SOA - Trying to make cut backs!

NuttyBird

Hi,

I’m looking for help on how to cut some of my out goings as my Hubbys work has gone very quite (non-existent). Any the company I work for has said there may have to make some people redundant !

I’ve list below my SOA – Luckily over the last few years we’ve paid off a few debts. We do have some savings that will now be used to live on.

TV Licence

12

Nico (National Ins – Hubby Self employed)

12

Virgin CC (£175)

25

Car Loan (ends in March 09)

313

Virgin Media

4

Ing Direct

50

MK Council Tax (April)

116

Alliance Leicester

425

Anglian Water (April)

52

BT (line rental only)

20

Countrywide (Endowment)

32

Gas (Southern Electric)

40

Electric (Southen Electric0

84

Standing Order (Savings Plan

45

Car Ins/Tax/Mot

50

Secure One (House Alarm – ¼ payment)

20

MBNA CC (£710 0%)

25

Sky Digital (TV,Interent,Phone)

86

Norwich Union (Life Ins

12

Total £1423

The car loan is ending in March 09 (thankfully!) which brings total down to £1110

I think we could get by on £200 per month in food and petrol (I work from home and don’t use the car very often) I’ve just paid my car insurance for the next year and I’m about to do the same with Home Insurance.

So I think my total out goings are £1310.

Income (just me at the moment) 850
Child Benefit 180
Tax Credit 41

Total: £1070

I have an over spend of £240 per month ( which I would like to cut down)

Do you think I should clear the Credit cards with the saving? Can I claim for any benefits, as I am now the only one working?

Thanks

Horace

Hi and welcome

Unfortunately your SOA is hard to read so please can you use this handy calculator: https://www.makesenseofcards.com/soacalc.html - there is button on it to formulate to MSE so that you can copy and paste it here. This SOA will allow you to include interest rates etc etc.

Keep a spending diary and if you have leftover money use it to pay the highest interest bearing card first.

NuttyBird

Hi, Thanks - a second go!

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.................... 2
Monthly Income Details
Monthly income after tax................ 850
Partners monthly income after tax....... 0
Benefits................................ 221
Other income............................ 0
Total monthly income.................... 1071
Monthly Expense Details
Mortgage................................ 425
Secured loan repayments................. 313
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 84
Gas..................................... 40
Oil..................................... 0
Water rates............................. 52
Telephone (land line)................... 20
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 90
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 12
Other insurance......................... 89
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1523

Assets
Cash.................................... 12000
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 167000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 44478.8..(425)......4.04
Secured Debt.................. 0........(313)......0
Total secured & HP debts...... 44478.8...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................710.......25........0
Virgin Credit Card.............175.......25........0
Total unsecured debts..........885.......50........-

Monthly Budget Summary
Total monthly income.................... 1,071
Expenses (including HP & secured debts). 1,523
Available for debt repayments........... -452
Monthly UNsecured debt repayments....... 50
Amount short for making debt repayments. -502

Pollycat

Hi there, your new SOA reads better.

A few points:
if your OH is not earning, check if you are entitled to more benefits. There's a specific board for this.

Electricity & gas is very high. Are you switiching stuff off? I don't think now is a good time to switch though.

Are you on a water meter?

Satellite/cable - this is a crazy amount per month. Can you reduce it?

You have 2 cars but no budget for car tax or car insurance.
Your petrol consumption is low per month for 2 cars. Do you really need them both?

What is the 'other insurance' of £89 pm for?

Burlesque_Babe

internet/cable costs - ouch!!!!! Reduce right down to the base pack or get a freeview box.

Other insurance -what does this cover?

You need to factor something in for haircuts and entertainment,just a small amount.

McKneff

landline is expensive at £20 line rental only (as on yur first soa) should only be £11.75 at most with BT

Your Satelite/cable tv is bill is enormous at £90 what do you get for this.
as an example SKy do basic package of SKy, Skytalk, broadband for £16.50 a month and you can get landline through them for a tenner.

Car maintenance/ Mot = £600 a year:eek:

Water rates seem high, are you on a meter (depends how many you have in the household really)

NuttyBird

Hi,

In the past I increased the amount of money I was pay for Gas and Electricity as I had a couple of large bills when we weren't paying enough Direct Debit and the company I was with didn't tell me that we weren't paying enough- I have been changed to six monthly billing and wont get a bill until April - Would they company be able to estimate a bill for me?

The BT I've also been over paying and have just check my bill and am in credit with this £50 - I might ask what sky line rental is.

Other insurances are not really insurance just things I didn't know where to put - I pay £20 per quarter for my house alarm to be maintained.

£45 is a savings plan I took out when I first started working. £12 is my hubbys National Insurance Contribution he pays (he is self employed) £12 is Life insurance. = £89

The car maintenace £50 is for insurance/Tax/MOT

I did set up lots of savings pots when things were going well and all house/car insurance have been paid for the next year. I also have a christmas/birthday fund ready for this year. As well as a very small pot for hair cuts!!

The sky TV is our one luxury we have (Don't drink (much!) or smoke!!) But I will look into reducing this too.

There are 2 adults and three children in the house so I don't think it will pay us to go on a metre?

Thanks

RAS

I think you need a full benefit check. Do a basic here www.entitledto.com.

In the mean--time you must keep up with the mortgage, secured loan and food.

What is this

Other insurance......................... 89

It maters not whether you go out or not, you cannot afford the sky package. Go freeview.

And speak to a debt charity http://www.moneysavingexpert.com/loans/debt-help-plan#help

~Beanie~

NuttyBird wrote: »

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.................... 2
Monthly Income Details
Monthly income after tax................ 850
Partners monthly income after tax....... 0
Benefits................................ 221
Other income............................ 0
Total monthly income.................... 1071
Monthly Expense Details
Mortgage................................ 425
Secured loan repayments................. 313
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 116
Electricity............................. 84 - That seems very high
Gas..................................... 40
Oil..................................... 0
Water rates............................. 52
Telephone (land line)................... 20
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 90 - HOW MUCH:eek:
Internet Services....................... 0
Groceries etc. ......................... 150 - That seems low for 5 people
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0 - 2 cars and no road tax?
Car Insurance........................... 0 As above
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 20
Life assurance ......................... 12
Other insurance......................... 89
Presents (birthday, christmas etc)...... 0 - No birthday / christmas presents?
Haircuts................................ 0 - No haircuts?
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1523

Assets
Cash.................................... 12000
House value (Gross)..................... 145000
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 167000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 44478.8..(425)......4.04
Secured Debt.................. 0........(313)......0
Total secured & HP debts...... 44478.8...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................710.......25........0
Virgin Credit Card.............175.......25........0
Total unsecured debts..........885.......50........-

Monthly Budget Summary
Total monthly income.................... 1,071
Expenses (including HP & secured debts). 1,523
Available for debt repayments........... -452
Monthly UNsecured debt repayments....... 50
Amount short for making debt repayments. -502

Your satellite/cable TV is horrendous and MUST be cut - you simply can't afford it! Including the £20 for BT line rental (mine isn't that much?) you are paying £110 per month for TV/internet/phone and you could easily get it for less than half that amount.

Also you seem to have missed some things out - 2 cars but no insurance / road tax? No haircuts? Entertainment? Presents?

Is it possible for the person who isn't currently working to get a job? Or the person who is working to get a better paid one? One way or another you could do with upping your income.

Pollycat

NuttyBird wrote: »

Hi,

In the past I increased the amount of money I was pay for Gas and Electricity as I had a couple of large bills when we weren't paying enough Direct Debit and the company I was with didn't tell me that we weren't paying enough- I have been changed to six monthly billing and wont get a bill until April - Would they company be able to estimate a bill for me?

The BT I've also been over paying and have just check my bill and am in credit with this £50 - I might ask what sky line rental is.

Other insurances are not really insurance just things I didn't know where to put - I pay £20 per quarter for my house alarm to be maintained.

£45 is a savings plan I took out when I first started working. £12 is my hubbys National Insurance Contribution he pays (he is self employed) £12 is Life insurance. = £89

The car maintenace £50 is for insurance/Tax/MOT

I did set up lots of savings pots when things were going well and all house/car insurance have been paid for the next year. I also have a christmas/birthday fund ready for this year. As well as a very small pot for hair cuts!!

The sky TV is our one luxury we have (Don't drink (much!) or smoke!!) But I will look into reducing this too.

There are 2 adults and three children in the house so I don't think it will pay us to go on a metre?

Thanks

Hi
do you have meters for both gas & electricity (we do) - can you do a reading yourself and ring them up and ask for a review of what you're paying?

The £45 savings plan - is it worth keeping this on?

Look on the Water forum for info on having a meter.
I think you can change your mind within a year and revert (but don't quote me on that).
I know when I was looking into my Mum & Dad having a meter fitted, the water company (Severn Trent) sent me some info to calculate whether it would be a saving. Might not work for your household.
Worth looking into though.

McKneff

Like i said in an earlier post, you can have Sky Line Rental for £10 and for
Sky, Broadband and skytalk (I think you have to have Skytalk to take up the rental offer) for £16.50