Revised SOA for 2007/08

mystery07

Hi guys

Posted on here before. But at the time, If im honest I didnt really know where my money was going! Bit more on track now (I hope) But I still could do with a few people to look over my SOA. I cant decide what to do with savings, which debts to pay first etc & also, want to reduce broadband/home phone (currently with Orange for Broadband & BT/Euphony for home phone), so not sure what to switch to etc.

As you will see, I do have savings (I need £275 for OU course in sept) & I may well be changing jobs around that time, if not before (due to me working too many hours at the mo!!) so Im kinda worried about paying off debts & having no cushion! What to do?

Anyway, here it is. All suggestions welcome (just to fill anyone in, who saw my last SOA-ish!! - Ive since stopped smoking, pretty much stopped eating out, reduced foodbill somewhat! Started Ebaying & slowly starting matched betting )

Income & outgoings (april 07)

Total Monthly Income = £1,942


Expeniture (monthly)
Rent £475
Council tax £60
Childcare £520
Water £15
Gas £22
Electric £25
Car insurance £39
Car tax £10
Fuel £65
Xmas/bday's £50
Food £150
Other £44
Clothes £44
Broadband £15
Home phone £20
Mobile £30

Total expenditure = £1,584

Debts & min. repayments
Next account £130
Capital one C/C £49
Littlewoods £35


Total min. payments (per month) = £214



Current Debt & Rate
Next - £1,283 26% APR
Capital 1 - £990 34.9% APR
Littlewoods - £490 0% APR



Total Excess Income = £144

Savings
Lloyds current account £900
Abbey cash ISA £19
Cash £18
Abbey Current Account £100


Total Savings = £1,037


P.s I know it might look a little dim, to not have the savings in at the very least my Abbey cash ISA but, in my defence, my finances have only just settled this month (as had lots to pay out & my income has only just increased)

Thanks for any advice any of you kind peeps would like to give!

Jules x

moo842

have you looked into childcare vouchers? they knock about 25% off your childcare bill. martin has a bit about them on here some where

mystery07

Tustastic wrote: »

Hello Mystery. Does the £50 per month for xmas/bdays go into the savings?
You're right, you should be putting aside the money you need for the big one-offs (insurance policies etc) into that ISA.
Once you know you have got enough for them in your savings, stop saving. Much better for you to chuck that money at the debt with the highest interest. You'll pay off the debt quicker and give yourself a bit more money to throw at the others.
Good luck and HTH

Well, it would be a good idea, to put the money into savings. No Ive never actually saved up for xmas/bday but obviously since its a yearly expense, just calculated it spread over the year. Up until now, enough money has always sat in my current account, so when xmas/birthdays have arrived, Ive had the cash there ready for it. But based on the fact, I have debts & a bit of cash, this probably hasnt been the best thing to do! So will probably need to start saving ready for xmas.

XxX

mystery07

moo842 wrote: »

have you looked into childcare vouchers? they knock about 25% off your childcare bill. martin has a bit about them on here some where

Did read this 1, Im sure but dont know if it will benefit me since I get Tax credits?? Will have another look tho. Thanks

webitha

hiya my 2p worth if it means owt

i would pay off the capital1 crd with savings as its 34% then put the $49 you pay into your isa that way you will soon have the savings back up no more interst on card and lots on your isa IYSWIM

beanielou

I agree with webitha about paying off Capital 1 with the savings.You wont get much interest on the £900 in your Lloyds current accont so u could maybe use them.

mrsspendalot

Have you checked with OU to see if you qualify for funding for your course? If you have kids, you may at least get a partial award depending on your salary (they don't count tax credits or child benefit)

mystery07

Thanks guys. That probably is good advice (to pay off capital one). Obviously keeping all £900 is a current account is quite pointless.


Its the fact, that I may change jobs before long & so my finances will go all over the place, again, so worried about that more than anything.

Also, I cant get funding this year from OU, got it last year, but since Im now reducing my hours of study, there is no funding available. Shame, but If I study more hours again this year, just too get the funding, I'll probably die of exhaustion!!

Thanks for advice. This paying off capital one is what I will do!

XxX

pk2007_2

mystery07 wrote: »

Income & outgoings (april 07)

Total Monthly Income = £1,942


Expeniture (monthly)
Rent £475
Council tax £60
Childcare £520
Water £15
Gas £22 are the utilities cheapest that you can get/ check uswitch website
Electric £25
Car insurance £39 is this the cheapest; go through quidco to get cashback
Car tax £10
Fuel £65
Xmas/bday's £50 can you cut back on this ? works out to 600 per year that's over half of capital 1 debt
Food £150 have you looked on the old style board for tips to cut back on this
Other £44 what does this include?Clothes £44 could you cut back on this?
Broadband £15
Home phone £20
Mobile £30

Total expenditure = £1,584

Debts & min. repayments
Next account £130
Capital one C/C £49
Littlewoods £35


Total min. payments (per month) = £214



Current Debt & Rate
Next - £1,283 26% APR
Capital 1 - £990 34.9% APR
Littlewoods - £490 0% APR

Hi well done on making cutbacks already. here are some suggestions. the apr on capital1 is horrendous. use savings to pay off that card and then save the amount (£49) you would have paid towards your course fee until september
good luck!

david_hellier

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mystery07

pk2007 wrote: »

Hi well done on making cutbacks already. here are some suggestions. the apr on capital1 is horrendous. use savings to pay off that card and then save the amount (£49) you would have paid towards your course fee until september
good luck!

Hi Thanks for respoce PK...

Utilities, Ive just switched to npower...which should make it a few quid cheaper in a month or 2 (did it through a cashback link on here, so should get £30 cashback on that soon!)

Car insurance, was the cheapest (post office + £50 cashbacK!) & Im not due to renew for 10 months so cant switch anyway!

£600 per year xmas/birthdays. Well i have 4 adults to buy for each year xmas & birthdays...which I worked out @ £160 per year.....then I have a 3 year old to buy for (& Im the only "real" buyer for him) so I worked that out to be at least £300/£400 plus xmas food, so Ive probably been a bit conservative with that estimate to be honest! I dont think that is too much??!

Yeah, been looking at old style board quite a bit, Ive already cut £100 p/m, think I will be looky if in the next few months I can even mange to cut another £20 off that!

Other = Ive left £10 a week, for drinks/snacks (I spend loads of time on the road, for work!) & also any other treats, hair cuts/hair dye, days out, etc etc...I think £10 a week is far less than Ive ever spent, & will try stick to that for all treats, if I can! Oh, books/CD's in there too!

Clothes....I put in there £10 a week, for both me & 3 year old, to buy all summer/winter clothes coats/jackets/shoes (his feet grow like mad & I will only buy clarkes shoes!!) Do you think this is a lot to spent on 2 people per year? It will work out at £500!

Just knocked £2 off broadband per month too, just by making a phonecall, so thats cool!!