heres my soa, some please look

the_boy_with_no_name

as title heres my soa, doesn't look too bad but were always skint, why????

2 adults, 1 teenager

income: all every month & after tax

mine: 1575

parners: 530

child benift: 75

total: 2180

outgoings:

morgtage: 392 (tied into for another 18 months)
loan: 418 ( 3 years lef to go)
gas/elec: 104 ( scottish power dd)
life ins: 12 (combined for both of us)
dog ins: 16 ( cant change due to ongoing illness)
c/tax: 150 (includes £50 per monh arrears till end of march)
sky: 43 (tv family pack, fone & broadband)
mobiles: 30 ( thats for 3 conract fones, good deal instead of upgrade)
house ins: 17 ( combined buildings & contents)
car ins: 35 (cant get any cheaper iv'e tried)

total: 1217


food: 200
petrol: 60
teenagers pocket money: 100 (includes bus fair to & from school, lunch money, gymnastics fees & she buys all her own stuff that she needs)
our pocket money: 150
total: 510

outstanding balances:
argos card: 400 apr: 27.9
river isaland card: 300 apr: 17.9
additions account:552 apr: 29.8
credit card: 1700 apr: ?
next account: 478 apr: 26.4
total: 3430

total minimum payments: 150


total monthly outgoings: 1877

this should leave us £300, but we have

1.5 monhs morgtage arrears: 470
1 month loan arrears: 418

total: 888


help where can we save???

krisskross

That is a large amount of pocket money you each have per month.
The only other thing i see perhaps missing is child tax credit. Do you claim it?

Someone much better at dissecting these SOAs will be along soon to give you some advice. I am sure that you will soon be sorted.

the_boy_with_no_name

krisskross wrote: »

That is a large amount of pocket money you each have per month.
The only other thing i see perhaps missing is child tax credit. Do you claim it?

Someone much better at dissecting these SOAs will be along soon to give you some advice. I am sure that you will soon be sorted.

dont get child tax credit, they over paid us bout 4 years ago & were still paying it off (but at the rate of £400 per year, the child tax amount).

pocket money covers everything from cigerates for the missus & the occasunal carry-out)

southernscouser

A spending diary will answer your question about where the money goes. Only then can you really address it! :think:

Start making a note everyday of what is spent and on what! For example, if 2 people buy a can of coke at work or school each day thats more than £20! Just on a measly can of coke! :eek:

southernscouser

And cut those store cards up! The APR's are extortionate and it will stop you spending on them!

Kaz2904

First of all, can you cut down the sky package- £36 a month should be doable even with all calls.
You may need to go without pocket money for a while until you manage to clear the back payments.
As you have a teenager could your partner take on more hours at work?
You have obviously been spending above your budget because you have arrears. Have you tried a spending diary?
It strikes me that you probably got into arrears because you haven't allowed anything for car upkeep like tax/mot/services?

How about gifts etc? How do you pay for christmas/birthdays/school trips?

Can you ring your utilities provider to see if you are in credit and get it back if you are?

Are you actually spending £200 a month on groceries or is this your ideal?

I'm sure I've missed loads and others will come and help in the morning or later, just keep bumping so they see your post!

needaspirin

Mortgage and secured loans are a priority as you could lose your home. Credit cards and unsecured loans are non-priority and come second.
Please go to your local CAB for help. They will help you work out a proper financial statement and make offers to creditors on your behalf.
Don't despair.

mumzyof2

the_boy_with_no_name wrote: »

as title heres my soa, doesn't look too bad but were always skint, why????

2 adults, 1 teenager

income: all every month & after tax

mine: 1575

parners: 530

child benift: 75

total: 2180

outgoings:

morgtage: 392 (tied into for another 18 months)
loan: 418 ( 3 years lef to go)
gas/elec: 104 ( scottish power dd) - This is alot..we pay £40 pcm for gas and elec.
life ins: 12 (combined for both of us)
dog ins: 16 ( can change due to ongoing illness)
c/tax: 150 (includes £50 per monh arrears till end of march)
sky: 43 (tv family pack, fone & broadband) - do you really need this? Find a cheaper one. Virgin are doing fone and broadband for £20 plus free tv for a year. Im on that one
mobiles: 30 ( thats for 3 conract fones, good deal instead of upgrade)
house ins: 17 ( combined buildings & contents)
car ins: 35 (cant get any cheaper iv'e tried)

total: 1217


food: 200 - try and cut back, we spend 200 and thats cigs included
petrol: 60
teenagers pocket money: 100 (includes bus fair to & from school, lunch money, gymnastics fees & she buys all her own stuff that she needs)
our pocket money: 150 - Cut Back!!
total: 510

outstanding balances:
argos card: 400 apr: 27.9
river isaland card: 300 apr: 17.9
additions account:552 apr: 29.8
credit card: 1700 apr: ?
next account: 478 apr: 26.4
total: 3430

total minimum payments: 150


total monthly outgoings: 1877

this should leave us £300, but we have

1.5 monhs morgtage arrears: 470
1 month loan arrears: 418

total: 888


help where can we save???

everything i suggested is in red

cocalls

hi there

Another poster suggested can your partner increase their hrs i have to say that i agre w/ this one esp as there's only a teen in the house.
Plus 100/m is alot of pocket money to give to a teen each month can she not get a job? Can she cycle to college? Also is she not getting the allowance that's paid by the gov for those staying on at college? (sorry cant remember the name at the mo)
Dont worry im sure you can make it!

Karmacat

Hi there

Welcome to mse! I agree with the suggestions on the spending diary - if you don't know where it goes, you have to find out, and a diary will help you do that. That applies especially to your "pocket money" and to the money that should be left over.

Your fuel is a lot - I pay about 40% of that.

The sky package is huge, too: do you actually use all the channels you pay for? Is there a cheaper way of getting them?

The other thing that strikes me is the store cards - obviously, you *must* stop spending on them. But can you get a 0% balance transfer credit card, and then pay them off more quickly because you're paying less interest? Even a low % Life of Balance card would be better, they're about 5-6%.

For the longer term, you need to know why you got into debt. Its already clear that you don't know where your money goes, so thats one priority, but there are arrears and so on that you need to think about. And thats the process you've started by coming on here, so well done, and keep going!

chevalier

can't really add anything more than has been suggested other than:T well done for posting.

The things that stood out for me were the gas and electric. If you get some benefits you can get 4 free energy saving light bulbs from your electric company.

What is your thermostat for you central heating set at? If it is more than 20 degrees centigrade then turning it down to that will save you ££ each year. Same with your water heater if the water comes out of the hot tap scalding, then the setting is too high. You could save a lot of money there.

If there is some reason why your partner can't get formal extra work (can she approach her current employer about going full time), then could she ebay like mad, mystery shop, do online surveys and click throughs to earn some extra cash?

Whilst I know that the teenager pays alot from her £100, can she get a Saturday job to pay for some of this?

chev