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    • shteca
    • By shteca 29th Jul 18, 10:15 AM
    • 105Posts
    • 287Thanks
    shteca
    My SOA and Situation Realisation
    • #1
    • 29th Jul 18, 10:15 AM
    My SOA and Situation Realisation 29th Jul 18 at 10:15 AM
    Below is an update of my situation
    Statement of Affairs and Personal Balance Sheet

    Household Information

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

    Monthly Income Details

    Monthly income after tax................ 3000
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 3000


    Monthly Expense Details

    Mortgage................................ 477.2
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 100
    Council tax............................. 76
    Electricity............................. 59
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 22.43
    Telephone (land line)................... 0
    Mobile phone............................ 42.68
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 22.95
    Groceries etc. ......................... 264
    Clothing................................ 111
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 276
    Childcare/nursery....................... 300
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 45
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 7
    Other insurance......................... 14
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 30
    Entertainment........................... 174
    Holiday................................. 25
    Emergency fund.......................... 0
    Eating out.............................. 270
    Total monthly expenses.................. 2336.26



    Assets

    Cash.................................... 0
    House value (Gross)..................... 125000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 125000



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 66474.7..(477.2)....0
    Total secured & HP debts...... 66474.7...-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    NatWest Overdraft..............7500......107.4.....0
    MBNA Credit Card...............5780.5....148.2.....0
    Ikano Bank Loan................10601.4...308.5.....3
    Sainsburys Bank Loan...........13220.5...307.4.....9
    Total unsecured debts..........37102.4...871.5.....-



    Monthly Budget Summary

    Total monthly income.................... 3,000
    Expenses (including HP & secured debts). 2,336.26
    Available for debt repayments........... 663.74
    Monthly UNsecured debt repayments....... 871.5
    Amount short for making debt repayments. -207.76


    Personal Balance Sheet Summary
    Total assets (things you own)........... 125,000
    Total HP & Secured debt................. -66,474.7
    Total Unsecured debt.................... -37,102.4
    Net Assets.............................. 21,422.9


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


    Most of you that had helped me in the past had said I need to post a SOA to get any real help so I have gone and sorted that.
    Just a quick note, to work out some of my numbers I have gone back through my spending over the last year written every transaction out on Excel and categorised everything. I have then taken an average of each category to use for the SOA. In the past couple of months I have been trying but this month especially to DRASTICALLY cut the costs.
    I had been pushing it off not because I didn't want to but because so much has changed recently it makes it hard for me to put everything in with certainty.
    With regards to my flat, I did recently spend a lot of money I didn't have to refurbish the whole place but I saw an opportunity to really increase the value and things spiralled. It was difficult for me to be happy with the state it was in and since then I have really noticed a difference in my outlook. It has put a huge strain on me financially but I do feel it was worth it all things considered.
    So starting with the flat, I spent 10,000 getting it to what it is now and I had a friend from work make me a cash offer of 125,000 so I guess I did well. I bought the flat 4 years ago for 89,500 and in my last post commented on how I was thinking of selling it to clear all my debts and rent for a while. I have been put off this idea and thanks to others comments think slowing down and taking a step back would be the best POA.
    Up until 3 months ago I had a ridiculous Mercedes C Class that not only was causing me huge financial issues but I also never used it. I got it when I thought I was going to be using it for work 2 years ago but since started taking the Metro into town and THANKFULLY got rid of it 3 months ago. Cost me 1,500 in the difference in value to loan but was the best thing I ever did. So now I have no car but get around just fine. I do spend about 150 a month on Ubers and car rentals though which are inevitable every time I need to go somewhere. There is also the 55 monthly Metro ticket which I buy.
    Another cost I have not included is restaurants. I was dating a girl who was a lot more financially stable than I am which came with the cost of dates and meals out. I am also a sucker for forgetting lunch and eating out in town as well as going out with friends. From doing my budget this has been my biggest eye opener and NEEDS TO STOP COMPLETELY!
    With my income it can vary soo much it makes it difficult to know what my monthly income on a given month will be. I am self employed and work in Sales so a good month could be 5,000 and a bad month can be 0.

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    Last edited by MSE Tine; 24-04-2019 at 10:11 AM.
    Debt Fully Paid Off (20/06/2019): 54,441.87
    Dave Ramsey is my financial guru!
Page 1
    • Mnd
    • By Mnd 29th Jul 18, 11:22 AM
    • 1,247 Posts
    • 1,872 Thanks
    Mnd
    • #2
    • 29th Jul 18, 11:22 AM
    • #2
    • 29th Jul 18, 11:22 AM
    Does the children's mother not pay you anything?
    • shteca
    • By shteca 29th Jul 18, 11:26 AM
    • 105 Posts
    • 287 Thanks
    shteca
    • #3
    • 29th Jul 18, 11:26 AM
    • #3
    • 29th Jul 18, 11:26 AM
    Does the children's mother not pay you anything?
    Originally posted by Mnd
    No we share the time with the kids 50/50
    I pay her 300 a month...
    Debt Fully Paid Off (20/06/2019): 54,441.87
    Dave Ramsey is my financial guru!
    • a_silver_lining
    • By a_silver_lining 29th Jul 18, 12:08 PM
    • 487 Posts
    • 1,684 Thanks
    a_silver_lining
    • #4
    • 29th Jul 18, 12:08 PM
    • #4
    • 29th Jul 18, 12:08 PM
    Hiya, well done on the SOA.

    Eating out was my biggest expense previously. My income is much less then yours (more then half less) with similar mortgage and bills, but I spent 127.27 eating out in June. In July with effort on my part I dropped this to 52.07.

    This was big for me as eating out, takeaway, coffee out is a big social thing for me. The main effort I made was to focus on my meal planning for work and days out, bringing in enough snacks and drink to stop buying emergency food out. I think I can still rope it in a bit more by picking cheaper eat out places if I'm socialising though!

    Good luck!
    19/12/14: Spent 10 years of savings!!
    ..... to buy my first home.
    10K OP 31.03.19

    Current goal: 1,145.76/5K in selling home expenses!
    • Sncjw
    • By Sncjw 29th Jul 18, 1:09 PM
    • 2,159 Posts
    • 1,297 Thanks
    Sncjw
    • #5
    • 29th Jul 18, 1:09 PM
    • #5
    • 29th Jul 18, 1:09 PM
    Eating out it!!!8217;s around the same your paying for groceries. Cut it out. Plan your meals better.

    Are you really needing to spend 111 on clothing.

    You have have no insurance at all for your house. This is a must.

    You don!!!8217;t pay tv license?
    • enthusiasticsaver
    • By enthusiasticsaver 29th Jul 18, 4:10 PM
    • 8,609 Posts
    • 20,014 Thanks
    enthusiasticsaver
    • #6
    • 29th Jul 18, 4:10 PM
    • #6
    • 29th Jul 18, 4:10 PM
    Eating out is the biggest expense and has to go temporarily until you have started living within your income. Clothing can also be reduced. Plan your meals better and take packed lunches to work.

    Regarding the debts I would see if you can get a 0% money transfer card to get rid of the overdraft. If the MBNA credit card is also 0% then it will take you just over 4 years to clear the credit card and overdraft, maybe sooner if you use your sales commission to get rid of it. It requires financial discipline though. Then tackle the loans.
    Early retired in December 2017

    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
  • archived user
    • #7
    • 29th Jul 18, 5:33 PM
    • #7
    • 29th Jul 18, 5:33 PM
    Lunch in town is 10 easily.
    Originally posted by shteca
    50 a week for lunches at work or 5-10 a week if you take packed lunches. Packed lunches would save you 2000 a year.
    • shteca
    • By shteca 29th Jul 18, 6:40 PM
    • 105 Posts
    • 287 Thanks
    shteca
    • #8
    • 29th Jul 18, 6:40 PM
    • #8
    • 29th Jul 18, 6:40 PM
    Hiya, well done on the SOA.
    Eating out was my biggest expense previously. My income is much less then yours (more then half less) with similar mortgage and bills, but I spent 127.27 eating out in June. In July with effort on my part I dropped this to 52.07.
    This was big for me as eating out, takeaway, coffee out is a big social thing for me. The main effort I made was to focus on my meal planning for work and days out, bringing in enough snacks and drink to stop buying emergency food out. I think I can still rope it in a bit more by picking cheaper eat out places if I'm socialising though!
    Good luck!
    Originally posted by a_silver_lining
    Thank you for posting! It really feels good to know I am not completely alone with my spending habits.
    I am massively working on turning this to a great big 0 for August.
    This weekend has been a huge one for me! I have spent a grand total of 10 on an Uber and 20 in Aldi. Other than that not one single penny has been spent. I have had the kids all weekend since Friday morning and entertained them and fed them within that budget. Had a great time too. I also have my meal for tomorrow sorted
    Debt Fully Paid Off (20/06/2019): 54,441.87
    Dave Ramsey is my financial guru!
    • shteca
    • By shteca 29th Jul 18, 6:58 PM
    • 105 Posts
    • 287 Thanks
    shteca
    • #9
    • 29th Jul 18, 6:58 PM
    • #9
    • 29th Jul 18, 6:58 PM
    50 a week for lunches at work or 5-10 a week if you take packed lunches. Packed lunches would save you 2000 a year.
    Originally posted by Tarambor
    Completely agree. I am ashamed of how much I am spending on eating out and going out. I am going to be addressing this as of last week. I will try to keep updating my post.
    This weekend I spent 20 in Aldi and 10 on an Uber and that is it.
    Debt Fully Paid Off (20/06/2019): 54,441.87
    Dave Ramsey is my financial guru!
    • shteca
    • By shteca 29th Jul 18, 7:04 PM
    • 105 Posts
    • 287 Thanks
    shteca
    Eating out it!!!8217;s around the same your paying for groceries. Cut it out. Plan your meals better.
    Are you really needing to spend 111 on clothing.
    You have have no insurance at all for your house. This is a must.
    You don!!!8217;t pay tv license?
    Originally posted by Sncjw
    With regards to the meals. 100% this whole exercise of counting every penny I spend has had a huge impact on me. It genuinely has shocked me to see how much I spend.
    With regards to clothing, this will be one of those where the average over the past 12 months has brought the numbers up. It would include school clothes and shoes for the kids as well as myself and summer outfits etc.
    One thing I have noticed is how on eBay people sell good as new kids clothes for a FRACTION of the price. Bought something a while back and was so happy with it. Will be trying this again.
    I live in a flat and the insurance is included in our service charge which is 100 a month.
    Nope, I got rid of my TV as it broke and not bothered replacing it. Kids prefer playing on iPad / iPhone anyway. I don't watch TV
    Debt Fully Paid Off (20/06/2019): 54,441.87
    Dave Ramsey is my financial guru!
    • shteca
    • By shteca 29th Jul 18, 7:10 PM
    • 105 Posts
    • 287 Thanks
    shteca
    Eating out is the biggest expense and has to go temporarily until you have started living within your income. Clothing can also be reduced. Plan your meals better and take packed lunches to work.
    Regarding the debts I would see if you can get a 0% money transfer card to get rid of the overdraft. If the MBNA credit card is also 0% then it will take you just over 4 years to clear the credit card and overdraft, maybe sooner if you use your sales commission to get rid of it. It requires financial discipline though. Then tackle the loans.
    Originally posted by enthusiasticsaver
    Eating out / clothes completely agree. I have focused on this 100% since last week. I only spent 30 this weekend on food, going out, travel everything. Had the kids all weekend until tomorrow too.
    With regards to Credit Cards I have applied but I can't get any more credit. It is just damaging my credit rating now as I keep applying but keep getting rejected. I think even the Credit Card companies have worked out I'm over my head.
    The MBNA was a 0% when I got it but that was years ago. It is a regular rate now. Can I change this with them?
    Debt Fully Paid Off (20/06/2019): 54,441.87
    Dave Ramsey is my financial guru!
    • cms-help
    • By cms-help 29th Jul 18, 7:40 PM
    • 180 Posts
    • 169 Thanks
    cms-help
    100% The eating out can be anything from forgetting lunch and eating out to taking the kids out for dinner or a night out with my ex. It sickens me to think I have been spending this much on food and nights out and genuinely trying to stop it dead. Lunch in town is 10 easily. so prepping meals is an absolute must.
    With regards to Entertainment this would just be days out or drinks with friends. Again I completely agree. Needs to stop dead.
    This month on Eating out I stand at 134.94 and on Entertainment 80.63
    Still not where I need it to be but a big difference. In August I am really going to try to keep it to 0.
    Originally posted by shteca
    Where do you work and where do you go for lunch? My husband works in central London and goes to Sainsburys for the meal deal for lunch.
    • shteca
    • By shteca 29th Jul 18, 7:46 PM
    • 105 Posts
    • 287 Thanks
    shteca
    Where do you work and where do you go for lunch? My husband works in central London and goes to Sainsburys for the meal deal for lunch.
    Originally posted by cms-help
    Don't judge me but I need a hot meal for lunch
    I need to just focus on prepping my meals as this sorts everything out. Already sorted my lunch for tomorrow!
    Debt Fully Paid Off (20/06/2019): 54,441.87
    Dave Ramsey is my financial guru!
    • JayRitchie
    • By JayRitchie 29th Jul 18, 7:54 PM
    • 179 Posts
    • 177 Thanks
    JayRitchie
    How old are you, and how old are your children?

    Looking at your budget if you can get out of debt you could be in a really nice financial position. How long does the mortgage have the run and what interest rate? The payments seem pretty high for the size of loan?
    • MrsSave
    • By MrsSave 29th Jul 18, 7:59 PM
    • 1,649 Posts
    • 5,350 Thanks
    MrsSave
    Quite often I bulk out our evening meals and then take the leftovers for work lunches. It's no extra effort and saves quite a bit of money. I do also keep a couple of bits like tins of soup in work just in case so I never have the excuse to buy food.
    Finally debt free (other than the mortgage) - 05/02/18
    2019 Mortgage Overpayment: 114.61/520 (up to 28.03.19)
    Check out my debt free diary 'Mrs S.....life after debt' below:
    • jackieblack
    • By jackieblack 29th Jul 18, 8:09 PM
    • 8,744 Posts
    • 14,196 Thanks
    jackieblack
    Don't judge me but I need a hot meal for lunch
    I need to just focus on prepping my meals as this sorts everything out. Already sorted my lunch for tomorrow!
    Originally posted by shteca
    If you're having a hot meal at lunchtime, you can probably cut the 274 on groceries somewhat
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
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    (2018 866.89 OPd)
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    • shteca
    • By shteca 29th Jul 18, 8:15 PM
    • 105 Posts
    • 287 Thanks
    shteca
    How old are you, and how old are your children?
    Looking at your budget if you can get out of debt you could be in a really nice financial position. How long does the mortgage have the run and what interest rate? The payments seem pretty high for the size of loan?
    Originally posted by JayRitchie
    I am 28. Kids are 6 and 7.
    The debt is the one thing that is killing me at the moment. I have well and truly dug myself into this one.
    The mortgage is a 15 year mortgage with 12 years to go.
    Debt Fully Paid Off (20/06/2019): 54,441.87
    Dave Ramsey is my financial guru!
    • shteca
    • By shteca 29th Jul 18, 8:17 PM
    • 105 Posts
    • 287 Thanks
    shteca
    Quite often I bulk out our evening meals and then take the leftovers for work lunches. It's no extra effort and saves quite a bit of money. I do also keep a couple of bits like tins of soup in work just in case so I never have the excuse to buy food.
    Originally posted by MrsSave
    In an ideal world this is what I would do every day. Today I have cooked an extra meal tonight to take with me for lunch tomorrow. It makes all the difference. It is something I want to do everyday and also means I get really nice dinners and lunch.
    I try to keep in the office a load of porridge oats and some rice just for when i feel hungry too.
    Debt Fully Paid Off (20/06/2019): 54,441.87
    Dave Ramsey is my financial guru!
    • shteca
    • By shteca 29th Jul 18, 8:18 PM
    • 105 Posts
    • 287 Thanks
    shteca
    If you're having a hot meal at lunchtime, you can probably cut the 274 on groceries somewhat
    Originally posted by jackieblack
    I want the hot meal to come from left overs from the night before and not cost me any more... This is what I have done tonight.
    With the groceries, I have started shopping at Aldi and this has started to make a HUGE difference. I couldn't believe the difference in cost to Sainsburys (my local shop) !
    There is an Aldi in town which is very easy to get to on my way home.
    Debt Fully Paid Off (20/06/2019): 54,441.87
    Dave Ramsey is my financial guru!
    • JayRitchie
    • By JayRitchie 29th Jul 18, 8:28 PM
    • 179 Posts
    • 177 Thanks
    JayRitchie
    I am 28. Kids are 6 and 7.
    The debt is the one thing that is killing me at the moment. I have well and truly dug myself into this one.
    The mortgage is a 15 year mortgage with 12 years to go.
    Originally posted by shteca
    Cool. Well - you are 28, bringing up 2 kids, have started a business which looks really successful (been to university also?), live in a low cost of living area from the value of your flat. Seriously - you've had some bad luck and and mistakes but for a young guy you are really not doing badly:

    - have a flat you've done up and clearly like, with affordable payments
    - supporting your children
    - running a business.

    Although it might seem a long way off if you manage the debts you will be mortgage free at 40, able to provide a roof for your children should they need it as they enter adult life, and be debt free. Most of your peers are living in shared houses with some credit card and car debt and no assets. You've achieved loads. Will look over your finances and think about these shortly.
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