My SOA - where is the surplus going?

LunaLady

HappyMJ wrote: »

Fair enough. Any credit cards that could be used only in case of emergency? It might be an idea to apply for one and put it in the freezer and only use it in case of an emergency. If you get a £1,000 limit it will save you £398 per year by using the savings to pay off Very and never using the credit card but still having that safety net.

That is something I could look into, I just hate the idea of more credit. I use my Sainsbury's card for most of my everyday purchases and then pay it off at the end of the month.

laurel7172

shop-to-drop wrote: »

Do you not get Working Tax Credit and Child Tax Credit and help with your rent and council tax? Maybe even free school meals.

That was my first thought.

OP-put your details into here:

http://www.turn2us.entitledto.co.uk/entitlementcalculator.aspx

and see if you're entitled to any help.

shop-to-drop

I'm no expert but if you are a single parent with 3 children and with the income you mention I would have thought you should be getting more than just child benefit.

HappyMJ

LunaLady wrote: »

That is something I could look into, I just hate the idea of more credit. I use my Sainsbury's card for most of my everyday purchases and then pay it off at the end of the month.

It is more credit but you would (or should) never use it. You must tell yourself that. There is very little that is a true emergency.

Are you using the Sainsbury's card for everything possible or are you also withdrawing cash from your current account? I do like that you are paying it off and it gives you an extra month of money which is interest free which is very good. Well done.

LunaLady

Well I mainly do it for the nectar points

edgex

LunaLady wrote: »

Statement of Affairs and Personal Balance Sheet



Monthly Expense Details
Telephone (land line)................... 13
Mobile phone............................ 16.03
TV Licence.............................. 11
Groceries etc. ......................... 250
Clothing................................ 15
Other travel............................ 0
Childcare/nursery....................... 40
Other child related expenses............ 21.75
Medical (prescriptions, dentist etc).... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 50
Total monthly expenses.................. 1195.78

I want to get my debt paid off quickly, because I am cutting down my hours at work in October. According to this I should have nearly £150 left a month. I am not struggling or getting into more debt, but I dont have this left over.

Any suggestions would be greatly appreciated.

your £2 off with the tv licence, thats £13 per month

other travel?
youve said that you get the bus once a week, how much is that costing?

clothing: £15
that seems very low

medical: 0
is this correct? theres been no costs at all?

haircuts: 0
this is wrong

entertainment: 0
so youve not bought a dvd or cd, not gone to the cinema, ordered a takeaway?


any school trips?

LunaLady

edgex wrote: »

your £2 off with the tv licence, thats £13 per month

other travel?
youve said that you get the bus once a week, how much is that costing? £4.00 a week.

clothing: £15
that seems very low - Itry not to buy as much as I possible. I do a lot of ebaying (both buying and selling) and luckily I have a sister with older boys so we get alot of hand-me-downs.

medical: 0
is this correct? theres been no costs at all? No, just my youngest sons perscriptions which are free.

haircuts: 0
this is wrong I havent had a haircut for a year, my friend cuts the childrens hair for a cuppa.

entertainment: 0
so youve not bought a dvd or cd, not gone to the cinema, ordered a takeaway? Books from the library, dont go to the cinema as children are still small.


any school trips?

I didnt think of those - yes I have just paid out £40 in school trips for all three children, but thats it now until September.