Help I could do with some advice to calm me down!

bigbeff

Below is my SOA - I am panicking because I suddenly feel like I am spiralling out of control with my spending, not quite the case but I could do with some advice on how to save money. Help will be appreciated or ideas on how to save. Think I have done this rightStatement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1286
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1286

Monthly Expense Details
Mortgage................................ 612
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 91
Electricity............................. 29
Gas..................................... 0
Oil..................................... 0
Water rates............................. 9.5
Telephone (land line)................... 13
Mobile phone............................ 25
TV Licence.............................. 11.29
Satellite/Cable TV...................... 0
Internet Services....................... 17.99
Groceries etc. ......................... 80
Clothing................................ 25
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 25
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..................... 20
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1178.78

Assets
Cash.................................... 0
House value (Gross)..................... 158000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 159000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 129000...(612)......5.69
Total secured debts........... 129000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................1130......0.........18
Credit card....................1034......0.........0
Total unsecured debts..........2164......0.........-

Monthly Budget Summary
Total monthly income.................... 1,286
Expenses (including secured debts)....... 1,178.78
Available for debt repayments........... 107.22
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 107.22

Personal Balance Sheet Summary
Total assets (things you own)........... 159,000
Total Secured debt...................... -129,000
Total Unsecured debt.................... -2,164
Personal net worth...................... 27,836

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

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skint_spice

Hi Beff, don't you need to pay anything to the second credit card? It looks quite healthy, if you cut back a bit on entertainment and clothes it'll be gone in no time.

dancingfairy

Hi, here are my comments
Monthly Expense Details
Mortgage................................ 612
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 91 can you spread this over 12 months to help with budgetting?
Electricity............................. 29
Gas..................................... 0
Oil..................................... 0
Water rates............................. 9.5
Telephone (land line)................... 13
Mobile phone............................ 25 how many minutes and texts? could maybe lowere to £20?
TV Licence.............................. 11.29
Satellite/Cable TV...................... 0
Internet Services....................... 17.99
Groceries etc. ......................... 80
Clothing................................ 25
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 25
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..................... 20
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 could you cut this back a bit - buy presents in the sales etc and save in a box till birthdays?
Haircuts................................ 20
Entertainment........................... 100 this is the only place I can see you can really cut back a bit
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1178.78

You should have £107 spare a month to pay off your credit cards. How come you are not making any payments to the one with 18% apr?
Have you done a spending diary to find out where your money is going?
Have you looked into paperless billing for phone and internet- might save a little there?

bigbeff

Oops monthly payments on credit card are about £30 each - one of them is 0% interest for next 11months

bigbeff

Thanks for the advice - I have paid a bit off...but I am not sure where that 107 is going. I will try keep a spending diary for a month and see.

barshamhillbilly

Hi Bigbeff,
Just an observation but you have car tax and insurance but nothing in the budget for maintenance and MOT.


BHB

bigbeff

Thats because i got confused! I don't pay a monthly amount, I oay it as and when i need to. Car has served me well this year, I have only had to pay for MOT

Bismarck

congratulations for realising the issue at such an early stage...the debt may seem a lot to you but it has a way of growing like you wouldn't believe unless you take the action you need to take soon.

So. you're actually in not to bad a state....as Sir Alan Sugar said last night on TV; you've just got to tighten your belt a bit! For a start your internet services could be cheaper - maybe you could combine it with the phone services!

Deep_In_Debt

Gosh! Your water is cheap!! I'm a single person and have a water meter and even mine is £12.00 pm. How did you manage to get it so cheap?

Could you cut your entertainment allowance back?

beanielou

As you say just cut down on entertainment a wee bit.
How about a wee part time job to boost your income for a few months so you can get the 18%apr card down?

bigbeff

Deep_In_Debt wrote: »

Gosh! Your water is cheap!! I'm a single person and have a water meter and even mine is £12.00 pm. How did you manage to get it so cheap?

Could you cut your entertainment allowance back?

I have it on a meter - was paying £22 a month originally, and they just cut it down because my water was in credit! I've only been here since Aug and was £73 in credit...still am in fact, maybe they will give that back!! I'm single person living alone too.