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Queries about SOA
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Septembergirl
Posts: 11 Forumite
in Credit cards
Hi all.
I've just filled the SOA on the 'make sense of cards' site and I'm a bit baffled.
It shows I have surplus money each month after calculating everything but I seriously don't see how it comes to so much! I've double checked all my out-goings, which I suppose is the easy bit as pretty much everything (bills) is paid by DD. I've checked my income on average over the last few months (doesn't vary much). I've had to estimate my grocery spending and travel costs though. I tend to shop at the local stores since I don't drive, and get a lot of cheapy groceries from local discount shops. I also pick up kid-friendly food from Iceland and reduced items in the co-op.
According to the SOA, I should be able to pay quite a bit extra towards my debts instead of just the minimum payments but instead find myself using pretty much all my £200 overdraft every month. I've got a horrible feeling I'm frittering a lot of money away but I can't put my finger on what as I don't make large purchases very often.
Basically, how easy is it to underestimate your spending and what is the easiest way to find out actual spending? Since shopping is done daily after work it's pretty hard to work out what i'm actually spending
What would be the best way to organise my finances so I can get on top of things?
Thanks in advance
SG
I've just filled the SOA on the 'make sense of cards' site and I'm a bit baffled.
It shows I have surplus money each month after calculating everything but I seriously don't see how it comes to so much! I've double checked all my out-goings, which I suppose is the easy bit as pretty much everything (bills) is paid by DD. I've checked my income on average over the last few months (doesn't vary much). I've had to estimate my grocery spending and travel costs though. I tend to shop at the local stores since I don't drive, and get a lot of cheapy groceries from local discount shops. I also pick up kid-friendly food from Iceland and reduced items in the co-op.
According to the SOA, I should be able to pay quite a bit extra towards my debts instead of just the minimum payments but instead find myself using pretty much all my £200 overdraft every month. I've got a horrible feeling I'm frittering a lot of money away but I can't put my finger on what as I don't make large purchases very often.
Basically, how easy is it to underestimate your spending and what is the easiest way to find out actual spending? Since shopping is done daily after work it's pretty hard to work out what i'm actually spending
What would be the best way to organise my finances so I can get on top of things?Thanks in advance
SG
0
Comments
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"Frittering" would imply lots of small spends, rather than one big one!Septembergirl wrote: »I've got a horrible feeling I'm frittering a lot of money away but I can't put my finger on what as I don't make large purchases very often.
Keep a spending diary...useful if you deal in cash.what is the easiest way to find out actual spending? Since shopping is done daily after work it's pretty hard to work out what i'm actually spending What would be the best way to organise my finances so I can get on top of things?
Alternatively, use a debit card and keep your receipts for an end of week/month review.
Leave your debit card at home and plan what you 'need' from the shop after work...take only enough for what you plan to buy.0
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