Some advice needed please

RVK2

Hi peeps. I've been lurking here for 3 weeks (and what eye-opening weeks they have been!) and have learned a lot. I don't know if this is posted on the right board but if it's not then I apologise and could someone please move me? lol. I am not in debt as such, but am becoming quite addicted to saving money. There are just the two of us (me and DD) Therefore I'm posting my SOA and hoping you wonderful people can come up with some ideas.

Income

Income Support £56.20 pw (slight increase due in April) £243.53pm
Child Tax Credit £43.40 pw (ditto) £188.06pm
Child Benefit £17.45 pw (from April) £75.61pm
CSA premium £10.00 pw £43.33pm
TOTAL: £550.53

Outgoings

Southern Water £20 pm
Contents Ins £6.64pm
British Gas £28.00pm (not sure if this is high because of increase or consumption but will look into it)
British Gas Elec £26.00 pm (as above)
Tv Licence £25.30pm (will drop to £10 something in 3 months)
Broadband £8.99pm (for 3 months, just re-negotiated it from £24.99 :eek:
OneTel phone £15pm max
Inland Revenue £11.14pm
ISA £10pm
Petrol £40pm (so far £72 this month, but it has been exceptional)
Food £70pm (am trying to reduce food and petrol expenses)
Savings £104.00pm (car tax, insurance, MOT, Christmas and emergency funds for anything that needs replacing in the home)
TOTAL: £365.07

All things considered I'm doing pretty well, savings going ok and not in debt (though during my marriage I was £12K, so don't be thinking I don't know what the stresses and strains of being in debt are lol). I appreciate that compared to a lot of posters on here I'm doing OK. I'm currently on benefits but hopefully not for long, and the plan is within 2/3 years to buy my little house. I want to save as much as I possibly can towards this (deposit and new kitchen). I'm sure I've missed something out, but hopefully there will be some great hints and tips to help me on my way of a)remaining debt-free b)saving for the future. Thanks all xxx

mjh1977

I'm in awe of anyone who lives all-inclusive on £365 a month, and that includes £100 savings. Well done. Please let some of that rub off on me...

One suggestion is put more on the ISA.

M

Little_Miss_Winner

Have you forgotten rent?

RVK2

Thank you mjh for those kind words I may well only live off £365 a month but I don't pay rent/council tax that so many on here do, and that makes a huge difference. I'd like to put more into the ISA and I see the sense in that at almost 5% interest, but to me my ISA in untouchable (with the exception of not being able to feed my DD it will not get touched, that's my future iyswim) and so I don't want to overstretch myself. I guess perhaps I could up it a bit though!! Thank you

RVK2

pot o gold, I'm on IS, therefore pay neither rent/council tax

skintchick

Change from British Gas, as you are guaranteed to save money. Other than that, you're already doing it!!

lynzpower

Can i ask what your paying the Inland revenue for?

RVK2

Yes Lynz...hubby (now ex) and I were over paid Child Tax Credits and the IR want it back, it's been split between the two of us, both at 11.14 pm for 12 months. It's my aim to pay that off by the end of next month so that I can reduce my month outgoings.

RVK2

skintchick wrote:

Change from British Gas, as you are guaranteed to save money. Other than that, you're already doing it!!

When I checked 4/5 months ago, British Gas were the most competitive in my area for my circumstances, doesn't harm to have another look though

skintchick

Martin always says they are never the most competitive but do check it out cos those bills seems high to me.