New poster - in need of advice! Full SOA in post

SJ1

I agree with the other posters, 21.9% versus probably 2/3%? I can understand you wanting to have some money for emergencies though but you will pay quite a lot for that at 20%.

My only other advice is to write down everything you spend, the difference between what you think you should have at the end of the month and what you actually do have are usually quite different!

Good luck.

SJ

beanielou

Meant to say too keep a spending diary.
Just write down everything you spend for a month.
It can be a real eye opener & make you think about how you spend your £££'s.

lobsta100

Hope you all don't mind - just bumping this to the top. Any more advice from people is appreciated! It is definitely helping the way I ahev been feeling!

Nottoobadyet

My advice is stop worrying and enjoy your young family! your income is going up and if you stay sensible on your spending you'll be fine. Even if you decide to have more kids and your wife stays off work for longer, you'll be fine on your new higher salary. Take on the suggestions of the posters above and you'll be just fine.

B'chaslecha on your exam and shabbat shalom!

PasturesNew

lobsta100 wrote: »

Monthly Income Details
Monthly income after tax................ 2056
Benefits................................ 123
Other income............................ 21
Total monthly income.................... 2200

Monthly Expense Details
Mortgage................................ 443
Management charge (leasehold property).. 150
Council tax............................. 174
Electricity............................. 47
Gas..................................... 40
Water rates............................. 39
Telephone (land line)................... 75 - stop using it, who're you phoning?
Mobile phone............................ 25
Internet Services....................... 14
Groceries etc. ......................... 200 - cut back, should be able to shave £20 off that for starters.
Clothing................................ 25
Petrol/diesel........................... 40
Road tax................................ 12
Car Insurance........................... 45
Other travel............................ 77
Medical (prescriptions, dentist etc).... 59
Contents insurance...................... 55
Other insurance......................... 22
Child Trust Fund payment................ 20
Charity direct debit.................... 150 - stop this, sod 'em
Synagogue membership.................... 37
Car finance payment..................... 223
Total monthly expenses.................. 1972


Assets
Cash.................................... 11000
House value (Gross)..................... 250000
Car(s).................................. 14500
Other assets............................ 7500
Total Assets............................ 283000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 212500...(443)......2.5
Total secured & HP debts...... 212500....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin Credit Card.............5800......56........0
HSBC Mastercard................1200......38........21.9
Total unsecured debts..........7000......94........-


Monthly Budget Summary
Total monthly income.................... 2,200
Expenses (including HP & secured debts). 1,972
Available for debt repayments........... 228
Monthly UNsecured debt repayments....... 94
Amount left after debt repayments....... 134

And pay off that £1200 or so at 21% with your savings.

climbgirl

Just a thought on the charity payments - would you consider doing some volunteer work for a charity instead? Give them your time instead of your money. It's often just as valuable for a charity and would still honour your religious commitments.

Your call of course, just a suggestion.

the_insider

lobsta100 wrote: »

If I were to use all the cash to pay off the credit cards, I am not sure I earn enough to cover all the outgoings without putting anything on the credit card, even with the overdraft?

Or am i not working it out correctly?

No, you're not! If you pay off the majority of the HSBC card with the savings, you can clear the rest of it in 5 months. Then you'll have the funds from the matured savings account to pay off the Virgin card and still have £5000.00 to play with, plus nearly £100.00 per month to start saving again, making your money work for you, not for the bank.

And at the moment you're more than able to cover the bills, repayments and still have cash left at the end of the month, so things are fine. Don't worry!

honeybear68

£150 on charity donations is a bit excess, we did charity donations every month for only £4.00 but in the end we just had to stop as charity begings at home, you could volunteer your time if possible, my husband and I support the Royal British Legion and the poppy appeal, although we give up our time it is still very rewarding, so I would consider possibley stopping for a time or reducing, consider stop using the phone very expensive for a month do you not have free calls at certain times of day could be worth looking at getting a cheaper deal.

like the op says it could be worth using some of your savings towards debt, there's not much point in savings whenyou could be debt free, and have savings.

dancingfairy

Something is amiss on your SOA - acording to your figures you should be managing o.k with 134 a month left over but if you are running up an overdraft of 500 - what's this covering? if it's covering the regular bills mentioned then fine otherwise you are overspending somewhere so you need to keep a spending diary.
df

Soph86_2

You said the charity payments include £120 charity and £27 synagogue membership, but you also have £37 as synagogue membership in a seperate field. Is this correct? Also, £120 + £27 = £147 not £150. That an extra £40 a month you could have?