My updated SOA - I'd love some advice please

ElleWoods

Hi everyone,
I posted an SOA last spring but wanted to post an updated one as I’ve just remortgaged and my mortgage is rising by an extra £50 a month. I’m well aware that this isn’t a lot compared to some but it’s a lot for me as I never seem to have any disposable income left and I’m only paying the minimum amount back on my credit cards. So I’d love some advice on where I can save money. Thanks!

All amounts are monthly, so the ones I normally pay annually have been broken down to monthly amounts. I’ve transferred the costs from the budget planner I’ve downloaded from this site and recently completed, so everything is as up to date as it can be & I’ve included everything I can think of.

INCOME
Salary: £1158.82
Child Benefit: £72.40
Working Tax Credit: £647.27

Total monthly income: £1878.49

OUTGOINGS
Mortgage: £504.52 (new amount as of 1st May, currently £454.00)
Childcare: £484.50
M&S credit card: £105 (minimum paid, so this amount goes down slightly each month)
HSBC credit card: £58 (minimum paid, as above)
Council Tax: £69.00 (includes single person discount)
Water Rates: £14.26 (on a meter)
Gas: £48.00 (swapped to Atlantic in Oct 06)
Electric: £30.00 (as above)
Landline: £21.00 (Talk Talk – broadband free with this but service is rubbish!)
TV Licence: 11.37
Mobile: £19.99 (O2 contract)
Building & Contents insurance: £23.77 (pay for both in lump sum annually)
Car Insurance: £33.83 (£406 pa - had 2 claims last year, so it went up loads – this was cheapest after I did Martin’s comparison)
Car tax/maintenance/MOT: £17.08
Food, groceries, toiletries, nappies etc: £175.00
Eating/drinking out: £21.65
Petrol: 65.00
Savings: £35.00 (£10 into my son’s account and £25 into my account – used for unexpected expenses)
Cat booster vaccinations: £5.83 (paid annually)
Books/magazines: £5.20
Haircuts: £10 (for me and my son – go once every 2-3 months)
Contact Lenses: £24.67 (bought online from cheapest supplier I could find)
Clothes: £17.50 (for me and DS)
Birthdays/Christmas: £12.33 (monthly cost averaged over the year)

Total monthly outgoings: £1823.15

Amount left per month: £55.34
I’ve got no idea how I’m supposed to end up with this left as most months I don’t end up with anything left, so don’t know where I’m going wrong! This is why I need advice – any ideas how I can cut back even more?

CREDIT CARDS – DETAILS AS OF JAN 08 STATEMENTS
M&S: £4046.86 (4.9% for the life of the balance)
HSBC: £2281.48 (0% until May 08)
Student Loan: I should receive a statement in the next month or so but it’s roughly around £6.5k and I think is around 3% interest rate. I graduated in 1997 but I’ve never started paying this as I’ve never earned enough to make it compulsory to have to start paying it – I defer every year, which I hate to do as it’s hanging over my head but I can’t afford to pay it at the moment. That’s why I’ve put it down here but there are no payments on it in the SOA.

Thanks,
CC x

SarahNeedle1872

I'm afraid I can't be much help, as ur figures look pretty good... the only things I can suggest are that u start a spending diary and note down everything, to see where ur £50 goes each month..... also, are u able to get Childcare vouchers from ur place of work? Martin has an article on it here
http://www.moneysavingexpert.com/health/childcare-vouchers

HTH

Sarah x

Merlot

Cuba_Cat wrote: »

Hi everyone,
I posted an SOA last spring but wanted to post an updated one as I’ve just remortgaged and my mortgage is rising by an extra £50 a month. I’m well aware that this isn’t a lot compared to some but it’s a lot for me as I never seem to have any disposable income left and I’m only paying the minimum amount back on my credit cards. So I’d love some advice on where I can save money. Thanks!

All amounts are monthly, so the ones I normally pay annually have been broken down to monthly amounts. I’ve transferred the costs from the budget planner I’ve downloaded from this site and recently completed, so everything is as up to date as it can be & I’ve included everything I can think of.

INCOME
Salary: £1158.82
Child Benefit: £72.40
Working Tax Credit: £647.27

Total monthly income: £1878.49

OUTGOINGS
Mortgage: £504.52 (new amount as of 1st May, currently £454.00)
Childcare: £484.50
M&S credit card: £105 (minimum paid, so this amount goes down slightly each month)
HSBC credit card: £58 (minimum paid, as above)
Council Tax: £69.00 (includes single person discount)- Can you spread these payment over 12 months instead of 10
Water Rates: £14.26 (on a meter)
Gas: £48.00 (swapped to Atlantic in Oct 06) - This is high, I would check again woth uswitch especially since you haven't changed since 2006
Electric: £30.00 (as above) - as above
Landline: £21.00 (Talk Talk – broadband free with this but service is rubbish!)
TV Licence: 11.37
Mobile: £19.99 (O2 contract) - Lower the tariff
Building & Contents insurance: £23.77 (pay for both in lump sum annually)
Car Insurance: £33.83 (£406 pa - had 2 claims last year, so it went up loads – this was cheapest after I did Martin’s comparison)
Car tax/maintenance/MOT: £17.08
Food, groceries, toiletries, nappies etc: £175.00 - How many for?
Eating/drinking out: £21.65 - I'm afraid this has to go
Petrol: 65.00
Savings: £35.00 (£10 into my son’s account and £25 into my account – used for unexpected expenses) - You shouldn't be saving if you are not servicing your debts at 0%. How much do you have in your saving account?
Cat booster vaccinations: £5.83 (paid annually)
Books/magazines: £5.20 - Use the library, and don't buy magazines
Haircuts: £10 (for me and my son – go once every 2-3 months)
Contact Lenses: £24.67 (bought online from cheapest supplier I could find)
Clothes: £17.50 (for me and DS)
Birthdays/Christmas: £12.33 (monthly cost averaged over the year)

Total monthly outgoings: £1823.15

Amount left per month: £55.34
I’ve got no idea how I’m supposed to end up with this left as most months I don’t end up with anything left, so don’t know where I’m going wrong! This is why I need advice – any ideas how I can cut back even more?

CREDIT CARDS – DETAILS AS OF JAN 08 STATEMENTS
M&S: £4046.86 (4.9% for the life of the balance)
HSBC: £2281.48 (0% until May 08)
Student Loan: I should receive a statement in the next month or so but it’s roughly around £6.5k and I think is around 3% interest rate. I graduated in 1997 but I’ve never started paying this as I’ve never earned enough to make it compulsory to have to start paying it – I defer every year, which I hate to do as it’s hanging over my head but I can’t afford to pay it at the moment. That’s why I’ve put it down here but there are no payments on it in the SOA.

Thanks,
CC x

Can you transfer the M & S one onto HSBC, or get another 0% card.

I have added a few comments in above.

Merlot.x.

ElleWoods

Sorry, no idea how to do that thing where you pull a quote from someone else's post so hope this makes sense!

Sarah - My company do childcare vouchers but as I currently get full working tax credits, it's cheaper for me to stick with that rather than use the vouchers. This my change if my WTC goes down in July when it's reviewed. Will definitely start a spending diary, thanks.

Merlot - My food/groceries/nappies etc. is for me and my son (20 months). I'll do another comparison for gas and electric as soon as Martin says it's time to switch, will also look at my council tax payments to see if I can do it over 12 months as I'm not sure if I already do that. I have about £200 in my savings account, and just transfer it back to my current account if I need any extra, e.g. if the washing machine breaks down. Will definitely look at lowering my mobile tariff, thanks.

CC x

lindsaygalaxy

Oh the tax credits trap as i call it. As a single mum if you earn more, they just take it away with another hand.

Have you checked if you are entitled to housing benefit at all? They can only help with the interest but it may be worth a try.

Also, not sure if it a route you would want to go down, but have you looked at a DMP? I know your 2 credit cards are not that hight, bt would save you some money a month, which you could save to accumalte to a lump some. Or Alternativly look at a lone, cut up your cards and have the one set monthly amount, as the low rate/0% wont last forever.

re contact lenses - if you get workign tax credits, do you not get NHS excemption and get this free?

Register with pigs back/toluna etc and convert to arcadia vouchers for use in clothes stores or boots vouchers.

ElleWoods

Hi Lindsay,
I asked about housing benefit when I was on maternity leave and they wouldn't give it to me then, so very much doubt they would now I'm working FT!

Never thought about the contact lenses thing as I do have an exemption card. Not sure how to go about that though, as I buy my CLs online, not through an optician.

Have looked into a loan but can't afford the repayments for a loan the size I'd need to pay off the cards/student loan.

I'm already registered with Quidco but will look into the cashback sites you mentioned, thanks very much.

x