Finally: My SOA

payingfornowt

I have taken a while to do this because I have been keeping a spending diary
to see where it all goes, plus this makesenseofcards soa generator is really good.
The £425 per month for rent includes bills for both
my partner and I, I am due to take control of the joint acc so
fingers crossed I can shave a few quid off this. I have been facing up to my
debts for a few months now and I just cannot see any light at the
end of the tunnel.Please please please have a pick through and make comments, I do have
thick skin so say what you see. Statement of Affairs and Personal Balance Sheet

Monthly Budget Summary
Total monthly income.................... 1701
Expenses (including secure debts)....... 1152
Available for debt repayments........... 549
Monthly UNsecured debt repayments....... 366
Surplus(deficit if negative)............ 183

Personal Balance Sheet Summary
Total assets (things you own)........... 1500
(Assets less secured debt).............. 1500
Total liabilities(what you owe)......... 14754
Personal net worth...................... -13254

Monthly Income Details
Monthly income after tax................ 1701
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1701

Monthly Expense Details
Mortgage................................ 0
Secure loan repayments.................. 0
Rent.................................... 425
Management charge (leasehold flat)...... 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100
Clothing................................ 10
Haircuts................................ 10
Entertainment........................... 100
Petrol/diesel........................... 120
Road tax................................ 17
Car Insurance........................... 45
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Holiday................................. 100
Emergency fund.......................... 100
Total monthly expenses.................. 1152

Secure Debts
Description.................Debt...Monthly...APR
Mortgage....................0..(0)....N/A
Total secured debts.........0....N/A.....N/A

Unsecured Debts
Description.................Debt...Monthly...APR
HBOS Loan...................8904.....266.....9
Tesco CC....................3400.....100.....19
Mum Loan....................300.....0.....0
RBS Overdraft...............1000.....0.....5
Dad Loan....................1150.....0.....0
Total unsecured debts.......14754...366....N/A

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

bluezone

At first glance I am very impressed with you SOA. You dont seem to be lavish with anything and obviously see that you have had to make cutbacks to achieve your goal.

Someone else might see something to cut back on but I cant at the moment - will have a more in depth look later

Lizalu

Hi, this is really a bump for the more knowledgeable but a couple of things do jump out...
£100 a month groceries, is this £100 from each of you? if so could be halved using clever meal planning and shopping.

£100 emergency fund - how much is in this and could you cut it down for a while and throw the excess at your debts?
I guess the same could be said for the entertainment spending.

Other than that your car insurance is quite high, have you looked around for cheaper quotes? And your petrol, do you need to drive around so much - no public transport?

Anyways, best of luck x

floss2

payingfornowt wrote: »

I have taken a while to do this because I have been keeping a spending diary
to see where it all goes, plus this makesenseofcards soa generator is really good.
The £425 per month for rent includes bills for both
my partner and I, I am due to take control of the joint acc so
fingers crossed I can shave a few quid off this. I have been facing up to my
debts for a few months now and I just cannot see any light at the
end of the tunnel.Please please please have a pick through and make comments, I do have
thick skin so say what you see. Statement of Affairs and Personal Balance Sheet

Monthly Budget Summary
Total monthly income.................... 1701
Expenses (including secure debts)....... 1152
Available for debt repayments........... 549
Monthly UNsecured debt repayments....... 366
Surplus(deficit if negative)............ 183

Personal Balance Sheet Summary
Total assets (things you own)........... 1500
(Assets less secured debt).............. 1500
Total liabilities(what you owe)......... 14754
Personal net worth...................... -13254

Monthly Income Details
Monthly income after tax................ 1701
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1701

Monthly Expense Details
Mortgage................................ 0
Secure loan repayments.................. 0
Rent.................................... 425
Management charge (leasehold flat)...... 0
Council tax............................. 0 No council tax?
Electricity............................. 0 No electric?
Gas..................................... 0 no gas?
Oil..................................... 0
Water rates............................. 0 No water bill?
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0 No TV?
Satellite/Cable TV...................... 0
Internet Services....................... 0No internet?
Groceries etc. ......................... 100 is this each or for 2 of you?
Clothing................................ 10
Haircuts................................ 10
Entertainment........................... 100 Sorry, but this is a bit high
Petrol/diesel........................... 120
Road tax................................ 17
Car Insurance........................... 45
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 You should really have contents insurance
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 £600 a year? Half it & pay off your mum's loan
Holiday................................. 100 That is a bit high - can you reduce this & pay off your Dad's loan?
Emergency fund.......................... 100
Total monthly expenses.................. 1152

Secure Debts
Description.................Debt...Monthly...APR
Mortgage....................0..(0)....N/A
Total secured debts.........0....N/A.....N/A

Unsecured Debts
Description.................Debt...Monthly...APR
HBOS Loan...................8904.....266.....9
Tesco CC....................3400.....100.....19
Mum Loan....................300.....0.....0
RBS Overdraft...............1000.....0.....5
Dad Loan....................1150.....0.....0
Total unsecured debts.......14754...366....N/A

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Ok, sorry if I have misunderstood, but how come you don't pay any utility bills or Council tax?

Cleosmum

Entertainment........................... 100
Petrol/diesel........................... 120
Presents (birthday, christmas etc)...... 50
Holiday................................. 100
Emergency fund.......................... 100

Above are the ones I would cut down on. How much is currently in the emergency fund? What emergencies are you anticipating?

payingfornowt

Thank you so much....

Floss2, Thanks. Contents insurance, utility bills, council tax & tv are all from the £425 rent with my OH, hopefully going to cut this down but Ill have to go over the statements.

Cleosmum, thanks again, the emergency fund is really my extra debt pay off fund, the way I see it I am losing about 10-15% pa intrest doing it this way but it gives me the ability to move money as and when I need it, for example unexpected car bills.

Holiday, is only for another 2 months then it goes into the Emergency/Debt fund, I agreed to go abroad for a stag do last year, on the positive it will be the first EVER holiday without credit.

Entertainment includes football & cricket subs, maybe 1 cinema night, a couple of dvd nights in, the odd meal out. And of course I like the odd beer with my friends. I have really been trying to cut back here (I think this was the source of my debt) but I cant see how I could go lower than £100.... am I just being a big jessie who needs my luxuries?

Food, this is probably about 70% (supposed to be 50/50) of the budget for the both of us. I think I could/should cut down here without wasting away.... anybody got some good ideas for a monthly planner?

Petrol, Is nescessary I'm afraid, my commute is a 50 mile round trip and I dont drive apart from to work (cycle everywhere). I have been thinking of changing for a motorcycle but that would be a large initial expense.

Thanks so much everybody, keep it coming, very useful.

floss2

payingfornowt wrote: »

Entertainment includes football & cricket subs, maybe 1 cinema night, a couple of dvd nights in, the odd meal out. And of course I like the odd beer with my friends. I have really been trying to cut back here (I think this was the source of my debt) but I cant see how I could go lower than £100.... am I just being a big jessie who needs my luxuries?

Yep! Seriously, you could do with cutting back a bit, maybe drop the meals out & look for offers on DVD rentals (I use the Tesco service)

payingfornowt wrote: »

Food, this is probably about 70% (supposed to be 50/50) of the budget for the both of us. I think I could/should cut down here without wasting away.... anybody got some good ideas for a monthly planner?

Look on the Old Style board for help, also, try using what you have in the cupboards & freezer and plan meals using those ingredients, buying only what you NEED to make a meal.

payingfornowt

Thanks floss2,

I needed to hear that, I will try and cut it down.

I really enjoy my football & cricket and that comes to around £50 per month over the year.

I think the food thing really needs consideration, thinking of upping mine and OH’s rent and getting it from the joint account then I will not be tempted to buy chocolate & crisps which is a waste.

I need to take control of our Joint Acc, I think we over spend there….. I will probably break this down further once I have statements and internet banking, I always let OH look after this but she is happy for me to do it.

Anybody have any ideas of living averages for 2 adults? We both pay £425 into the joint acc, our rent is £550 and the rest is council tax, tv, phone, broadband, heating, water, insurance…… I have just let OH tag on some sofa finance to this (well I sit on it too!). Anybody else in a similar position.

RAS

So you realy need to know what that £400 is doing each month, as this is where you could make major savings. Do the comparion shopping and make sure you use www.quidco.com or anther cashback site when you swap.

payingfornowt

RAS wrote: »

So you realy need to know what that £400 is doing each month, as this is where you could make major savings. Do the comparion shopping and make sure you use www.quidco.com or anther cashback site when you swap.

Thanks RAS, Ive not used quidco yet, Ill give it a go.

ltm07

Mobile phone could do with trimming down. OH & I are with T-Mobile & very rarely go much over £20 a month. Good luck.