Completed SOA, don't know what to do?!

Grumpelstiltskin

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.

ZeroBalance28

No I haven’t seen that one, thanks will have a look

ManyWays

ZeroBalance28 said:

Re uni, yes we will be discussing this with him, and will be speaking with him about proper budgeting and avoiding credit! 

Important though that is, it wasnt the point I was trying to make. On your two incomes, he is likely to get a low maintenece loan, with you being expected to pay £5,000+ a year (I just guessed at that number, put in your real numbers here https://www.gov.uk/student-finance-calculator. That is for this year, but I don't think you should assume it will get better next year!) just to bring him up to an inadequate level where he will already have to have a part time job to exist. 
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. 

RAS

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. 

saajan_12

ZeroBalance28 said:

Secured/HP loan repayments.............. 804.6999999999998 (5 year fixed from Aug 24, no early repayment charge)

Petrol/diesel........................... 70

Road tax................................ 0 (car is leased, tax paid by lease company)

Car Insurance........................... 56.79

Car maintenance (including MOT)......... 17 (saving for service/year)

Car parking............................. 20 -city centre staff discount parking, public transport would be £120/month

Car lease............................... 317.23

Understand the car parking is cheaper than public transport, but the car itself comes at a huge HP cost, whereby you're paying £50k over 5 years(!) Even with some kids transporting by public transport and the odd taxi, this total cost is pretty high. 
Also what's the 317 car lease that's separate to the 805 HP? 

ZeroBalance28 said:

TV Licence.............................. 15

Satellite/Cable TV...................... 108.59 sky

Internet Services....................... 32 sky

I understand needing good broadband for kids studies and freelance work. However the rest is presumably a very high TV package - can you drop down to 1-2 family streaming services only, thus also taking out the licence, or a minimal channel package in the region of £40 including internet? 

ZeroBalance28 said:

Clothing................................ 50 - small amount towards school uniform and football kits, plus growing out of clothes/shoes

Other child related expenses............ 386 - football subs and registration fee, spends, school dinners, haircuts, saving for son;s 18th in March

Presents (birthday, christmas etc)...... 290

Entertainment........................... 273

The clothing looks a touch low, but the others are very high.. few practical suggestions: 
* 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. 

ZeroBalance28 said:

Extra spending money.................... 300

Sundries................................ 120[b] - window cleaner, 'petty cash' for unexpected expenses

Split these into separate cattegories to have a better idea of where your money is going. 

fatbelly

The car is on a lease. Yes, an expensive way to run a car.

What you are seeing as HP is the disastrous secured loan

saajan_12

fatbelly said:

The car is on a lease. Yes, an expensive way to run a car.

What you are seeing as HP is the disastrous secured loan

Ah okay, sorry my mistake I wondered if the car was £804 + £317 a month. 
Understand now. 

Hopefully the other suggestions build in some room to avoid further debt or start clearing up.