My lightbulb moment

Etherelda

Hello everyone.

My current (and honest) SOA:
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 995
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 995

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 250
Management charge (leasehold flat)...... 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 180
Clothing................................ 30
Petrol/diesel........................... 195
Road tax................................ 17
Car Insurance........................... 51.5
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 55
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 10
Breakdown cover......................... 13
HP-Laptop............................... 43
Total monthly expenses.................. 934.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 900

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Mum- Car.......................650.......25........0
Tesco Mastercard...............2200......56........0
Virgin MBNA Mastercar..........2000......77........19.9
Egg Visa.......................600.......35........19.9
Total unsecured debts..........5450......193.......-

Monthly Budget Summary
Total monthly income.................... 995
Expenses (including secured debts)....... 934.5
Available for debt repayments........... 60.5
Monthly UNsecured debt repayments....... 193
Surplus(deficit if negative)............ -132.5

Personal Balance Sheet Summary
Total assets (things you own)........... 900
Total Secured debt...................... -0
Total Unsecured debt.................... -5,450
Personal net worth...................... -4,550

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


so, this SOA doesn't have the figures I'm providing for my DMP.

I'm cutting back entertainment, some on the groceries, must find a cheaper breakdown plan.

After these cutbacks i'll have £135 left for the creditors.

Basically I'm paying out £285 to run my car. I'm paying 28% of my wages, to get to work. This was the pinnicle of my lightbulb moment.

If I get the train to work (same time, less comfort), I will save myself £100 per month. I won't get rid of the car totally as it has changed my life (and my fad of finding great stuff on freecycle and the local tip)

but £100 per month cannot be sniffed at. Another benefit is that the travel to work scheme offers an interest free purchase for season tickets and a 10% refund. Thats nearly £9 per month back.

I've downgraded my contact lens DD- I'll have to save them for more special occasions and make do with my specs.

I've saved money and weight (a stone) by taking meals into work (or cheap soup). I'm hoping I'm getting the hang of not spending.

Can anyone recommend any challenges or other threads? Its gonna take me weeks to find my way though everything!

mum2one

Etherelda wrote: »

Hello everyone.

My current (and honest) SOA:
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 995
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 995

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 250
Management charge (leasehold flat)...... 0
Council tax............................. 0
do you not pay council tax
Electricity............................. 0
same question
Gas..................................... 0
same question
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
could you not get a combined package telephone / internet
Mobile phone............................ 20
is that contract or pay and go
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 180
is that for one person, may be worth shopping lists, also look at old style boards
Clothing................................ 30
Petrol/diesel........................... 195
Road tax................................ 17
Car Insurance........................... 51.5
do you drive high risk car, are you a young driver, seems v expensive
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 5
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 55
if you need more than think 6 items over 4 months would you be better buying a prepayment card, and bilking up ur prescriptions b4 the end of the 4 mth period, then you can have a month free
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
you need to account for presents, even if its only £10
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 10
Breakdown cover......................... 13
HP-Laptop............................... 43
is that on payment scheme, seems v expensive
Total monthly expenses.................. 934.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 900
Other assets............................ 0
Total Assets............................ 900

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Mum- Car.......................650.......25........0
Tesco Mastercard...............2200......56........0
Virgin MBNA Mastercar..........2000......77........19.9
Egg Visa.......................600.......35........19.9
Total unsecured debts..........5450......193.......-

Monthly Budget Summary
Total monthly income.................... 995
Expenses (including secured debts)....... 934.5
Available for debt repayments........... 60.5
Monthly UNsecured debt repayments....... 193
Surplus(deficit if negative)............ -132.5

Personal Balance Sheet Summary
Total assets (things you own)........... 900
Total Secured debt...................... -0
Total Unsecured debt.................... -5,450
Personal net worth...................... -4,550

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


so, this SOA doesn't have the figures I'm providing for my DMP.

I'm cutting back entertainment, some on the groceries, must find a cheaper breakdown plan.

Try going through cash back sites, quidco, greasy palm
After these cutbacks i'll have £135 left for the creditors.

Basically I'm paying out £285 to run my car. I'm paying 28% of my wages, to get to work. This was the pinnicle of my lightbulb moment.

If I get the train to work (same time, less comfort), I will save myself £100 per month. I won't get rid of the car totally as it has changed my life (and my fad of finding great stuff on freecycle and the local tip)

but £100 per month cannot be sniffed at. Another benefit is that the travel to work scheme offers an interest free purchase for season tickets and a 10% refund. Thats nearly £9 per month back.

I've downgraded my contact lens DD- I'll have to save them for more special occasions and make do with my specs. -keep your annual check up with opticians you can get contact lenses from the net lot cheaper, i use to do that

I've saved money and weight (a stone)well done by taking meals into work (or cheap soup). I'm hoping I'm getting the hang of not spending.

Can anyone recommend any challenges or other threads? Its gonna take me weeks to find my way though everything!

Ive put my thoughts in red, theres bound to be someone with more experience than me.

I would look at cash back sites, also daily click sites, make a few quid here and there, pm me if you want a list of the sites I use.

Look at quidco for cash back re breakdown.

try the old style boards for meal ideas, bulk bake etc.

keep a spending diary, list everything,

You've made the 1st positive step by coming on here, the saves I made and the info re cash backsites I cant thank people enough on here.

I think of other mse'rs not as strangers, but friends i have not met yet. x

Tustastic

Hi Etherelda, well done for posting your SOA and welcome to DFW
I know very little about DMPs so have little to suggest on that score.
Well done for realising you need to use public transport in future.
Are you living at home, as you pay no gas/electricity bills?
Any chance of a rent reduction/not paying for the landline?
How many people is £180 for groceries feeding?
Can you reduce the mobile phone bill by going PAYG?
If you're going to keep the car, can you get a better/cheaper insurance policy and get cashback through www.quidco.com?
Any chance of a promotion/overtime/second job/other earnings?
Anything you can sell on eBay/Amazon?
Oh and well done on losing a stone - wish I could!
Good luck and do keep posting.

dawnybabes

On Cashback kings at the mo there is RAC Cover for £33 and you get £35 back !

If you look on the referrers board on here there is a list of people waiting to be referred (For every 2 referrals you get £5)

Etherelda

Hi again,

thanks for your feedback. Makes me realise I still have far to go! But all good,

I'm going to scrap my specsavers DD for contacts, theres no contract so thats easy.

I'm going to ask RAC if there are penalties to quiting DD.

I don't pay council tax or utility bills, its included in my rent. My rent is cheap. I live with my partner, he sorts that out. Although in terms of my DMP I'm a lodger in the house. Our finances are kept totally separate- He is already subsidising the rent and bills for me.

I do pay for 3 month prescription certificates. I know the DD could be cheaper in the long run, but I'm hoping not to be ill for much longer (she says, touchwood). The other cost is contact lenses (which I can reduce), dentist emergencies and gym costs.

My gym use is a GP and physio referral scheme, for my back injury. Its a rehabilitation program run in partnership with the local community gym. Its £2 per session PAYG, and max 25 sessions. So I'm hoping I can argue its a genuine medical expense. I have the referral letters for proof.

Once my 25 sessions run out, I'm going to make the most of free swimming at the local pool I get as a work perk.

My housekeeping/groceries is quite high, it is coming down. The SOA above is a reflection of before I started being strict with myself.

One really handy thing I have on my mobile is a spendometer.

http://www.spendometer.co.uk/ through the credit action charity.

Its good when going out for a day, or totting up totals in the supermarket, but for my spending diary, I'm going to be retro and use good old fashioned notepad and pen, and then type that up to my budget spreadsheet.

My phone land line mobile and broadband is high. I'm 3 months into an orange 18 month contract. It costs about £50 per month, with free broadband and landline calls. So still expensive. My carphonewarehouse mobile insurance lapsed though bounced payment so I've got a cheaper rate elsewhere, but I'm going to see what I can do about ending my orange contract. I ballsed up my payments to orange, they barred calls from my sim, and put me on a payment plan. In that time, I got a PAYG 3 sim, and have found that to be much cheaper. So I need to investigate how I can cancel my orange contract. If at all? Landline BT line rental is paid by OH, and the price has come down since we've been using the VOIP phone.

No chance of me doing extra hours or extra part time job at the mo, because of my back injury.

A few months ago, I sold all my uni textbooks on Amazon and made about £130. I still have a few more to sell, and I put those on yesterday. I have a mobile phone to sell. Did consider my motorbike, but Dad won't let me as he gave it to me and therefore wants it back now.

Just thinking what else I can sell. I know my friend buys stacks of old magazines at a local auction house, and sells them on ebay, makes a fair few bob out of it, he's stopped at the mo due to work pressures, I'm sure he won't mind if I do it for him for a share of the profit? I'm thinking what else I can sell apart from myself!?

Car insurance is high, but it is my first policy, I am 24 and have been driving for a year. I benefitted from a years no claims with direct line on my dads policy, which brought the cost down. Most quotes were coming in at 700ish. I haggled and searched high and low, I know its the cheapest I could get. Its how I found MSE, which has to be a good thing!

IWantToBeFree_2

Check out the things you never thought you could sell thread for ideas on what you could put on ebay....