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  • FIRST POST
    • jadewest94
    • By jadewest94 15th Jan 20, 8:33 PM
    • 72Posts
    • 31Thanks
    jadewest94
    Soa..
    • #1
    • 15th Jan 20, 8:33 PM
    Soa.. 15th Jan 20 at 8:33 PM
    Hello, looking for a bit of advice please..Is there anything I could change? Iím getting a pay rise from February onwards so will be getting £1300. Open to suggestions!

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household.........
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1200
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1200


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 100 (I pay £100 to my mother each month)
    Management charge (leasehold property).. 0
    Council tax............................. 0 (waiting to hear back from the council as Iíll be paying this from February, enquires for a single person discount)
    Electricity............................. 40 (gas and electric varies, I have a smart meter)
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 39 (Iím getting a meter installed on the 20th)
    Telephone (land line)................... 0
    Mobile phone............................ 40 (runs out next year)
    TV Licence.............................. 0 (mother pays this so will be paying from February)
    Satellite/Cable TV...................... 0
    Internet Services....................... 30
    Groceries etc. ......................... 80
    Clothing................................ 10
    Petrol/diesel........................... 120 (my work place is moving within a few months so likely to be halved)
    Road tax................................ 22
    Car Insurance........................... 84 (renews in May, so will be cheaper)
    Car maintenance (including MOT)......... 50
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... £11
    Pet insurance/vet bills................. 32
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 0
    Entertainment........................... 7
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 715



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1200
    Other assets............................ 0
    Total Assets............................ 1200


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Vanquis .......................688.......45........39.9
    Marbles........................1200......50....... .34.9
    Total unsecured debts..........1888......95........-



    Monthly Budget Summary

    Total monthly income.................... 1,200
    Expenses (including HP & secured debts). 715
    Available for debt repayments........... 485
    Monthly UNsecured debt repayments....... 95
    Amount left after debt repayments....... 390
    (not sure where this money is going.. will have to start paying a closer eye in my spending habits)

    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,200
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -1,888
    Net Assets.............................. -688


    Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.
    [/font]
Page 1
    • ceb1995
    • By ceb1995 15th Jan 20, 8:40 PM
    • 327 Posts
    • 703 Thanks
    ceb1995
    • #2
    • 15th Jan 20, 8:40 PM
    • #2
    • 15th Jan 20, 8:40 PM
    Hello, looking for a bit of advice please..Is there anything I could change? Iím getting a pay rise from February onwards so will be getting £1300. Open to suggestions!

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household.........
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1200
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1200


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 100 (I pay £100 to my mother each month)
    Management charge (leasehold property).. 0
    Council tax............................. 0 (waiting to hear back from the council as Iíll be paying this from February, enquires for a single person discount)
    Electricity............................. 40 (gas and electric varies, I have a smart meter)
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 39 (Iím getting a meter installed on the 20th)
    Telephone (land line)................... 0
    Mobile phone............................ 40 (runs out next year)
    TV Licence.............................. 0 (mother pays this so will be paying from February)
    Satellite/Cable TV...................... 0
    Internet Services....................... 30
    Groceries etc. ......................... 80
    Clothing................................ 10
    Petrol/diesel........................... 120 (my work place is moving within a few months so likely to be halved)
    Road tax................................ 22
    Car Insurance........................... 84 (renews in May, so will be cheaper)
    Car maintenance (including MOT)......... 50
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... £11
    Pet insurance/vet bills................. 32
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 0
    Entertainment........................... 7
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 715



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 1200
    Other assets............................ 0
    Total Assets............................ 1200


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Vanquis .......................688.......45........39.9
    Marbles........................1200......50....... .34.9
    Total unsecured debts..........1888......95........-



    Monthly Budget Summary

    Total monthly income.................... 1,200
    Expenses (including HP & secured debts). 715
    Available for debt repayments........... 485
    Monthly UNsecured debt repayments....... 95
    Amount left after debt repayments....... 390
    (not sure where this money is going.. will have to start paying a closer eye in my spending habits)

    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,200
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -1,888
    Net Assets.............................. -688


    Created using the SOA calculator at www.LemonFool.co.uk.
    Reproduced on Moneysavingexpert with permission, using other browser.
    [/font]
    Originally posted by jadewest94
    your soa seems reasonable, but £7 for entertainment isn't much at all and having a small emergency fund so you don't end up using the credit cards again would be a good idea but with some effort you could clear your debt in 3/4 months
    • jadewest94
    • By jadewest94 15th Jan 20, 8:44 PM
    • 72 Posts
    • 31 Thanks
    jadewest94
    • #3
    • 15th Jan 20, 8:44 PM
    • #3
    • 15th Jan 20, 8:44 PM
    your soa seems reasonable, but £7 for entertainment isn't much at all and having a small emergency fund so you don't end up using the credit cards again would be a good idea but with some effort you could clear your debt in 3/4 months
    Originally posted by ceb1995
    The £7 is for Netflix as I donít have sky and freeview tv is boring I will definitely look into having an emergency fund. Iím trying to track all my money from payday (31st) onwards! I batch cook all my work lunch and freeze some if needs be! Hopefully I will be debt free within a couple of months
    Marbles £1200
    Vanquis £688
    • Willing2Learn
    • By Willing2Learn 15th Jan 20, 8:47 PM
    • 5,194 Posts
    • 4,837 Thanks
    Willing2Learn
    • #4
    • 15th Jan 20, 8:47 PM
    • #4
    • 15th Jan 20, 8:47 PM
    Hi,

    My thoughts on your SOA:
    • Groceries for £80 is exceptionally cheap! Is that really all you spend per month?
    • Clothing at only £10/month isn't very much...
    • Do you spend nothing on haircuts during the year?
    • Is £7 for entertainment/month really realistic?
    • You need to be putting something away each month toward your Emergency Fund



    Summing up, you are saying that your spending across various monthly budget categories are really low. Is that a realistic SOA? What is missed out?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • fatbelly
    • By fatbelly 15th Jan 20, 8:55 PM
    • 14,582 Posts
    • 11,683 Thanks
    fatbelly
    • #5
    • 15th Jan 20, 8:55 PM
    • #5
    • 15th Jan 20, 8:55 PM
    Your soa needs to be accurate. You have pets and have made an allowance for vet bills but nothing separate for pet food, and your £80 per month for groceries etc hardly covers your own food. That £390 is going somewhere so you need to find out where.

    The credit cards need to be knocked on the head as soon as possible. Have you checked your eligibility for 0% balance transfer cards?

    https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards/
    https://www.moneysavingexpert.com/eligibility/credit-cards/search/?ex=16860445325&goal=CC_BALTRANSFERV2

    As a single person a water meter is a good idea and I think you know that your mobile phone spend and car insurance are both high. There is guidance on this site for both topics.

    Check if you really need a tv licence.

    https://www.moneysavingexpert.com/utilities/tv-licence/
    Last edited by fatbelly; 15-01-2020 at 9:01 PM.
    • jadewest94
    • By jadewest94 15th Jan 20, 8:55 PM
    • 72 Posts
    • 31 Thanks
    jadewest94
    • #6
    • 15th Jan 20, 8:55 PM
    • #6
    • 15th Jan 20, 8:55 PM
    Hi,

    My thoughts on your SOA:
    • Groceries for £80 is exceptionally cheap! Is that really all you spend per month? (I will be doing my food shop at the end of the month so will keep a receipt and double check)
    • Clothing at only £10/month isn't very much... (I very rarely buy myself clothes, never really checked how much)
    • Do you spend nothing on haircuts during the year? (No, I cut my own hair)
    • Is £7 for entertainment/month really realistic? (Netflix is all I pay for, will double check if anything is missing maybe I could be missing something)
    • You need to be putting something away each month toward your Emergency Fund (I will start doing this from payday onwards)



    Summing up, you are saying that your spending across various monthly budget categories are really low. Is that a realistic SOA? What is missed out?
    Originally posted by Willing2Learn
    I will double check my outgoings, Iím either pretty much in work or at home. I donít really go out but I am going to start swimming 4 times a week, I probably am missing something from my list but I canít think off the top of my head. Will triple check! Thanks for the feedback
    Marbles £1200
    Vanquis £688
    • jadewest94
    • By jadewest94 15th Jan 20, 8:58 PM
    • 72 Posts
    • 31 Thanks
    jadewest94
    • #7
    • 15th Jan 20, 8:58 PM
    • #7
    • 15th Jan 20, 8:58 PM
    Your soa needs to be accurate. You have pets and have made an allowance for vet bills but nothing separate for pet food, and your £80 per month for groceries etc hardly covers your own food. That £390 is going somewhere so you need to find out where.

    The credit cards need to be knocked on the head as soon as possible. Have you checked your eligibility for 0% balance transfer cards?

    https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards/
    https://www.moneysavingexpert.com/eligibility/credit-cards/search/?ex=16860445325&goal=CC_BALTRANSFERV2
    Originally posted by fatbelly
    Iíll be doing a food shop at the end of the month so will be keeping a receipt to see how much I actually spend. My goal from payday onwards is to keep receipts from everything I spend. I just finished paying satsuma so 2 more to go! I have checked and unfortunately I canít get accept for a 0% transfer card.

    Thanks for the feedback
    Marbles £1200
    Vanquis £688
    • theoretica
    • By theoretica 15th Jan 20, 8:59 PM
    • 6,136 Posts
    • 7,604 Thanks
    theoretica
    • #8
    • 15th Jan 20, 8:59 PM
    • #8
    • 15th Jan 20, 8:59 PM
    Hello, looking for a bit of advice please..Is there anything I could change?
    Originally posted by jadewest94


    Yes - as you realise, you need to change this.

    Amount left after debt repayments....... 390
    Originally posted by jadewest94
    (not sure where this money is going.. will have to start paying a closer eye in my spending habits)
    Originally posted by jadewest94
    Look at your past card and account statements to see where it has been going.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
    • jadewest94
    • By jadewest94 15th Jan 20, 9:02 PM
    • 72 Posts
    • 31 Thanks
    jadewest94
    • #9
    • 15th Jan 20, 9:02 PM
    • #9
    • 15th Jan 20, 9:02 PM
    [/B]
    Yes - as you realise, you need to change this.

    [B]
    Look at your past card and account statements to see where it has been going.
    Originally posted by theoretica
    Thank you for the feedback, I will have a look at bank statements and highlight everything that’s not a DD or petrol.
    Marbles £1200
    Vanquis £688
    • fatbelly
    • By fatbelly 15th Jan 20, 9:11 PM
    • 14,582 Posts
    • 11,683 Thanks
    fatbelly
    Iíll be doing a food shop at the end of the month so will be keeping a receipt to see how much I actually spend. My goal from payday onwards is to keep receipts from everything I spend. I just finished paying satsuma so 2 more to go! I have checked and unfortunately I canít get accept for a 0% transfer card.

    Thanks for the feedback
    Originally posted by jadewest94
    Although your soa looks healthy there are some warning lights flashing here:

    you are not sure where your surplus is in practice
    your debts are at high interest
    you are scoring low on an eligibility checker (really? even for capital one?)
    council tax is about to kick in
    • jadewest94
    • By jadewest94 15th Jan 20, 10:09 PM
    • 72 Posts
    • 31 Thanks
    jadewest94
    Although your soa looks healthy there are some warning lights flashing here:

    you are not sure where your surplus is in practice
    your debts are at high interest
    you are scoring low on an eligibility checker (really? even for capital one?)
    council tax is about to kick in
    Originally posted by fatbelly
    I never really track where my money is going, which I really should! Hence why from payday onwards I’ll keep a receipt of everything. I will double check for the capital one card, even if I do get a transfer I doubt it will be enough for the whole sum of my debt, so would it be worth me transferring?

    Just did a check with the eligibility checker and it says 0% chance on getting the card.
    Last edited by jadewest94; 15-01-2020 at 10:12 PM. Reason: Card check
    Marbles £1200
    Vanquis £688
    • MidsHollie
    • By MidsHollie 15th Jan 20, 10:31 PM
    • 52 Posts
    • 171 Thanks
    MidsHollie
    I never really track where my money is going, which I really should! Hence why from payday onwards Iíll keep a receipt of everything.
    Originally posted by jadewest94
    Hi Jade,
    Good luck on your journey!
    Why don't you start tracking your spends now? It took me a while to build the habit of tracking spends, and now it is absolutely a habit, with a system that works. I'd recommend starting now, and working out which way works for you. I started with a notebook but now use a spreadsheet
    • jadewest94
    • By jadewest94 15th Jan 20, 10:33 PM
    • 72 Posts
    • 31 Thanks
    jadewest94
    Hi Jade,
    Good luck on your journey!
    Why don't you start tracking your spends now? It took me a while to build the habit of tracking spends, and now it is absolutely a habit, with a system that works. I'd recommend starting now, and working out which way works for you. I started with a notebook but now use a spreadsheet
    Originally posted by MidsHollie
    Thank you!

    Because I have no outgoings at the minute besides petrol which I’m borrowing money from my OH and giving back, I’m literally emptying all cupboards and anything that’s in the freezer. I’m going to be getting myself a planner ASAP and then starting to track from 1st of February. I know all my DD outgoings so will start from the first and see where I’m pointlessly spending my money.

    *edit* I’m borrowing money as I only have my Vanquis card to use and I don’t want to be spending more money on that!
    Marbles £1200
    Vanquis £688
    • D_M_E
    • By D_M_E 15th Jan 20, 11:20 PM
    • 2,884 Posts
    • 73,521 Thanks
    D_M_E
    Council Tax - you say your mother pays this but you will be paying from February.

    Is mother moving out?
    If so then you will be awarded the 25% single person's discount but if she will continue to live with you then probably not unless there are certain circumstances which would mean she is disregarded, have a look on your council's website for exemptions.
    • D_M_E
    • By D_M_E 15th Jan 20, 11:23 PM
    • 2,884 Posts
    • 73,521 Thanks
    D_M_E
    Also, if you are expecting to take over paying council tax, what will happen to your rent payment - will it increase as well?
    • jadewest94
    • By jadewest94 15th Jan 20, 11:37 PM
    • 72 Posts
    • 31 Thanks
    jadewest94
    Also, if you are expecting to take over paying council tax, what will happen to your rent payment - will it increase as well?
    Originally posted by D_M_E
    Thanks, yes sheís moving out. I will be applying for a single person discount. No she will still be paying the rent as sheís aware that Iím in debt and has agreed I pay £100 a month until I am out of debt. I will then be taking over and paying £350 a month.
    Marbles £1200
    Vanquis £688
    • jadewest94
    • By jadewest94 16th Jan 20, 1:53 PM
    • 72 Posts
    • 31 Thanks
    jadewest94
    Good afternoon all!

    Im just wondering if being debt free by June is realistic or not? Any budget apps/diaries I could use. I really want to he debt free by then or earlier. I need a routine and need to stick to it so any suggestions would be great!

    I also noticed I have £40 on my nectar card I could either save or spend which I completely forgot about.
    Marbles £1200
    Vanquis £688
    • SharpMind
    • By SharpMind 16th Jan 20, 2:04 PM
    • 7 Posts
    • 1 Thanks
    SharpMind
    That's an interesting thread. OP, TY for starting it
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