Upadted SOA any advise welcome

painted_lady

OK, I posted my SOA in the new year, but a few things have changed since then, I am now have a baby and want to stay off work until he is 1 in April, this means I need to save some money for when my maternity leave runs out. I have worked out my SOA, here it is.

IN
Work 860
DLA 172
CB 72
CTC 246
WTC 197
TOTAL 1549

OUT
Pet insurance 14.04
Car Ins 15.57
ING car maint 30.00
ING monthly bills 50.00 (this is for gas, elec, home phone,)
ING christmas 20.00
ING holiday 30.00
Council tax 64.00
Critical illness 18.48
Life cover 9.75
baby trust fund 5.00
water rates 33.70
tv licencing 11.37
hospital fund 13.26 (easy get money back out of this one)
home and contents ins 25.49
sky 31.00 (need this atm)
Food 100
Tesco loan 153.03
Petrol 40
Socialising 100
mobile 15
credit cards 40
TOTAL 815

DEBT
Tesco loan 6.4%
24 payments remaining = £3672 o/s
£153.03 monthly

Leeds BS CC 16%
£1025.30 o/s

Halifax CC - was 0% till tomorrow, but I have just paid the balance of £854, so now, balance £0.00

RSPCA CC - 0%, new card with £1250 limit, will transfer Leeds BS balance to it

usually pay minimum of around £20 on Leeds BS CC

OK, I obviously want to pay my debts back, but am prioritising building up a pot of money to pay for maternity leave. The car I had, I sold and have put money in an ISA to use when maternity pay runs low. I now share a car, but need to contribute towards the tax, upkeep etc. Money goes in my ING accounts and earns interest till I need it.

Soon I will get nothing from work! OMG

I also think I overspend in the socialising category.

Any advice would be greatful,
Thanks.

chevalier

Wow you can still get out THAT much ie £100 worth with a baby! I would have thought by the time you get a baby sitter, etc, this is what 1 night out a month. Do you really need this? How about having people over for dinner or dvd evening and they bring the bottle?

Am also a bit worried as there is not rent/mortgage payment?
chev

Conor_3

If your OH is working, then when you stop getting maternity pay, phone up the Tax Credits people and adjust your totals for the year. You should get an increase in WTC.

Jacks_xxx

Hi Painted Lady,

I'm really new to this - and up to my neck in debt myself - so I dunno how much actual help I'll be, but I just wanted to lend my support. I had to go back to work when my youngest was 6 months old and it's tough. :-(

I agree with you that the socialising expenditure might have to go if you're to manage when work stop paying you anything.

How long have you got before that happens? If it's not long then if I were you I'd try living as if it's already stopped and tuck as much as you can of your maternity pay away whilst you're still getting any.

The other thing is Sky tv - could you move to a cheaper deal? We've just cut ours from £37 a month to £15 - as we couldn't face just Freeview since we can't afford to go out - but if we don't get on top of things fast then that's the next step. (I am going to miss the movies, but we can't afford them - and I'll just have to search the schedules for other things to watch instead!)

Other than that it's just the mobile...Could you do without it if you had to?

I dumped mine and use the landline and Facebook to keep in touch instead - but they're not much use if the car breaks down. ;-)

That's all I can think of honeybun. Try and enjoy your time at home with littl'un - the baby days are over very quickly!

Love Jacks xxx

bargainbetty

Your separate critical illness and life cover seem a bit expensive - can you not get a combined cheaper policy?


I with the posters who say that you have to cut that social spend - you could also consider scrapping the holiday fund and the £5 baby trust fund. Start that when you are earning again.

Minimise your Sky package - no movies, no sports- to save more pennies.

What is the hospital fund? Can you stop paying/get money back from that?

painted_lady

Thanks for advise guys.
I dont go out much - but have free babysitters when I do.
Babys dad pays mortgage for me, not bad!
I need SKY atm, but dont get film channels, cost is the £26 package of basic sky, broadband and home phone, its usually a few pounds extra for the additional calls I make (need to phone abroad a lot).
The hospital fund I pay monthly and get back 100% of optical and dentist costs, this almost pays for itself in contact lenses each year, I also get money when I go into hospital overnight for treatment - something I do twice a year, so it is worth paying for.
Yes, the critical illness and life is dear, will look into a cheaper deal I think.
Mobile - hmm, will try severely reducing the cost first I think. Will prime myself into things like leaving it at home to manage without it.