Any help with SOA greatly received!!

funkymonkey

OK here is my current SOA - its relatively good but if anyone can pick it apart (nicely ) I would be so very grateful! I cant see how i can shave any more off really so other sets of eyes can be very helpful!

Income

(1) 1600
(2) 1550

Total 3150


Outgoings

Rent: 480
Council Tax 82
Gas: 30
Electricity: 30
TV Licence: 12
Virgin: 45 Contract Ends in September 2010
O2 (1): 27 Contract Ends in 2011 but is a great retention deal
O2 (2): 37 Will be reduced to £20 from 21st Feb
Pet Insurance: 17 cant change this as just made a claim and they are the cheapest for my two dearest
Union: 16 Nursing union with extra insurance - need this

Loan 1: 218 6000 Finnishes jan 2012 at about 11%
Loan 2: 96 10,000 Old secured loan which is for another 20 years at 10%
Credit Card: 40 14% this is Minimum payment
Car Finance: 121 one car between two and needed

Total: 1250

So that leaves £1900 every month. currently this is split between

£1000 to credit card which has £2.5K on it as of 1st feb
£400 Food bill for two adults and cat and dog
£150 Cigarettes am reading the alan carr book so this will be reduced. cant get OH to quit though
£250 Entertainment budget

Obviously i have missed thing out - car insurance/birthdays etc gets paid in full as it arrives and comes off my left over money - usually between entertainment and CC payment.

my snowballing is going like this:

Credit Card: current £2500 - to finnish by May 1st
Loan 1: current £6000 - to finnish by November 1st
Then Christmas so a little break

Then next year I will pay off the old secured loan.

JasX

you should do a full SOA using the proper 'make sense of cards' link will make things much clearer and catch anything missed and/or anything you don't have but should be spending (eg contents insurance, water rates etc etc).

other than that looks fairly healthy, food bill seems quite high and could probably be a bit more efficient... also you could cut back the entertainment if you wanted to pay off the debt sooner but since your finances aren't underwater its an option rather than necessity

funkymonkey

thanks for that - im not really a fan of the auto SOA thingy - it gets confusing when it talks about assetts etc and i have none! lol

You are however right - i could reduce my entertainment but the OH would kill me!