New Soa can anyone help me reduce it

newmum1

hi all I have just done a revised soa as i was obviously spending too much as i never had any money left over, here goes all help appreciated

income monthly
wages 1000
child benefit 69.70
working tax credit 263.41
child tax credit 581.96
brother shares mortgage 175.00
part time job amount varies 50.00

total 2140.07

outgoings
rent 155.79
mortgage shared ownership 300.42
tv licence 10.99
sky 21.50
severn trent 21.50
electric 47.00
gas 40.00
gas homecare 37.25
councilt tax 74.00
bt line rental 11.99
o2 mobile 40.00
aol broadband 14.99
aol unlimited talk 7.99
simply health 20.80
nursery fees 540.00
mortgage protection 41.36
life insurance 5.80
food 120.00
petrol 40.00

total 1551.31

debts
credit card 19.9 441.89 monthly 50
loan 1 7.9% 9370.22 monthly 175.01
loan 2 16.9% 1570.58 monthly 106.68 13 months left
overdraft 1 376.01
overdraft 2 650.00


think thats all any help great in theory i have money left over but in reality im skint the day after pay day.

lynzpower

OK, let me have a look?

outgoings
rent 155.79
mortgage shared ownership 300.42 ( any service charges as well??)
tv licence 10.99
sky 21.50 ( do you need this???)
severn trent 21.50
electric 47.00 ( this seems high, have you got energy saving lightbulbs, check out https://www.saveenergy.co.uk for more energy saving tips)
gas 40.00 ( as above, is your boiler lagged? draughts excluded etc)
gas homecare 37.25 ( do you need this?, check its not covered on your contents, in any case, I must say this seems a bit of waste, there might be cheaper policies if you are completely committed to insuring?)
councilt tax 74.00
bt line rental 11.99
o2 mobile 40.00 ( could you bring down to a lower tarriff, theres one about 20pcm)
aol broadband 14.99 ( slightly high too there is cheaper)
aol unlimited talk 7.99
simply health 20.80 ( whats this? Do you NEED it)
nursery fees 540.00 ( WOW. this is super high, how long is your little one in nursery for? Could, you move her to a childminder, as these are often cheaper)
mortgage protection 41.36 ( is this the cheapest)
life insurance 5.80
food 120.00 ( you must work hard to get it to this, well done
petrol 40.00 ( you mention petrol but no other car costs, parking, mots, tax, repairs?)

total 1551.31

debts
credit card 19.9 441.89 monthly 50 ( could you not get a lower APR card?)
loan 1 7.9% 9370.22 monthly 175.01
loan 2 16.9% 1570.58 monthly 106.68 13 months left ( crikey, this APR is high, could you move this onto a low APR credit card for the last year?)
overdraft 1 376.01
overdraft 2 650.00 ( wahts the APRS on these?)

Just few thought there from me. You say you have nothing left after payday, have you done a spending diary, to see where it goes?

HTH Lynz

lynzpower

actually , looking again, do you not have contents or buildings insurance??

dancingfairy

can you get a cheaper package/deal for phone and internet and also one for mobile?

What is simply health?

How many are you feeding for £120?

You haven't mentioned car tax/mot/insurance etc
or birthday/christmas/haricuts etc

dancingfairy

does your workplace offer pre-tax childcare vouchers that come out of your wages eg busy bees vouchers etc?

newmum1

no i dont have to pay a service charge
sky i figured that it is my luxury
electric it is a fixed payment they put it up last month the reason i stay with them as i am eligible for the winter fuel payment
gas had it all done boiler lagger loft insulation etc etc
gas homecare really needed they have been out 4 times in the last week also covers everything from drains to boilers to electrics
o2 this i will change i do get loads of minutes but i can do without them
broadband what companies are cheaper
simply health i get 50 % of any cost back thet i pay for so really its not costing me anything
mortgage protection it came with the mortgage which is 6 months old
petrol it is a company car so i only have to pay for private mileage

debts will call up my credit card company now and see if i can move the loan to it

newmum1

dancingfairy wrote:

does your workplace offer pre-tax childcare vouchers that come out of your wages eg busy bees vouchers etc?

they do but i thought that i would be worse off doing it that way

lynzpower

newmum1 wrote:

no i dont have to pay a service charge Good
sky i figured that it is my luxury (YES, but its keeping you in debt longer, do you love sky that much?)electric it is a fixed payment they put it up last month the reason i stay with them as i am eligible for the winter fuel payment ( which is what?)
gas had it all done boiler lagger loft insulation etc etc ( then is it time to look for another provider, dont forget quidco here) gas homecare really needed they have been out 4 times in the last week also covers everything from drains to boilers to electrics ( is it a new boiler you need??)
o2 this i will change i do get loads of minutes but i can do without them
broadband what companies are cheaper ( :T great)
simply health i get 50 % of any cost back thet i pay for so really its not costing me anything ( well it does cost you, every month, and if you want to be in a position where you have cash after payday, then surely this is a cost? I dont understand what it is anyway, what is it?)
mortgage protection it came with the mortgage which is 6 months old ( its probably the most expensive if your broker sorted it for you, shop about!)
petrol it is a company car so i only have to pay for private mileage

debts will call up my credit card company now and see if i can move the loan to it

NO DONT- your credit card is higher than the loan!! Get a cheaper credit card, hows your credit rating?

newmum1

just called my cc company they have said that a loan cant be transferred onto a credit card..........

newmum1

dancingfairy wrote:

can you get a cheaper package/deal for phone and internet and also one for mobile?

What is simply health?

How many are you feeding for £120?

You haven't mentioned car tax/mot/insurance etc
or birthday/christmas/haricuts etc

simply health is say i pay £100 to the dentist then they will give me £50 back

for £120.00 myself and my 1 year daughter

growing my hair so doesnt need cutting

company car

lynzpower

newmum1 wrote:

just called my cc company they have said that a loan cant be transferred onto a credit card..........

New mum

You need to have a look at your credit rating and see if you can get a different C card. the one you have has a superr high APR. Mine is on 0%, which means every single penny of each payment reduces the balance, not pays off the interest.

You CAN get cards that take on loans and overdrafts, Im fairly sure that Egg and mint do. And they both have 0%.

theres a M&S card as well with a low llife of balance at 3.00 off apr. I dont have this, but might get this later on if Its still going when my 0% expires.

have you cut your cards up?

What do you have to sell ?