SOA for a small amount of debt

Svenena

Hi everyone!

I'm gonna post my SOA below. Although my debts might seem small compared with those of some people on here, for a full-time student they seem big! I've had a lot of stress caused by debts in the past, but now I've paid off most of the smaller ones (plus half of the biggest) and I have a regular income, things aren't so bad. But this site definitely helps me stay motivated, and hopefully doing this will allow me to keep track of my progress and stay on top of my affairs.
(NB - some of these values are approximations as I'm away from home at the moment and don't have my paperwork here)

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 717.11 Wow, I didn't realise it was this much! This includes my student loan, part-time job income and £100 a month from my mum.
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 717.11

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 217
Management charge (leasehold flat)...... 0
Council tax............................. 0 None because I'm a student
Electricity............................. 30 This includes all household bills and is a guess really. I share a house, so this is only a quarter of the bills.
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 100 Another guess. I'm going to start keeping track of all my spending, and try and reduce this.
Clothing................................ 20
Petrol/diesel........................... 60
Road tax................................ 0 My mum kindly paid this for the year
Car Insurance........................... 53 A lot I know, but 0 no claims, under 25 and parked on the road in a rough area
Car maintenance (including MOT)......... 0
Car parking............................. 4.17
Other travel............................ 0
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)...... 5
Haircuts................................ 6
Entertainment........................... 147
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 652.17

Assets
Cash.................................... 350
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 950
Other assets............................ 0
Total Assets............................ 1300

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................885.......17........0.1 I agreed a payment plan with Barclaycard a few years ago, so low repayments and interest
Barclays overdraft.............500.......11.5......0 I am charged £11.50 (it used to be a lot less) for an account with frills I do not use - will be downgrading as soon as I can clear my overdraft
Capital One....................75........0.........0Not sure of my min payment or the interest (high!) but I will clear this next week anyway
Lloyds TSB overdraft...........1480......0.........0 Student overdraft, interest free to 1500. Will be back within that next week.
Total unsecured debts..........1460......28.5......-

Monthly Budget Summary
Total monthly income.................... 717.11
Expenses (including secure debts)....... 652.17
Available for debt repayments........... 64.94
Monthly UNsecured debt repayments....... 28.5
Surplus(deficit if negative)............ 36.44

Personal Balance Sheet Summary
Total assets (things you own)........... 1,300
Total Secured debt...................... -0
Total Unsecured debt.................... -2,940
Personal net worth...................... -1,640

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

So that's a brief summary. I know my entertainment budget probably looks extortionate to some people! That includes £17 a month for the gym, which I think is a pretty good price, however I am going to freeze my membership for the time being and buy a workout DVD and if that works out for me, I'll cancel the membership. The rest of it goes on nights out, and the occasional takeaway. I'm a student so the nights out are obligatory! However I will try and cut down a little (I already spend less than most of my friends). I use a piggybanking techinque so I can't overspend on my weekly budget for groceries and going out.

I get the next installment of my student loan in just over a week and will get rid of my Barclays overdraft, and downgrade to a 'free' account. I'll also pay off Capital One. The rest will go in my Lloyds overdraft.

In about six weeks, the summer holidays start and I have a full-time temporary job lined up, and won't be running a car, so I hope to be a lot better off. I'll post a new SOA then, just so I can see how things are going. I started uni a year and a half ago just over £2000 in debt, and hope to clear that by the time I finish, and save a little as well. (I'll still have my student loan, but that's bearable as it can't go wildly out of control!)

I feel really good having posted this! Five years ago when I was being chased by all manner of debt collectors and couldn't meet my monthly repayments. I was so stressed about my debt, and it's really nice seeing how it's improved. This has a been a really long post - sorry if I've bored anyone, but even if no-one reads it, it was worth it for myself :rolleyes:

beanielou

Just wanted to say hi & welcome to MSE!

dancingfairy

Sounds like you're doing really well. Would suggest you try a spending diary and try and cut the food budget a bit if you can and maybe the entertainment. Is there anyone you can share food shopping with to take advantage of Buy One Get One Frees/Multipacks as well/ maybe get a big shop in and divide it up between you and get a taxi or use Tesco home shopping and use a coupon to save money on delivery.
P.S Don't forget to make the most of your Student discount card in every shop you can - always ask.