£15,000 to 0

Silver_Queen · 30 December 2017 at 9:54AM

I thought I’d do a new SOA for my own reference and so that my financial situation can be easily understood.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1444.4
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1444.4

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400 includes most bills
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20 recently downgraded, 12 month contract - am kicking self for not going for the lower sim plan though!
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 75 roughly correct although sometimes we do spend a bit more.
Clothing................................ 20 not spent every month but sometimes I save it up to get a big thing that I want.
Petrol/diesel........................... 50 I don’t have a car anymore but the boyfriend usually comes to visit me so I contribute a little towards petrol. It’s usually around £30 a month but better to be safe than sorry
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 160
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)...... 62.5 16 people to buy for at Christmas but I usually only do birthday for my sisters and parents
Haircuts................................ 5
Entertainment........................... 150
Holiday................................. 50
Emergency fund.......................... 0
Icloud.................................. 0.8
Total monthly expenses.................. 993.3

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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Parent loan 1..................11550.....0.........0
Parent loan 2..................250.......0.........0
Overdraft......................1000......0.........0
Total unsecured debts..........12800.....0.........-

Monthly Budget Summary
Total monthly income.................... 1,444.4
Expenses (including HP & secured debts). 993.3
Available for debt repayments........... 451.1
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 451.1

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,800
Net Assets.............................. -12,800

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Rebecca01 · 1 January 2018 at 1:58PM

Just read your diary. I just wanted to say Good Luck and I hope things have improved with your Mother.

I have definitely subscribed.

Silver_Queen · 2 January 2018 at 1:00PM

Thanks Rebecca01 for popping in and commenting :beer:

I'm doing veganuary this month for curiosity's sake and because I think it'll be cheaper than my usual omnivorous diet. I'm finding it difficult already! The problem is not avoiding meat, it's avoiding dairy.

Tonight will be an aubergine and lentil vindaloo, we have everything except aubergines so I will pick some up in our grocery shop, which we will have to do tonight.

I'm away for a week this month so my grocery list is pretty short. I'm confident that I can keep my shop tonight to below £15 as we only need veggies and some spices.

I was fine doing this vegan challenge until I realised that some wine isn't vegan :eek:

EssexHebridean · 4 January 2018 at 2:12PM

:rotfl::rotfl: Loving that the biggest issue there is non-vegan wine! :rotfl::rotfl:

I initially assumed that you'd been sent the notification of intended prosecution for the speed thing but now it looks like you've not? If so I really would try not to worry about it too much - the guidelines advise that a margin for error of 10% should be allowed so it's pretty unlikely that you were far enough over anyway - and far more likely to have been someone else hopefully. No sense in stressing about it until you get the Notice though, if you do. Just make a mental note to breath a sigh of relief if you reach 28 days without a brown envelope appearing!

Silver_Queen · 4 January 2018 at 5:00PM

You're right EH - I was just feeling sorry for myself

Annoyingly my budget is not going to plan, this is mostly because of excess food spends as my sister has a nasty habit of asking me to pop to the shop after work for one thing which quickly spirals into multiple phone calls and a long long list...which of course comes out of my pocket!!

Euros purchased for our week away and all budgets re-balanced, although rather slim looking. Accounts are as follows....

Nationwide £50 (airport fund and travel fund for any last minute boo boos)
Natwest £35.41 to cover phone bill and icloud, will a tiny bit spare
Cash £20

My poor Help to Buy has been emptied in favour of loan repayments so that now stands at 0.

Only 24 days until payday :eek:

Silver_Queen · 8 January 2018 at 4:20PM

Some good news today - I will be getting a pay rise in March! Hooray! I have therefore completed YET ANOTHER new SOA ready for March - gosh I'm keen! The monthly income is based on an online calculator so I'm not sure how accurate it is, but it'll be mostly right...

My new pay will push me over the student loan repayment threshold so I'll be paying off £30ish a month. The interest is accruing at about £150 a month sooo.....

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1639
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1639

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 75
Clothing................................ 20
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 155
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)...... 50
Haircuts................................ 5
Entertainment........................... 150
Holiday................................. 50
Emergency fund.......................... 10
icloud.................................. 0.8
Total monthly expenses.................. 985.8

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

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Parents Loan 1 ................11550.....250.......0
Parents Loan 2.................250.......125.......0
Overdraft......................1000......0.........0
Total unsecured debts..........12800.....375.......-

Monthly Budget Summary
Total monthly income.................... 1,639
Expenses (including HP & secured debts). 985.8
Available for debt repayments........... 653.2
Monthly UNsecured debt repayments....... 375
Amount left after debt repayments....... 278.2

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,800
Net Assets.............................. -12,800

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

**** Presents fund is not currently being saved as I usually purchase things on sale as and when I see them. It's definitely an area I need to improve on as I usually go a bit mad with gifts - one of my most favourite things is giving perfect gifts. I buy for 16 people at Christmas (OH's family is 11!) so my aim this year is to stick to a budget of maximum £25 each for OH's fam with £75 for OH. My family will be £50 each. I've already bought for 5 of OH's family with a spend of £27 total (hooray for January sales!) so 5 more to go plus him.

Veganuary wise, I failed yesterday as my sister cooked a roast and the temptation was too strong. Back on the bandwagon today although I forgot to bring lunch so £5 spent on lunch which I'm a bit annoyed about.

I need to look around for different vegan recipes, as so far, it has been an awful lot of curry. I like curry but there's only so much a girl can stomach...

The thing that I am the most pleased about with Veganuary is that my skin has really cleared up already. I'm not sure if it's a coincidence or the reduction of dairy consumption? Either way, I'm chuffed with the result.

£5 left of my month's grocery budget!! But with plenty of food and I'm away for a week anyway, which will not be included.

Sold a couple of bits today, only £10 in my pocket after fees but that's better than nothing.

Working_Mum · 8 January 2018 at 4:37PM

Hi SQ,
Jack Monroe "Cooking on a Bootstrap" has some incredible vegan meals which are pennies to make - really tasty and can be frozen etc.

This isn't a fiscal observation but a "how we live" observation. A chap called Gary Chapman writes about 5 Love Languages - really easy to read up on (a bit Americanised in parts) but the main thrust of his teachings are that we all have one of 5 preferred ways of showing our love/appreciation:-

* physical touch
* words of affirmation
* quality time
* acts of service
* gifts

from your last post it would seem you are a "gifts" kind of girl...... whilst I am "quality time" - it has helped me enormously to have meaningful relationships with friends and family by understanding what their Love Language is and working accordingly.

It has saved me money because I don't spend loads of cash buying my mom a big pressie because she is a "quality time" lady so my presents for her revolve around days out and having a nice coffee somewhere. My sister is a "gifts" lady and I spend all year choosing something which is thoughtful and meaningful for her. My Dad is a "physical touch" guy so he always gets something which feels soft and lovely.....

Just thought I'd share as this debt free journey opens up lots of other avenues for growth too.

You are doing well!

WM

Silver_Queen · 8 January 2018 at 5:22PM

Working_Mum wrote: »

Hi SQ,
Jack Monroe "Cooking on a Bootstrap" has some incredible vegan meals which are pennies to make - really tasty and can be frozen etc.

This isn't a fiscal observation but a "how we live" observation. A chap called Gary Chapman writes about 5 Love Languages - really easy to read up on (a bit Americanised in parts) but the main thrust of his teachings are that we all have one of 5 preferred ways of showing our love/appreciation:-

* physical touch
* words of affirmation
* quality time
* acts of service
* gifts

from your last post it would seem you are a "gifts" kind of girl...... whilst I am "quality time" - it has helped me enormously to have meaningful relationships with friends and family by understanding what their Love Language is and working accordingly.

It has saved me money because I don't spend loads of cash buying my mom a big pressie because she is a "quality time" lady so my presents for her revolve around days out and having a nice coffee somewhere. My sister is a "gifts" lady and I spend all year choosing something which is thoughtful and meaningful for her. My Dad is a "physical touch" guy so he always gets something which feels soft and lovely.....

Just thought I'd share as this debt free journey opens up lots of other avenues for growth too.

You are doing well!

WM

Thank you! I have heard that before but I never know what category I fit into tbh, as all these things sound lovely... :rotfl:

With the presents fund, I am still adjusting as 2017 was my second ever Christmas with an OH - apparently I was a summer flings kind of girl before

The aim is that 2018 will be a significantly cheaper Christmas and gift giving will be only small but well thought out things! I do find it difficult to find a balance between getting the perfect gift and, erm, not bankrupting myself!

Silver_Queen · 8 January 2018 at 5:29PM

Put my balances into a snowball calculator and it says I will be debt free in September 2019 :j a vast improvement from when it used to say 2021!

The question is...how much can I knock off this? :rotfl:

My house saving fund is still empty, sadly. I want desperately to start saving but given the recent hiccup with the parents, I really need to prioritise this debt. Food for thought.

EssexHebridean · 16 January 2018 at 12:26PM

Great progress there on the snowball - it's such a boost when you can measure progress like that isn't it! :T And a payrise too - brilliant start to the year!

I'll second the recommendation to Jack Monroe's website too - she has some AMAZING food on there, some vegan, some not, but lots of tasty stuff and all to a tight budget.

£15,000 to 0

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