SOA - where could we save money???

morgani

Below is my SOA on a monthly basis. I am currently training and will have salary increases annually upto a £30k salary by Aug 2010. Wife has recently had our third child so i on maternity leave until end April 2009.

Have noted anything relevant by each income/expense.

We have considered lowering down to 1 car this would mean train & bus faires etc so may not actually save that much. No HP on cars and the value is minimal.

Any help/advice greatly appreciated. We are open to ideas and just need to get through the next 2 years.

Income
Salary 1...................1,015.00
Salary 2.......................500.00........SMP - so cannot work until Apr
Tax Credits..............1,375.00
Child Benefit..............190.00
..................................3,080.00

Expenses
House
Rent.............................850.00......still under contract so cannot move
Council Tax................137.50
Water............................45.00
Gas..............................100.00.......Changing supplier - will be £80 aprox
Elec................................80.00.......Changing supplier - will be £60 aprox
Home Ins......................15.00
Finance
Loan.............................300.00.......£13,000 at 9.9% 4 1/2 years left
Credit Card...................75.00.......current balance £2000
Travel
Car Ins 1........................35.00
Car Ins 2........................40.00
RFL & MOT etc..............30.00
Fuel etc........................150.00
Entertainment
TV Licence.......................12.00
Sky....................................42.00.......could cancel but would poss mean nights out? Reducing to £22
Internet............................10.00
BT......................................12.00
18185.................................5.00
Mobile..............................20.00
Nursery/Pre school.....625.00.......80% of this funded in tax credits from above
Groceries etc................450.00 includes clothes, nappies etc
X Mas & Birthdays......110.00
.....................................3,143.50

Profit / (loss).............. (63.50 )

savingholmes

I think most of your soa is pretty good - just need to focus on groceries and pressies. How many people are you feeding? Look at the old style board for ideas, meal planning and the store cupboard challenge would be a good start for now.

Pressies - look at the special occasions board especially finished baskets part 2 and crafty for xmas... I've finished my xmas present shopping! There is also a thread on festive fivers best festive ideas for under £5.

Bye for now and good luck!

narabanekeater

could your wife not look after the children while on maternity leave
It would save you the 20% you do pay

morgani

Have considered the option of stopping the nursery. The downfall is the waiting lists for the good nurseries are quite long and would have to probably go on one now to possibly get one for April.

Will put the idea to the wife tommorrow as she is sleeping now.

Will check out the other boards, thanks