Any advice welcome - SOA included and long!

bestpud

Hiya

We're in a bit of a muddle with our finances - not really in debt at the moment but heading that way! There's myself, dh and three children by the way. Dh works and I'm a student. Sorry for the very long thread - I've tried to include as much detail as poss but I'm sure I've probably left something out as we're only just keeping our heads above water even though we should be ok by my reckonings!

Ps: I've posted a better version a few posts down!


Here is my SOA:

Incomings

Wages - £199 a week and £20 call out every fourth week.
WTC - £7.46 a week
CTC - £108 a week
Student loan £4270 a year - Student account is £950 into overdraft (interest free) so will effectively have £450 in April (24th I think).
Student grant £2300 a year plus 85% of childcare costs. I've been overpaid this year so far (my fault) so April's grant will cover childcare for term but nothing else.


Outgoings

Rent £300.65 a month

Council Tax £90 a month over 10 months after 25% student discount.

Gas £18 a month

Electric £38 a month

Home Phone
BT £35 a month - the caller display is priceless when I need to get work done! I’m wondering about pre dialler options though, for daytime calls?

Internet – Virgin £17.99 a month – great service so don't want to switch. Have just downgraded from £24.99 a mth as they don’t charge for going over the limit so thought I may as well give it a go. We use the internet a lot.

Car:
Tax - £180 a year? Not the cheaper price.

Insurance £23.02 a month – would like to pay in one go this year to save the interest charges. It’s due early October.

MOT and maintenance roughly £200 inc tyres – dh does the work and we get discount on most parts.

Petrol - £40 a week when I’m at uni, around £25-30 otherwise. However, I give a lift to a friend who helps out with petrol costs. I also car share but it depends on the days/times we have to attend.

Parking - £60 per year for permit and odd town parking approx £2.50 per mth.

Clothes – school uniform £300 inc shoes.

Other clothes – don’t really buy much and not regularly so difficult to guess – probably about £250 including shoes. Children tend to have clothes as presents and we all use birthday/xmas money to buy stuff for ourselves.

Groceries - £80 a week – food, cleaning products, dog/cat food, toiletries, headache tablets etc, stationary inc printer cartridges and paper. We all have a packed lunch.
BUT
Take a ways – around £40 a month!

DVD rental – £5.99 Amazon 3 a month – on free trial at the moment.

Birthdays – £600 a year

Xmas - £650 a year

Other such as Easter/Mother’s Day – around £30 a year.

Newspapers/Magazines – local paper 60p a week plus occasional magazine around £10 a year.

Water Rates – £46.43 a month over 10 months.

Dental – just gone private so £52 a month.

Pocket money £20 a week, £10 each for older two – they have jobs to do for this. Littlie gets about £2.50 a week but in the form of a book/toy for getting all her stars.

Holiday - £3200 this year as we got carried away! We usually do a Sun holiday, if anything, but decided to have a proper holiday this year. We are going in January so have time to get our act together. Price is insurance, airport parking, all ski hire, lessons etc and half board accommodation with evening drinks. We've paid £350 of it but cost is scaring us at the moment!

Mobile phones – mine £18.99 a month until October as I wanted the phone (use it for photos and diary more than calls) – when contract ends, I will switch to payg – probably around £5 a month then. Dh's phone is payg and £20 a year.

School trips – roughly £100 a year – older two contribute to big trips.

TV licence – £10.99 a month

Tuition fees - £30 a week as kids struggling at school and getting close to GCSEs.

Childcare – 15% of £55 a week (Student Finance pay 85%) until Whitsun and then £24 until summer hols. However, student grant will cover the fees for rest of school year. School in September so none then.

Days out – tend to do this spur of the moment rather than planned and usually end up spending a fortune! I guess we spend around £500 a year.

Current account usually in the red by £200 ish so pay about £3 a month on avg interest charges.

I'd like to have household contents insurance and be contributing to a pension but we don't do either!

Phew, thanks for getting this far!

Any ideas anyone?

lynzpower

Welcome to you!!

It will be easier for us to see if its broken down as per Southern scousers, pinned/sticky, for newbies. You seem to work out you income weekly, but most of the bills are monthy. If you could juggle it around, then it would help us see.

You dont mention any debts though!?!?

bestpud

Knew I'd forget something!

Child benefit £39.80 a week

Annie_Fanny

http://forums.moneysavingexpert.com/showthread.html?t=107280

Have a look at this post....for a breakdown of an SOA

bestpud

Thanks for reply

I think that's the biggest problem for me - as dh is paid weekly, child benefit 4 weekly, student finance 3 times a year and, as you say, bills monthly. B****y nightmare!

I'll have a go at sorting it out now - can see what you mean!

We haven't got any debts othere than the overdrafts and student loan - trying to sort things before we get to that point.

Bestpud

Annie_Fanny

£52.99 is far too much for phone & internet. Shop around it is a very competitive market.

Holiday - £3200 :eek: Going skiing is notorious for being one of the most expensive holidays you can get. You will have to pay £356.25 a month over the next 8 months if you want to pay this before you go in January - can you afford this? It is more than your rent!!

bestpud

Ok, here goes!

Incomings monthly

Wages - £884
WTC - £32.33
CTC - £468
Child Benefit £172.47
Student loan and grants £547.50

Total monthly income: £2104.30


Outgoings monthly

Rent - £300.65
Council Tax – £90 (over 10 months)
Gas £18
Electric £38
Home Phone £15
TV licence – £10.99 a month
Internet – £17.99
Water Rates – £46.43 a month over 10 months.
Dental – just gone private so £52 a month.

Groceries - £ 350 – food, cleaning products, dog/cat food, toiletries, headache tablets etc, stationary inc printer cartridges and paper. We all have a packed lunch.
BUT
Take a ways – we spend way too much! Probably works out at around £40 a month!

DVD rental – £5.99 Amazon 3 a month – on free trial at the moment.

Newspapers/Magazines – local paper and odd magazine £1.50

Mobile phones – mine £18.99 a month until October as I wanted the phone (use it for photos and diary more than calls) – when contract ends, I will switch to pay as you go – probably around £5 a month then.

Kids pocket money £97.50

Childcare – 15% of £55 a week (Student Finance pay 85%) until Whitsun and then £24 until summer hols. School in September so none then. This will be covered by student grant coming end of this month though.

School trips – roughly £8.50 – older two contribute to big trips.

Tuition fees - £130 as kids struggling at school and getting close to GCSEs.

Car Tax - £15
Car Insurance £23.02
Parking - £7.50
Petrol £108

School Uniforms – £25
Other clothes – £25

Birthdays – £50
Xmas - £55
Other such as Easter/Mother’s Day – usually make pressies for these so around £2.50

Days out – tend to do this spur of the moment rather than planned and usually end up spending a fortune! I guess we spend around £42

Holiday - £3200 this year as we got carried away! We usually do a Sun holiday, if anything but decided to have a proper holiday this year. We are going in January so have time to get our act together. Price is insurance, airport parking, all ski hire, lessons etc and half board accommodation with evening drinks. £407.40 a month as must be paid by November

Total monthly outgoings: £1981.96

Well that got my heart racing! It should still be doable though, going on that figure.

The big problem though, is the student finance money is all but counted out now until September because of overdraft, overpayments and childcare for summer term.

Does anyone else have the problem of weekly, 4 weekly and monthly ingoings and if so - how do you sort it all out? I know the budget calculator will work it all out into monthly amounts but you still have to have it in the bank at the right times.

bestpud

Annie Fanny

Yep, the holiday was a mistake but my sister paid the deposit of £860 and it is non refundable. We just can't afford to lose that much money even though we can't afford the holiday. Abdolutely kicking ourselves over that moment of stupidity.

Re the phone and internet. I'm loathed to swap ISP because Virgin are so reliable. I know BT isn't the cheapest option but the caller display is brilliant for me. We can't get cable here. Hmm, I know you're right though, it's a lot of money!

tyllwyd

One tiny point - I've just signed up for the newish free BT Privacy option, and that gives you caller display for nothing. If you do that, could you downgrade to the cheapest BT package?

bestpud

We don't have a package, just line rental and calls - we don't use the phone that much. I don't think we'd save anything by being on a package. I've a feeling £35 is a bit more than we actually use but only just changed so will have to watch the bills to see.

lynzpower

You can get Primus option 2. Its free, ( landlines only) and gives you unlimited evening & weekend calls for free. Details are on uswitch. Ive just done this, which means I only pay line rental & vat to BT. ( about a tenner a month)

If you use the phone in the day, check thier daytime rates, they are liekly to be cheaper than BT, thus keeping your virgin internet!