Newbie SOA - Pull it apart

rchrisp

pureaswhite wrote: »

My mobile phone up for renewal in Oct I think and will shop around. Have always avoided doing this because my service with vodafone has been amazing. Never had a bad experience in 8 years. I will shop around though.

you will probably have to stay with vodafone if you cant get credit. however vodafone reguarly review my plan for me and help me fine tune it to make savings, s speak to them.

pureaswhite wrote: »

Fuel - I always go to Asda or Tesco. Probably not making the most of points and stuff though.

if you dont have one, get a clubcard. supermarkets prices seem to be similar for petrol, so stick to tesco so you can get your points back for your shopping.

pureaswhite wrote: »

I have just done the dual fuel thing with N power but I still have two DD's both to N power. Should I just have one??? Think I'll check that too.

that is normal with n power, two seperate direct debits which is how i got in trouble wiht them in the first place!

pureaswhite

sammy115 wrote: »

Can I ask about your student loan. Is this a government loan or is it a student loan from a bank. Can you defer this in any way or lower the payments...£200 per month seems quite a lot given that you owe £3,600. I also note that it is 0% interest. Is there any way you can lower this £200 by the overspend each month until you get back on your feet...

Sorry, the student loan isn't interest free but it is the lowest of all my APR's. Can't remember what it is though. It is government funded and unfortunately that is my minimum payment for the next 4 months and then it will reduce to £145.

pureaswhite

Thanks everyone for your comments.

Ongoing theme seems to be that I am paying too much for my mobile, car and car insurance.

I had always athought my mobile package was alright because I use the phone so much as I am out and about all day. However, I will defo look into reducing this.

The car and insurance, I don't think I can reduce at all. I need the car for work and doing over 25000 miles a year plus my points and no no claims is causing my insurance to be so expensive. This will hopefully drop next year when some points drop off to leave me three and I will have a years no claims.

Thanks again for all your advice. Much appreciated!

masterkay

pureaswhite wrote: »

Thanks everyone for your comments.

Ongoing theme seems to be that I am paying too much for my mobile, car and car insurance.

I had always athought my mobile package was alright because I use the phone so much as I am out and about all day. However, I will defo look into reducing this.

The car and insurance, I don't think I can reduce at all. I need the car for work and doing over 25000 miles a year plus my points and no no claims is causing my insurance to be so expensive. This will hopefully drop next year when some points drop off to leave me three and I will have a years no claims.

Thanks again for all your advice. Much appreciated!

Your car is worth a lot. Any way you could sell it and pick up a cheaper one and then use the extra 1000s to pay off debt. I saw a thread detailing buying old bangers and running them into the ground and how it works out rather efficient. You wouldn't have to go that far buy something to think about. How about a smaller car, more efficient car?

You are paying £30 too much for haircuts. Clippers and a friend or student hairdressers all the way.

Phone, bring it down with vodaphone or cancel your contract at the end and go for PAYG (I'm not convinced PAYG is always better as you need a lot of self-control). Consider if/when you get an upgrade of your new phone (if you keep the contract) selling it on ebay and making your old one go for another year.

Consider a spending diary to see where all your extras are going: coffees, sarnies, papers etc. add up very quickly.

Ebay everything you don't use, have never used or don't intend using again. Be ruthless, it's amazing what people will buy, you'll clear some space and maybe not make the same mistakes by buying stuff you don't need.

Can you do without the internet? I know some people who have gone to extremes and cancelled their subscription and go to the library for free internet when they need it.

Good luck!

sammy115

Do you get any reimbursement from work re heavy mileage...

pureaswhite

I expense my fuel which is where the extra £160 a month comes from. Can't sell the car as work stipulate I have to have a car within 3 yrs old and of a certain type for work purposes. I have an allowance for this that is included in my monthly income.

I am looking into the ebay and amazon thing at the moment. I have also started a spending diary so we'll see how I get on!

Thanks for all your advice

pureaswhite

Hi,

Just thought I'd update you on how I am getting on. All your encouragement and handy tips are paying off and whilst still feel out of control of finances, I can see light at the end of the tunnel.

I have started a spending diary and it has highlighted where I am going wrong. So thanks for the advice. I seem to go into a shop to buy a paper and come out £5 lighter!!!!!
I have certianly had my "Lightbulb moment":j I have figured out that I am paying a huge £375 per month :eek: in interest on my loans, credit cards and overdrafts. That doesn't include the interest I'm paying on my mortgage! Can't believe it. I certainly will think much more carefully before ever taking out any credit again. I'm thinking of all the things I could do with £375 extra a month.:sad: Not a happy bunny! Why don't you get taught this stuff in school?? Martin Lewis should write a class that all 16 to 18 year old have to take.

Finished my house now (with help from family) and going to advertise my spare single room for rent so that will bring in extra income. Not really sure where to advertise it though, any ideas?? Also, do I need to draw up some sort of contract with a lodger??

Anyway, I have been raving about this site to all my friends and family and I have alot of them hooked on it too! :beer: Everyone is so helpfull and encouraging and it is a great comfort to know I'm not the only one who has ever gotten themself into a sticky situation, financially. I just feel so stupid. I'm working harder than I have ever worked and earning more than I have ever earned but I have less money than Ever and can't afford to do anything nice with my friends. When they are all going into town for a few drinks or out for meals, or to the pictures or clothes shopping, I keep having to make excuses. Sick of telling people I'm skint and so end up making excuses that I'm ill or that I am going to my mum's or brothers or something. Unfortunately, it means that I am alianating myself from all my friends. I've started to dread their birthdays and special events (babies/weddings/engagements) and where I have always loved Christams I am now dreading it.

Haven't had a holiday in three years and they are all having 2/3/4 hols and weekends away every year to gorgeous places! I suppose it is because they have been sensible with there money in the past and not silly like I have been. Also, most of them are now in couples so I suppose it is easier with two incomes. Please tell me it gets easier!?!?!?!:wall:

Sorry, didn't mean to have a moan or write war and peace for that matter, wanted this to be fairly upbeat!

Anyway, Thanks again for the encouragment!:wave:

getmore4less

pureaswhite wrote: »

Haven't had a holiday in three years and they are all having 2/3/4 hols and weekends away every year to gorgeous places! I suppose it is because they have been sensible with there money in the past and not silly like I have been. Also, most of them are now in couples so I suppose it is easier with two incomes. Please tell me it gets easier!?!?!?!:wall:

How many of those holidays are going on CC?

tealady

Hi re getting a lodger up to a certain amount the income is not taxable. I would ask your local Council to see if they have any advice for landlords and what your responsibilities are.
I would also put the cards into the snowballer to see which card to clear first.
Hope that helps.

getmore4less

One thing I would do to the SOA is factor out the car costs

SO the allowance and fuel subsidy as seperate income items and also seperate the costs into work/personal so you have a better idea of the real cosst

It will give you a better idea of what this jobs cost and what the true net income is after providing a vehicle to do it.(for comparison with other jobs).

If the allowances are not covering the costs then a review at next change will be needed to se if you can make them cover the costs, cheaper car older but kept for shorter time, leasing etc.



On the mobile front there are plenty of ZERO cost options using cash backs.