Here is our SOA

tiger123_2

I'm not managing our finances very well at the moment and I know I am overspending on things I shouldn't, I think this is in part due to depression which I suffer from.

Here is our SOA

Monthly Incomings
My Salary £376.97
Husband's Salary £1300.00
Benefits £1001.37

Monthly Outgoings
Mortgage £497.71 (fixed rate due to end in May)
Council Tax £136.00
Gas & Electric £108.00
Water £30.44
TV Licence £11.61
SKY £38.00
Phone £18.00
Food £400.00
Petrol £80.00
Cooker Ins. £14.90
Childminder £180.00
Mobiles £70.00
Pet Ins. £22.98
Life Ins. £55.09
AOL £17.99
Takeaways £160.00
Manicures £50.00
Hairdressers £25.00
Clothes £100.00

Credit Cards
Mint CC Balance £4898.00 0% APR
Tesco CC Balance £270.00 0% APR
Barclaycard Balance £1087.00 7.9% APR
Overdraft (2k limit) £1,000.00 (A&L £5 fee per month)

I can see where I can make obvious savings just by compiling this! But I'd still be grateful for any input!

Thank you x

Merlot

tiger123 wrote: »

I'm not managing our finances very well at the moment and I know I am overspending on things I shouldn't, I think this is in part due to depression which I suffer from.

Here is our SOA

Monthly Incomings
My Salary £376.97
Husband's Salary £1300.00
Benefits £1001.37 - what is this made up of?

Monthly Outgoings
Mortgage £497.71 (fixed rate due to end in May) Look into getting a new deal if you can, I think Martin Recommends London and Country brokers, I'll get the link in a mo.http://www.moneysavingexpert.com/mortgages/best-mortgages-cashback
Council Tax £136.00 - is this over 10 months, if so, change it to over 12 months
Gas & Electric £108.00 - this is high, are you in arrears?
Water £30.44
TV Licence £11.61
SKY £38.00 - reduce this
Phone £18.00
Food £400.00 - how many is this for?
Petrol £80.00
Cooker Ins. £14.90
Childminder £180.00
Mobiles £70.00 - can you lower the packages?
Pet Ins. £22.98
Life Ins. £55.09 - This is high, are you suffering from long term illnesses
AOL £17.99
Takeaways £160.00 - :eek: Sorry got to go
Manicures £50.00 -:eek: sorry got to go
Hairdressers £25.00
Clothes £100.00 - :eek: sorry got to go

Credit Cards
Mint CC Balance £4898.00 0% APR
Tesco CC Balance £270.00 0% APR
Barclaycard Balance £1087.00 7.9% APR
Overdraft (2k limit) £1,000.00 (A&L £5 fee per month)

I can see where I can make obvious savings just by compiling this! But I'd still be grateful for any input!

Thank you x

Can you transfer the barclaycard balance onto a lower APR card? I have put comments in above.

I'll be back, someone at the door.

Merlot.x.

tyllwyd

Takeaways and manicures jump out, but then I expect you knew that!!

How much did your cooker cost and how long ago? £14.90 for insurance seems a lot - have you looked at whether this is still worthwhile.

Gemmzie

Hi tiger123, thanks for posting, let's see what we can do

Also, who's in the household? This is useful for working out amounts for things

tiger123 wrote: »

Monthly Incomings
My Salary £376.97
Husband's Salary £1300.00
Benefits £1001.37
Total = £2678.34

Monthly Outgoings
Mortgage £497.71 (fixed rate due to end in May)
Council Tax £136.00
Gas & Electric £108.00
Water £30.44
TV Licence £11.61
SKY £38.00 Lower the package for now?
Phone £18.00
Food £400.00 This can be cut down
Petrol £80.00
Cooker Ins. £14.90
Childminder £180.00
Mobiles £70.00 This is quite high
Pet Ins. £22.98
Life Ins. £55.09
AOL £17.99 Can you get Sky BB? It's free or £5 a month
Takeaways £160.00 This could easily be cut down
Manicures £50.00 Could this be every other month?
Hairdressers £25.00
Clothes £100.00
Total = £2015.72

Difference = £662.62

Credit Cards
Mint CC Balance £4898.00 0% APR Min payment? How long is it 0% for?
Tesco CC Balance £270.00 0% APR As above
Barclaycard Balance £1087.00 7.9% APR Is this fixed at 7.9%?
Overdraft (2k limit) £1,000.00 (A&L £5 fee per month)

I can see where I can make obvious savings just by compiling this! But I'd still be grateful for any input!

Thank you x

I think there's a few savings which can be made quite easily there, I think you could save around £250 a month very easily.

floss2

tiger123 wrote: »

I'm not managing our finances very well at the moment and I know I am overspending on things I shouldn't, I think this is in part due to depression which I suffer from.

Here is our SOA

Monthly Incomings
My Salary £376.97
Husband's Salary £1300.00
Benefits £1001.37

Monthly Outgoings
Mortgage £497.71 (fixed rate due to end in May)
Council Tax £136.00 Is this over 10 or 12m?
Gas & Electric £108.00
Water £30.44
TV Licence £11.61
SKY £38.00 Go Freeview
Phone £18.00 look for a bundle for this & broadband
Food £400.00 Need to reduce this by at least £150 - look on Old Style Board for help
Petrol £80.00 can this be cut? maybe car-share?
Cooker Ins. £14.90 Cancel this
Childminder £180.00
Mobiles £70.00 drop at least 1 tariff & go PAYG
Pet Ins. £22.98 shop around for the cheapest
Life Ins. £55.09 ......ditto.....
AOL £17.99 see phone (above)
Takeaways £160.00 STOP BUYING THEM & COOK AT HOME - you can't afford this
Manicures £50.00 Buy a buffer & emery board & do your own nails - you can't afford this
Hairdressers £25.00 can you go every 6 weeks or 2 m?
Clothes £100.00 You can't afford to spend this amount every month.

Credit Cards
Mint CC Balance £4898.00 0% APR
Tesco CC Balance £270.00 0% APR
Barclaycard Balance £1087.00 7.9% APR
Overdraft (2k limit) £1,000.00 (A&L £5 fee per month)

I can see where I can make obvious savings just by compiling this! But I'd still be grateful for any input!

Thank you x

Ok, just a few ideas:

• Make a list of everything in your freezer / fridge / cupboard / larder, then plan as many meals as possible using what you already have. Then plan a week's menus at a time, and only buy what you need to make these meals.
• Start a spending diary.
• Make alist of things you need to shop around for - pet insurance, phone / broadband bundle etc.
• You haven't listed car insurance / road tax / car servicing?

Those savings will probably help towards the cost of increased mortgage payments when your fixed rate ends in May.
:hello:

Floss x

supersavershal

OK im not an expert some others will be along soon, here are my thoughts...
Council tax can be paid over 12 months instead of ten.
Food bill is high this can be cut, try the Old style board for ideas.
Id get rid of cooker insurance, most things that go wrong are elements which cost about £30 as a one off.
Mobiles are high too can you get a cheaper deal.
Can you get cheaper pet insurance.
Get rid of AOL, you can have sky broadband for free.This is too high.
Takeaways and manicures have to go, you cant afford it.
Get you hair done at local college it costs about £10 for cut and blow and students are fully supervised.Ive been doing this for years, and if its for an assessment or show you get it done for free.
Clothes is too high this will have to be lowered.
Your cc are on 0% or low interest so that is good.
Good luck with it all, and you will enjoy being on mse its very addictive.

supersavershal

Sorry forgot to add as well as college doing hair cheaply the beauty students also do fantastic manicures.You can get full set of acrylic inlays for £15.

tiger123_2

Thanks so much for your replies. I'll answer as many of the questions as I can:-

There are 2 adults, 3 children (one with special needs) and 2 cats living here.

We pay the council tax over 10 months.

Mint CC is 0% until Jan 2009 Min Payment is £112

Tesco CC is 0% until April 2008 Min Payment is £8

Not in arrears for Gas & Electric or anything

No longterm illnesses

I know that the clothes shopping, manicures and takeaways have got to go so I will do that straight away:o

tiger123_2

Barclaycard is fixed at 7.9%
Car insurance due February £233.77
Car tax due July £205.00

Merlot

Life insurance is high, can you look into reducing this?

Have you changed gas/electricity suppliers in the past 12 months? Martin doesn't recommend switching as yet, as more companies are expected to rise their prices, but keep an eye out, and switch when you are able.

Food, this can be reduced, take a look at the old style board.

You have had alot of useful advice on here, and I can see many things you can save money on.


Can you transfer the barclaycard balance onto Mint? It would save you a wee bit in interest.

Merlot.x.

Jhayda

Your pet insurance is extortionate! Definitely time to shop around for a better deal on that...