Need help with my SOA - thanks

wanna-be-mortgage-free_2

Hi there

I could really do with some help and advice from you guys, listed below are my SOA some of which would be quarterly like oil or yearly like car tax but I've broken down to a monthly figure as I plan to transfer this amount in to another savings account so it's there for when the bill lands through the door. Any help would be appreciated but please bear in mind that living in Northern Ireland means I can't change electricity supplier cos there is none


Income:
Salary: £1464.72
Child benefit: £116.60
Tax credits: £272.44 (includes back payment so will be reducing soon)
Total income: £1853.76

Outgoings per month:
Mortgage 664.64
Mortgage cover 20.72
Ground rent 2.00
Council Tax 59.73
Electricity 38.00
Oil 28.40
Buildings/contents 22.75
Telephone/Internet 30.00
TV Licence 10.99
Medical insurance 31.43 (for my children)
Petrol 80.00 (will be reduced to £50 next mth)
Food 160.00 (includes nappies for baby)
Clothing/footwear 10.00
Sports 14.95 (contract with gym)
Car tax 12.50
Accident/sickness cover 38.29
Car Insurance 33.07 (tried to get another insurer but not many offer great rates in NI some don't even cover NI!)

Debts
Tesco loan £13,000 204.00 (got this down after cancelling PPI)
Credit card £8692.03 120.00 (0% b/transfer )
Overdraft £2234.82 120.00 (0% interest at moment)

Total outgoings: 1701.47
Surplus end of each month: 152.29 which I have been putting in my children's savings account which is at 10% interest for the next 12 months.

Is there anywhere else I can cut back? I've looked at the moneysaving oldstyle and cut my groceries from £90 per week to £40, this is sometimes less the weeks I don't have nappies to purchase. I don't drink nor smoke and haven't been out for meals etc for years, who has time with kids :rotfl: As for clothes for me and the kids I normally purchase from ebay only after I've sold some items that are too small or we never wear.

Your help would be much appreciated as I'd like to try and get these debts down quicker if possible.

Thanks in advance
wbmf

black-saturn

Ok heres my four penneth worth:

Mortgage 664.64
Mortgage cover 20.72
Ground rent 2.00
Council Tax 59.73
Electricity 38.00 - Try to get this down by measuring out the water you need for the kettle, plan what you want to watch on TV and stick to it and sit in candlelight in the evening.
Oil 28.40 - Get this down by putting a jumper on instead.
Buildings/contents 22.75
Telephone/Internet 30.00
TV Licence 10.99
Medical insurance 31.43 (for my children)
Petrol 80.00 (will be reduced to £50 next mth) - Could you cut the car out?
Food 160.00 (includes nappies for baby) - Could you use washable nappies & I will give you a link to my meal planners at the end of this post.
Clothing/footwear 10.00 - Charity shops and ebay.
Sports 14.95 (contract with gym)
Car tax 12.50
Accident/sickness cover 38.29
Car Insurance 33.07 (tried to get another insurer but not many offer great rates in NI some don't even cover NI!)

In the meantime go round your house and gather up anything you don't need anymore to sell on ebay. You will be amazed at how much you could get from dvds you never watch anymore, cds, books, clothes, toys etc etc.

You can also have a look at both of my threads as follows:

http://forums.moneysavingexpert.com/showthread.html?t=157526&highlight=black-saturns+menu

http://forums.moneysavingexpert.com/showthread.html?p=2340412&posted=1#post2340412

wanna-be-mortgage-free_2

Thanks for this. I'll be reducing my hours at work from September too so don't believe there will be that surplus from then but the petrol I'm going to try and get down to £30-40 per month by running to and from work:eek: That'll be 18 miles on Mondays and Tuesdays and I can get a lift the other days as I'll only be working mornings.

My electricity bill has gone through the roof with the last bill being £168! NIE are total rip off merchants but I will take your advice and not have things on just for the sake of it.

I haven't had the oil heating on in nearly 6 weeks with the good weather so I'm hoping the oil will be reduced this year.

Any other recommendations would be very helpful.

Thank you.

tyllwyd

You pay a lot of insurance (medical for the kids and accident/sickness for you) considering that you are on a low income. You may well decide that it is absolutely necessary, but it is something you could cut out.

wanna-be-mortgage-free_2

tyllwyd wrote:

You pay a lot of insurance (medical for the kids and accident/sickness for you) considering that you are on a low income. You may well decide that it is absolutely necessary, but it is something you could cut out.

I have considered getting rid of the accident/sickness cover for me but I'm so concerned about not being able to meet the mortgage payments should something happen to me. Do you think I could get it cheaper elsewhere? I would do without food for myself before getting rid of the medical cover for the kids as I've no faith whatsoever in the health service after my father's death over a year ago :-(

Thank you this is so helpful.