My New SOA

doelani

Now thats it's just past the 1 year mark with IVA and we had to do SOA for IP thought I would also post it

Salary Hubby 1,750 (basic without overtime )
Me SSP £70.05 per week 310.00
CSA from ex hubby 260.00
Child Tax Credit 37.00
Family Allowance 75.00
Total 2,432.00


Mortgage 287.00
Home/contents Insurance 29.00
Payment protection for mortgage 21.00
Life Insurance to cover mortgage 22.79
Electricity 80.00
Rates 36.00 (no council tax or water rates here)
Home Heating Oil 40.00
TV Licence 11.00
Phone/internet 40.00
Mobiles PAYG 10.00
Sky 21.00
Life Insurance ( for both) 28.00
Car HP 312.00
Car Insurance 30.00
Car Fund (Mot, tax repairs ) 40.00
Petrol 80.00
Child Support 260.00
Hubby spends 80.00
Daughter school lunches 40.00
Housekeeping (2 adults 2 teenagers and 3 kids 2-3 nights a week) 390.00
IVA 565.00
Total expenditure 2423.00


Savings £400 spare in bank (see below)
Holidays fund £500
Emergency Fund £670


Iva start amount £110k now owe £96


We have a £10 left after all expenditure. We also get to keep 50% of all overtime and this has been very good recently and can amount to another £200 per month. Hubbys part-time salary can also vary from £200-£600 per month so this is an average. I keep £400 spare in bank because of this and the fact that CSA from my ex does not always come on time before the end of the month.

I know it seens we have a lot of spare money but this can flucuate in some months we do not even have £2432 and this is the reason for keeping spare £400 in bank account,Wehave been very lucky and have NEVER had bank charges since we got together 7 years ago. Guess that comes from the fact I used to work for a bank lol

I think we can trim out SOA further. Do we really need paymant protection on mortgage? and life insurance to cover mortgage? We each have life policies as well. Hubby is under impression that as we can pay them to just leave them.

Next problem is holiday fund. Hubby sold some things to contribute to this and after going from £0 in emergency fund we are getting back on track again. I was in hospital for a number of months and all our emergency funds were used. I have become paranoid about money again I jsut feel that we should keep this money in case something else comes up.

Any comments would be appreciated.

OberonSH

Mortgage 287.00
Home/contents Insurance 29.00 I'd check out your insurances, as it may all cover the same thing.
Payment protection for mortgage 21.00
Life Insurance to cover mortgage 22.79
Electricity 80.00 Can you look at energy saving bulbs, etc to get this down a bit, and have you made sure you're on the cheapest supplier?
Rates 36.00 (no council tax or water rates here)
Home Heating Oil 40.00
TV Licence 11.00
Phone/internet 40.00 I'm sure savings could be made here
Mobiles PAYG 10.00
Sky 21.00 Either cancel it & get freeview, or phone them, as some people have managed to get half price rental for a few months.
Life Insurance ( for both) 28.00 Again check, as you seem to be paying out for several sets of insurances
Car HP 312.00
Car Insurance 30.00
Car Fund (Mot, tax repairs ) 40.00
Petrol 80.00
Child Support 260.00
Hubby spends 80.00
Daughter school lunches 40.00 Can you get her onto packed lunches?
Housekeeping (2 adults 2 teenagers and 3 kids 2-3 nights a week) 390.00
IVA 565.00
Total expenditure 2423.00

domestic_goddess

Would it not be better to use your holiday fund money to pay off bills etc. I am waiting till my debts are clear before I look at going away on holiday.

doelani

OberonSH wrote:

Home/contents Insurance 29.00 I'd check out your insurances, as it may all cover the same thing.
Electricity 80.00 Can you look at energy saving bulbs, etc to get this down a bit, and have you made sure you're on the cheapest supplier?
Phone/internet 40.00 I'm sure savings could be made here
Sky 21.00 Either cancel it & get freeview, or phone them, as some people have managed to get half price rental for a few months.
Life Insurance ( for both) 28.00 Again check, as you seem to be paying out for several sets of insurances
Daughter school lunches 40.00 Can you get her onto packed lunches?

Our home and contents insurance is all in one, there is no upper limit for this and 2 different financial advisors have said to keep this as it is a good deal.

We only have one supplier for elecricity and no matter how much we try to cut this still averages £70-£80 per month. this is for a 5 bwdroom house and all I seem to do is go from room to room after kids turning things off. I must hold my hands up though and admit I tumble dry EVERYTHING. This was always because I worked long hours and now that I am off sick I do intend to start hanging clothes out. Just so hard yesterday fro example I did 5 loads of washing (including bedclothes for 4 beds ) and would never have gotten them dry if I had not tumbled them.

We did cancel SKy but hubby restarted it again, we cannot get freeview at the minute where we live.

Daugher is 16 and gets £10 per week for school breakss etc. She does not get any pocket money. Over summer will save this £10 per week towards her new school unifirm.

doelani

sickofhavingnomoney wrote:

Would it not be better to use your holiday fund money to pay off bills etc. I am waiting till my debts are clear before I look at going away on holiday.

Yes I agree, we paid extra £5.5k off IVA last year and to be honest hubby works sometimes 60 hours per week and feels he needs holiday. I would ratehr keep this money incase of emergency.