SOA from a newbie

niklepic · 4 April 2007 at 9:33PM

My salary - £950
Partners salary - £850
tax credits- £682 (going down v soon)
Child b - £102

Total £2584

Monthly Outgoings:

Mortgage - £586
Secured loan - Nemo (12%) - £200.99
Council Tax - £89
Nursery/after school for 2 £688
Gas - £40 (prepayment)
Electric - £40( prepayment)
TV License - £24.99
Virgin Media (phone/broadband/tv)- £70
Food - £300
Car Insurance - £39
Petrol - £50
Pet Insurance -£16
Life Insurance £12
Buildings/Contents - £28

Total - 2183.98

im sure there's stuff i've missed!!

im just about living within my means at the moment but dont seem to have any money left at the end of the month (dont know where it goes) but i need to budget because our tax credits are about to drop by about £400 p/m!!

GirlRacer_2 · 4 April 2007 at 9:37PM

Hi and welcome to DFW's. The two obvious things that stick out for me is:

You've got child benefit at £28, is that per week (which I suppose it is if you have 2 children) or per month?

Also £300 per month for food is a little high, you need to meal plan and only buy what you need.

I'm sure that the others will be along shortly and give you some more advice.

niklepic · 4 April 2007 at 9:39PM

sorry getting all confused lol. it is £28 a week. doh!!

LookingAhead · 4 April 2007 at 9:43PM

Hi there.

What about water, car (servicing/MOTs/tax etc), birthdays, Christmas, any mobiles...?

Going out expenses at all/girlie stuff/haircuts etc?

GirlRacer_2 · 4 April 2007 at 9:44PM

Hey its OK. When your trying to list everything, nothing comes to mind, yet once you get to bed all these debts go round and round in your head.

You could start a spending diary and write down every single thing you spend money on. You'll be surprised how many £10's you draw out of the cash machine for 'stuff'.

The vending maching at work is my vice, the odd can of cola, packet or crisps or chocolate bar soon adds up each week.

LookingAhead · 4 April 2007 at 9:46PM

Why is tax credits going down?

Will you be getting any other child income at all? I don't know much about these things as I am a childless spinster of this parish (;)) but just wondered why it was going down/if there was anything else you can get.

As previously mentioned, the food/grocery bill is very high. This needs to be finely tuned.

Also - start to keep a spending diary - you'll be surprised (shocked even!) to see how much money goes out every week on stuff you can live without (or at least cut back on).

LookingAhead · 4 April 2007 at 9:47PM

I think GirlRacer & I were on the same wavelength

saintly_2 · 4 April 2007 at 9:47PM

Virgin Media (phone/broadband/tv)- £70 :eek: :eek: :eek:

this needs to come down!! its a huge amount

good luck, everyone on here is brilliant and give great advice!!

niklepic · 4 April 2007 at 9:47PM

oh yes there is water - £90 a month (paying back a debt). no idea about the car costs though cos dp takes care of that stuff - im such a girl! think mot is about £50 and we just pray that it doesn't break down and then panic when it comes to tax lol