We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

SOA

kimplus8
kimplus8 Posts: 973 Forumite
Eighth Anniversary Photogenic First Post Name Dropper
in Debt-free wannabe
1 adult 9 children (4 teenagers)

Wages/Bursary: £2090
Benefits/tax credits: £2501
Total: £4791.00

Rent: £448.39
Utilities: £176.00
Phone: £22.50
Internet: £24.50
Life Insurance: £23.51
Car Insurance: £165.00
Car Tax: £42.93
Car repair fund: £20.00
Car Fuel: £85.00
Dentist: £16.00
Swim/Gym: £23.20
Experian: £14.99
Amazon Prime: £3.99
Food: £650.00
Childcare: £2300

Outgoing total: £3785.01

monthly savings: £1006

no council tax or water as I am a student.
Buying a home, Girl Bossing and finally understanding how celebrate my own success.
«13

Comments

  • elsien
    elsien Posts: 33,976 Forumite
    I've been Money Tipped! First Post Photogenic First Anniversary
    There seem to be a few gaps in there - have you looked at the template SOA on here? 
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • kimplus8
    kimplus8 Posts: 973 Forumite
    Eighth Anniversary Photogenic First Post Name Dropper
    what gaps do you mean @elsien
    Buying a home, Girl Bossing and finally understanding how celebrate my own success.
  • elsien
    elsien Posts: 33,976 Forumite
    I've been Money Tipped! First Post Photogenic First Anniversary
    Off the top of my head, clothes, entertainment, birthday and Christmas presents, TV licence, house contents insurance, emergency fund.

    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • comeandgo
    comeandgo Posts: 5,781 Forumite
    Part of the Furniture First Post Name Dropper
    Is your car insurance really just under £2,000 a year?
  • Sncjw
    Sncjw Posts: 3,529 Forumite
    Tenth Anniversary First Post Name Dropper
    Is there a specific reason for the spa posting as you don't explain 
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • EssexHebridean
    EssexHebridean Posts: 21,901 Forumite
    Name Dropper Second Anniversary Photogenic 10 Posts
    edited 6 November 2021 at 5:18PM
    Completely agree about the gaps - if you are actually saving that figure at the end then there are definitely errors in there somewhere as it shouldn’t be possible! 

    You have an amount in for phone - is that landline? If so how about mobiles, presumably with several teens in the house there are a number of those? 

    Why on earth are you paying Experian £15 a month? 

    If you’re purely posting this to get us to check it over then that’s absolutely fine but it’s helpful to explain that, and also to use the template (link in my signature) as that is far easier to both check that in fact everything is being covered, and also so see any areas that look too high, too low. 

    From what you have posted, it seems that your car is costing you the best part of £4000 a year which is a LOT of money. I also suspect that the amount you’re putting aside to cover repairs isn’t enough - that will barely cover servicing let alone tyres, other consumables, and MoT. Why has your insurance cost increased so much since you last did an SOA?
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00
    Balance as at 31/12/23 = £112,000.00
    Balance as at 31/08/24 = £105,400.00
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,794 Ambassador
    Part of the Furniture 10,000 Posts Mortgage-free Glee! I'm a Volunteer Ambassador
    What is the reason for posting? Do you have debt? 
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • fatbelly
    fatbelly Posts: 21,274 Forumite
    Car Insurance Carver! Cashback Cashier First Anniversary First Post
    Hi Kim

    I remember you from times past I think

    They're right about experian. Ditch them and join mse credit club. It's free and gives you the same info. While you're at it you could sign up for credit karma (transunion) and clearscore (equifax) - also free services.

    That car's expensive!
  • Bored
    Bored Posts: 389 Forumite
    Name Dropper Part of the Furniture Debt-free and Proud! First Post
    Get rid of Experian as fast as possible. You can access it for free via MSE credit club.
    2023 Mortgage-Free Wannabe #19: £11,675.68/£13,000
    Mortgage Overpayment Total: £22,397.1
  • barbarawright
    barbarawright Posts: 1,846 Forumite
    First Post First Anniversary Combo Breaker
    According to your SOA you are saving £1000 a month. What is your question?
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 345.8K Banking & Borrowing
  • 251K Reduce Debt & Boost Income
  • 450.9K Spending & Discounts
  • 237.8K Work, Benefits & Business
  • 612.6K Mortgages, Homes & Bills
  • 174.3K Life & Family
  • 250.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture