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Spinning a New Story
Afdaff
Posts: 29 Forumite
I’ve been lurking for a little while, reading and learning. After far too long of burying my hand in the sand and telling myself that I’m just not very good with money, I’ve decided that I need a new story. I can learn to do things differently. I don’t have to hide away from my bank balance. I can save for the future (one day). I hope the accountability here will help me.
2
Comments
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A question. Where do I find the SOA template that I see others using? I have worked through those figures myself (I think) but it would be useful to post here for advice and input.0
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And a bit about me to get started. I’m a 40-something year old single parent of a teen. Ex ran away a few years ago (went overseas on a family visit and didn’t come back). He’d been erratic throughout our 15 years together, often going overseas for a year at a time and not earning during these periods. I can see now how hard it was for me to pick up the pieces and manage everything alone, though at the time I felt I had no choice and just got on with it. I have a lovely partner now who is the complete opposite. We don’t live together and our finances are separate for now (likely to remain that way for at least a few more years).
I work part-time. There aren’t any more hours available at the moment and my job suits me very well in many ways. I have just asked about a possible promotion so there may be some change there. I do a little bit of freelance work on the side but it’s erratic and not a big money earner.
My debts aren’t huge by many people’s standards, but they are stopping me build up any savings or buffer funds for emergencies. I have about £2000 of overdraft which I know is an expensive way of borrowing. Plus £500 owed to parents and £540 to my teen. I feel this should be manageable but I haven’t managed it so far, hence asking for support here in doing so.0 -
I cant post links, but try this:
Try going to lemonfool.co.uk forward slash finance calculators forward slash soa
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Thank you! I’ve found it.Billy_Dandy said:I cant post links, but try this:
Try going to lemonfool.co.uk forward slash finance calculators forward slash soa1 -
[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]Household Information[/b]Number of adults in household........... 1Number of children in household......... 1Number of cars owned.................... 1[b]Monthly Income Details[/b]Monthly income after tax................ 1283Partners monthly income after tax....... 0Benefits................................ 395Other income............................ 0[b]Total monthly income.................... 1678[/b][b]Monthly Expense Details[/b]Mortgage................................ 0 Lucky to be living in house part-owned by me, part-owned by family members.Secured/HP loan repayments.............. 0Rent.................................... 0Management charge (leasehold property).. 0Council tax............................. 119Electricity............................. 41Gas..................................... 41Oil..................................... 0Water rates............................. 51. Will be having a water meter fitted next week so this should come down a fair bit.Telephone (land line)................... 0. Included in internet contract. I do use the landline.Mobile phone............................ 22. Two contracts, one for me, one for teen.TV Licence.............................. 13Satellite/Cable TV...................... 0Internet Services....................... 32Groceries etc. ......................... 500Clothing................................ 0. Haven’t yet allocated a separate budget for this- for now it come out of general groceries.Petrol/diesel........................... 100Road tax................................ 13Car Insurance........................... 43 including breakdown coverCar maintenance (including MOT)......... 25Car parking............................. 0Other travel............................ 0Childcare/nursery....................... 0Other child related expenses............ 86. Some outside school activities plus amount I pay for his food at school each month.Medical (prescriptions, dentist etc).... 20Pet insurance/vet bills................. 0Buildings insurance..................... 13Contents insurance...................... 0Life assurance ......................... 0Other insurance......................... 0Presents (birthday, christmas etc)...... 35Haircuts................................ 0Entertainment........................... 87 Swimming and choir subscriptions for me- both really good for my general well-being.Holiday................................. 65Emergency fund.......................... 50Charity................................. 30[b] Small donations to a few charities I care about plus family National Trust membershipTotal monthly expenses.................. 1386[/b][b]Assets[/b]Cash.................................... 0House value (Gross)..................... 200000Shares and bonds........................ 0Car(s).................................. 3000Other assets............................ 0[b]Total Assets............................ 203000[/b][b]No Secured nor Hire Purchase Debts[/b][b]Unsecured Debts[/b]Description....................Debt......Monthly...APROverdraft......................2000......0.........39.49[b]Total unsecured debts..........2000......0.........- [/b][b]Monthly Budget Summary[/b]Total monthly income.................... 1,678Expenses (including HP & secured debts). 1,386Available for debt repayments........... 292Monthly UNsecured debt repayments....... 0[b]Amount left after debt repayments....... 292[/b][b]Personal Balance Sheet Summary[/b]Total assets (things you own)........... 203,000Total HP & Secured debt................. -0Total Unsecured debt.................... -2,000[b]Net Assets.............................. 201,000[/b][i]Created using the SOA calculator at www.LemonFool.co.uk.Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]0
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HiAfdaff said:[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]Household Information[/b]Number of adults in household........... 1Number of children in household......... 1Number of cars owned.................... 1[b]Monthly Income Details[/b]Monthly income after tax................ 1283Partners monthly income after tax....... 0Benefits................................ 395Other income............................ 0[b]Total monthly income.................... 1678[/b][b]Monthly Expense Details[/b]Mortgage................................ 0Secured/HP loan repayments.............. 0Rent.................................... 0Management charge (leasehold property).. 0Council tax............................. 119Electricity............................. 41Gas..................................... 41Oil..................................... 0Water rates............................. 51 - Would it be cheaper to have a meter?Telephone (land line)................... 0Mobile phone............................ 22TV Licence.............................. 13Satellite/Cable TV...................... 0Internet Services....................... 32Groceries etc. ......................... 500 - Should be able to reduce thisClothing................................ 0Petrol/diesel........................... 100Road tax................................ 13Car Insurance........................... 43Car maintenance (including MOT)......... 25Car parking............................. 0Other travel............................ 0Childcare/nursery....................... 0Other child related expenses............ 86 - What is this for?Medical (prescriptions, dentist etc).... 20Pet insurance/vet bills................. 0Buildings insurance..................... 13 - Does this also include contents?Contents insurance...................... 0Life assurance ......................... 0Other insurance......................... 0Presents (birthday, christmas etc)...... 35Haircuts................................ 0Entertainment........................... 87Holiday................................. 65 - Do you actually save this?Emergency fund.......................... 50 - I guess you’re not currently saving this?Charity................................. 30[b] - Stop this until debt is paidTotal monthly expenses.................. 1386[/b][b]Assets[/b]Cash.................................... 0House value (Gross)..................... 200000Shares and bonds........................ 0Car(s).................................. 3000Other assets............................ 0[b]Total Assets............................ 203000[/b][b]No Secured nor Hire Purchase Debts[/b][b]Unsecured Debts[/b]Description....................Debt......Monthly...APROverdraft......................2000......0.........39.49[b] - Can you get a money transfer credit card to pay off the overdraft?Total unsecured debts..........2000......0.........- [/b][b]Monthly Budget Summary[/b]Total monthly income.................... 1,678Expenses (including HP & secured debts). 1,386Available for debt repayments........... 292Monthly UNsecured debt repayments....... 0[b]Amount left after debt repayments....... 292[/b][b]Personal Balance Sheet Summary[/b]Total assets (things you own)........... 203,000Total HP & Secured debt................. -0Total Unsecured debt.................... -2,000[b]Net Assets.............................. 201,000[/b][i]Created using the SOA calculator at www.LemonFool.co.uk.Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
I've made some comments above in your soa
You haven’t listed your debts to parents and teen
Could you get a 0% money transfer credit card to pay off your overdraft, would be much cheaper and stop you being in overdraft every month, just set up a direct debit to pay it off before the 0% ends
You can check your eligibility on the eligibility calculator on here
MFW 2025 #50: £1139.75/£600007/03/25: Mortgage: £67,000.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
27/12/24: Debt: £0 🥳😁
27/12/24: Savings: £12,000
07/03/25: Savings: £16,5000 -
Thanks for your comments. I was annotating it as you wrote and so have explained some of the questions. The water meter has long been on my mind as we’re not heavy consumers and have more bedrooms than people, so it should work out cheaper. I finally got round to making the appointment a while ago and it should be fitted next week.MFWannabe said:
HiAfdaff said:[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]Household Information[/b]Number of adults in household........... 1Number of children in household......... 1Number of cars owned.................... 1[b]Monthly Income Details[/b]Monthly income after tax................ 1283Partners monthly income after tax....... 0Benefits................................ 395Other income............................ 0[b]Total monthly income.................... 1678[/b][b]Monthly Expense Details[/b]Mortgage................................ 0Secured/HP loan repayments.............. 0Rent.................................... 0Management charge (leasehold property).. 0Council tax............................. 119Electricity............................. 41Gas..................................... 41Oil..................................... 0Water rates............................. 51 - Would it be cheaper to have a meter?Telephone (land line)................... 0Mobile phone............................ 22TV Licence.............................. 13Satellite/Cable TV...................... 0Internet Services....................... 32Groceries etc. ......................... 500 - Should be able to reduce thisClothing................................ 0Petrol/diesel........................... 100Road tax................................ 13Car Insurance........................... 43Car maintenance (including MOT)......... 25Car parking............................. 0Other travel............................ 0Childcare/nursery....................... 0Other child related expenses............ 86 - What is this for?Medical (prescriptions, dentist etc).... 20Pet insurance/vet bills................. 0Buildings insurance..................... 13 - Does this also include contents?Contents insurance...................... 0Life assurance ......................... 0Other insurance......................... 0Presents (birthday, christmas etc)...... 35Haircuts................................ 0Entertainment........................... 87Holiday................................. 65 - Do you actually save this?Emergency fund.......................... 50 - I guess you’re not currently saving this?Charity................................. 30[b] - Stop this until debt is paidTotal monthly expenses.................. 1386[/b][b]Assets[/b]Cash.................................... 0House value (Gross)..................... 200000Shares and bonds........................ 0Car(s).................................. 3000Other assets............................ 0[b]Total Assets............................ 203000[/b][b]No Secured nor Hire Purchase Debts[/b][b]Unsecured Debts[/b]Description....................Debt......Monthly...APROverdraft......................2000......0.........39.49[b] - Can you get a money transfer credit card to pay off the overdraft?Total unsecured debts..........2000......0.........- [/b][b]Monthly Budget Summary[/b]Total monthly income.................... 1,678Expenses (including HP & secured debts). 1,386Available for debt repayments........... 292Monthly UNsecured debt repayments....... 0[b]Amount left after debt repayments....... 292[/b][b]Personal Balance Sheet Summary[/b]Total assets (things you own)........... 203,000Total HP & Secured debt................. -0Total Unsecured debt.................... -2,000[b]Net Assets.............................. 201,000[/b][i]Created using the SOA calculator at www.LemonFool.co.uk.Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
I've made some comments above in your soa
You haven’t listed your debts to parents and teen
Could you get a 0% money transfer credit card to pay off your overdraft, would be much cheaper and stop you being in overdraft every month, just set up a direct debit to pay it off before the 0% ends
You can check your eligibility on the eligibility calculator on here
I’ve also been thinking for years about the 0% card route and I suspect it’s a good idea. I’ve not had anything like before so I find the prospect a little scary, but I think I just need to get on with it.Other progress I’ve made in the last month: reduced internet and breakdown cover (had let them run and was paying too much). Agreed a suspension on our swimming membership during July and August when we won’t be using the pool (it’s very small and gets too full during school holidays for me to cope with it). Made £117 so far from selling unwanted stuff from around the house. Monitoring bank balance and expenditure every day (have been known to go many months in denial before, so this is positive for me).3 -
Progress this week:
The water meter has been installed and I look forward to seeing how much we’ll be able to save there.
I noticed that my internet and phone company hadn’t actually processed the new contract and my bill was still for the previous higher amount. A phone call has sorted this out and got me a goodwill gesture payment as well as refund of the difference.
Additional income from selling some more bits from my decluttering and a few hours of additional hours at work.
I’ve looked at getting a money transfer card and I think I’m going to do it. Before applying though, I realised I hadn’t got ex taken off the joint account. I’ve now begun that process and once it’s done I’m going ahead with the application.
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Well done; that’s a fabulous start 👌MFW 2025 #50: £1139.75/£600007/03/25: Mortgage: £67,000.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
27/12/24: Debt: £0 🥳😁
27/12/24: Savings: £12,000
07/03/25: Savings: £16,5000 -
I’m continuing to note down everything I spend and track my bank balance each morning, and together with the additional income I’ve been able to raise, for the first time in forever I’m going to remain under £1000 into the overdraft this month, instead of frequently over £2000. I’ve not managed to get ex off joint account (email not arriving shenanigans) yet but it will be happening soon. I’m pretty proud of my progress though. I’ve also got teen child their first job, starting next week.1
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