My SOA - do your best DFWs!

Jo_R_2

Help! I need to define my entire spending, just become single mummy to two DDs, 3 and 8 months, and sorting out my finances and applying for life assurance. Since moving in October last year and having to change phone/internet providers and pay for both gas and electricity (only had electricity previously) I've lost touch a little and need to step up a gear.

So here it is:

INCOMINGS:
Monthly:
Salary: £790 net (has £50 pension payment already taken out)
Expenses: variable, covers petrol used in course of work and other expenses such as parking, stamps), usually around £140
Child benefit: £116.60
Tax credits: £725 (in process of making fresh claim as single parent)
TOTAL: 1771.60

OUTGOINGS:
Monthly:
*Standing orders/direct debits:
Rent: £465
Nursery fees: £589
Personal loan: £154.22
Council tax: £61
Water: £20
Electricity: £43
Gas: £30
TV licence: £11.41
Car insurance: £30.88
Breakdown insurance: £6.19
Telephone/internet: around £35
Contact lenses: £18.67 (tied to this until June then will look for cheaper)
*Others
Petrol: £90-£120 (mostly through work)
Shopping: £120-£140 (£120 being my ideal but £140 more realistic! Includes non-food/household items)
Contents insurance: £11.66 (actually paid this year in full)
PAYG mobile phone credit: £10
TOTAL: 1746.03

DIFFERENCE = 1771.60-1746.03 = 25.07 to pay for all the stuff I obviously don't budget for, like clothes, shoes, car tax/MOT/maintenance, taking the girls out, days out at nursery for DD1, any social life for me at all (not that I have one right now!), Christmas, birthdays, holidays (ah if only *dreams*) and anything else at all that is probably blatantly obvious but I have forgotten - go on and point them out to me

Points of note:
*I am in process of applying for housing benefit
*I don't receive any maintenance for DDs currently as ex-OH is a student and is broke. However this will hopefully change in a few months when he finishes university
*I need my car for work
*I'm currently arranging life assurance so that will be another outgoing

All pointers welcomed - but go easy, I really should be in bed and I'm tiiiiired :shocked: (that's me being shocked because I've realised what time it is)

SunderlandBlackCat

If It seems like you're not sure where the rest of your money is going. Have you started a spending diary yet?

Jo_R_2

No but that is a great idea, thanks! I was half thinking of it earlier so I shall start that tomorrow, I think it'll help to see what else I am needing to spend money on so I can include it in my outgoings.

Thanks!

SunderlandBlackCat

Jo_R wrote: »

No but that is a great idea, thanks! I was half thinking of it earlier so I shall start that tomorrow, I think it'll help to see what else I am needing to spend money on so I can include it in my outgoings.

Thanks!

Unfortunately I'm not too good at SOA's as I was a bit extreme with chopping my own down but there is other stuff such as have you joined pigsback & quidco for a bit of free money?

roswell

these 2 seem to take the most of your income

Rent: £465
Nursery fees: £589

Any chance of reducing them ?

Hobsch

Sorry, not great with budgeting and SOA either, But just wanted to post as I am shocked at the time too.
Was also tied into a contact lens plan. Now I just buy some every few months for £15 and only use them occassionally and wear my glasses most of the time, is that something you could consider?

A shame Nursery fees are so high, can you get any assistance with these?

TheAble

Do you get childcare vouchers through your employer? These are deducted from your gross salary, and the tax benefit will save you around £150 per month on your nursery fees. If you don't get them, ask your employer about them.

Note if you live alone (just with dependent children) you should be able to claim a 25% discount on council tax. Also apply for council tax benefit.

Jo_R_2

roswell wrote: »

these 2 seem to take the most of your income

Rent: £465
Nursery fees: £589

Any chance of reducing them ?

Would you believe it if I told you the nursery fees have just gone down? DD1's funded sessions have just kicked in this month, before I was paying over £700 :eek: I do get 80% paid through tax credits. I did look into childcare vouchers a while ago, but because of the financial situation we were actually better off with the childcare element of tax credits as on a low income even when ex-OH was living with us. I am assuming this is still the case; however I will deffo look into this to check.

I look after the kids one day and my parents another, then they go to nursery for three days (I work four days.) My parents have offered to come over another day - the thing is they aren't getting any younger and it's a 50-mile round trip, and I know it tires them, much as they love seeing us. I would love to accept their offer but I don't want to take advantage. There isn't anyone else who can look after them as their other grandparents work as are quite a bit younger than my parents. I may sound them out and talk through my worries (they know money is tight and also that I don't want to take advantage of their good natures) and I was thinking of suggesting maybe they might come over for a morning instead of a full day then take the kids to nursery in the afternoon as this would save somewhere around £120 a month.

I mentioned I was applying for housing benefit with regard to the rent (going to take the forms and bits and bobs in today.) I will see how this pans out; however I have been looking at council houses as they are substantially cheaper. It would involve a move across to the other side of the city centre into dodgesville :eek: but would save a fair bit of money and we could even get a three-bed for less than I am paying for a two-bed. My concern was the upheaval as DD1 has just been offered a place at the local primary preschool and she attends nursery not far away, and she has taken rather hard her daddy leaving, so I was worried of the further emotional effect moving might have, taking her away from more people (her friends and carers at nursery who she has strong bonds with) and the school she is so excited about going to. I really am not sure what to do - does anyone have any experience of this kind of thing and can offer advice?

Have spoken to council about taking ex's name off the council tax bill. That price is with a 25% rebate as he was a full-time student, and I should be receiving an amended bill still with 25% off but because I will be the only adult.

warburtonrichard

I do think you're likely to get council tax benefit if you apply, and £43 seems like quite a bit for electricity. Have you recently switched suppliers to reduce this? If not, you could check out on uswitch who your cheapest is now, and change via uswitch and via quidco.com for some cashback - using your cashback for energy saving lightbulbs???

findingmyownway

Jo_R wrote: »

INCOMINGS: - can you increase these my ebaying stuff / mystery shopping / pigsback etc?Monthly:
Salary: £790 net (has £50 pension payment already taken out) Any chance of overtime? (although i guess this would bring childcare problems)
Expenses: variable, covers petrol used in course of work and other expenses such as parking, stamps), usually around £140
Child benefit: £116.60
Tax credits: £725 (in process of making fresh claim as single parent)
TOTAL: 1771.60

OUTGOINGS:
Monthly:
*Standing orders/direct debits:
Rent: £465
Nursery fees: £589
Personal loan: £154.22
Council tax: £61 is this single person discount?
Water: £20
Electricity: £43
Gas: £30
TV licence: £11.41
Car insurance: £30.88
Breakdown insurance: £6.19are you sure this isnt already included in your insurance?
Telephone/internet: around £35this could be cheaper - check out the telephones board but i think even the basic sky phone/tv/broadband package is only £26
Contact lenses: £18.67 (tied to this until June then will look for cheaper)
*Others
Petrol: £90-£120 (mostly through work)
Shopping: £120-£140 (£120 being my ideal but £140 more realistic! Includes non-food/household items) try visiting the old style board for ideas and ways to keep this as low as possible
Contents insurance: £11.66 (actually paid this year in full) so does that mean you're not paying it monthly?
PAYG mobile phone credit: £10
TOTAL: 1746.03

I agree it looks like you income isnt matching up to your outgoings but there isnt really much room to move on your SOA. Maintainance from your EX would really help! Can he really not afford to contribute ANYTHING? What about when you were living together? Who's supporting him now? Would his parents help him/you out?

Jo_R_2

warburtonrichard - just got my electricity bill this morning and seems I am £40 in credit gathered since moving in October so am obviously overpaying for our needs a little. We're with npower and in our old house only had electricity so the figures for gas and electric are really 'taster' figures until they get an idea of what our actual usage is with dual fuel. I did check out uswitch last week but will do so again now I have the bill for this month. Got many energy saving lightbulbs but do need a couple more

findingmyownway wrote: »

I agree it looks like you income isnt matching up to your outgoings but there isnt really much room to move on your SOA. Maintainance from your EX would really help! Can he really not afford to contribute ANYTHING? What about when you were living together? Who's supporting him now? Would his parents help him/you out?

Thanks for the pointers!

Ebaying is next on my list, got a load of baby stuff that DD2 doesn't need anymore, clothes, moses basket etc so that's next on my list!

We don't get overtime as such, we work hours in lieu so our pay is always the same.

Council tax is single person discount.

Breakdown not included in car insurance, have checked this -boo!

The £35 includes calls, we had to change from a brilliant deal with ntl when we moved as they don't provide to our new house Am with tiscali now, the deal is not bad but ex-OH arranged it so will review this - this is one area I like to keep on top of. I do find that without mobile calls, the monthly figure tends to be more like £30 - the mobile calls were to ex nearly every day trying to find out why he hadn't come home AGAIN... :mad: So hopefully that will drop slightly anyway.

And yup love Old Style, our original food bill used to be in region of £240-£260 so not done too badly with that! I find the downfall is having to take DDs with me - well DD2 not bothered as she just likes to throw stuff on the floor LOl but DD1 being slightly older (3) I tend to buy her a little treat of a book (only £2 but it adds up...) and then she spots little bits and bobs she wants... I say no to some but yes to others to avoid a fight... I was doing online shopping, love the convenience but prefer going myself and paying in cash

Ex is a full-time student and works part-time, he's currently staying with relatives temporarily but has to find somewhere to live soon. We tended to use his student loan towards larger purchases we needed (and he needed :mad: ) and his earnings covered our rent. It would really help to see something from him, I know his student loan is coming up soon and he was applying to the learning fund for some money so I will see about that. So essentially I supported him. His parents are divorced and his dad is in debt, I think his mum would give us money if we were desperate (as would my parents) but I hate to ask.