New here! My SOA...

TeamNicholson

mildred1978 wrote: »

Child benefit is £88 per month, not £80.

Child benefit is £81.20 every four weeks

mildred1978

TeamNicholson wrote: »

Child benefit is £81.20 every four weeks

I know. But there are 12 calendar months and 13 lunar months (4 weeks).

So you have to multiply by 13 and divide by 12 for the comparable monthly amount.

£87.97

If people cant do such a simple sum, can we trust any of the rest of the SOA?

HappyMJ

mildred1978 wrote: »

I know. But there are 12 calendar months and 13 lunar months (4 weeks).

So you have to multiply by 13 and divide by 12 for the comparable monthly amount.

£87.97

If people cant do such a simple sum, can we trust any of the rest of the SOA?

I know that too...and I also mention it a few times and to be even more accurate you should divide £81.20 by 28 then multiply by 365 then divide by 12 to get £88.21 per calender month.

mrsh2012

mildred1978 wrote: »

Child benefit is £88 per month, not £80.

Im sure i only get 81 or 82?? Will have to check to br certain but im sure i would have noticed it go up by that much

mrsh2012

Okydoky25 wrote: »

You have nr on £500 free each month, most of your unsecured debts individually are for less than this. I would pay off one of those in full each month that way you will feel like you are getting somewhere which will keep you going. Cancel those accounts as you close them to avoid spending on them again. Each month you pay one off you have that little extra to spread across the rest as well so by the time you get to those they will be (hopefully) within a months budgets worth to pay off as well..hope tht makes sense!? Good luck

It makes a lot of sense.

mrsh2012

mildred1978 wrote: »

I know. But there are 12 calendar months and 13 lunar months (4 weeks).

So you have to multiply by 13 and divide by 12 for the comparable monthly amount.

£87.97

If people cant do such a simple sum, can we trust any of the rest of the SOA?

I can do sums thank you lol. I have never paid attention to the date it is paid into the account and wasnt aware that it was 4 weekly rather than monthly.

HappyMJ

mrsh2012 wrote: »

Im sure i only get 81 or 82?? Will have to check to br certain but im sure i would have noticed it go up by that much

You get £81.20 every 4 weeks...In monthly terms that about £88 per month as per my reply above yours. If you have weekly expenses you should divide them by 7 days then multiply by 365 days then divide by 12 months to get the monthly figure. Most people just multiply by 4 and wonder where the money has gone as they have under estimated the monthly expense as each month has slightly more than 4 weeks at about 4.345 weeks so each weekly expense should be multiplied by 4.345.

mrsh2012

Thank you. I will have to update my SOA when i get on the computer.