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New here, desperate to get out of debt
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I don't think it's necessary to have a combined SOA, but it is simpler and if you are having a baby together, presumably your finances will become more entwined, particularly with her having a period of time on reduced pay during maternity leave.
What is definitely necessary is for your SOA to accurately reflect your spend - this means going through your bank statements for the last 3-12 months and putting every spend in. If it was cash and you can't remember what it was for, create a new category called misc cash (but start keeping track of this.) Knowing what you spend on is the first step to getting spend and debt under control.Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.0 -
thank you all so very much, I am so grateful for your advice and input. The general consensus seems to be that my SOA is far from accurate (I think it is a budget that makes me feel good when I do it, but fails every single month so I am starting to realise I am living in a dream world!)
I am in the process of going through 6 months worth of statements in order to put together an accurate monthly budget, to try to get out of the credit card cycle. Will do this then update again.
Thanks againStarting debt June 2024 - £19,294.53
Dec 2024 - £12,321.17
Jan 2025 - £11,487.28
April 2025 - £9319.183 -
greenglove said:thank you all so very much, I am so grateful for your advice and input. The general consensus seems to be that my SOA is far from accurate (I think it is a budget that makes me feel good when I do it, but fails every single month so I am starting to realise I am living in a dream world!)
I am in the process of going through 6 months worth of statements in order to put together an accurate monthly budget, to try to get out of the credit card cycle. Will do this then update again.
Thanks again
If you are going to do six months of accounts, try to recall any unusual large spends in the other six months eg holidays, Christmas spend, other half birthday month and include those as well. It's not super important, as you can add these as you go through the next six months, but the more knowledge you have, the better.Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.1 -
It’s a work in progress.
For example, if you asked, I would have said I spend very little on clothes. Then I checked and realised my charity shop habit was a lot worse than I thought it was. Plus, my rather more expensive walking gear that I decided to treat myself to because was in the sale and “it was a bargain.”
Which is when I realised that the amount I spend on “bargains” is ridiculous.All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.1 -
please see my revised SOA below. Sadly with all of the numbers crunched, I am left with nothing! With Christmas around the corner, a baby due in April and upcoming mat leave, this makes me very nervous to see it all typed out. Any advice really welcome, again I am so grateful.
I have left out my partners income and expenditure because we are paying off debts separately for now. Once I get mine paid off I will plan to redo a SOA and help her to clear hers.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household 2
Number of children in household 0 (baby due April 2024)
Number of cars owned 0
Monthly Income Details
Monthly income after tax 3124
Partners monthly income after tax -
Benefits 0
Other income 0
Total monthly income 3124
Monthly Expense Details
Mortgage 0
Secured/HP loan repayments 0
Rent 1000
Management charge (leasehold property) 0
Council tax 103.5
Electricity 35.34
Gas 26.75
Water rates 19
Telephone (land line) 0
Mobile phone 16.18
TV Licence 7.5
Satellite/Cable TV 0
Internet Services 16.5
Groceries, takeaways 125 (we are going to aim for £250 total per month instead of previous £150 which we were constantly over-budget on)
Clothing 0 (I am spending nothing on clothing at present)
Other travel 125 (I am trying to cycle for commuting to save on this, but £50 was unrealistic)
Medical (prescriptions, dentist etc) 5
Pet insurance/vet bills 19.13
Pet food 8
Contents insurance 7.66
Other insurance 6.64
Entertainment 150
Emergency fund 5
Nursing fees 30.32
Apple storage 2.99
Spotify 11.99
Extra paid towards joint account 225
Total monthly expenses 1946.50
Unsecured Debts
Description
Debt
Monthly payment
APR
Abound loan
6004.64
622
12.2
Plata loan
1349.87
260.90
34.9
Halifax CC
1970.48
50
0 until August 2025
Family member credit card
2760
150
0 until August 2025
Tesco credit card
1140.96
90
28.94
Total unsecured debts 13225.95
Monthly payments 1172.90
Monthly Budget Summary
Total monthly income 3,124
Expenses 1946.50
Available for debt repayments 1177.50
Monthly UNsecured debt repayments 1172.90
Amount left after debt repayments 4.60
Total Unsecured debt -13,225.95
Net Assets -13,225.95
Starting debt June 2024 - £19,294.53
Dec 2024 - £12,321.17
Jan 2025 - £11,487.28
April 2025 - £9319.180 -
I’m a little bit confused still about what the joint account is for because if you’re paying your share of all the bills anyway and those are all covered earlier in your SOA then what is the money going into the joint account paying for?All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.0 -
elsien said:It’s a work in progress.
For example, if you asked, I would have said I spend very little on clothes. Then I checked and realised my charity shop habit was a lot worse than I thought it was. Plus, my rather more expensive walking gear that I decided to treat myself to because was in the sale and “it was a bargain.”
Which is when I realised that the amount I spend on “bargains” is ridiculous.Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.0 -
elsien said:I’m a little bit confused still about what the joint account is for because if you’re paying your share of all the bills anyway and those are all covered earlier in your SOA then what is the money going into the joint account paying for?Starting debt June 2024 - £19,294.53
Dec 2024 - £12,321.17
Jan 2025 - £11,487.28
April 2025 - £9319.181 -
Will your partner still be able to pay that when she starts maternity leave ?Sealed pot challenge 822
Jan - £176.66 :j0 -
greenglove said:please see my revised SOA below. Sadly with all of the numbers crunched, I am left with nothing! With Christmas around the corner, a baby due in April and upcoming mat leave, this makes me very nervous to see it all typed out. Any advice really welcome, again I am so grateful.
I have left out my partners income and expenditure because we are paying off debts separately for now. Once I get mine paid off I will plan to redo a SOA and help her to clear hers.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household 2
Number of children in household 0 (baby due April 2024)
Number of cars owned 0
Monthly Income Details
Monthly income after tax 3124
Partners monthly income after tax -
Benefits 0
Other income 0
Total monthly income 3124
Monthly Expense Details
Mortgage 0
Secured/HP loan repayments 0
Rent 1000
Management charge (leasehold property) 0
Council tax 103.5
Electricity 35.34
Gas 26.75
Water rates 19
Telephone (land line) 0
Mobile phone 16.18
TV Licence 7.5
Satellite/Cable TV 0
Internet Services 16.5
Groceries, takeaways 125 (we are going to aim for £250 total per month instead of previous £150 which we were constantly over-budget on)
Clothing 0 (I am spending nothing on clothing at present)
Other travel 125 (I am trying to cycle for commuting to save on this, but £50 was unrealistic)
Medical (prescriptions, dentist etc) 5
Pet insurance/vet bills 19.13
Pet food 8
Contents insurance 7.66
Other insurance 6.64
Entertainment 150
Emergency fund 5
Nursing fees 30.32
Apple storage 2.99
Spotify 11.99
Extra paid towards joint account 225
Total monthly expenses 1946.50
Unsecured Debts
Description
Debt
Monthly payment
APR
Abound loan
6004.64
622
12.2
Plata loan
1349.87
260.90
34.9
Halifax CC
1970.48
50
0 until August 2025
Family member credit card
2760
150
0 until August 2025
Tesco credit card
1140.96
90
28.94
Total unsecured debts 13225.95
Monthly payments 1172.90
Monthly Budget Summary
Total monthly income 3,124
Expenses 1946.50
Available for debt repayments 1177.50
Monthly UNsecured debt repayments 1172.90
Amount left after debt repayments 4.60
Total Unsecured debt -13,225.95
Net Assets -13,225.95
It feels like you are verging on not having enough to service your debts and living if you are giving that £225 to your partner to help pay her debts. And if you are just paying the minimums and not the debt capital, then there's a high chance that your debt will increase.
What is your actual spend on groceries and takeaways (as two separate numbers) rather than your intended budget? Are any other items on there an intended budget rather than a true reflection of your spend?Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.1
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