An SOA Update

gilly1964

Hello Everyone,

I don't post anywhere near as often as some of you, but wondered if you could possibly look at my updated SOA.

Income 2200 (Me) 2009 (DP)

Outgoings

Mortgage - 750
Endowments - 33.97 + 36.95 + 74.26
Life Insurance - 33.53 (condition of mortgage)
Council Tax - 116 (looked into re-banding and then found that our house should have gone higher when we extended 5 years ago:eek: )
House Insurance - 28.54 (includes B&C and is the cheapest all in, spent ages through Quidco trying to get better)

Ex Wife Maintenance - 433 (goes down in June when DSD leaves college - but the ex has threatened seeking an increase:mad: )

Gas - 54 (in the middle of switching thru Quidco)
Electric - 57 (in the middle of switching thru Quidco)
Water - 44.13

Pensions - 41.61 (Me) 65.00 (DP)

BT - 11
Virgin BB - 23 including telephone calls
O2 Mobile - 20 (Contract)

Car Insurance - 48.02
Motor Home - 30.00
Car Tax - 18
Motor Home Tax - 15
Car Petrol - 240
MotorHome Diesel - 150
Maintenance for both - 70
RAC - 10 (covers car and motorhome)

Sky+ - 37.00 (I know, but his Lordship arranged and now we are stuck for 10 months)
TV Licence - 11.37
Virgin Media Cable - 4.00 (Convenant on the house and non negotiable)

Gym 139 9 (letter sent to cancel this, but have to give 3 months notice:mad:)
Badminton Fees for DSS 37.92 (coached by former England player)
Badminton Fees for DP 18 (has to pay for the privilege of playing for a team and his coaching fees)
Racing Fees - 30 (DP and DSS race model touring cars)

Groceries - 250 (used to be about 400)
Once a month takeaway - 30 (usually when I am on call for work)

Vet Fees & Special Diet for Dog - 70 (old dog, but she is so worth it)

Clothes - Bought as needed



Debts

Bank Loan 292.77 about 54 months left at 6.4%
CC1 £1800 @ 6.9% LOB £200 per month
CC2 £2500 @0% till February 2008 £60 per month


Total outgoings - 3583.07

Income - Outgoings = £625.93 per month

We have kept a spending diary for the last 3 months

The extra seems to go on lunches, coffees at work, pocket money for DSS (but he does things like washing the car to earn it), extra racing equipment and things like unplanned expenses - washing machine breakdown, decorating DSD bedroom, helping DSD when her car goes wrong as she only earns £120 per month whilst at college.

I know the most obvious thing is to get rid of the motor home and then use the proceeds towards the CCs and overpaying either the loan or mortgage but this is used for our holidays and is loads cheaper than the package holidays we used to book. The boys also use it for weekends away when racing - it used to cost us a fortune in B&Bs and eating out.

All help greatly appreciated. Please pull it to bits.

Thanks
Gilly

lynzpower

Did you really spend 2460 on holidays per year before, as this is what the motorhome is costing you ( without repairs or maintainece)

How much is the motorhome worth now?

Id be tempted to sell it now, grab a decent tent, and use that for the summer, and batter down in earnest.

205 a month is being spent on the motorhome - if you raised what you are paying off your debts to the tune of this every month - this should clear your CCs in just 9 months.

Can you overpay your loan? If not, and you have to keep ticking along with it as is, you COULD then have 465 every month to put away for holidays. that is a stack of cash - long haul money where I come from :money:

Of course, the other things are cancelling your sons hobbies, but I bet you are not keen on doing this.

gilly1964

lynzpower wrote: »

Did you really spend 2460 on holidays per year before, as this is what the motorhome is costing you ( without repairs or maintainece)

How much is the motorhome worth now?

Id be tempted to sell it now, grab a decent tent, and use that for the summer, and batter down in earnest. QUOTE]

Hi Lynz, thanks for the comments. Yes we really did spend more than £2500 per year on holidays, it was around £4000 for two weeks abroad for 4 of us and that was it. We could not take the children out of school as Mum didn't like it, although she used to do so!
On B&Bs for the racing it was averaging out at around 250 per month.

This weekend the boys are racing in Norfolk, it is £10 to site the motorhome and they have taken all their own food so no extra expense there. They are also combining it with visiting MIL so two birds in one trip and only one lot of fuel.

Our 3 week holiday in France in August is all booked and is going to cost £250for all the sites, not sure about fuel - but diesel is cheaper over there. We are going to Park Asterix using Clubcard vouchers and may try to go to Disneyland if we can find a good deal.

So far this year we have had 3 long weekends and 10 days in Devon, so as you can see it really is worth it. We couldn't go in a tent in February.

I have said £120 for diesel but in the Winter - beginning November thru to Feb half term it is only about £20 per month.

I know it is the obvious thing to go, but it does actually pay its way.

Thanks again for the comments.
Gilly