My SOA still need some help

28jess79

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 486
Management charge (leasehold flat)...... 56
Council tax............................. 92
Electricity............................. 110
Gas..................................... 0
Oil..................................... 0
Water rates............................. 11
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 220
Clothing................................ 30
Petrol/diesel........................... 200
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 10
Car parking............................. 27.5
Other travel............................ 11
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 43
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 30
Total monthly expenses.................. 1488.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly. ..APR
loan...........................6000......175..... ..0
Finance........................4000......156..... ..0
credti cards...................3300......150.......0
Total unsecured debts..........13300.....481.......-

Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including secured debts)....... 1,488.5
Available for debt repayments........... -238.5
Monthly UNsecured debt repayments....... 481
Surplus(deficit if negative)............ -719.5

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total Secured debt...................... -0



Total Unsecured debt.................... -13,300
Personal net worth...................... -9,300

Any suggestions welcomed. My car finance is 4000.00 and 156 per month its probably worth a little less. I could sell but how can i sell a car thats on finance without paying the finance off first. Also i collect my step children once a week its a 140 mil round trip i collect them sat and drop them off sun. Could i really do this in an old banger. Right now my cars a 53 plate and a toyota should last forever.

~Beanie~

28jess79 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 486
Management charge (leasehold flat)...... 56
Council tax............................. 92
Electricity............................. 110 - Wow, that's high! Can you switch supplier?
Gas..................................... 0
Oil..................................... 0
Water rates............................. 11
Telephone (land line)................... 0
Mobile phone............................ 50 - can you reduce the tariff?
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 220 - How many is thsi feeding?
Clothing................................ 30
Petrol/diesel........................... 200
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 10
Car parking............................. 27.5
Other travel............................ 11
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 43
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 30 - you can't really afford this at the moment...
Total monthly expenses.................. 1488.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly. ..APR
loan...........................6000......175..... ..0
Finance........................4000......156..... ..0
credti cards...................3300......150.......0
Total unsecured debts..........13300.....481.......-

Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including secured debts)....... 1,488.5
Available for debt repayments........... -238.5
Monthly UNsecured debt repayments....... 481
Surplus(deficit if negative)............ -719.5

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total Secured debt...................... -0



Total Unsecured debt.................... -13,300
Personal net worth...................... -9,300

Any suggestions welcomed. My car finance is 4000.00 and 156 per month its probably worth a little less. I could sell but how can i sell a car thats on finance without paying the finance off first. Also i collect my step children once a week its a 140 mil round trip i collect them sat and drop them off sun. Could i really do this in an old banger. Right now my cars a 53 plate and a toyota should last forever.

How many people are you feeding with the grocery bedget? You should be able to shave some money off that. Also your electricity seems high, can you shop around for a cheaper deal?

Uniscots97

28jess79 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 486
Management charge (leasehold flat)...... 56
Council tax............................. 92 (are you claiming single person's discount?)
Electricity............................. 110 (seems very high, have you looked into switching?)
Gas..................................... 0
Oil..................................... 0
Water rates............................. 11
Telephone (land line)................... 0
Mobile phone............................ 50 (again high, can you switch to a lower tarrif or PAYG?)
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 220 (is this just for one person?, if so this could be cut by more than half)
Clothing................................ 30 (do you spend all of this? try charity shops, many have new items at a fraction of the store price)
Petrol/diesel........................... 200 (join petrolprices.com, keep tyres at optimum pressure, no excess weight in car like roof rack, walk for some of your journeys i.e. short trips)
Road tax................................ 10
Car Insurance........................... 40 (check through Quidco and you could get cashback and lower premium)
Car maintenance (including MOT)......... 10
Car parking............................. 27.5 (is there no where you can park for free even if it means a short walk?)
Other travel............................ 11 (what's this for?)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 43 (seems very high, check comparison websites and Quidco)
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 (what about making some presents and using Poundland etc, see celebrations board for ideas about cheap presents. This could be halved)
Haircuts................................ 20 (check out your local college, they cut hair very cheaply and are supervised at all times. This figure could be halved)
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 30 (have you got this saved somewhere? Could you use it to pay off a chunk of your debt?)
Total monthly expenses.................. 1488.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly. ..APR
loan...........................6000......175..... ..0
Finance........................4000......156..... ..0
credti cards...................3300......150.......0
Total unsecured debts..........13300.....481.......-

Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including secured debts)....... 1,488.5
Available for debt repayments........... -238.5
Monthly UNsecured debt repayments....... 481
Surplus(deficit if negative)............ -719.5

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total Secured debt...................... -0



Total Unsecured debt.................... -13,300
Personal net worth...................... -9,300

Any suggestions welcomed. My car finance is 4000.00 and 156 per month its probably worth a little less. I could sell but how can i sell a car thats on finance without paying the finance off first. Also i collect my step children once a week its a 140 mil round trip i collect them sat and drop them off sun. Could i really do this in an old banger. Right now my cars a 53 plate and a toyota should last forever.

Hi, have marked ideas and questions in red. Hope you don't think I'm being cheeky. Who are you feeding each month? Is it just you? The OS board is good for cheap meal ideas and meal planning.

28jess79

Hi
No problem its not cheeky at all. I have just changed car ins and it has gone down 20 per month (big accident 2 years ago) My mobile I dont have a home phone so use for internet etc well for everything. I cant afford the BT £125 installation charge. It is up for renewal in Sep and i will look at changing. I work in the City Centre 30 miles from home. The train fair is £5 per day and then would have to bus from to train from home. The 27.50 is the cheapest parking i can get. I basically park at homeones flat and pay them. I run my car on bio diesel at 90 pence per litre i cant get it any cheaper. The food is for myself, my other half who spends 2 days a week with me and my step children 2 days a week again but every school holiday. I will try and shave off. £60 per week is a lot but what can i do.
the hair cuts is a good idea and to be honest havent had it cut in ages anyway. The emergancy fund is for house repairs. Its a complicated story but i couldnt get a morgage and my mom remorgaged her house. So i pay a morgage that is in my moms name. It was the only way i could do it. So the property i pay rent on is mine. Anything goes wrong i pay for it. Hence the 40 life insurace. Its for 150k which my mom would need to pay her morgage off it includes critical health which is a must in my sit.
I have a messy situation at home. My boyfriend lives down south so he pays his bills there. I cant afford to travel to see him so he does to me. Hence him not contributing to food bill (his fuel bill is 60.00 a week) He cant sell his house so cant move (even tho he has a better paid job waiting for him here) My step children i couldnt live without seeing and i am the only mom they really have. I never buy clothes i cant afford to but yes i could cut this down. I have just claimed my morgage charges back 200 and asked council to re-band my home both sucess stories. Then my washing machine broke. My emergancy fund is the only way i can manage any problems. The electric is in arears. I owe them 300 if i could afford to would change suppliers.
Thanks again for your help x

MinniMe_2

Is it a possibility to ask the step children's father to contribute to petrol food costs?

IWantToBeFree_2

With regards to the installation fee for BT, they let you pay it in installments, that is what we are doing...

Our DD is £36 a month instead of £11 and once the installation fee is paid (after 5 months) it will drop back down to £11.

Maybe you could look into doing that, because £36 a month for a few months, plus a cheap PAYG phone will come in at less than £50 a month you are paying now.

Uniscots97

28jess79 wrote: »

Hi
No problem its not cheeky at all. I have just changed car ins and it has gone down 20 per month (big accident 2 years ago) My mobile I dont have a home phone so use for internet etc well for everything. I cant afford the BT £125 installation charge. It is up for renewal in Sep and i will look at changing. I work in the City Centre 30 miles from home. The train fair is £5 per day and then would have to bus from to train from home. The 27.50 is the cheapest parking i can get. I basically park at homeones flat and pay them. I run my car on bio diesel at 90 pence per litre i cant get it any cheaper. The food is for myself, my other half who spends 2 days a week with me and my step children 2 days a week again but every school holiday. I will try and shave off. £60 per week is a lot but what can i do.
the hair cuts is a good idea and to be honest havent had it cut in ages anyway. The emergancy fund is for house repairs. Its a complicated story but i couldnt get a morgage and my mom remorgaged her house. So i pay a morgage that is in my moms name. It was the only way i could do it. So the property i pay rent on is mine. Anything goes wrong i pay for it. Hence the 40 life insurace. Its for 150k which my mom would need to pay her morgage off it includes critical health which is a must in my sit.
I have a messy situation at home. My boyfriend lives down south so he pays his bills there. I cant afford to travel to see him so he does to me. Hence him not contributing to food bill (his fuel bill is 60.00 a week) He cant sell his house so cant move (even tho he has a better paid job waiting for him here) My step children i couldnt live without seeing and i am the only mom they really have. I never buy clothes i cant afford to but yes i could cut this down. I have just claimed my morgage charges back 200 and asked council to re-band my home both sucess stories. Then my washing machine broke. My emergancy fund is the only way i can manage any problems. The electric is in arears. I owe them 300 if i could afford to would change suppliers.
Thanks again for your help x

Jess, even though for part of the week you are feeding 4 people it doesn't have to be expensive. I have 2 step children too and don't give in to buying brand name crisps etc (I just put them in a bowl and they don't complain! ). I feed my OH, me and 2 kids (they're here half the week) and me the rest of the week on about 25 pounds a week. I would have been lost without the OS board and its given me some great recipes. Check out the "ways to save the pennies thread", its really good and has lots of good tips.

As for your car, keep your tyres to their correct pressures. If they're incorrect it can cut your mpg by upto 10%. Don't keep anything heavy in your car unless it really needs to be there as this affects the mpg too.

Can you get a part time job to bump up your income? Sign up for daily clicks (lots of threads about that on this board and up your income), sign up for mystery shopping thats good way to make a little extra, as well as ALL the survey sites (Ciao, Toluna, YouGov, ValuedOpinions etc). Some pay cash other pay out in vouchers which can be used for presents thus saving you the cash you're currently saving for presents.

GingerSte

Hi Jess79. My comments are in blue below.

28jess79 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1250 can you look at raising this? Maybe doing an evening/weekend job or lots of overtime? This would only be in the short term, until your situation improves.
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 486 This seems rather high for a single person (depending on where you are of course). Could you look at moving into cheaper accomodation once your rental period is finished?
Management charge (leasehold flat)...... 56
Council tax............................. 92 Make sure you claim your single person's discount (25%) or get your partner to pay their share.
Electricity............................. 110 Could you look at measures to save energy round the house (lowering the thermostat a touch, turning off TVs, videos etc when not in use, etc)?
Gas..................................... 0
Oil..................................... 0
Water rates............................. 11
Telephone (land line)................... 0
Mobile phone............................ 50 You could really do with reducing this. Look at what sort of calls are costing you the most money, and find out which tarriff/service provider can give you those calls the cheapest.
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 220 Like everyone else said, look at the Old Style board for ways to save on this.
Clothing................................ 30
Petrol/diesel........................... 200 Is there any way you can save on this? Would public transport be suitable for getting you to work?
Road tax................................ 10
Car Insurance........................... 40
Car maintenance (including MOT)......... 10
Car parking............................. 27.5 Again if you use public transport this will be reduced/elilminated.
Other travel............................ 11
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 43
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20 Could you go less often, or take unixgirluk's advice to check out a hairdressing college?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 30
Total monthly expenses.................. 1488.5

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly. ..APR
loan...........................6000......175..... ..0
Finance........................4000......156..... ..0
credti cards...................3300......150.......0
Total unsecured debts..........13300.....481.......-

Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including secured debts)....... 1,488.5
Available for debt repayments........... -238.5
Monthly UNsecured debt repayments....... 481
Surplus(deficit if negative)............ -719.5

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total Secured debt...................... -0



Total Unsecured debt.................... -13,300
Personal net worth...................... -9,300

cantcope

I agree with what the others have said about groceries. I live alone and have managed to get my groceries (including non food items) to £80 per month.
Are you signed up to pinecone? This helps out now and again by giving luncheon vouchers for each survey.

Also, what's your life assurance for? do you need it?

When is your contents insurance due for renewal? I just got mine through quidco, using churchill... i got £80 cashback for an £86 policy. Definitely worth using the cashback sites for things like that.

I'm sure others will be along too with the great advice they shared with me when i needed it.
Good luck x

dancingfairy

This might be a bit random but do you actually need a new BT line installed. We thought we would have to pay that when we rented a flat out but it turned out there was a BT line there already it just needed activating or something. Worth checking out?

cantcope

Forgot to add. I got BT line installed when i moved in April... i got half price installation for signing up for 18 months. Have a look on the telecoms board as i'm sure i saw a week later they were doing installations for £25 til end of June.