Shortie's SOA

Shortie

Hi

I'd really like to hear from all you fab DFW chaps on ways I can matbe cut my spending without changing my lifestyle (not quite quoted from Martin, but you know what I mean )

So, like so many before me, I'm submitting my SOA. I haven't included my hubby's as I'm just happy he's not spending on a credit card an more, and this is about me doing this (god that sounds like I'm being rude to hubby... I'm really not, just that this is my challenge... if you cath my drift..??)

I'm doing this becasue I want to be debt and mortgage free asap, plus don't like giving money to big companies unnecessarily). I'm not in dire straits, but still any suggestions very welcome

Anyway...

Monthly incomings: £2,165

Outgoings:
Mortgage Account - £1050
............... Mortgage - £956 (fixed rate - will check the remaining term and amount and post an update, but it was £166k in Feb 2005)
............... Home Ins - £ 54 (better deal through Quidco in Jan...???)
Bills Account - £300 (+ £300 from DH, + £70 Child Benifit)
............... Council Tax - £114
............... Bank of Mum and Dad Loan - £250
............... Gas and Leckie - £50
............... Water - £30
............... Joint Life Ins - £100 (level term, higher rate than critic illness...should we look to reduce this?)
............... Child Trust Fund - £70 (friect from £70 Child Benefit)
............... Sky Package £21
............... BT phone line £30 every 3 months
Shopping Account - £200 for food for DH, DS and me
Shares - £100
Mobile Phone - £30 (loads of free texts and minutes so stops spending on home phone)
Petrol - £60
Local Wildlife Trust - £5 (something I really believe in so don't want to get rid of)

Plans: I have just joined Quidco, plan to get cash back credit card for monthly spends (will pay off in full each month obviously), currently have a £2 jar for Chrimbo which will turn into a £2 mortgage pig. And will save £20 p/m for Christmas pressies 2007

Soo........ can anyone suggest any more cut backs / wiser spending and what I should prioritise on over my mortgage or Bank of Mum and Dad (both at same rate as M&D loan is on Dad's Virgin One account. I think M&D as I hate owing my parents money

I'm not asking DH to put more money in as he earns half what I do and pays the childcare bills. He also has £4k bank of Mum and Dad loan to pay off so any spare cash will be going into that as I want that paid off too.

If I've forgotten something, please ask, etc...

Ta very muchly
Shortie

Bunnie1982

Does your home insurance include contents and building?

Have a pop over onto the Old Style board to see some fab threads on saving on your shopping bill

Shortie

Hi Bunnie1982. My insurance is buildings and contents... is what I'm paying quite average then?

OS Board... now that's my usual haunt...

Hey, you 've just given me a thought.... How about whatever money under £200 I reach a month, I put in the mortgage pig? :beer:

miggy

Nice one - here's to a well-fed piggy :-D
Could save your bacon if you have to give him the chop...

CLAPTON

you need to post a more regular SoA

collect all the income and put a total (e.g. children allowance is an income)

then
put all the spending and put a total

then list debts and monthly debt repayments and a some totals

then say if the any savings
and a little about the situation, mortgage, value of house


you make no mention of clothes, children activities /school costs /presents /xmas /holidays / transport (car?), socialising etc/dental. /internet/ optical, medical,dental /newspapers, magazines, work lunches/coffees / haircuts or whatever.

Shortie

Hi, the above are my totals, anything else is junk really that comes from my account.

I take lunch to work with me, my travel is the £60 petrol (I buy my annual train pass with my bonus).

DS is only 3 so no school trips yet, only unifrom to buy at £10 per jumper when needed.

My internet is free through work.

Holidays... we'd love to go on a cruise when we can afford it, but our usual holiday is staying with family so just the cost of petrol.

Clothes, about £10 a month maybe, but I hate shopping so it's very few and far between and I don't change my clothes unless they look worn. I have no dental work (not even a single filling) so that's free as it's just check ups when I bother going and I'm shocking at bothering with my hair too (that sounds awful doesn't it?)

Socialising tends to be a bottle of wine round a friends are they're all in the same boat as us.

Sorry I thought my SOA was quite complete as I've added all my debts in and how much I pay back for them.

What's the value of my house needed for? I recon it's about £250k now (we've done a lot of modernisation since we bought it and not had it revalued... that's just based on th sale pric of local houses of the same type etc...)

I'll sit down later and repost it, I'm not sure what more to add to it though...

tyllwyd

What is "shares £100" Are you investing £100 in buying shares every month? Could that money go to Bank of Mum & Dad instead? If it was me, I'd be paying them back as quick as poss so that you know that it is done and sorted.

£100 is a lot to be paying out in life insurance. What do you mean when you say that it is a higher rate than critical illness? What extra cover do you get? I'd have a shop around to make sure you are getting the best deal on that.

Shortie

Thanks tyllwyd.

Re Shares, I'm buying comapny shares at the mo for 3 years. I'm seeing it as a longer term savings/investment that I can pay for a holiday / debts later on... Now I'm starting to wonder.... You're right, an extra £100 is goos, but I don't have other savings at the mo other than £800 in an ISA (not extra cash going into it any more) Should I cash in my ISA to pay off the loan?

The Life Insurance thingy... sorry I dodn't explain it very well... I need to check my cover again but it wasn't the basic 'we cough up when you die' jobbie... if you get an illnes that you live through but can't work through, it pays up - are they really worth the extra £600 + a year I'm paying for them (over the cost of a standard insurance).

Sorry, I'll put up a revised SOA when I phone Nationwide (re mortgage) and my Broker re cancelling the life insurance - it was bought when we got our mrtgage 2 yrs ago and I don't know if we'll be charged to get out of it before a certain time as I think it's his commision fee (or have I made that up?)

Again, thanks all

miggy

Hi Shortie,
Just wondered how it's going? Or are you snowed under with Christmas preparations like me?