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SOA after a finacial upheaval.

I have decided to make use of the fact that I now have two bank accounts, and am going to completely split my finances, so two SOA.

SOA household

Incoming (monthly)
£100.00 Maintenance
£120.80 Child Benefit
Total
£220.80

Outgoing

Rent Arrears £20.00
Daughter's savings £12.00
TV licence £21.95
Electric £30.00
Gas £40.00
Contents Insurance £18.58
TalkTalk p+bb £25.00
Water £33.30
Dell £13.26

Total £214.09

Remaining £6.71 each month

This account will not then need even touching unless i end up with a huge phone bill one day, and I will have a small savings account going one with it. Dell is in with household as I can not find the paperwork to call and change it to other bank.


SOA Debts

Incoming
Income Support 236.60 (59.15)
Child Tax Credit 314.76 (78.69)

Total 551.36 (137.84)

Outgoing

Littlewoods 141.00
DFS Dining 22.10
DFS Sofa 83.51
Kev 70.00
Vanquis C.C 5.00 min but I pay as much as possible, normally clearing each month's balance.

Total £321.61

Remaining £229.75 (57.43)

Daughters' train fare £10.00 (2.50)
normal shopping £160.00 (40.00)max

Remaining £59.75 (14.93)

what is in brackets is weekly amounts, and what i live and do day to day living by.
19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..

Comments

  • beanielou
    beanielou Posts: 94,090 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    hi there
    your first soa seems fine.
    are you going to try to reduce your payments to your creditors in the second soa?
    what help are you looking for?
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
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    One debt remaining. Home improvement loan.
  • hi

    just noticed that you have only got rent arrears on here and not any other rent, is it paid by housing benefit, sorry if that sounds nosy, just wanted to make sure you haven't forgotten to account for it

    SC XX
    slowly working towards being MF one small over payment at a time :T
  • Penny2myName
    Penny2myName Posts: 1,605 Forumite
    Part of the Furniture Combo Breaker
    Yeap I get housing benefit, so just my arrears to clear. This SOA is more for me to see myself, since I am now splitting things between two banks. Also the split accounts start from next wednesday, as I made the calls to day to transfer over my IS and CTC to second bank, plus callling the debts to transfer over too.
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
  • Penny2myName
    Penny2myName Posts: 1,605 Forumite
    Part of the Furniture Combo Breaker
    Just looking at my SOA and realised that in theory I should be able to start saving by November. Apart from Vanquis CC everything else is 0%, so when I have Kev paid off, I will have £70 a month I am used to not having.
    This leaves me with a decision, do I use that towards one of my 0% debts and pay them off quicker, or should I start myself a pension, yes I know its only a small amount but at the moment I have no pension plan at all, I don't have any contributions going to the State at present due to being unemployed, which i may get flamed for, but that's how things will stay until my kids are old enough to die at home without me in attendance (3 yrs).
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
  • Seaxwyn
    Seaxwyn Posts: 4,896 Forumite
    HI Penny

    I am not at all an expert, but if I were in your position, and all my debts were 0% so there was nothing to be gained from paying them off quickly, then I would definitely put the spare money into a pension.
    Total debt: 1 January 2007 £[strike]49,387.79[/strike] 1 January 2012 £[STRIKE]19,312.85[/STRIKE] 1 August 2012 £11,517.62



  • misspoppy
    misspoppy Posts: 1,009 Forumite
    Part of the Furniture Combo Breaker
    Is it worth cancelling your daughters savings until you have cleared your debts?

    Also stop using your vanquiss CC thats one thing less to pay then. Your contents insurance seems very high, I pay £55 a year to Halifax.
  • Penny2myName
    Penny2myName Posts: 1,605 Forumite
    Part of the Furniture Combo Breaker
    After 6 years not being able to get insured believe me its low. Had one drastic year where i was burgled twice then had a house fire (without insurance) so have had to wait some time to get insurance.

    My daughter's account is being down with the amount that my benefits went up, so its money i have never had anyhow, plus the fact its for her 13th in the 10% interest account that runs for a year. It cant be touched till the account year finishes.

    The Vanquis was mainly for when i took my son away last month and if i dont have any savings in time, when i take my daughter away in oct. I am now getting it all paid from last month, with this being a five week month should be able to clear it, but not till end of month.
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
  • Penny2myName
    Penny2myName Posts: 1,605 Forumite
    Part of the Furniture Combo Breaker
    Ok this week I ordered £44.25 worth of stuff from La Redoute, and today have spent in total £29.75 for daughter to go bowling and taking my son swimming, of which £16.60 has been done on the credit card.
    My kids are now barred from having a social life for a year after I broke it all down.
    £10.85 to feed them,
    £8 bus fares
    £7.90 costs for swimming,
    £3.00 DD had when we left her at bowling for drinks.

    Silly me thought the £15 cash i left the house with would cover costs.

    On the upside I have paid £55 on CC this month, but I am now about to totally re budget to see what i have to get us through reminder of month.:o
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
  • Penny2myName
    Penny2myName Posts: 1,605 Forumite
    Part of the Furniture Combo Breaker
    Ok have just recalculated finances for this month, I need to transfer £47 over to A+L next week then that account can be left (yay) will have £23 for shopping next week. Week after I have £54 for shopping so will totally stock up on cheap tins, ready for following month and try and clear either La Redoute or the CC, probs CC as its a high apr.

    Well thats my slamming head against wall for remainder of the day sorted.:mad:
    19th March 2007 LBM£5,969.63 1st January 2018 £5960.18, 1st January 2019 £11,032.0018th August 2023 £12,435.00, Student Loan £22244.00 From 2009-12Challenges: To learn to stop spending..
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