New SOA

moneymaker2 · 22 May 2007 at 3:31PM

Hi,

Have spent all day doing this however I think I may have sorted something:

£2,609.76 Total income

Total outgoings:

Royal Bank Of Scotland Mortgage £724.98
Council Tax £90.00
Home Content Insurance £30.51
Water Rates £25.64
Gas Bill £30.00
Electricity Bill £25.00
Home Phone Bill £20.00
O2 £40.00
3G £40.00
Internet Bill £14.99
Royal Liver £13.95
Royal Liver £9.95
Insurance £22.16
Food Shopping £200.00
Car Insurance £81.10 (For 2 cars)
Petrol / Diesel / Gas £100.00 (For 2 cars)
Barclaycard £26.00 (0% 12months then 17.9%)
Citibank £170.14 (12.9%)
Capital One Card £5.00 (10.4%)
First Plus £336.84 (11.7%)
Alliance and leicester £16.00 (0% first 9 months then 16.9%)
HSBC loan £327.21 (6.9%)
Sky Subscription £47.00
TV Licence £11.37

Main aim is to reduce each and everyone of these however in my last soa i stated that i only had approx £60 extra per month.
This new budget leaves me with 197.59 per month and once new baby is born there will be £245.83 per month. So focus is between now and July focus on using moneysaving, charges refund, sale from my sofa's and extra £197.59 on paying off debt as once baby is born spare income will be swollowed up by childcare. However I will have cleared lots of bits off beforehand and will try not to get into more debt and I have signed up for my first mystery shopper!!!!:rotfl:

angelavdavis · 22 May 2007 at 3:38PM

Hi again MM

Well done for sitting down and reviewing the SOA.

Have you had a go at working out the debt repayments in the snowball calculator on whats the cost? http://www.whatsthecost.com/snowball.aspx

I suggest as you need to reduce as much as poss before you go on maternity leave, you enter your debts and work out which ones to pay off in what order - generally, you aim to pay off the higher interest first.

Don't forget to counter in the fact that you will be earning less when baby comes with your reduced maternity pay.

I strongly suggest you cut up the cards you pay off with Citibank loan and cancel the accounts and put the capital one card in a container of water and hide in the freezer to stop you getting tempted to spend on it.

Also, note in the diary when your tie-in periods are up for Sky, AOL, etc and also put a reminder in the diary three weeks before your 0% periods are up so you can review and see if you can apply for alternative cards to switch the balances to.

moneymaker2 · 22 May 2007 at 3:46PM

Have cut up the cards- don't think he'll like it though. Never mind if he kicks off I'll get all banmk of mum and dad on him and get his dad (an army commanding officer) to sit down and give him a good talking to.
My Capitalone card I don't have anyway as I cut that up ages back and have only really used it for online purposes.
I have been on Whatsthecost and it says that I can pay everything off in 11 years which is great news considering the first plus loan is for 25 years in total and still have 24 years and 4 months on it.
I shouldn't be earning much less whilst on maternity as I have only got 3 months off and I will still get my bonuses in this time and I have put 4 weeks holiday in instead of maternity leave (just hope work pay me properly)
I'm really on a positive now. Just see what my husband has to say to upset me again.

Conor_3 · 22 May 2007 at 3:50PM

Top attitude there, I like it.

Us blokes are generally lazy and like an easy life. He'll stomp about a bit so that it looks like he's being seen to disapprove but he'll accept the inevitable quite quickly.

RAS · 22 May 2007 at 3:52PM

moneymaker2 wrote: »

Have cut up the cards- don't think he'll like it though.

My Capitalone card I don't have anyway as I cut that up ages back and have only really used it for online purposes.

You have cut them up. Have you closed the accounts?

It only takes one phone call to get a new card. And having spare credit available may prevent you accessing better deals in the future.

moneymaker2 · 22 May 2007 at 3:57PM

The accounts aren't closed as yet as my husband is at work and I have only sorted this today, however the letters are wrote to Capitalone, Barclaycard and monument. He will be forced to sign and they will be going off special delivery tomorrow to ensure that they get them.
If he kicks off i'll be doing the whole deal with the debt on your own issue and walking out cause I can't stand being in this ''mess'' any more.
I want to be able to enjoy life with my 5 year old daughter and our new daughter (due in July) without having to worry, and considering most of the debt is in his name I don't think he has much of an option.

angelavdavis · 22 May 2007 at 4:13PM

Good for you MM, stay strong. Good luck with the baby.

rayday2 · 22 May 2007 at 4:37PM

I am rubbish at these SOA but sky at £47 I would cut! I have the £21 I think package which has most things bar films and sport. We rent DVDs from Tesco one disc at a time which I think is about £6 a month.

New SOA

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