SOA Help!

theoretica

LouiseAlmighty wrote: »

Entertainment is a problem. One night out for both of us comes to around £90 which i know its horrendous! We have been trying a lot and believe it or not the 350 thats there at the moment is a lot less than it was!!

What sort of things do you pay for on a night out? Maybe people here can help with suggestions to make it cheaper. Deals and the like or cheaper alternatives.

Marisco

asparagus1968 wrote: »

Hi, just some ideas from me:




Telephone (land line)................... 10.99
Satellite/Cable TV...................... 10.99
Internet Services....................... 10.99
These three can be a lot cheaper as a package, depending what level of tv you want, for example, I have a freeview box then a talktalk package of landline rental, calls and unlimited broadband for about £243 a month.






Contents insurance...................... 15.99 this seems high-mine is £5 for £20,000 of cover, also, buy tour insurance though a cash back site (I use topcashback) and you get a little back


Capital One....................756.......12.83.....30.45whose name are the debts on? could this be balance transferred to a different card? there are some fab 0% interest deals at the moment, have a look here on the MSE site.




Entertainment........................... 350
Holiday................................. 62.5these two need to be budgeted for strictly-I'd be tempted to transfer a set amount to cover these into separate accounts, then you can see where it's going-and when it's gone, it' gone !


emergency fund would be an excellent idea too.
SOA will look good with a couple oftweaks, you canhave fun, get rid of debts and get saving

£243 a month?? :eek: That's a mistype surely?

pelirocco

ViolaLass wrote: »

My mistake, I assumed and shouldn't have.

Can you give the couch back? It's expensive!

Of course you can't give couch back to the retailer , what will they do with it!

HappyMJ

pelirocco wrote: »

Of course you can't give couch back to the retailer , what will they do with it!

Hire/Rent it to someone else or sell it. It's on HP. You can, once you've made payments covering half of the purchase price, simply hand the goods back with no further payment due. If half of the payments haven't been made you can still return the item and negotiate a settlement.

rolls99

In addition to what everyone else has said, I'd chirp in and say being young is as much about having fun as building for the future - and, you've taken the time to sit back and take stock which is a good thing.


I am pretty sure a very, very high percentage of the population looks back and shudders at the amount of money they spent when they were younger. I know I do. Staying in when I could be out on the town? Yeah, right!


There will come a time when you won't want to so much, and/or can't for various reasons and memories, fun and friends are a big part of what makes us all who we are.


At the same time, while that is true - you are already lining up more expenses: when you are passed your driving tests, if you then decide you wish to have a vehicle, to begin with, your insurance won't be dirt cheap - so it's vital you preplan as much as possible.


This is one reason SOAs are so handy: they let you see everything (as long as everything's included).


The big danger is looking at expenses in isolation. Yes, you could well afford "X" and "Y" payments but then what about "Z"? - which runs the risk of having to choose....


All that said, try and look for a balance. Plenty other boards here on the forum for moneysaving on all manner of topics, but the point is, while "going without" and / or "Staying in" sometimes (even if you want to) isn't always great fun, it's far far better to choose to do so than to have to!


Go for it, and I think with some planning, being a bit careful you'll get there!

northerner999

It is possible to go out and have a good time without it being expensive, check for meal deals etc. Suggest things which are free/cheap - in the summer a picnic in a park with a few friends bringing a few bits each is a lot cheaper than everyone buying a pub meal on a day out. If you go to the cinema, use 2for1 deals etc.

My friends and I often accept that as we get close to payday we "can't afford" to do some things. For me payday makes no difference as I have a budget, but am happy to go along with that to occasionally duck out of some things or at very least make it cheaper - like ducking out of rounds and just getting myself a couple of pints (which last long if I'm enjoying myself and talking to friends anyway) if we are in a pub. Two pints rather than the 4/6 I would end up buying in rounds saves a fair bit of cash and is healthier!

thegreenone

Hi, I think you are being really forward thinking and sensible. You are setting yourselves up for a happy future.


Regarding applying for a 0% card. If you are really unsure, don't, but can you make sure you cover the interest on your current card, each month. For Halifax can you up the monthly amount to £20. Set up a standing order or skim (sending small amounts from your bank account each day or week, rounding the balance down). Only a few pounds a week would probably cover the Halifax interest.


Although getting rid of debt is a priority, I would set 1 January as a start day. Use the next two months to tweak your SOA and plan. How would your families feel if you both asked for money for Christmas towards a car? I was happy to give my niece money when she was saving for one but some may be offended.
Also you have a really good reason (saving for car) for dipping out of an expensive night out.

Never forget - even the smallest amounts add up. Good luck.

savingfortomorrow

looking at the new year you will have different spending the travel costs will fall (taxi and trains- i am guessing will fall) and driving lessons will stop. this will free up a lot of money.

ok there will be tax, insurance, mot and petrol, Oh and a car. amazingly, these expenses will be less than public transport. (especially if you get a small economical car). everyone will be aware that you will be saving for insurance, maybe a gift could be a contribution to the "Wheel's Fund".

it is difficult to compare yourself to friends with a subsidized life from living at home but you are being very forward thinking about organizing finances at a young age. the lessons learnt now stick with you forever.

Practically, i would avoid HP for furniture in the future, as the cost of the goods are higher. Saving little and often works, look for local deals for nights out. have a night in with friends or even eat and drink in before heading out with friends. Be the tend setter among your mates as when they see you are fantastic at managing money and starting to save for emergencies and thereafter for the longer term.