I have finally done a SOA what do you think?

Lillys_mum

I have finally got round to doing a SOA as we are moving house and will have a mortgage to pay so need to be super organised.

Income

OH full time work 1850.00
Me part time work (16hrs p/w) 650.00 (sometimes a little higher)
Child Tax Credit 83.53 (worked out monthly)
Child Benefit 183.30 (worked out monthly)
C Maintenance 352.00

Total 3118.13


Outgoings

Mortgage 543.45 (fixed 10yrs )
Rent 240.00
Council Tax 110.00 (estimate)
Water don't know
Gas/Elec 77.50
BT (phone/broadband) 50.00
Sky 38.00
House Insurance 12.37
Pet Insurance 15.62
TV License 11.61
Vodafone 50.00
CSA 170.18

Loans/Credit Cards


Skycard( 0% until Jan 09 ) -Bal 7000- 400.00 (more than min £210 min)
Virgin - CLEARED
Halifax Loan( 6.9%) -54 payments left -149.43
Nationwide Loan( 6.7%) - 36 payments left - 213.79
Littlewoods Account ( 0%) balance 1078 - 75.00
Next Account -balance 70 - 20.00 (will clear by end of this month)


Total Outgoings 2176.95


Normally spend around £500 per month on food/toiletries/cleaning stuff
Probably spend about £250 per month on petrol
Car tax and insurance paid in full when due (using quidco, of course)
Clothing is bought as and when no real funds put aside.
Kids music lessons £61 per month
Brownies about £15 per term
Swimming Lessons £96 per term

From what I can see we are in an ok position. At the moment I am trying to reduce the credit cards as far as possible as my OH leaves the RAF in August and as yet we are unsure about what he is going to do, career wise so need to be on top of finances.

BT we are tied in for 18 mths
Sky tied in for 12 mths
Vodafone both on contract tied in for another 12mths

If I have missed anything out please feel free to comment.

Many thanks for looking.

LM

xx

Lillys_mum

I have just paid off £300 from the Virgin CC and will hopefully be able to clear it by the end of the month.
I have just under £200 in my paypal account but am waiting for the rest of my stuff to end on Ebay before I transfer it to my bank account.

chimp_choker

Lillys_mum wrote: »

I have finally got round to doing a SOA as we are moving house and will have a mortgage to pay so need to be super organised.

Income

OH full time work 1850.00
Me part time work (16hrs p/w) 650.00 (sometimes a little higher)
Child Tax Credit 83.53
Child Benefit 183.30 (worked out monthly)
C Maintenance 352.00

Total 3118.13


Outgoings

Mortgage 543.45 (fixed 10yrs )
Rent 240.00
Council Tax 110.00 (estimate)
Water don't know
Gas/Elec 77.50
BT (phone/broadband) 50.00
Sky 38.00
House Insurance 12.37
Pet Insurance 15.62
TV License 11.61
Vodafone 50.00
CSA 170.18

Loans/Credit Cards


Skycard 0% until Jan 09 Bal 7000 400.00
Virgin 16.9% Balance 750 100.00
Halifax Loan 6.9% 54 payments left 149.43
Nationwide Loan 6.7% 36 payments left 213.79
Littlewoods Account balance 1078 75.00
Next Account balance 70 20.00


Total Outgoings 2276.95


Normally spend around £500 per month on food/toiletries/cleaning stuff
Probably spend about £250 per month on petrol
Car tax and insurance paid in full when due (using quidco, of course)
Clothing is bought as and when no real funds put aside.
Kids music lessons £61 per month
Brownies about £15 per term
Swimming Lessons £96 per term

From what I can see we are in an ok position. At the moment I am trying to reduce the credit cards as far as possible as my OH leaves the RAF in August and as yet we are unsure about what he is going to do, career wise so need to be on top of finances.

BT we are tied in for 18 mths
Sky tied in for 12 mths
Vodafone both on contract tied in for another 12mths

If I have missed anything out please feel free to comment.

Many thanks for looking.

LM

xx

I wish I was in a similar position to you, lol. looks good but if you want to cut down have a look at your food and petrol bills. Do the kids need the music lessons, swimming fees ?? I'm a softy when it comes to kids and mine is 18 !!
Swap the credit cards for 0% ones if you can. I can't have any CC 's so can't help much on the stoozing side.
HTH

chimpchoker

Lillys_mum

Thanks for the comments.

Food bill - I am working on that at the moment.
Petrol is cut back as far as possible - although when we have moved we will be able to walk to school which will be better.

Music lessons we are signed up for a year initially but I would like to keep them going if possible.

Swimming the kids can swim well now so if I need to I will stop these.

riddlesticks

Hi hun,

Ive just had a quick look and replied to some. The main area you can cut back is shopping. You could probably halve it. You could probably also reduce your Sky, Bt, vodafone bills. You should use some of this money to put aside for MOT, Tax, Insurance, Clothes, Going out, Christmas and birthdays so you are not tempted to use your CCs. I would use the rest to pay off as much debt as poss.

HTHs. AMXxxx

Lillys_mum wrote: »

Income
OH full time work 1850.00
Me part time work (16hrs p/w) 650.00 (sometimes a little higher)
Child Tax Credit 83.53
Child Benefit 183.30 (worked out monthly)
C Maintenance 352.00
Total 3118.13


Outgoings
Mortgage 543.45 (fixed 10yrs )
Rent 240.00
Council Tax 110.00 (estimate)
Water don't know Do you pay by meter? Surely its no more than say £25
Gas/Elec 77.50 Have you shopped about to see if you can get it cheaper. Try Uswitch, moneysupermarket etc.
BT (phone/broadband) 50.00 Geez louise thats a lot. I pay £19.95/ month for phone and internet and get digital freeview through Virgin. I get free landland calls and international and mobile calls are at a very reduced rate. Could you see if they have a better deal>?
Sky 38.00 I know you said you are tied in for 12 months but can you change it to a lower rate?
House Insurance 12.37 Thats good!
Pet Insurance 15.62
TV License 11.61
Vodafone 50.00 Again can you move this to a lower tarriff?
CSA 170.18

Loans/Credit Cards
Skycard 0% until Jan 09 Bal 7000 400.00 Once you have concentrated on the ones below and cleared them I would plough all the money into this and if you can change it over to another CC with 0% APR then do it.
Virgin 16.9% Balance 750 100.00 This is the highest APR at the mo therefore I would increase this amount to pay it off ASAP
Halifax Loan 6.9% 54 payments left 149.43 Again I would get rid of this
Nationwide Loan 6.7% 36 payments left 213.79 Same as above.
Littlewoods Account balance 1078 75.00 What APR is this?
Next Account balance 70 20.00
Total Outgoings 2276.95


Normally spend around £500 per month on food/toiletries/cleaning stuff How many people is this for? I have two children and one big child (DF - LOL!) and are shopping is if we are feeling generous £250/ month (including nappies, wipes). We shop at Netto ATM and it has loads of brand name stuff for next to nothing. Honestly we could get a full weeks shop there for £35 (Asdas week shop for us would be £65). We buy our meat in bulk from a wholesaler type place. I think you can seriously reduce this if you shop about (Also try Aldi).
Probably spend about £250 per month on petrol Are you getting your petrol from the cheapest place? I know it might be pennies but every little helps. Can you reduce your car use in anyway? If you make small journeys maybe you could walk?
Car tax and insurance paid in full when due (using quidco, of course) You should put money aside for this so you are not tempted to use CCs.
Clothing is bought as and when no real funds put aside. Same as above
Kids music lessons £61 per month
Brownies about £15 per term
Swimming Lessons £96 per term

CLAPTON

its really important to get everything down in that budget and this includes all the yearly and one off costs because without including these you can't really see where you are (so for ther oneoffs and yearly costs just work out a yearly total and divide by 12


so it seems to me your budget looks like this

income 3118
your list of outgoing and debt repayments =2276

leaving 842

but taking off 500 for food etc
and 250 for petrol

that leaves 92 per month
less 61 music
and 27 other (i.e. brownies and swimming averaged over the year)

leave a grand total of £4 per month

now I dont know what you spend on
car insurance
tax
MOT
servicing
repairs
RAC/AA
but lets say 600 per annum

now what about clothes / shoes etc let say 600 per annum

what about xmas / birthdays / holiday treats lets say 600 per annum

which means thats about 150 per month

so it means you are OVER spending each month by just less than 150 and that doesn't leave anything for socialising, holidays and general miscellaneous stuff.

I think it would help you if you tried to include absolutely everything you spend so you can see the complete picture..

Lillys_mum

Thanks riddlesticks.

We are on option 2 with BT and have just signed up to them for broadband - I don't know off the top of my head what the cost is but I pay in £50 per month and usually get a refund at the end of the year.

Vodafone we are both on the lowest possible tarrif and don't spend over our allocated free minutes/texts

Sky - we have just signed up to HD and got a reduction for that so don't think they would knock it down again, although I will try in a few months time.

Food etc is for a family of 5 plus 1 cat and 1 kitten
I know I can reduce this if I plan properly - the £500 is the max and at least I know if I allow that then anything left at the end of the month goes to the CC

Credit cards will be paid off as quickly as possible. Virgin should be gone by the end of the month.
Loans will be left to run until they are paid off.

Water - we don't pay at the moment as we are in married quarters so pay a set amount for council tax + water combined.

Littlewoods is 0% as I only ever buy things over 20 wks and always in the sale.

Should be moving next month. All removal costs and solicitors fees etc have already been paid.

welshpaula

re -pet insurance my dog insurance which i have never claimed on has gone to £16 a month with tesco ,when i first started it 7 years ago it was £7 a month ??? i found an equally good insurance for my beloved heinz 57 online for under £7 a month !!! bargain ! that might save you a little paula x

Lillys_mum

Car has just had its first MOT
Full service
1 Yrs tax
New brakes
New front tyres

All this was paid cash as we had it spare.

I see what you mean about birthdays etc - I tend to buy a bit each month and put it in with the shopping, same for christmas.

RAC is bought each year with Tesco clubcard vouchers

To be honest we don't go out much and if we do go anywhere the money for that is taken from the monthly shopping budget.

Lillys_mum

I have just gone through my quicken program for the last 6 months and have spent an average of £325 per month on household/clothing/presents.

We have not been overdrawn for almost a year so we are managing on what we are spending.

I am waiting for Martins green light before changing energy suppliers.
we are with Scottish power for both but although they announced last week their prices are going up we have not received any notification from them yet to what they are going up to.

Thanks

LM

xx

Gemmzie

Aww no, HD is a rip-off at the moment. However, when did you change your BT Broadband because you could cancel it and get it with sky which is free/£5/£10 (depending on which level you want).

As Clapton said, there's a lot missing and with your OH's income changing soon, you need to get it under control now. Wages on civvy street are usually much lower than forces pay.