My updated SOA

gilly1964

Well, what can I say cleared the credit cards only to have things sneak up on us, including four new tyres for the car, full set of brake pads and discs, motor home road tax and insurance, new radiator for the bathroom and that's just the ones I want to remember!! :mad:


Monthly Incomings:
My salary 2300
OH’s salary 2050 (2500 pa pay rise since last SOA :j )
Total 4350


Monthly Outgoings:
Mortgage 800.00 (includes 150 overpayment)
OH’s Loan 300.00 (about 60 months remaining @6.9%)
Credit card 200.00 (minimum payment £40.00)
Council Tax 112.00
Home Insurance 29.00 (due for renewal in May, so will switch through Quidco)
Gas 57.00 (Switched recently – was 69.00)
Electric 54.00 (Switched recently – was 64.00)
Water Rates 40.74
Endowments 74.26
Endowments 33.97
Life Insurance 33.53
Paymentcare 33.65
Paymentcare 16.65
OH's Pension 65.00
My Pension 41.61 (Going to freeze payments as I have overpaid)
TV Licence 11.37
Sky 37.00 (This was running at ½ price and we tried not to watch it, but was main TV so going to keep but have got rid of sports)
Phone 25.00
Internet 9.99
Mobile Phone 25.00 (OH Contract - downgraded from 35.00)
Mobile Phone 10.00 (My PAYG – but only gets topped up every 2 months)
Food 250.00 (2 adults and 2 teenagers + friends - was £350.00 but hoping to get this down to £200.00)
Car Insurance 48.02 (due for renewal in July - will switch through Quidco and try to pay in full)
Petrol 200.00 (sometimes less, sometimes more)
Car Tax 15.00
Motor Home Insurance 25.00
Motor Home Tax 15.00
Motor Home Diesel 50.00 (Varies month to month, more in summer, less in winter))
Maintenance to OH Ex 433.00 (About another 6 years)
Gym 149.00 (3 of us for 4 times a week at least)
Badminton Club Fees 10.00 (OH plays for a local team)
Dog Food/Medication 60.00 (Special diet due to medical probs)
Vet 10.00, but only as required
Contact Lenses 12.00
Dentist 15.00, but only as required
Son's Bank A/C 10.00
Clothing 50.00 (was 100.00)
Hair 15.00 (for all of us - mobile h/d)
Savings 150.00 (only recently started, but trying to save to pay things like car and home insurance annually to avoid the extortionate interest!)
Total: 3526.80


Since my original SOA earnings have increased by approx £150.00 per month and spending has decreased overall by £102.00 so we should be in a good position but I am still trying to make savings in the grocery and petrol spend.

The main areas we can cut down on are coffees, lunches at work and takeaways when I work late and the OH cannot (or refuses to) cook except by telephone!

I just need to get the time management sorted to get these areas sorted so for 2007 this will be my first port of call and then I can tackle the rest.

Happy New Year to everyone.

Gilly

roswell

I would ditch the mortgage overpayment till you get rid of the credit card debt. I would snowball this so you get rid of the credit card debt then save £300 a month till you have a months worth of bills money spare, once you have that safety net over pay the mortgage by £300 a month ... just a suggestion.

I wouldnt stop the pension payments but would look into how much you get out the motor home it looks liek its costing you 1080 a year with out any repairs. Looking at your income to pension it looks like you should actualy look into if your paying enough in, if these are company pensions where your empolyer matches your contridution make sure you contribute the MAX as your getting 100 % free.

look into your endowments are they on track or not ? if there is a big shortfall look into sellign them and using the money from them to reduce mortgage.

somewhere in there you also have £800 ish spare a month any idea where that is going ??

gilly1964

Roswell - thank you for your comments. It really does help to have a different perspective on things.

roswell wrote:

I would ditch the mortgage overpayment till you get rid of the credit card debt. I would snowball this so you get rid of the credit card debt then save £300 a month till you have a months worth of bills money spare, once you have that safety net over pay the mortgage by £300 a month ... just a suggestion. This is a good idea, but the mortgage is the One Account so it helps to overpay this as it is part endowment which will not meet its targets. Do you still think it is worth doing as you suggest?

I wouldnt stop the pension payments I am investigating stopping the pension as this is free standing AVCs separate to the company one and I will not get all the money back if I overpay. I am 42 now and have been paying in for almost 15 years.

but would look into how much you get out the motor home it looks liek its costing you 1080 a year with out any repairs. This covers three holidays a year at least, plus several weekends away from March to October - the diesel costs are estimated as I have never really analysed them properly before

Looking at your income to pension it looks like you should actualy look into if your paying enough in, if these are company pensions where your empolyer matches your contridution make sure you contribute the MAX as your getting 100 % free. See earlier comment

look into your endowments are they on track or not ? if there is a big shortfall look into sellign them and using the money from them to reduce mortgage.There are shortfalls but we are currently progressing a mis-selling claim through the Financial Ombudsman. One of the endowments is not linked to the mortgage but only has four years left to run so we will not get as much money back if we sell it as if we let it run to completion.

somewhere in there you also have £800 ish spare a month any idea where that is going ??

No, hence the need for a look at the overspending on lunches etc. Once the New Year is over I am going to go through everything to get spending (or should I say overspending) on track.

Thanks once again
Gilly

roswell

Ok, ill try look again,

Scrap motor home suggestion above,

Maybe a trip to the pensions board could advise you better, same for the mortgage, I dont know about the one account but assume it works as an offset does this mean it has a savings pot you can draw on ? if this is the case once you have the overspend sorted i would put as much into it as possible and withdraw car insurances etc as they arrive.

I think your main problem is finding a little black hole thats eating up that £800 if you can account for and reduce this i think you will have it all licked.

as the endowment doesnt have long left I agree keep it going or you will loose out the final bonuses.

roswell

Have you thought aboout pocket money for yourself and OH ? assuming that your only having the 800 disapear on working days and 20 working days a month thats £40 a day thats going somewhere, if you each got £10 a day allowance for speding on working days you would have £400 extra .... thoughts ??

lynzpower

why do you pay 120 a year to your sons account ?

gilly1964

roswell wrote:

Have you thought aboout pocket money for yourself and OH ? assuming that your only having the 800 disapear on working days and 20 working days a month thats £40 a day thats going somewhere, if you each got £10 a day allowance for speding on working days you would have £400 extra .... thoughts ??

Re pocket money. We are both as guilty as each other, although I like to think I am slightly better;) Take today for example I have spent almost £6.00 on lunch and drinks which if I was to do it everyday would be £120 per month.
This is in the staff restaurant so in theory cheaper than shops but in reality much more expensive than homemade:eek:

Starting from next Tuesday -

We will both be taking lunch to work and will put what we would have spent in the savings pot.

Takeaways will be an occasional treat not a once a week "can't be bothered" meal.

The spending diary will start in earnest.


Thanks again
Gilly

gilly1964

lynzpower wrote:

why do you pay 120 a year to your sons account ?

He is 13 so we are using this as a way to pay towards a car for when he is 17. We bought his sister's first car in the same way.

We started on his 13th birthday so it will only be enough for an old banger but better than trying to help him out all in one go.


Regards
Gill

lynzpower

gilly1964 wrote:

He is 13 so we are using this as a way to pay towards a car for when he is 17. We bought his sister's first car in the same way.

We started on his 13th birthday so it will only be enough for an old banger but better than trying to help him out all in one go.


Regards
Gill

Ok is this a high interest regualr saver account? Make as much as you can out of this as it is a regular saving even if its relitavely small

roswell

Im not 100% sure but cant you setup a ISA for a child ??

gilly1964

roswell wrote:

Im not 100% sure but cant you setup a ISA for a child ??

I don't think you can but will investigate as will be better interest than he is currently getting.

Thanks
Gill