My SOA review

mrs_mug_2

Well, it has been 2 months since I did my first revamp of the finances. The debt is falling off my shoulders and is chipped away at almost daily (what a change ). I'd just like to make sure I'm doing all that I can on a monthly basis to help us become debt free.

Some notes about our finances:
I work part time now but I'm hoping to get a full time job in the next month. The child care costs will mean that I only bring the same £ home as I do now, but will have more scope for job benefits (pension, childcare vouchers etc) in the future. It may also mean i can get a part time job as well if my energy levels permit.
Car tax, servicing, MOT, car insurance, buildings and contents insurance, christmas and birthdays are all accounted for for 2007 so I am not budgeting for those yet. I will however break those down in to monthly amounts to save when the time is right. We've got £1500 put aside for these things.
Petrol costs are so high because DH has a long commute.
Gas and Electricity- this is high but we ran up a large gas bill last winter and now paying it back each month. We have started switching everything off and are more 'on to it' this year.Taking monthly meter readings for gas and elec and I am considering switching now. Although we have recently switched (in the last 12 months).

BT- Option 2 I'm dubious about having 2 bills and so have left it with BT.

DH and my mobile - I'm tied in for another 18 months but rarely using my phone. I'm on the lowest tarrif possible. DH needs his phone for work but is also on the lowest tarrif for the number of calls he makes. I've challenged him to reduce his minutes by 10 each month so that we can get him on a lower tarrif!

Car is a debt but we do not want to own the car outright at this time. so happy with that 'bill'

SKY called to cancel, offered this price for anothe 3 months. We need to get an aerial fitted before we can ditch sky.



Incoming:
My wage 296
CHB 116
TAX CREDIT 40
DH wage 2245
total 2697


OUTGOINGS
food 160
petrol 250
TV LICENCE 10.99
LIFE ASSURANCE 15.14
Mortgage 658
WATER 31.04
BT 14.5
LIFE !!! (accident sickness and redundancy cover)
34.48
GAS/ELEC 50.45
DH mob 40
CAR 187.63
My phone 28
SKY 7.5
Total £1487.73

Debts:
A&L cc. 0% for 9 months BAL £5112.50 min payment 2.25% (£115)
Nationwide loan 5.7% 5 years remaining. BAL £7600 (£165.56)
First plus loan :mad: 8.9% 23 years remaining BAL £18k+ interest (£181.76)
A&L overdraft 0% for another 10 months BAL £400 Not paying anything back on this currently.
DFS settee 0% for 18 months BAL £1400 or there abouts. just cancelled ppi on it so awaiting new figure. (£86)

Total minimum payment £548



Right, so the plan is to pay the cc off first, then the overdraft, then the nationwide loan and at somepoint in that time the settee will end. DFD for this lot is early to mid 2008.
Then we plan to pay as much as possible off the mortgage, to counter act the first plus loan as I am aware that we will be penalised heavily for ending that loan early. Does anyone know if it is possible to cancel the ppi with first plus with out too much agro though?

Any thoughts?
Really looking for places to find cheaper life assurance, if it will work out cheaper to use someone other than bt and if it is worth us switching utilities...

Thank you

ladysparklexx

hi

i think but i my be wrong, but first plus add on their insurance figure at the begining of the loan, as i have read some of the other posts about this who have been caught out this way. but still worth phoning them.