My soa

sillyspendy

ps no building insurance and it is not mandatory but we pay £30 a month to Hastings Direct for house insurance. I shall enquire now about building insurance

-taff

Start putting some away fro an emergency fund too.

Also, see if you can switch your supplier for gas and electric. That's a lot of money a month on those two.
Ditto check what mobile phone plans you could change to.
You could have a hetflix account instead of paying for a television licence.
You also need money for clothing for all of you.


Didn't see your previous post sorry

asparagus1968

hiya, people find using the SOA useful as a budgeting tool, so therefore you need to add up all the tenners here and there for presents you spend over the year and divide by 12 to get a monthly amount.


also, budget, say £50 a month for everyones clothing and stick it in an account/piggy bank or something so it's all there if/when you have clothes to buy.


It looks like you don't really know whats flying out of the bank each month which is why you have such a lot of debt but over £600 unaccounted for every month?


have a read of "the envelope system" and Dave Ramseys plan, both may help.


as for mobiles-cancel ASAP, get a PAYG sim card for each, probably a tenner each per month would cover them.


£30 for contents insurance is extortionate!! are you sure that's not for both buildings and contents? (mind you, I have both for less than £20 a month)


so, after this month when arrears are paid off for utilities you will have another £100 to pay off debt? fab.
I'd guess the vanquish and aqua cards will have high interest rates, pay them off in full over two months. Find out the other interest rates and pay highest one off first.
there is no monthly amount budgeted for guitar by the way.


good luck, think you need to get a better understanding of whats going on, good luck with the counselling, you will be so much better off soon.
keep posting

[Deleted User]

sillyspendy wrote: »

I do not know off hand the interest rates they are not on 0% those payments each month are the minimum payments.

You'll need the APRs, if you are going to snowball in the most economical way.

Kate_fixing_it

Have you considered childcare vouchers? You can't claim the childcare element of tax credits at the same time but I doubt you'd qualify with the income listed. You pay up to £243 per month (each) BEFORE tax so i save around £40 a month which quickly adds up to £480 a year - that'd cover Christmas/birthdays with little effort or essentially drop the childcare bill although that seems very low to me unless one of you is working part time or you have working hours that only slightly overlap.

Kate x