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  • FIRST POST
    • ganderson1804
    • By ganderson1804 7th Feb 18, 1:20 PM
    • 12Posts
    • 6Thanks
    ganderson1804
    Budget advice
    • #1
    • 7th Feb 18, 1:20 PM
    Budget advice 7th Feb 18 at 1:20 PM
    Hi Guys

    I don’t think I’ve posted this in the right place so can someone please tell me the best place for me to list out our budget and get advice on it?

    Thank you

    Gillian
Page 1
    • katie4
    • By katie4 7th Feb 18, 1:32 PM
    • 92 Posts
    • 26 Thanks
    katie4
    • #2
    • 7th Feb 18, 1:32 PM
    • #2
    • 7th Feb 18, 1:32 PM
    link to soa http://www.stoozing.com/calculator/soa.php

    • fatrab
    • By fatrab 7th Feb 18, 1:50 PM
    • 336 Posts
    • 632 Thanks
    fatrab
    • #3
    • 7th Feb 18, 1:50 PM
    • #3
    • 7th Feb 18, 1:50 PM
    I'd say you're in the right place, just post an SOA and add any relevant information.


    We're a friendly bunch and someone will have a suggestion or two once we know what your current situation is.


    Welcome to the forum
    Make a plan. Stick to the plan. If it's not in the plan - DONT DO IT!
    February's Goals - 12/18 NSD - 12/19 Lunches - 19/28 AFD - 15/28 TAFD (take away free days)
    LBM Dec 2017 - Wannabe debt free by Dec 2022 - Wannalose 3st in the process - 1st 8lb lost so far
    14 x £2 coins (#32)
    • ganderson1804
    • By ganderson1804 7th Feb 18, 2:08 PM
    • 12 Posts
    • 6 Thanks
    ganderson1804
    • #4
    • 7th Feb 18, 2:08 PM
    • #4
    • 7th Feb 18, 2:08 PM
    Hi

    Thank you or your replies. I have entered the numbers the best I can into an SOA.

    To be clear we aren’t in a dire financial situation – we haven’t got lots of unmanageable debt but things are very tight and I wanted to see if I was missing any magic tricks.

    Our fixed rate on our mortgage is up at the end of the month so I am looking at new deals but our house value has gone done so I think our payments will stay the same or raise a little.

    This is based on our rock bottom income – my husband gets on call bonuses and overtime but none are guaranteed and vary month to month. We also have a much larger childcare bill than just £200 but we both take £243 in childcare vouchers.
    • ganderson1804
    • By ganderson1804 7th Feb 18, 2:09 PM
    • 12 Posts
    • 6 Thanks
    ganderson1804
    • #5
    • 7th Feb 18, 2:09 PM
    • #5
    • 7th Feb 18, 2:09 PM
    [font=courier new]Statement of Affairs and Personal Balance Sheet
    Household Information

    Number of adults in household........... 2
    Number of children in household......... 3
    Number of cars owned.................... 1
    Monthly Income Details

    Monthly income after tax................ 1679.33
    Partners monthly income after tax....... 2205.23
    Benefits................................ 192.4
    Other income............................ 0
    Total monthly income.................... 4076.96

    Monthly Expense Details

    Mortgage................................ 1253
    Secured/HP loan repayments.............. 507
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 206
    Electricity............................. 131
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 37.2
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 59.5
    Internet Services....................... 0
    Groceries etc. ......................... 300
    Clothing................................ 100
    Petrol/diesel........................... 300
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 75
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 226.24
    Other child related expenses............ 65
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 75.9
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 145
    Haircuts................................ 34
    Entertainment........................... 250
    Holiday................................. 100
    Emergency fund.......................... 0
    Bank Acc charge......................... 12
    Kids Trust Funds........................ 100
    Total monthly expenses.................. 3989.21


    Assets

    Cash.................................... 0
    House value (Gross)..................... 250000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 250000


    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 231000...(1253).....2.76
    Hire Purchase (HP) debt ...... 0........(507)......0
    Total secured & HP debts...... 231000....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Total unsecured debts..........0.........0.........-


    Monthly Budget Summary

    Total monthly income.................... 4,076.96
    Expenses (including HP & secured debts). 3,989.21
    Available for debt repayments........... 87.75
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 87.75

    Personal Balance Sheet Summary
    Total assets (things you own)........... 250,000
    Total HP & Secured debt................. -231,000
    Total Unsecured debt.................... -0
    Net Assets.............................. 19,000
    • fatrab
    • By fatrab 7th Feb 18, 2:26 PM
    • 336 Posts
    • 632 Thanks
    fatrab
    • #6
    • 7th Feb 18, 2:26 PM
    • #6
    • 7th Feb 18, 2:26 PM
    Couple of things jumping out at me.

    You have car costs of £75 per month? But nothing in for tax or insurance. Even if you pay them annually you need to divide them by 12 and enter them to the SOA. £900/year for car maintenance seems a little high.

    You have a balance of 0 for HP but monthly payment of £507?

    Are you on the best deal for your electricity?

    £75.90 life insurance seems high.

    If you are looking for ways to save quickly in the short term, £250/month for entertainment when you have no safety fund seems like a good place to start. And £1740/year on presents seems high too but with 3 children I'm sure it quickly mounts up.
    Make a plan. Stick to the plan. If it's not in the plan - DONT DO IT!
    February's Goals - 12/18 NSD - 12/19 Lunches - 19/28 AFD - 15/28 TAFD (take away free days)
    LBM Dec 2017 - Wannabe debt free by Dec 2022 - Wannalose 3st in the process - 1st 8lb lost so far
    14 x £2 coins (#32)
    • Ebe Scrooge
    • By Ebe Scrooge 7th Feb 18, 2:36 PM
    • 4,079 Posts
    • 3,509 Thanks
    Ebe Scrooge
    • #7
    • 7th Feb 18, 2:36 PM
    • #7
    • 7th Feb 18, 2:36 PM
    [font=courier new]Statement of Affairs and Personal Balance Sheet
    Household Information

    Number of adults in household........... 2
    Number of children in household......... 3
    Number of cars owned.................... 1
    Monthly Income Details

    Monthly income after tax................ 1679.33
    Partners monthly income after tax....... 2205.23
    Benefits................................ 192.4
    Other income............................ 0
    Total monthly income.................... 4076.96

    Monthly Expense Details

    Mortgage................................ 1253
    Secured/HP loan repayments.............. 507
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 206
    Electricity............................. 131
    Gas..................................... 0 I assume you're all-electric since you have nothing for gas or oil - are you on the best tariff ?
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 37.2
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 59.5 This is a luxury and could be cut.
    Internet Services....................... 0 Nothing ? Do you not pay for internet access ?
    Groceries etc. ......................... 300
    Clothing................................ 100 Seems quite high - even with 3 kids.
    Petrol/diesel........................... 300
    Road tax................................ 0 Is your car really zero tax ?
    Car Insurance........................... 0 You must be paying insurance
    Car maintenance (including MOT)......... 75
    Car parking............................. 0 Really ? Not even popping into town on a Saturday ?
    Other travel............................ 0
    Childcare/nursery....................... 226.24
    Other child related expenses............ 65 What is this for ?
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0 You really should have something for this.
    Contents insurance...................... 0 Ditto
    Life assurance ......................... 75.9
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 145 This is very high, even with 3 kids.
    Haircuts................................ 34
    Entertainment........................... 250 This could be cut if required
    Holiday................................. 100
    Emergency fund.......................... 0 It's a good idea to have something here.
    Bank Acc charge......................... 12 Why are you paying a fee ?
    Kids Trust Funds........................ 100
    Total monthly expenses.................. 3989.21


    Assets

    Cash.................................... 0
    House value (Gross)..................... 250000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 250000


    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 231000...(1253).....2.76
    Hire Purchase (HP) debt ...... 0........(507)......0
    Total secured & HP debts...... 231000....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Total unsecured debts..........0.........0.........-


    Monthly Budget Summary

    Total monthly income.................... 4,076.96
    Expenses (including HP & secured debts). 3,989.21
    Available for debt repayments........... 87.75
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 87.75

    Personal Balance Sheet Summary
    Total assets (things you own)........... 250,000
    Total HP & Secured debt................. -231,000
    Total Unsecured debt.................... -0
    Net Assets.............................. 19,000
    Originally posted by ganderson1804



    My thoughts in bold above. I realise you say you're not in dire straits, so some of the cuts you may feel you don't need to make. But it depends how much you're wanting to save, and what sacrifices you're willing to make. Anyhow, hope this helps.
    I may not know much about art, but I know what I like.
    • ganderson1804
    • By ganderson1804 7th Feb 18, 2:40 PM
    • 12 Posts
    • 6 Thanks
    ganderson1804
    • #8
    • 7th Feb 18, 2:40 PM
    • #8
    • 7th Feb 18, 2:40 PM
    Thanks for your reply! I've noted some direct replies here
    Couple of things jumping out at me.

    You have car costs of £75 per month? But nothing in for tax or insurance. Even if you pay them annually you need to divide them by 12 and enter them to the SOA. £900/year for car maintenance seems a little high.

    Sorry I meant to give a little more breakdown. This £75 is for all car costs excluding fuel so it covers insurance, tyres, MOT, road tax, services.

    You have a balance of 0 for HP but monthly payment of £507?
    I don't know the balance at the mo - paperwork is at home. We started it in Mach 2016 and it was a 4 year plan.

    Are you on the best deal for your electricity?

    That is a combined gas and electric price and I'm on a MSE switch deal at the mo. There is a slightly cheaper one but with the early exit fees its not worth the change until my deal is up.

    £75.90 life insurance seems high.
    This is life insurance and critical illness for myself and my husband - mine is £31.82 and his is £44.08

    If you are looking for ways to save quickly in the short term, £250/month for entertainment when you have no safety fund seems like a good place to start. And £1740/year on presents seems high too but with 3 children I'm sure it quickly mounts up.
    The gift budget is £65 a month for birthday presents for the kids, each other, nieces/nephews and parents for the year. Christmas is £80.


    The entertainment fund prob is the best place to make a change. The additional childcare costs of £65 is for their activities and classes.


    Originally posted by fatrab

    Thanks so much for your quick response - love all your points as they are really making me think about our cashflow.

    • fatrab
    • By fatrab 7th Feb 18, 2:46 PM
    • 336 Posts
    • 632 Thanks
    fatrab
    • #9
    • 7th Feb 18, 2:46 PM
    • #9
    • 7th Feb 18, 2:46 PM
    I'd definitely reconsider your presents and entertainment spending. Cut by £100/month and transfer this money into an emergency fund.

    I'd look into the life insurances, you might find a better deal.

    Can you cut the cost of your satellite TV package and mobile phone perhaps?
    Make a plan. Stick to the plan. If it's not in the plan - DONT DO IT!
    February's Goals - 12/18 NSD - 12/19 Lunches - 19/28 AFD - 15/28 TAFD (take away free days)
    LBM Dec 2017 - Wannabe debt free by Dec 2022 - Wannalose 3st in the process - 1st 8lb lost so far
    14 x £2 coins (#32)
    • fatrab
    • By fatrab 7th Feb 18, 2:53 PM
    • 336 Posts
    • 632 Thanks
    fatrab
    One of the hardest things to accept is the difference between wants and needs when you're trying to cut back.

    Food is a need. The roof over your head is a need.

    Mobile phone and cable tv are wants, it doesn't mean you can't have them if you can afford them but just be sure you're on the best possible deal. £10 sim only deal and basic channels at most.

    Last edited by fatrab; 07-02-2018 at 2:57 PM.
    Make a plan. Stick to the plan. If it's not in the plan - DONT DO IT!
    February's Goals - 12/18 NSD - 12/19 Lunches - 19/28 AFD - 15/28 TAFD (take away free days)
    LBM Dec 2017 - Wannabe debt free by Dec 2022 - Wannalose 3st in the process - 1st 8lb lost so far
    14 x £2 coins (#32)
    • ganderson1804
    • By ganderson1804 7th Feb 18, 2:53 PM
    • 12 Posts
    • 6 Thanks
    ganderson1804
    My thoughts in bold above. I realise you say you're not in dire straits, so some of the cuts you may feel you don't need to make. But it depends how much you're wanting to save, and what sacrifices you're willing to make. Anyhow, hope this helps.
    Originally posted by Ebe Scrooge
    Hi thank you for your reply

    In response:

    We are gas & electric but I couldn’t find the split as we have a combined direct debit so just put it all in here.

    Yes sky is def a luxury – but we are tied into a contract until October. This cost includes sky tv, broadband and phone line.

    Clothing is prob a little high but of my kids 1 is at school – so is in uniform. My others are 2 – needs new £30-£40 shoes every 6 weeks and the little one is only in 12-18m clothes with a November birthday so needs a size update in summer. This also includes stuff for me and my husband.

    The £75 a month is all in for the car excluding fuel. It covers insurance, tax, MOT, tyres, service etc.

    Haven’t got anything in for car parking – this comes out of our entertainment budget if we ever pop into town.

    Child expenses is their weekly classes – swimming, hip hop, running club and toddlers.

    Buildings/contents insurance was an oversight on my part. I pay it annually and have the money sat aside for it from the month of of council tax.

    Presents budget isn’t just for the kids, it includes all nieces & nephews, parents, mothers/fathers day token gift, cards, wrapping paper, class party gifts, Christmas.

    Entertainment is where we need to make a change I think.

    Emergency fund – this is where I panic – def need to build this back in.

    Bank acc – this includes mobile phone insurance which we have used in the past. Also travel insurance, car breakdown. Plus we get a good £10-15 a month in cashback from this.

    Thank you so much for you reply – really appreciate your time.
    • ganderson1804
    • By ganderson1804 7th Feb 18, 2:57 PM
    • 12 Posts
    • 6 Thanks
    ganderson1804
    I'd definitely reconsider your presents and entertainment spending. Cut by £100/month and transfer this money into an emergency fund.

    I'd look into the life insurances, you might find a better deal.

    Can you cut the cost of your satellite TV package and mobile phone perhaps?
    Originally posted by fatrab

    Great suggestion on the ent/gifts - think i'll do that.


    I have our financial advisor looking at life insurance for us. my husband is a smoker (vape) and also has medical issues in family history so think that ramps it up.


    Locked in sky (includes tv, broadband and phone line) until October but will def reduce at that point. My phone is £29.0 a month and my husband is on £8 SIM only. When mine ends i'll drop to the same.
    • enjoyyourshoes
    • By enjoyyourshoes 7th Feb 18, 3:07 PM
    • 1,034 Posts
    • 1,267 Thanks
    enjoyyourshoes
    Your HP ought to attract a bit of focus on your behalf:-

    What is the interest rate?
    can you overpay?
    Are there any early repayment charges?

    If all OK above, and the interest rate is over the mortgage, then pay off asap.

    Also look into the mortgage rate and see if there can be a better remortgage deal without any silly additional charges attributed to changing and gaining a new remortgage.

    I assume the insurances (ar etc) are paid annually and just represented as a monthly cost for the SOA purposes, if so great , if not start accruing for all annual,1/2&1/4 bills as a monthly amount deducted when you reconcile your bank account (do a quick cash flow to see all bills payable each due month are covered by the monthly accrual) and see if this can go into a interest bearing account.

    What are you trying to achieve?
    Debt is a symptom, solve the problem.
    • enjoyyourshoes
    • By enjoyyourshoes 7th Feb 18, 3:10 PM
    • 1,034 Posts
    • 1,267 Thanks
    enjoyyourshoes
    Sorry, just read your post on insurances etc, so ignore my comments.
    Debt is a symptom, solve the problem.
    • ganderson1804
    • By ganderson1804 7th Feb 18, 3:16 PM
    • 12 Posts
    • 6 Thanks
    ganderson1804
    Thank you for your reply!
    Your HP ought to attract a bit of focus on your behalf:-

    What is the interest rate?
    can you overpay?
    Are there any early repayment charges?

    If all OK above, and the interest rate is over the mortgage, then pay off asap.
    Honest answers is I don't know to any of your questions. It is a car finance we are paying. I'd need to look into it.

    Also look into the mortgage rate and see if there can be a better remortgage deal without any silly additional charges attributed to changing and gaining a new remortgage.
    We have just looked at remortgage but unfortunately our house valued less than expected so our best bet is a new deal with our current lender as the have the LTV as being 82% where everyone else sees 92%. This will increase our payments by around £50

    I assume the insurances (ar etc) are paid annually and just represented as a monthly cost for the SOA purposes, if so great , if not start accruing for all annual,1/2&1/4 bills as a monthly amount deducted when you reconcile your bank account (do a quick cash flow to see all bills payable each due month are covered by the monthly accrual) and see if this can go into a interest bearing account.

    What are you trying to achieve?
    GREAT question! I just want to feel a little more secure but I don't think that is going to happen unless we can increase our income or reduce our outgoings which I just don't think we can do right now. Roll on my youngest 2 kids going to school!!
    Originally posted by enjoyyourshoes
    • Mumoffourkids
    • By Mumoffourkids 7th Feb 18, 3:36 PM
    • 406 Posts
    • 1,717 Thanks
    Mumoffourkids
    Re your clothes budget, I have six kids and budget £100 per month for clothes and shoes for all of them and for me as well. I just managed to get shoes for my youngest two in the sale in the next size up so they cost me £45 for four pairs of shoes instead of £114. These shoes should last them until the end of the summer.

    Also presents, again I have six kids so therefore six birthdays and six Christmas and I only budget £150 per month and this should be more than enough for the year. So I should have some left over at the end of the year.
    Total debt Dec 2017 £23090.83 Feb 2018 £7675.3966.76% paid
    Debt no 3 £600/£1000
    Debt no 2 £0/£412.05 paid Feb ~ Debt no 1 £0/£593.29 paid Jan 2018
    Emergency fund £387.50/£600 ~ Total Savings £1036.29
    PAYDOBX2018 #97 £10114.82/£12,000
    • EssexHebridean
    • By EssexHebridean 7th Feb 18, 3:38 PM
    • 8,479 Posts
    • 45,252 Thanks
    EssexHebridean
    Comments in red as usual...

    [font=courier new]Statement of Affairs and Personal Balance Sheet
    Household Information

    Number of adults in household........... 2
    Number of children in household......... 3
    Number of cars owned.................... 1
    Monthly Income Details

    Monthly income after tax................ 1679.33
    Partners monthly income after tax....... 2205.23
    Benefits................................ 192.4
    Other income............................ 0
    Total monthly income.................... 4076.96

    Monthly Expense Details

    Mortgage................................ 1253 Ouchy - that's a lot of dosh!
    Secured/HP loan repayments.............. 507 Car payments?
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 206 Might be worth spreading this over 12 months if you currently pay over the standard 10.
    Electricity............................. 131 Everything done on electric - no central heating?
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0 Ahh - you're in Scotland at a guess?
    Telephone (land line)................... 0
    Mobile phone............................ 37.2 2 phones?
    TV Licence.............................. 12.37 Correct and well done on remembering the odd pennies!
    Satellite/Cable TV...................... 59.5
    Internet Services....................... 0 Included in the TV cost as a bundle?
    Groceries etc. ......................... 300 Not bad for a family of 5 - you might be able to tweak is a little just by mindful shopping perhaps.
    Clothing................................ 100 Every month? This is pretty high - might be worth looking to have a clothes amnesty for a few months, then buy essentials only for a few months more.
    Petrol/diesel........................... 300 Read Martin's guide on driving economically and shop around for the best priced fuel.
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 75 Do you do this the same as we do -
    save for everything in one pot and pay tax & insurance annually? If so does this cover everything you need for the car annually? Think depreciative items as well -= you're going to go through at least 1 set of tyres a year on your mileage at a guess.

    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 226.24
    Other child related expenses............ 65
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0 There should be something here!
    Contents insurance...................... 0 There should be something here, too!
    Life assurance ......................... 75.9
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 145 Honestly, you could definitely trim this a lot - even with 3 children that's a lot of money to spend on presents.
    Haircuts................................ 34 Every month? This seems quite high
    Entertainment........................... 250 If you wanted some wiggle room I suspect this could be trimmed a bit
    Holiday................................. 100
    Emergency fund.......................... 0 Some priorities are skewed here IMO -
    £250 a month on entertainment, £100 on holidays, and nothing feeding into an EF?

    Bank Acc charge......................... 12 [COLOR="red] What benefits do you get from this?
    Do you use the benefits? Could you get them cheaper elsewhere?[/COLOR]
    Kids Trust Funds........................ 100
    Total monthly expenses.................. 3989.21


    Assets

    Cash.................................... 0 Where is the money you save for holidays,
    car expenses and presents if you have no cash assets?

    House value (Gross)..................... 250000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 250000


    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 231000...(1253).....2.76
    Hire Purchase (HP) debt ...... 0........(507)......0 This shouldn't have a zero in the first column if you're paying £500 a month to it
    Total secured & HP debts...... 231000....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Total unsecured debts..........0.........0.........-


    Monthly Budget Summary

    Total monthly income.................... 4,076.96
    Expenses (including HP & secured debts). 3,989.21
    Available for debt repayments........... 87.75
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 87.75 So that's good - a surplus is a surplus

    Personal Balance Sheet Summary
    Total assets (things you own)........... 250,000
    Total HP & Secured debt................. -231,000
    Total Unsecured debt.................... -0
    Net Assets.............................. 19,000
    Originally posted by ganderson1804
    OK you're on the right side of things but allowing for the stuff that's not mentioned there (insurances etc) you're closer than I'd be comfortable with, and with no EF set aside you're very close to the wind should anything break in a big way.

    If it were me I'd look to prioritise - sort out that contents insurance (and buildings although I suspect you do have that, just forgotten to put it in). Think about cutting back on the entertainment stuff a bit. Definitely cut back on the clothing for a while - force everyone to revisit what they already have and they might find some forgotten favourites lurking in the wardrobe! Knock presents down to a nice even £100 a month and make sure that budget gets stuck to. Shop to a list and write a meal plan - that could potentially save you £50 a month or so. Try to wiggle things about so you've got an extra couple of hundred pounds a month, and then stash that away into emergency savings for a while - work on just adding to this as you go along each month and don't have a fixed amount in ind to stop saving at.

    Agree that the HP needs to be looked at - it may be that if there is an option there to overpay you might do better to point some of the surplus at that. If there a balloon payment on the car at any stage? Again if so this will need saving for otherwise you'll find yourself in the situation of needing to hand the car back and take further finance for a new one, whereas obviously the ideal is to pay the current car off and keep it until you've saved for its replacement.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£842.87 (12/02/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • EssexHebridean
    • By EssexHebridean 7th Feb 18, 3:40 PM
    • 8,479 Posts
    • 45,252 Thanks
    EssexHebridean
    Your username made me chuckle MOFK! Did you forget two of them when you registered?

    (Apologies for taking the thread OT!)

    Re your clothes budget, I have six kids and budget £100 per month for clothes and shoes for all of them and for me as well. I just managed to get shoes for my youngest two in the sale in the next size up so they cost me £45 for four pairs of shoes instead of £114. These shoes should last them until the end of the summer.

    Also presents, again I have six kids so therefore six birthdays and six Christmas and I only budget £150 per month and this should be more than enough for the year. So I should have some left over at the end of the year.
    Originally posted by Mumoffourkids
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£842.87 (12/02/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • enthusiasticsaver
    • By enthusiasticsaver 7th Feb 18, 4:28 PM
    • 5,661 Posts
    • 11,195 Thanks
    enthusiasticsaver
    I am not going to rehash all the advice above except to say that you need an emergency fund and I would suggest you knock the presents fund down by £45 and put £100 from this and your surplus into savings each month. What is the HP for? The car and how much is outstanding or is this one of these PCP deals where you have to keep rolling it over every 3 or 4 years?

    Your biggest issue is the mortgage and the HP which is very high.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, 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
    • Mumoffourkids
    • By Mumoffourkids 7th Feb 18, 6:33 PM
    • 406 Posts
    • 1,717 Thanks
    Mumoffourkids
    Your username made me chuckle MOFK! Did you forget two of them when you registered?

    (Apologies for taking the thread OT!)
    Originally posted by EssexHebridean
    It's because I originally registered when I had four kids and then went onto have two more!
    Total debt Dec 2017 £23090.83 Feb 2018 £7675.3966.76% paid
    Debt no 3 £600/£1000
    Debt no 2 £0/£412.05 paid Feb ~ Debt no 1 £0/£593.29 paid Jan 2018
    Emergency fund £387.50/£600 ~ Total Savings £1036.29
    PAYDOBX2018 #97 £10114.82/£12,000
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