Soa ok?

Mimi_Arc_en_ciel

i feel awful because i know alot of you are struggling with everything and theres me - seemingly ok (for now!)

I'm trying to keep a spends list - its so scary - every day i have 22p for a curly wurly :-/

Works over now so time to go home

Have a nice day everyone (and thanks for being nice!) xx

daviesalie_2

mommyme wrote: »

Quick update of SOA. Have reduced Sky - Its now £18 a month, going to see whether we actually use any of the sky channels or just freeview and if we dont use it then its gone.

Just to confirm, if you cancel Sky your Sky+ won't work I was gutted :rotfl:but I'm slowlly adjusting, I still reach for the pause or rewind every now and then without thinking. Your decision depends on if you feel the Sky+ facilities are worth £18 a month.

Dance lessons - yeah ok these could go but i enjoy them so . .
If you can afford it carry on - you've got to live life

1 adult - 1 child

Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Monthly income after tax................ 667
Partners monthly income after tax....... 0
Benefits................................ 1093.44 (WTC / CTC / CB)
Other income............................ 350 (Maintenance)
Total monthly income.................... 2110.44
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 293.3
Management charge (leasehold property).. 0
Council tax............................. 81.00
Electricity............................. 40 Can you switch and save anything? Don't forget to go through Quidco to get cashback. Even if its only a few quid a year, the cashback could make it worthwhile.
Gas..................................... 40 As per elec
Oil..................................... 0
Water rates............................. 20.45
Telephone (land line)................... 40 (includes BB)
Mobile phone............................ 50 (i know i know!) Can you get an internet add-on, may work out a bit cheaper
TV Licence.............................. 12.12
Satellite/Cable TV...................... 18 So jealous of you being able to Sky+ :rotfl:
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 130
Road tax................................ 10
Car Insurance........................... 39.64
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 510 Have you claimed Tax Credits for this? You can claim up to 90% depending on wage. Can't claim for child vouchers if you get tax credit though.
Other child related expenses............ 20 (YogaTotz for DD)
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 9.85
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 Have you added up how much you spend on Xmas presents, birthdays, easter, mother's day, father's day, etc, over the year then divided by 12? Its better to have it sitting there ready than leave yourself short if you have a few things in the same month
Haircuts................................ 6
Entertainment........................... 50 (My dance lessons)
Holiday................................. 0
Emergency fund.......................... 20 I'd recommend a little more here, for emergency things like the fridge packing in or (touch wood) having to pay insurance excess if you have a bump in the car, just examples don't mean to sound morbid
Total monthly expenses.................. 1590.36

Surplus is £520.08 a month

the things in red above are things i dont currently save for and will be trying to (ive got a sealed pot so going to put the money in there) DD nursery fees are dependant upon weeks in month so the highest it will be is £510 (lowest it will be is £408) As you've budgetted for £510 why not save the difference if you have a £408 month. You won't miss it if you're used to paying it.

Am i being stupid for panicing? Not at all - you know from experience what can happen. I'm terrified that I'm going to get in trouble with cash. Ive done a budget sheet and it works out fine if i stick to it and i have REALLY reined in my spending.

Oh groceries - I've upped the figure to £150 - DD doesnt eat at home for 3 days a week. I generally dont eat much - 3 days of the week im at work so have cereal, soup then my tea. Rest of days i dont munch etc - If we have a take away (normally a chinese, just a chow mein and i save half for the next days dinner too)

I'm so scared

(sorry to people struggling with debts - i know i must seem a cow, Ive been there with the debts, OH had £32k worth, I got it down to £12k, rest is up to him)

Hi mommyme, just a few suggestions in red above. You're doing really well but I know what you mean about being scared. Slightly different situation to you in as much as I have 15k of debt, but I don't have my credit card safety net anymore and if anything were to crop up that would cost more than £50 I'd be stuck. I think you'd definitely feel less scared if you had the comfort of knowing you had X amount in your savings account. You have a healthy surplus, so you could definitely afford to save more than £20.

I'd also factor the occasional shared chinese into your budget too, even though its small its still a spend. And any other small things you pay for regularly. That way you'll know exactly what you've spent and what you have left then there'll be no fear of overspending. I've also budgetted for a set amount of spending money every month. Just makes me keep a track of my spending a bit better.

Hope some of the suggestions help. You seem very aware of what could happen so I'm sure you'll be fine!

Mimi_Arc_en_ciel

daviesalie wrote: »

Hi mommyme, just a few suggestions in red above. You're doing really well but I know what you mean about being scared. Slightly different situation to you in as much as I have 15k of debt, but I don't have my credit card safety net anymore and if anything were to crop up that would cost more than £50 I'd be stuck. I think you'd definitely feel less scared if you had the comfort of knowing you had X amount in your savings account. You have a healthy surplus, so you could definitely afford to save more than £20.

I'd also factor the occasional shared chinese into your budget too, even though its small its still a spend. And any other small things you pay for regularly. That way you'll know exactly what you've spent and what you have left then there'll be no fear of overspending. I've also budgetted for a set amount of spending money every month. Just makes me keep a track of my spending a bit better.

Hope some of the suggestions help. You seem very aware of what could happen so I'm sure you'll be fine!

i hope i cover everything:

I think i'll keep sky lol I dont really watch a lot of sky channels but i do like to watch programmes that are on past my 9pm bed time so i think i'll miss them lol

Electric and Gas - when OH was here it was £40 a month - Normally £10 a week. I'll be honest, i put £10 on electric and Gas not sat just gone but the one before so its lasted me nearly 2 weeks but i want to check this is a regular thing before i budget less. Im hoping with summer coming in etc it will stay at £5 a week for each.

My mobile is expensive because of the free texts and calls i make - Ive told my friend that if he wants me to keep calling he has to get an orange sim as its free then lol (he uses his phone a lot as well so would benefit us both)


Yes i get tax credits for my child care - it is included in my "income" section of the SOA - I didnt know you couldnt claim the vouchers if you claimede credits (i dont do this anyway as not been in job long enough but i thought the idea of vouchers was they reduced your tax payments and i thought the tax payments was what worked out your TC?)

xmas/birthdays etc - i normally go out in January sales and buy things for the year, stash them in a box then when someones birthday crops up i justraid my box - usually for family they all just get £10 in cash - only DD i need to worry about and shes 3 this year so wont notice that mummys not got her loads yet lol always have pressies left over for xmas and then i only had to buy dd and oh so this year will only be dd to worry about

Emergency fund - I'm going to put the extra from nursery in here. then anything in bank left over at end of month im going to leave in the bank so i'll have a stash at home and there.

When me and OH were together and because he was s*** with money he got a £25 a week allowence for his fags / whatever he wanted so i think i might do the same. TBH i work 3 days a week, my friends will invite me over for a chinese and it costs £4, if i have them round we do the same so i think an allowenece would be good but other than dancing i dont really have time to go anywhere at the moment

i hope thats covered everything if ive missed anything let me know and thank you! xx