000.....218.......0
Barclaycard....................8900......199.......0[b]
Total unsecured debts..........20900.....417.......-  [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 2,143.5
Expenses (including HP & secured debts). 1,827.49
Available for debt repayments........... 316.01
Monthly UNsecured debt repayments....... 417[b]
Amount short for making debt repayments. -100.99[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -20,900[b]
Net Assets.............................. -20,900[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
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Replies

  • 2020Lightbulb2020Lightbulb Forumite
    12 posts
    10 Posts
    MoneySaving Newbie
    Hope I have done this correctly.. please let me know if not. As you can see, outgoings exceed incomings, and I have been relying on credit cards and living behind my means. Now the CC is maxed out; I need to wake up...
  • MallyGirlMallyGirl Forumite, Board Guide
    4.8K posts
    Sixth Anniversary 1,000 Posts Name Dropper Intrepid Forum Explorer
    ✭✭✭✭
    Its not massively easy to read but it basically says that you have a shortfall of £100.99.
    You have said you spend £150 pcm on presents and £100 on entertainment. That should be fairly straightforward to address.
    Do you know what the APR on your loans is?
    I'm a Board Guide on the Debt-free Wannabe, Loans & Credit Cards boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to [email protected]
    Any views are mine and not the official line of MoneySavingExpert.com.
  • 2020Lightbulb2020Lightbulb Forumite
    12 posts
    10 Posts
    MoneySaving Newbie
    Hi, I did think that those might be the things that stick out - just to clarify, the £150 is for all presents (i.e. birthday, Christmas Easter etc). And the "entertainment" is basically anything non bills. 
  • a_silver_lininga_silver_lining Forumite
    531 posts
    Part of the Furniture 500 Posts Combo Breaker Debt-free and Proud!
    ✭✭
    Is that £150 per month or per year for presents? Because if it's per month then that is excessive on your wage.
    19/12/14: Spent 10 years of savings!!
    :heart2: ..... to buy my first home. :heart2:
    11K OP 31.03.19

    Current goal: 61% €3.7k/6K saved for Ireland purchase in 2021. 101.6k deposit saved UK
  • JayRitchieJayRitchie Forumite
    484 posts
    Third Anniversary 100 Posts Name Dropper
    ✭✭
    Your rent is hurting you. Could you move to a house share for a couple of years
    to help pay down the debt?
  • GettingtherequicklyGettingtherequickly Forumite
    4.3K posts
    Tenth Anniversary 1,000 Posts Debt-free and Proud!
    ✭✭✭✭
    You are spending £147 on a car which you don't appear to own?
    A smile costs little but creates much :)
  • MallyGirlMallyGirl Forumite, Board Guide
    4.8K posts
    Sixth Anniversary 1,000 Posts Name Dropper Intrepid Forum Explorer
    ✭✭✭✭
    £150 pcm is £1,800 a year on presents. Nearly an entire month's take home pay. That is simply too much. If you have lots of family other than your child that you buy presents for then it is time to stop. Some years ago we, as a family, set a maximum budget for anyone apart from our daughter. Everyone felt quite liberated as they could just buy something quirky/silly and not feel like they were in some sort of present buying arms race.
    I'm a Board Guide on the Debt-free Wannabe, Loans & Credit Cards boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to [email protected]
    Any views are mine and not the official line of MoneySavingExpert.com.
  • 2020Lightbulb2020Lightbulb Forumite
    12 posts
    10 Posts
    MoneySaving Newbie
    Is that £150 per month or per year for presents? Because if it's per month then that is excessive on your wage.
    Hello, that is per year... Lots of family. 
  • 2020Lightbulb2020Lightbulb Forumite
    12 posts
    10 Posts
    MoneySaving Newbie
    Your rent is hurting you. Could you move to a house share for a couple of years
    to help pay down the debt?
    Hi, I am not sure of the options there? I have an 8 year old child. 
  • 2020Lightbulb2020Lightbulb Forumite
    12 posts
    10 Posts
    MoneySaving Newbie
    You are spending £147 on a car which you don't appear to own?
    Hello

    Just to clarify, the car is £168 a month lease. Then insurance of £27 a month. 
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