The Road to freedom.....maybe....

cornishman86 · 13 April 2009 at 9:26PM

Hi all, having a bit of a struggle making ends meet at the moment, done what I can I think for the moment, but here's my SOA for people to have a look at - any suggestions would be appreciated. I hope to keep regular updates and so on keeping me in the moneysaving mood! Thanks in advance,

Cornishman86

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 563.33
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 200
Total monthly income.................... 763.33
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 281.66
Management charge (leasehold property).. 0
Council tax............................. 95.33
Electricity............................. 30.33
Gas..................................... 54.16
Oil..................................... 0
Water rates............................. 34.66
Telephone (land line)................... 11.25
Mobile phone............................ 55
TV Licence.............................. 10.95
Satellite/Cable TV...................... 21
Internet Services....................... 5
Groceries etc. ......................... 50
Clothing................................ 20
Petrol/diesel........................... 170
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 5
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...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 884.34

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................1600......5.........3.6
DLC............................4724.54...10........0
Blair Oliver and Scot..........3682......1.........0
Total unsecured debts..........10006.54..16........-

Monthly Budget Summary
Total monthly income.................... 763.33
Expenses (including HP & secured debts). 884.34
Available for debt repayments........... -121.01
Monthly UNsecured debt repayments....... 16
Amount short for making debt repayments. -137.01
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -10,006.54
Net Assets.............................. -8,506.54

urg123 · 13 April 2009 at 9:42PM

Hi

The budget looks pretty tight - where are the car related costs?

I think the most obvious thing for you to look at is ways to up your income. Are there opportunities for both of you to work? Can you look at selling items on ebay, amazon and other sites.

Use freecycle to get bits and bobs that you need.

Good luck

urg x x

Jo_R_2 · 13 April 2009 at 9:45PM

Hey!

Can I be nosey and just ask if you could provide a little more info about you? For example, I notice there's two of you and only you work. What is the extra £200 from? Is the petrol towards work travel?

cornishman86 · 15 April 2009 at 10:44AM

urg123 wrote: »

Hi

The budget looks pretty tight - where are the car related costs?

I think the most obvious thing for you to look at is ways to up your income. Are there opportunities for both of you to work? Can you look at selling items on ebay, amazon and other sites.

Use freecycle to get bits and bobs that you need.

Good luck

urg x x

We are lucky enough to be in the position where my girlfriend's parents pay the insurance tax and service costs on the car (though I'd love to be more independent and less reliable on them). They also give us the extra £200 income a month. (I find myself having to bite my pride (is that a saying!!!) every month).

My girlfriend has lost enthusiasm in applying for jobs, she hasnt worked now for about 18 months and she doesn't seem to have the enthusiasm I have about getting rid of debts and living within our means. She has bad knees which means she can only really do a sitting job, and there is only so much clicking and survey-filling-out she can stand!

Thanks for the tips though, it's just a case of finding stuff to sell on ebay (think it's already been sold lol!)

cornishman86 · 15 April 2009 at 10:46AM

Jo_R wrote: »

Hey!

Can I be nosey and just ask if you could provide a little more info about you? For example, I notice there's two of you and only you work. What is the extra £200 from? Is the petrol towards work travel?

Of course you can be nosey! See my above post re: why my girlfriend is not currently working (it's tough getting her to see the problems!) The extra £200 is from my girlfriend's parents, and the fuel is mainly for work travel.

MissShoes · 15 April 2009 at 10:58AM

cornishman86 wrote: »

Of course you can be nosey! See my above post re: why my girlfriend is not currently working (it's tough getting her to see the problems!) The extra £200 is from my girlfriend's parents, and the fuel is mainly for work travel.

Hey

Could you up your income by taking on more hours or a second job? Maybe have a money talk with the gf to show her how long you'll be in debt for if you don't up the household income?? That might help motivate her? Or have a goal to work towards- a holiday or new car or something for you as a couple?

thanks

cornishman86 · 15 April 2009 at 11:07AM

MissShoes wrote: »

Hey

Could you up your income by taking on more hours or a second job? Maybe have a money talk with the gf to show her how long you'll be in debt for if you don't up the household income?? That might help motivate her? Or have a goal to work towards- a holiday or new car or something for you as a couple?

thanks

I have occasional overtime, but it isn't guaranteed which is annoying. I am looking for a second job, but since I am also studying with the OU I don't want to overload myself. Plus the fact there isn't a lot around at the moment. Also if I get a second job it means I may miss out on any overtime with my current job, which is likely to be much better paid than others.

I wilhave another talk through with my partner, she thinks I need to chill out about it all and usually my point ends up being turned around! A goal sounds good....will let you know how I get on... Thanks for the tips

jayss · 15 April 2009 at 11:14AM

Petrol is a HUGE portion of your income, can you cut that back at all?

Dop you really spend more on your mobile than groceries?

Also get rid of the sat tv when you can.

Good luck for your gf finding work - is she claiming benefits or just getting the money from her parents?

beanielou · 15 April 2009 at 6:35PM

Things seem really tough.
Its a pity that increasing your income doesent really seem to be an option.
Are you maybe entitled to tax credits?

cornishman86 · 16 April 2009 at 1:51AM

jayss wrote: »

Petrol is a HUGE portion of your income, can you cut that back at all?

Dop you really spend more on your mobile than groceries?

Also get rid of the sat tv when you can.

Good luck for your gf finding work - is she claiming benefits or just getting the money from her parents?

I can certainly try to cut back fuel but as I said most I've budgeted for most of my travel to work. My mobile plus my girlfriend's. Seems stupid but I'm locked into my contract for another long while and my girlfriend's tariff is quite cheaper and she makes use of it. Have been thinking about scrapping the Sky TV again, I hardly ever watch it, and if we are desperate can always sign up again and probably with a better offer!

She isn't entitled to any benefits unfortunately, so just relyiung on her parents (and me!!) quite heavily. Thanks for the good wishes!

cornishman86 · 16 April 2009 at 1:54AM

beanielou wrote: »

Things seem really tough.
Its a pity that increasing your income doesent really seem to be an option.
Are you maybe entitled to tax credits?

I am certainly looking at ways of increasing my income, am hoping that there might be a bit of chalet cleaning and the like (living in Cornwall) for a bit of extra cash. There's also the hope of being elected as a councillor in June (:mad:) which will provide me with a little bit extra.

Have checked and am not entitled to any tax credits or similar! My housing benefit and council tax benefit is currently under review so fingers crossed for an increase to help slightly.

The Road to freedom.....maybe....

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