Young and had too much fun take 2!

siross2203

Hello all,

Couldn't find my original post but have updated my SOA for all to see.

any quick wins will be greatly appreciated:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1577
Partners monthly income after tax....... 1023
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2600

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 760
Management charge (leasehold property).. 0
Council tax............................. 91
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 12.5
Mobile phone............................ 76.99
TV Licence.............................. 11.29
Satellite/Cable TV...................... 37
Internet Services....................... 24.99
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 85
Car maintenance (including MOT)......... 20
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...................... 6.48
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Gym..................................... 64.99
Tesco DVD............................... 11.97
Total monthly expenses.................. 1472.21

Assets
Cash.................................... 400
House value (Gross)..................... 0
Shares and bonds........................ 380
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 5280

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin CC......................400.......25........0
HSBC Overdraft.................983.......15........19
Dad Loan.......................9800......167.......0
Total unsecured debts..........11183......207........-

Monthly Budget Summary
Total monthly income.................... 2,600
Expenses (including secured debts)....... 1,472.21
Available for debt repayments........... 1,127.79
Monthly UNsecured debt repayments....... 207
Surplus(deficit if negative)............ 920.79

Personal Balance Sheet Summary
Total assets (things you own)........... 5,280
Total Secured debt...................... -0
Total Unsecured debt.................... -11,183
Net Assets.............................. -5,903

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

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

poorandindenial

Hi Siross

I think there might be a typo on the SOA, the total debt in your siggy says £12k but the amount on the SOA is £1383

Back in a bit with SOA suggestions and I'll track down your earlier post and link to that too

Here is the link to your original thread: http://forums.moneysavingexpert.com/showthread.html?t=976763

(I knew I had met you before, hello again)

siross2203

i forgot to add in the debt i have from the loan from my dad, i have added this in and updated (hopefully)

poorandindenial

Ta love

I did just have a qucik recce through your old thread to remind myslef and I saw that you are a cinema fan, if you get a PAYG free sim card (get it through pigsback or quidco to get points/£ too) from orange then you only need to register it and I think maybe send a text then you can get Orange Wednesday 2 for 1 cinema (although I think you might be able to register online so that they send you the codes with out you making any outlay - can you tell it has been ages since I used it - lol).

poorandindenial

siross2203 wrote: »

Hello all,

Couldn't find my original post but have updated my SOA for all to see.

any quick wins will be greatly appreciated:

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1577
Partners monthly income after tax....... 1023
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2600

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 760
Management charge (leasehold property).. 0
Council tax............................. 91
Electricity............................. 25
Gas..................................... 25
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 12.5
Mobile phone............................ 76.99 have you tried renegotiating the contract down on this, even if you got it to a £50 contract that would be an extra £300 a year
TV Licence.............................. 11.29
Satellite/Cable TV...................... 37 (get broadband included in this and then ditch your existing broadband - I know this was suggested before but I can't rmeember what you said about it)
Internet Services....................... 24.99
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 85
Car maintenance (including MOT)......... 20
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...................... 6.48
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Gym..................................... 64.99 (how much do you use this? could it go for a few months or do you use it loads/are you tied in?)
Tesco DVD............................... 11.97
Total monthly expenses.................. 1472.21

Assets
Cash.................................... 400
House value (Gross)..................... 0
Shares and bonds........................ 380
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 5280

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin CC......................400.......25........0
HSBC Overdraft.................983.......15........19
Dad Loan.......................9800......167.......0
Total unsecured debts..........11183......207........-

Monthly Budget Summary
Total monthly income.................... 2,600
Expenses (including secured debts)....... 1,472.21
Available for debt repayments........... 1,127.79
Monthly UNsecured debt repayments....... 207
Surplus(deficit if negative)............ 920.79

Personal Balance Sheet Summary
Total assets (things you own)........... 5,280
Total Secured debt...................... -0
Total Unsecured debt.................... -11,183
Net Assets.............................. -5,903

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

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

Right, you have a surplus so you should be able to kill thes off pretty quickly. Even if you put £700 of your £920 towards your debts (assuming that £220 is going out money) then you should be able to clear the overdraft and credit card in 2 months, then you can throw this at the loan your dad gave you and get that cleared in less than a year.

I guess the only question is how much you are willing to compromise your lifestyle. The snowball calculator at https://www.whatsthecost.com lets you play with monthly payments and see how long it will take to pay the debt off.

Karmacat

Hi siross

It occurs to me, the soa shows a surplus, but do you have a surplus at the end of the month? If not, you need to keep a spending diary, so that you know the extras that you're spending on.

Good luck!