My new SOA

loopyloulou_3

My new SOA - here goes again

Income £1768.14 a month



Coach fare £217.00 per month
Lloyds TSB Loan £208.00 per month (£4,800 left)
Gym membership £66.00 per month
Virgin CC £70 a month min payment - £5k in total on card
Lloyds TSB CC about £10 a month – about £300 in total on card.
Mortgage £900.00 (due to go down to £860 per month in Sept – although will still pay £900 (£40 a month overpayment))
Mobile anything between £35 - £70 per month

Total £1461.00


Joint Account

OH puts in £850.00 per month


Outgoings:-

Broadband £17.99
Home Phone £32.69
Life Insurance £27.30
Home & Contents Insurance £52.01
Council Tax £106.00
Electricity £66.00
Gas £52.00
Mortgage Protection £23.37
Southern Water £32.69
Pet Insurance £12.83
TV License £11.37
Total £434.25

Food - about £200.00 inc pet food

We never seem to have anything left in either account.

Any advice appreciated

mae

There will be more experinced people along to help you but I know one of the first things they will ask is that you post your interest rates on you loans and cards.

Also are you able to change your mortgage to a better deal or are you tied in?

Home and Contents insurance seems high? Have you shopped around and have you signed up to Quidco to get cashback?

Also Gas and Elec seems high too are these with arrears? Have you shopped around for cheaper suppliers?

Just a last point some months you are spending £120.68 on you mobile, broadband and phone line this is very high. I pay tops £48 per month for all three and some people would say that was high. So you could easy halve this and have a spare £60 or even more if you look around.

Just as a rough estimate if you changed gas, elec, phones, and insurance you probably save around £110 and that could go towards your debts without much effort. Looking at it over year that is more than £1200 saving just on these few things.

Good luck and you've done the right thing posting your SOA here as there are some great people on here who are willing to help and are very wise.

loopyloulou_3

tied in in mortgage til July 07 already sorted fixed rate out at 5.95% for 2 years - and set completion date with GMAC which will be about £860 a month (instead of the £890 we are paying at the mo on variable)

no arrears with gas or electric.

home and contents is with Lloyds tsb. i think i need to shop around on this one.

Not sure of interest rate on loan or cc. cc is 0% at the moment, although is due to change in sept.

blackangeluk

Hi there, I'm no expert but thought I would try and help

loopyloulou wrote: »

My new SOA - here goes again

Income £1768.14 a month

Coach fare £217.00 per month
Lloyds TSB Loan £208.00 per month (£4,800 left)
Gym membership £66.00 per month do you go enough to justify it?
Virgin CC £70 a month min payment - £5k in total on card
Lloyds TSB CC about £10 a month – about £300 in total on card.
Mortgage £900.00 (due to go down to £860 per month in Sept – although will still pay £900 (£40 a month overpayment))
Mobile anything between £35 - £70 per month can you go to PAYG or a cheaper contract?

Total £1461.00


Joint Account

OH puts in £850.00 per month


Outgoings:-

Broadband £17.99
Home Phone £32.69seems v high, can you combine an internet package with phone etc
Life Insurance £27.30
Home & Contents Insurance £52.01it's worth getting quotes for this and life insurance and see if you can get money back on Quidco, we pay £40 with the halifax for ours
Council Tax £106.00
Electricity £66.00 - seem very high, have you gone to moneysupermarket to compare prices??
Gas £52.00as above
Mortgage Protection £23.37
Southern Water £32.69is this a monthly figure defined by them or a meter. We had a meter fitted and it is much cheaper.
Pet Insurance £12.83
TV License £11.37
Total £434.25

Food - about £200.00 inc pet food

We never seem to have anything left in either account.

Any advice appreciated

Only other thing is you seem to have about £400+ left every month - unless I can't add up - have you done a spending diary to see where it all goes? I have a similar amount left and am amazed by how much I have saved by being quite frugal - just a thought

Hope others have lots of advice for you

loopyloulou_3

i havent done a spending diary. although am starting one from Thursday (pay day!) to see where the left over goes, it just disappears!

lynzpower

your broadband is high lou, theres a tesdco value one at 9.97

also your home phone is high, id go line rental only then primus 2 for free evening & weeekend calls.