Hi have just done my soa

lincs1205

Hi, i work as a nurse so my monthly salary can alter from month to month. I havent included my capquest payment on here as it finishes this month. Also not on here is my union fee of 15.42 per month, my rent is going down to a 120 from next month am still living with my parents. I also go to exercise classes which are 25 a month, weightwatchers 17.95 a month, love film 12.99 a month am going to cancel from next month as don't use. Any advice on how to better manage my finances would be greatly received.:eek:
font=courier new]Statement of Affairs and Personal Balance Sheet


Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 170
Management charge (leasehold flat)...... 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 36.22
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 20
Clothing................................ 120
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 30.91
Car maintenance (including MOT)......... 0
Car parking............................. 0
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)...... 80
Haircuts................................ 26
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 633.13

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 10000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
black horse ...................8363......269.6.....13.55
capital 1......................1028......30.79.....24.5
natwest overdraft..............2000......50........17.8

viktory

A couple of things spring immediately to mind - you are spending way too much on clothes - £120 a month is not necessary. Haircuts at £26 is also very expensive. Is the car really worth £10k? If so, I would be tempted to sell it, buy a cheap runaround and clear some debts.

Edit: Sorry I would also like to say welcome to MSE!

MrsTinks

lincs1205 wrote: »

Hi, i work as a nurse so my monthly salary can alter from month to month. I havent included my capquest payment on here as it finishes this month. Also not on here is my union fee of 15.42 per month, my rent is going down to a 120 from next month am still living with my parents. I also go to exercise classes which are 25 a month, weightwatchers 17.95 a month, love film 12.99 a month am going to cancel from next month as don't use. Any advice on how to better manage my finances would be greatly received.:eek:
font=courier new]Statement of Affairs and Personal Balance Sheet


Monthly Income Details
Monthly income after tax................ 1400
Total monthly income.................... 1400

Monthly Expense Details
Rent.................................... 170 Lucky you! Is there any reason your parents are lowering your rent?
Mobile phone............................ 36.22 This seems very high... can you lower this?
Groceries etc. ......................... 20
Clothing................................ 120 HOW MUCH? This can definitely be reduced!
Petrol/diesel........................... 100 This seems a little high - how far are you driving each month?
Road tax................................ 0 I'm guessing you pay road tax?
Car Insurance........................... 30.91 Have you looked for a cheaper deal? See Martins article.
Car maintenance (including MOT)......... 0 Even if this is a new car then you will have some maintenance costs...
Car parking............................. 0
Presents (birthday, christmas etc)...... 80 This can definitely be reduced - have a look at the celebrations board.
Haircuts................................ 26 Can you reduce this? Maybe have it done a week or two further apart?
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 633.13

Assets
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 10000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
black horse ...................8363......269.6.....13.55
capital 1......................1028......30.79.....24.5
natwest overdraft..............2000......50........17.8

Have you tried to get 0% apr credit cards and balance transfer especially the capital one debt! 24.5% Yikes! Natwest overdraft would be good to reduce the APR on too.

As far as I can see you have nearly £250 extra to throw at debts at the end of each month without making any changes and not including your new reduced rent etc... where is this going at the moment? Try keeping a spending diary to see where it all goes...

Good luck!

RAS

Welcome

I have added in the UNion fees as they are a genuine expense.

Not sure about the other bills as I was not sure about your intentions.

You need to add your full car costs.

lincs1205 wrote: »

I also go to

exercise classes which are 25 a month,
weightwatchers 17.95 a month,
love film 12.99 a month

am going to cancel from next month as don't use.

Are you cancelling all three of these or just lovefilm?


Statement of Affairs and Personal Balance Sheet


Monthly Income Details
Monthly income after tax................ 1400
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 120
Management charge (leasehold flat)...... 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 36.22 - you can cut this
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 20 - do you parents pay your food costs?
Clothing................................ 120 - you can cut this massively
Petrol/diesel........................... 100
Road tax................................ 0 - you need to list the annual cost div by 12
Car Insurance........................... 30.91
Car maintenance (including MOT)......... 0 you need to list the annual cost div by 12
Car parking............................. 0
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
Union fee ..............................15.42
Presents (birthday, christmas etc)...... 80
Haircuts................................ 26
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 648.55

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 10000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
black horse ...................8363......269.6.....13.55
capital 1......................1028......30.79.....24.5
natwest overdraft..............2000......50........17.8
Total monthly cost .......................£350.39

All costs ............................................£998.94

So you have £400 per month to pay towards your debts? And there is a far bit of slack in the budget if you prune your clothing budget, which should cover the additional motoring costs and leave slack.

You could easily pay the £170 rent and still clear that horrendous Cap 1 debt off in three months. At that APR, your debt will increase rather than decrease if you make minimum payments.

MrsTinks

And if you have been spending £120 clothes each month you should have loads you can Ebay There are loads of Ebay challenges on the boards, why not join in one of them!

dancingfairy

well done on paying capquest off, now to tackle the others. Sounds like you are on the right track especially if that £600 spare in your budget is paying off the debt. Why are you not including union fees , weightwatchers and exercise classes not in your SOA - you should put them in to get a true picture. Your parents sound great reducing your rent and this should really help you pay off you debt and get back on your feet.

Burlesque_Babe

is £20 correct for your monthly grocery bill?

I would sell the car and buy something small but reliable for around £1500.

lincs1205

My current tariff is with o2 for 18 months have got until october its usually around 35 a month how do i go about reducing it. Sorry i think i misled with the 120 it was a ball park figure usually only spend about 40 to 50 although have lost two stone in the past couple of months so nothing fits. have sold quite a few dresses on ebay that i dont wear and made 33 pounds have also sold an old mobile phone for 22 pounds. Have applied for 0% balance transfer cards but have been rejected by all. would sell my car but have got finance on it worth 8000 cant afford to settle yet. Rent has been reduced as wanted to save up to move out but no chance. Parents buy groceries. am going to cancel love film only as don,t use it so therefore total waste of money i go to weightwatchers regularly and need to exercise otherwise this occupies my mind all the time.

MrsTinks

Ok... so is this another £8000 debt in addition to the other bits?
As you're a nurse can you take on any extra shifts? I know 2 nurses and both of them are on about how short staffed they are and how much extra overtime they have to do at the moment...

RAS

Or is it the Black Horse loan?

Eternal_Optimist

Hi Lincs :cheesy:
Your union fee seems very high Would it be possible to swap to a cheaper one like Unison, GMB etc?