Soa - not in debt?

Mimi_Arc_en_ciel

Hiya,


I'm wanting someone to review my SOA. I've been debt free for a while now and have started to save


But I think my finances could be reduced and would like some opinions on it.


I was thinking of posting my SOA in here but then I don't want to upset anyone but I know you all have brilliant advice for cutting down.... Which board on MSE would be the best place to put the SOA?

twiggy86

I would say that this is a debt free wannabe board - you don't want to be in debt, so you're more than welcome! There's lots of people on here who aren't in debt. I've found everyone's friendly over here so feel free to post! And well done on getting debt free!

phoenixx

It wouldn't upset anyone - whether getting or staying out of debt, your SOA is welcome.

Mimi_Arc_en_ciel

Okie Dokies. I work part time and I received WTC, CTC and CB. I'm not struggling and I know some of you really are and I wish you luck on your joureneys, I just think I'm not making my money work for me and that some bills could be reduced.


I was contributing to my works pension, I've stopped this. I only work part time and do not pay tax as I am under the threshold - The £50 contribution I was putting in is now under "emergency"


Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 94.6 paid over 10 months
Electricity............................. 50 - British Gas. I'm new to DD, was previously on meters. This is what they told me I should be paying a month
Gas..................................... 50 - Again, see above. However - I do have a coal fire and would like to use this in the winter instead of gas but I'm not sure which one is "cheaper" - I've stock piled logs to burn already. Last winter we used far too much coal (I was over filling the fire) and used 2 ton. I've just ordered 100kg for £56
Oil..................................... 0
Water rates............................. 28.12
Telephone (land line)................... 36.35 Incs Broadband. Locked into a contract with BT (Disputing as they never told me I would be re-starting a contract with them... will be leaving ASAP)
Mobile phone............................ 37 Again, in contract with Orange. Considering PAYG when out of contract.
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200 (incs household stuff. This is for me, 2 kids, a dog and 2 rabbits) have joined the May grocery challenge on MSE
Clothing................................ 20
Petrol/diesel........................... 130 (for work)
Road tax................................ 12
Car Insurance........................... 47.63
Car maintenance (including MOT)......... 5
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 327.25 This will not change until DD2 starts school next year (sept 2016)
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 I'm trying to sort this but house isn't in my name yet
Contents insurance...................... 11.18
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 45
Haircuts................................ 0 - as and when. A friend does all 3 of us for £10 ;-) lol
Entertainment........................... 11.95
Holiday................................. 40 - I started doing this recently, going to book a Sun £9.50 break next year
Emergency fund.......................... 50 - This is my "old" pension contribution
(Unnamed monthly expense)............... 0
Holiday Spending Money ................. 125 - My parents paid for me and the kids to go away with them in Aug - This is our spending money for that vacation. When I have enough spending money this will be going into my savings pot. I asked my parents if they want me to up the money I pay to them (see below debt) but they said no.
Swimming Lessons DD1.................... 11
Brownies DD1............................ 6
My Savings.............................. 50
DD2 Savings............................. 34.53
DD1 Savings............................. 48.34
Pocket Money DD1............................ 20
Repayment to parents.................... 200I inherited my house, My parents paid for repairs. This is the repayment to them. I have no idea how much I owe (they wont tell me) they just said pay £200 for a "few" years and that will be it. I suspect its around the £15k mark.
Total monthly expenses.................. 1703.07


I'm not sure I can cut down on the spending (I'm pretty tight!) I think maybe the Phone, mobile, gas and elec can be changed though? what do you think?

missbiggles1

Stopping contributing to a pension seems very short sighted when you're not absolutely desperate.

Mimi_Arc_en_ciel

missbiggles1 wrote: »

Stopping contributing to a pension seems very short sighted when you're not absolutely desperate.

No sorry I think you've misunderstood me - I've stopped contributing to the company pension (Which was getting a % taken off from the financial company) and I would be taxed on it.


I'm putting £50 a month into a "emergency" fund and £50 into "savings" (Which ultimately will be what I live off when I'm older)