My SOA - please help!

Baldybear

Sugarcube thanks so much I had a pony but sadly had to have him put to sleep on new years eve, had him for 17 years so know how much they would be the last things to go. I really want another one now, have a huge ginger coloured hole in my life but know need to get rid of the debt first!

RAS

Firstly, your £100 to savings is not into savings but into a budgetting account for annual and quarterly expenses. Just make sure the expenses are on your budget above.

You £100 for food is pretty low.

Secondly, you both appear to be paying out just over £1000 each in costs which leaves you with £130 and OH with £200 although he "gets breakfast and lunch covered but has to buy own lunches" which seems a bit contradictory.

So you have less money than him and both of you seem to be spending it.

You both need to keep spending diaries or to get out the last 6 months accounts and work out where it hasd gone a lot seems to be leaking out of the sides at the moment.

And I am really concerned re utilities. Have you read the meters in the last month?

Baldybear

Yes food is low, pride myself on keeping this low, maybe thats where going wrong as put more to this then OH's expenses wouldnt look like he was wasting money as a lot of his goes on his food.

definitely do budget for the insurance etc, I call it savings but know exactly what its for and dont use it for any other bits

If he works away gets breakfast and diner covered so buys own lunch, he was working away for say 6 months, but last few months not, but started working away again this week so should see a drop in his spending, keeping things crossed here!

definitely keeping a spending diary, last year my spending went on the horse, yes had slightly higher salary (only 10% paycut rather than 20!) but had a elderly horse to pay for £250 month ish, which I sadly lost on new years eve So this year is new year, new start if that makes sense! Trying to start afresh as last year had big vet expenses, bought a house, traded up to newish car so it would last and be cheap for us, we also got burgled, grrr, so lots of unaccountable things, so trying not to worry about past and concentrate on here from now on.

Re utilities, we read meters each month and do accounts online with the meter readings, electricity at 40 seems to be about right, gas was a bit low over winter but we hardly use in warmer weather just cooking, only now we have heating on for half hour in morning and 1 hour and half in evening so really trying to keep this to a minimum.

Why are you concerned about the utilities?? We are currently with british gas on an online save 4 (I think) tarrif

RAS

Baldybear wrote: »

Re utilities, we read meters each month and do accounts online with the meter readings, electricity at 40 seems to be about right, gas was a bit low over winter but we hardly use in warmer weather just cooking, only now we have heating on for half hour in morning and 1 hour and half in evening so really trying to keep this to a minimum.

Why are you concerned about the utilities?? We are currently with british gas on an online save 4 (I think) tarrif

You mentioned that they wanted to increase the DD to £70?

Baldybear

OK thanks, when we moved into house (June) edf didnt give british gas meter reading for ages so we built up a lot of credit, nearly £160 then when they finally managed to get their act together (December) the money came out in big lump sum, I had been keeping eye on readings to make sure we werent overcharged, but it looked like to british gas that we were needing to pay a big monthly amount as using a lot!!! Never simple! So trying to keep at £25 and see how we go, especially when it comes to warmer months where we can hopefully build up credit.

Do you think £25 is too low?? We have gas hob and electric oven, gas central heating, we have a fairly new combi boiler so only heats hot water when we need it. OH working away Monday to friday so not using any hot water here, I wash hair 4 times week in am then bath 3 times week pm. Cooking, apart from weekends only cook in evenings as do breakfast and dinner at work.

horsechestnut

I gat my RAC membership through Tesco Clubcard points; added to OP's suggestions this could help with the monthly banking fee, if it was suitable for you.
Are you on a water meter? Might that reduce your bill?
Could you colour your hair at home and just have it cut at the Hairdressers?

Baldybear

Water meter, yes something to consider, will ask OH later!

Could colour hair at home, not sure how it would work as currently have highlights and not sure whether i have to let it grow out first, will need to investigate this too.

tesco clubcard, yep will look at this, currently use vouchers for days out

oldestgnome

Looks like there's lots of great suggestions here.

Would it be possible as you've said you can't transfer credit card debt onto 0% deals if you were to explain the situation to your parents throw all the debt payments at the ccs with the 18.9 and 19% interest rates and clear them then start to pay your parents back a higher monthly amount as they are not charging you interest on the loan?

sugarcube84

with your hair could you not go for a change of colour that you can just put a box of colour on everynow and again or try the local college or hairdressers they normally need models so you get can get the same cheaper or free!!

Sorry about your horse, i can only imagine what a massive hole it ould leave if i lost Walter. I would be doing exactly the same in your situation, pay off the debt then save up so you can enjoy your new horse debt free. Do you still have contact with horses? I know it might be a bit raw still but have you thought about selling rugs, tack, clothes etc there is a good market on ebay or some of the horsey forums. I know you might not want to sell as you will be buying again but if its going to be a few years off and new horse might be a different size so the stuff you kept might not fit.

Its worth thinking about.