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    • Debtfreewannabme
    • By Debtfreewannabme 4th Mar 18, 9:30 AM
    • 103Posts
    • 771Thanks
    Debtfreewannabme
    My SOA
    • #1
    • 4th Mar 18, 9:30 AM
    My SOA 4th Mar 18 at 9:30 AM
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 2
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 700
    Partners monthly income after tax....... 2300
    Benefits................................ 137.5
    Other income............................ 0
    Total monthly income.................... 3137.5


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 600
    Management charge (leasehold property).. 0
    Council tax............................. 150
    Electricity............................. 40
    Gas..................................... 41
    Oil..................................... 0
    Water rates............................. 55
    Telephone (land line)................... 10
    Mobile phone............................ 95
    TV Licence.............................. 12.5
    Satellite/Cable TV...................... 40
    Internet Services....................... 10
    Groceries etc. ......................... 200
    Clothing................................ 20
    Petrol/diesel........................... 300
    Road tax................................ 15
    Car Insurance........................... 35
    Car maintenance (including MOT)......... 55
    Car parking............................. 6
    Other travel............................ 0
    Childcare/nursery....................... 235
    Other child related expenses............ 20
    Medical (prescriptions, dentist etc).... 15
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 10
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 25
    Haircuts................................ 42
    Entertainment........................... 40
    Holiday................................. 0
    Emergency fund.......................... 100
    Total monthly expenses.................. 2271.5



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 15000
    Other assets............................ 0
    Total Assets............................ 15000


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    CC.............................2345......35....... .0
    Bed............................917.......37....... .0
    Household appliance............235.......34........0
    Total unsecured debts..........3497......106.......-



    Monthly Budget Summary

    Total monthly income.................... 3,137.5
    Expenses (including HP & secured debts). 2,171.5
    Available for debt repayments........... 966
    Monthly UNsecured debt repayments....... 106
    Amount left after debt repayments....... 760


    Personal Balance Sheet Summary
    Total assets (things you own)........... 15,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -3,497
    Net Assets.............................. 11,503


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


    Hi I decided to post my SOA - this is for when I return to work in April. Currently the amount for Debt repayments is 1,900 after bills. So we are throwing 1000 into an Emergency fund then 900 on debts for this month only ( 225 already been transferred).

    The figures I have entered are based on my DH spending 70 on his phone - going over his data allowance. He has since downloaded at app that switches data off just before he reaches limit.

    Things I plan to save on are our mobile phones, TV package (60) and food. Diesel is a no go as we both compute to work although it's not always 300 but thought it best to round up.

    Felt nervous posting this as I realise we have alot of disposable income. If I thought about it too much I would realise that we could of paid our debts off along time ago and own our own house if it wasnt for my previous obsession with spending - truth is youd think I would have a designer wardrobe/house for the money I previously wasted...but I dont. Instead, we have a cluttered house full of 'stuff' and no where to store it. Thats my next NS goal..but step by step.

    I'm proud to say that since my lightbulb moment on 8th Jan 2018 - we have paid off 50% of our debts and that was with me earning under 600 maternity pay and DH picking up OT
    !

    Posted this to help me get to grips with everything and have a starting point to look back on. DFD is end of June 2018. I WILL do this!
    Thanks to anyone that reads this
Page 1
    • HampshireH
    • By HampshireH 4th Mar 18, 9:40 AM
    • 649 Posts
    • 662 Thanks
    HampshireH
    • #2
    • 4th Mar 18, 9:40 AM
    • #2
    • 4th Mar 18, 9:40 AM
    Good luck with the spring clean sort out. Lots of places to resell stuff aside of the standard ebay. Cheaper items ate usually better sold on preloved gumtree or Facebook the places due to no fees.

    Also it's nearly boot sale season which would be a good day for the kids to get involved in. They could have a selling competition

    Well done on shifting 50%
    • a_silver_lining
    • By a_silver_lining 4th Mar 18, 9:42 AM
    • 222 Posts
    • 666 Thanks
    a_silver_lining
    • #3
    • 4th Mar 18, 9:42 AM
    • #3
    • 4th Mar 18, 9:42 AM
    Hi debtfreewannabme well done posting this!

    I have been in a similar situation in that I've owed 10k for over three years and had a fair bit of disposable income I've spent on stuff, travel and house DIY and not saving or debt repayment. I'm now focusing 300pm on saving and 350pm on debt repayment.

    I need to find another 2k on top of this and I will end the year debt free and with around 3k savings.

    This 2k I'm finding through selling all that 'stuff' I feel hold no or little value. Usually I would fill the odd bin bag and take it to the charity shop, but now most items try gumtree and then ebay.

    I've been amazed by what people will pay for things I honestly think are tat. Yes you loose a lot on postage and fees, but I've made about 250ish in two months on ebay and have cleared over a bin bag of 'stuff'. I'm listing my next bin bag of 'stuff' today

    If you feel like trying your luck and clearing some space, I've found the 1% challenge thread really motivating to log sales.
    19/12/14: Spent 10 years of savings!!
    ..... to buy my first home.

    2018: 1200 savings --- Family Loan (3250 direct + 2000 saver) 5250/10K paid 52.5%
    #38 1% Challenge: 514.70/ 2018, now at 25%!
    • fatbelly
    • By fatbelly 4th Mar 18, 9:51 AM
    • 12,246 Posts
    • 9,280 Thanks
    fatbelly
    • #4
    • 4th Mar 18, 9:51 AM
    • #4
    • 4th Mar 18, 9:51 AM
    Your SoA looks pretty good to me. I was going to suggest you could be debt free by mid-year, then you said exactly that. Good. In the short term if presents, entertainment, go to zero, then it's worth it as you have an achievable goal.

    The only things that looked high to me were the mobile phone and the fuel - though if you are both covering a lot of miles, there may not be much you can do about that, as long as you plan where you buy your diesel (For me what works best is Morrisons, with a More Card, paid with a Tesco Clubcard Credit Card)

    Is your water metered? Is your council tax spread over 12 months?

    Are you with topcashback and quidco and do you shop around for insurance deals and energy switches?

    A lot of little savings will add up to a big difference.

    Longer term you need to have a savings plan. Your only benefits are child benefit by the looks of it, so not tested against capital. A regular saver linked to a decent current account would be a starter.
    • Bedsit Bob
    • By Bedsit Bob 4th Mar 18, 6:22 PM
    • 10,248 Posts
    • 55,118 Thanks
    Bedsit Bob
    • #5
    • 4th Mar 18, 6:22 PM
    • #5
    • 4th Mar 18, 6:22 PM
    Two things jumped straight out at me.

    Firstly, the mobile phone at 70 pm, which is 840 per year.

    Secondly, 504 per year on haircuts is a lot.

    I agree with other posters that, with so much disposable income, you shouldn't have much trouble clearing these debts, provided you don't spend on non-essentials.

    Assuming the debts are indeed all 0%, at your current payment rate, you will clear them in 33 months.

    If you really do have 760 left each month, you could put that toward the debts, and have them all gone in just 5 months.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - 1308

    Who are you to question why your god doesn't want me to believe in him?
    • Debtfreewannabme
    • By Debtfreewannabme 4th Mar 18, 8:00 PM
    • 103 Posts
    • 771 Thanks
    Debtfreewannabme
    • #6
    • 4th Mar 18, 8:00 PM
    • #6
    • 4th Mar 18, 8:00 PM
    Hello and thank you so much for taking the time to read my post.

    In response to questions:
    * Water price is set for 10 months each yr - hadn't factored this in so its less than 55 pm
    * Council tax is across 10 payments too - will amend both amounts

    * mobile is very high - too high, hoping that DH can get it within the set 35 bill until June then we will be going for sim only contract. In reality if he can get it to 45 that will be a saving.

    *Haircuts - my husband rarely gets his cut and when he does its 10 max. I go every 7- 8 weeks and its just over 60 for trim and colour. I have used box dye in the past but with two young children - baby and toddler I barely have enough time and energy to have a shower some days let alone commit an hour to dying my hair at night once they are in bed. I have thought about looking at using my MILs mobile hair dresser. I am quite grey at 35 and honestly I am not ready to go grey. I dont spend much on new clothes, make up, jewellery. It is the only thing I do for me. I will have a think about a mobile hairdresser.

    * Savings - we have an Emergency Fund in an instant savings attached to current account. It currently has 200 in it and when DH gets paid on Fri we will be transferring 800 in and transferring the total amount to a different savings account with a building society. No atm card. I have also budgetted for 100 pm to be transferred by Standing order to this account from April. Once debts are cleared in June the next step is to save atleast 2 months income then crack on with saving for our first home.
    I have also set up several other instant savers and used them to follow Martins piggybanking method so each saver now has 2 months worth of savings in for car costs, hair, dentist, bdays and xmas, tv license.

    In other news we cleared a small debt today as per plan. This isnt included in the SOA as I really wanted it paid off by April. The great news is that the settlement figure was 42 cheaper than we budgetted for so will be making an extra payment on the virgin card for this amount tomo.

    Feeling that bit lighter tonight...thank you all so much for the feedback x
    • enthusiasticsaver
    • By enthusiasticsaver 4th Mar 18, 9:33 PM
    • 6,400 Posts
    • 13,160 Thanks
    enthusiasticsaver
    • #7
    • 4th Mar 18, 9:33 PM
    • #7
    • 4th Mar 18, 9:33 PM
    Your soa looks fine and good you are saving an EF.

    You have dealt with the mobiles which is high and I would look at a mobile hairdresser but I would understand why you would want to spend on colour and trim. If it is every 8 weeks then that is roughly 30 per month. I went grey relatively early and opted for highlights so you don't see the regrowth but it still covers the grey. Consequently I spend 70 twice or max three times a year and just trims in between. Is that an option?

    You have lots of disposable income so clearing this should be easy.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Gravedigger
    • By Gravedigger 4th Mar 18, 9:41 PM
    • 92 Posts
    • 69 Thanks
    Gravedigger
    • #8
    • 4th Mar 18, 9:41 PM
    • #8
    • 4th Mar 18, 9:41 PM
    Hello and thank you so much for taking the time to read my post.


    * mobile is very high - too high, hoping that DH can get it within the set 35 bill until June then we will be going for sim only contract. In reality if he can get it to 45 that will be a saving.
    Originally posted by Debtfreewannabme
    Might be a good idea to look at GiffGaff, sim only Data at full speed for the first 9Gb then throttled back for the rest of the month. Unlimited text and minutes, free Giffgaff to Giffgaff. Should save a couple of bob. Sim only cost for shown example 20
    Last edited by Gravedigger; 04-03-2018 at 9:42 PM. Reason: additional info
    • Bedsit Bob
    • By Bedsit Bob 4th Mar 18, 9:57 PM
    • 10,248 Posts
    • 55,118 Thanks
    Bedsit Bob
    • #9
    • 4th Mar 18, 9:57 PM
    • #9
    • 4th Mar 18, 9:57 PM
    If your husband really does need huge amounts of data, three can give him All-you-can-eat data, All-you-can-eat minutes, and All-you-can-eat texts, a 30GB Personal Hotspot, Feel At Home and Go Binge (on a one month rolling contract), for barely more than a third (35 to be exact) of what he's currently paying.

    If he doesn't need massive amounts of data, he can have the above, but with 4GB of data (and a 4GB Personal Hotspot), for 18pm.
    Last edited by Bedsit Bob; 04-03-2018 at 9:59 PM.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - 1308

    Who are you to question why your god doesn't want me to believe in him?
    • Debtfreewannabme
    • By Debtfreewannabme 4th Mar 18, 11:35 PM
    • 103 Posts
    • 771 Thanks
    Debtfreewannabme
    I'm not sure how to quote on my phone sorry!
    enthusiastic - I have very dark hair so hairdresser said highlights not a cheaper option. My hair is virtually black - the only thing that puts me off having a hairdresser at home is the fact that it would be stressful as I have a clingy 2 year old and Im not sure she would cope with Mommy having to sit still while colour develops. The thought of it makes me feel stressed ha! If it stays as it is then atm we can afford it and it is the only thing left I spend on for me. Trouble is the grey seems to come through quickly hence the 7-8 weeks. Thanks for suggestions - its really appreciated. I will definately ask to do alternate trims from my nxt appointment if I decide to rebook.

    Bedsit bob DH works 12 hour shifts, its lone working and on a night shift he says that playing games/ watching youtube keep him awake in the hours that he is manning the building with no active wrk as such. The three deal sounds perfect for him. He rang EE this week and hes on the lowest 35 tarrif for his phone until June. He says he uses about 15 GB per month. He does download podcasts before work when he remembers. Might be worth doing the maths with a settlement figure plus the extra 25 pm vs paying it and switching to cheaper deal.. .lots to think about/work through.
    • Debtfreewannabme
    • By Debtfreewannabme 4th Mar 18, 11:39 PM
    • 103 Posts
    • 771 Thanks
    Debtfreewannabme
    Just did the maths - its cheaper for him to keep bill low until June then switch - based on three deal 35 pm.
    • enthusiasticsaver
    • By enthusiasticsaver 5th Mar 18, 8:26 AM
    • 6,400 Posts
    • 13,160 Thanks
    enthusiasticsaver
    I'm not sure how to quote on my phone sorry!
    enthusiastic - I have very dark hair so hairdresser said highlights not a cheaper option. My hair is virtually black - the only thing that puts me off having a hairdresser at home is the fact that it would be stressful as I have a clingy 2 year old and Im not sure she would cope with Mommy having to sit still while colour develops. The thought of it makes me feel stressed ha! If it stays as it is then atm we can afford it and it is the only thing left I spend on for me. Trouble is the grey seems to come through quickly hence the 7-8 weeks. Thanks for suggestions - its really appreciated. I will definately ask to do alternate trims from my nxt appointment if I decide to rebook.

    I can understand that with your toddler. Not sure my 2 year old granddaughter would be that patient either if there was no one else around to watch her. You can afford it and don't spend a fortune on other stuff so I would give yourself a few hours of peace and go to the hairdresser

    Bedsit bob DH works 12 hour shifts, its lone working and on a night shift he says that playing games/ watching youtube keep him awake in the hours that he is manning the building with no active wrk as such. The three deal sounds perfect for him. He rang EE this week and hes on the lowest 35 tarrif for his phone until June. He says he uses about 15 GB per month. He does download podcasts before work when he remembers. Might be worth doing the maths with a settlement figure plus the extra 25 pm vs paying it and switching to cheaper deal.. .lots to think about/work through.
    Originally posted by Debtfreewannabme
    If you just have a roots touch up if your hair is dark isn't that cheaper?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Debtfreewannabme
    • By Debtfreewannabme 5th Mar 18, 9:49 AM
    • 103 Posts
    • 771 Thanks
    Debtfreewannabme
    Amazingly most hairdressers charge the same for a root touch us as full colour. The price I pay is just roots and cut. I should also add that I travel 20 miles to get it done. Saying things out loud has helped as now Im being ripped off and will be shopping around more locally to me.

    On the note of mobile phone bills - I had a look at mine last night and found I was charged 14 inc vat for Apple music. I don't have an apple product so no clue where this came from. One call to EE and it will be refunded on March bill. 14 will go towards making overpayment on CC.
    • Fermerswife
    • By Fermerswife 5th Mar 18, 10:36 AM
    • 8 Posts
    • 1 Thanks
    Fermerswife
    I had similar issues with phone use. It's worth asking provider to see if they will give him any extra data in his plan (ee did for me).
    • DCFC79
    • By DCFC79 5th Mar 18, 10:55 AM
    • 31,662 Posts
    • 19,972 Thanks
    DCFC79
    Amazingly most hairdressers charge the same for a root touch us as full colour. The price I pay is just roots and cut. I should also add that I travel 20 miles to get it done. Saying things out loud has helped as now Im being ripped off and will be shopping around more locally to me.

    On the note of mobile phone bills - I had a look at mine last night and found I was charged 14 inc vat for Apple music. I don't have an apple product so no clue where this came from. One call to EE and it will be refunded on March bill. 14 will go towards making overpayment on CC.
    Originally posted by Debtfreewannabme
    Did you happen to take up a trial for Apple Music ? They had a number of months either free or for a low low price.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Debtfreewannabme
    • By Debtfreewannabme 5th Mar 18, 10:57 AM
    • 103 Posts
    • 771 Thanks
    Debtfreewannabme
    Thanks for that. I have just spend 30 mins looking at our BT bill and calling them up. Managed to reduce bill by 13.25 per month / 159 per year!! The guy said - ohh we can give you x,y, z for free...just like that! Going to use the 14 day cooling off period to shop around using cashback sites. A good day all round. Will use the 13.25 to put towards Debts each month.
    • Debtfreewannabme
    • By Debtfreewannabme 6th Mar 18, 1:00 AM
    • 103 Posts
    • 771 Thanks
    Debtfreewannabme
    Posting to say how grateful I am for MSE website, for this forum and all of the members. I am in complete shock - after giving myself a money makeover this month, the figures are as follows:
    I have saved a total of 425.24. This includes not paying for council tax but that only accounts for 144. I am amazed and so so thankful for everyones support We will keep going. Next on the hit list is comparing broadband & TV, and DHs mobile. He came home tonight to say work owed him a rebate from last year. Apparently the letter with the details is in the post. We have agreed that whatever the amount we will pay it against our debts.
    • Debtfreewannabme
    • By Debtfreewannabme 6th Mar 18, 1:04 AM
    • 103 Posts
    • 771 Thanks
    Debtfreewannabme
    Yes it was apple music - except I had no clue I'd been signed up at the point of sale. I don't own any apple products and have no desire to! Thankfully I checked my bill and it was only 1 months charges incurred! They apologised and happily processed the refund!
    • Debtfreewannabme
    • By Debtfreewannabme 8th Mar 18, 6:41 PM
    • 103 Posts
    • 771 Thanks
    Debtfreewannabme
    Well we got the letter and read it in shock. It has meant that we will be debt free in 1 month!
    • moneyonmymindsam
    • By moneyonmymindsam 8th Mar 18, 10:12 PM
    • 1,406 Posts
    • 4,281 Thanks
    moneyonmymindsam
    WOW so pleased for you keep it up :-)
    Sam
    Emergency Fund Challenge
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