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Completed SOA, don't know what to do?!
Comments
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I think you need to make it clear to your eldest he needs to try and find part time work to manage through the next year. Two things, 1 to pay his own phone and 2 to save as much as he can towards university.
Also how to manage on a small amount of money.
Have you looked on the Old Style board on here? It cam help all of you spend less money.If you go down to the woods today you better not go alone.1 -
No I haven’t seen that one, thanks will have a look0
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ZeroBalance28 said:Re uni, yes we will be discussing this with him, and will be speaking with him about proper budgeting and avoiding credit!
You cant afford to pay him anything like that. Him living at home and going to a local uni is one way round it, apart from looking for an apprenticeship instead.0 -
The other option is that he plans to work next year and save like crazy
He can defer his university application until next year. School/college should support with advice and references. He'll have his results, so would be applying for universities meeting his results profile.
Or apply with everyone else and choose closer universities and then hope he meets his first choice.
A random fact for those advising young people. It may be very difficult to get in, and very hard work but but look at Oxbridge costs. Battels (room and three meals a day) are very reasonable at some colleges because of endowments. The entire cost could be half of what you'd pay for room only at many universities.If you've have not made a mistake, you've made nothing0 -
ZeroBalance28 said:Secured/HP loan repayments.............. 804.6999999999998 (5 year fixed from Aug 24, no early repayment charge)Petrol/diesel........................... 70Road tax................................ 0 (car is leased, tax paid by lease company)Car Insurance........................... 56.79Car maintenance (including MOT)......... 17 (saving for service/year)Car parking............................. 20 -city centre staff discount parking, public transport would be £120/monthCar lease............................... 317.23
Also what's the 317 car lease that's separate to the 805 HP?ZeroBalance28 said:TV Licence.............................. 15Satellite/Cable TV...................... 108.59 skyInternet Services....................... 32 skyThe clothing looks a touch low, but the others are very high.. few practical suggestions:ZeroBalance28 said:Clothing................................ 50 - small amount towards school uniform and football kits, plus growing out of clothes/shoesOther child related expenses............ 386 - football subs and registration fee, spends, school dinners, haircuts, saving for son;s 18th in MarchPresents (birthday, christmas etc)...... 290Entertainment........................... 273
* get kids to make lunches at home, or if they want school dinners then they pay half the cost through a part time job
* presents - either downsize what you're buying or buy less frequently.. say a proper birthday gift and token gifts for christmas / anniversaries. Currently you're at £700 per person each year which is huge.
* cut entertainment, get kids to contribute if they particularly want something, but beyond that reduce frequency and how much you spend when you do go out.Split these into separate cattegories to have a better idea of where your money is going.ZeroBalance28 said:Extra spending money.................... 300Sundries................................ 120[b] - window cleaner, 'petty cash' for unexpected expenses0
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