an attempt at an SOA, doesnt look bad but still in debt.... please help

j-style_2

I'm just new to these boards myself, so welcome along.

A couple of things I reckon you could maybe do if you haven't already is to, as others have said, is to look at your utility suppliers, through Uswitch I have just started the change over of suppliers for my joint gas/electric with estimated savings of £106 a year.

Another area you could save would be to look into getting your phone line through you cable or Sky provider, a friend of mine had NTL where he only pays £30 a month for line, broadband and cable channels all in one.

Your flat that you stay at 3 nights a week, is it one bedroom or more??? If it's more, you could maybe either downsize or more beneficially, rent a room out, the rent that that would bring in could potentially pay for the flat and maybe even the bills, if not all at least a good share of the bills thus freeing up more of your money to put into your loans and cards.

Good luck in your efforts and well done on coming forward.

slowlyfading

Son's living allowance? What is this? If this isn't anything towards his fees or rent, then his loan should cover it
Nicola x

aah

son's living allowance - he only gets the minimum loan, the government expect us to pay £1100 pa towards his costs. His fees loan and his student loan are his responsibility. His university halls cost 3000 per terms and his total maintenance loan is 3010 per term. So he has to live on somethin and he has registered with lots of employment agencies for p/t work.

Daughter is 15, 16 in May and will be getting p/t job as soon as birthday comes....

Of the 1400 here we go - my share of the 2650 we put in jointly - that makes 1325 each - OH earns less than me..

son 125
mortgages 580
gas and electricity 46 (uswitch can't get it cheaper than this)
telephone and broadband 37.50 (this will come down soon had a teenage massive chat bill!)
council tax 65
tv licence 5.5
gas service 6
bc insurance 23 (yep worth trying to get cheaper)
hp for telly, ends dec 30
food - don't know, eats up most of the remainder
national trust and english heritage membership 10 (these are on the way out!)
burglar alarm service 5
optician (for all 4 of us) 50
dentist 20
insurances (precious few insurances, not endowments) 8
mobile phones 30


we do manage to keep this account in credit most of the time tho'

Hope things are a bit less invisible now... I do feel quite pulled apart, and dissected, .... is that normal (I know you are all trying to help, many thanks)


pmr

katecheshire

Do you have one of those health plans to cover dental and optician expenses?

CLAPTON

sorry..is this the total spend or just half the spend....as it adds up to 1,035?

pippo

Hi There,
At the sake of being repetative _ you need to do a spending diary. Yep food bill etc eats upthe rest but until you ityemise what it is how can you cut back?

aah

Hi Clapton, thats half the spend. I put in 1400 and OH - who earns 10k less than me - puts in 1250 gtioving us 2650. There must be more than I have listed- we just break even each month on this account, and I'm sure we don't spend 500 on food (if we do its reducing as of NOW!!)

I suppose I haven't added anything for socialising, that probably costs about 100 - 150 per month between us...

OH keeps telling me he can't afford to put any more in, and that I shouldnt be in a bad way financially as I "have so much more money". 'Tisnt true of course, - my extra contribution and the flat and travel eat it all up - but I accept that he can't afford to up the contribution...

aah

what dental or health plans...? We have an account with the dentist (he went off NHS several years ago, although both children (young adults) are both still NHS patients and the opticians costs cover glasses and contact lenses for us all.. oh for 20/20 cheap vision!

CLAPTON

your situation is rather unusual...at first sight you ought to have loads of money but obviously running two places is very expensive so..

its even more important to work out where absolutely all the money goes.

without this its very difficult to see where cost reductions can come from.

also its now currently possible to see whether it makes financial sense to keep your current job... maybe a pay cut but a local job might be better.

do you own the flat... if so would it be better to sell it and simply rent while away.

start that spending diary... both of you that is and see where that 'spare' money goes.

i'm sorry it does need some attention to the detail but your finances do seem on a bit of a knife edge so the effort will be worth it.

(ps. there is no way your son's maintenance loan is 3010 per term or do you mean per year?)

lynzpower

I agree with Clapton

Would you not be able to get hotel rooms when you work away & charge them to the company? Even if not, travellodge do tenner rooms etc which on 3 nights a week would be 30 quid, a damn sight less I imagine than the 2nd flat would cost to run?

Are you using https://www.quidco.com - cashback on everything there, trains, hotels, suppliers etc?