Help Neeeded

NKJAL

I have just done my SOA and I dont seem to have enough money to cover all our out goings.

In
DH Wages £2837
Child Benefit £220

Out

Mortage £1028
Electricty £55
Gas £80
Phone £50
Internet £30
Life Insurance £85
Union £10
Tv Licence £12
Food £300
Petrol £80

Rates £45
Water Rates £33

Dentist £20
Opticians £10
Perscribtions £15

Car Insurance £25
Car Maintenance £15
House Insurance £20
House Maintenance £40

Birthdays £20
Christmas £30

Kids

Playschool £200
Drama £20
Swimming £32
Ballet £24

Blackhorse Loan £347
Hsbc Card £75
Mbna 1 £150
Mbna 2 £70
Barclaycard £30
Car HP £353.61


Total In £3057
Total Out £3304.16

Gemmzie

Hi NKJAL, thanks for posting, my comments are below

NKJAL wrote: »

I have just done my SOA and I dont seem to have enough money to cover all our out goings.

In
DH Wages £2837
Child Benefit £220
Could you do any work?

Out

Mortage £1028 Is this interest or repayment? What is the value of the property?
Electricty £55
Gas £80
Phone £50 This is high
Internet £30 As is this who's it with?
Life Insurance £85
Union £10
Tv Licence £12
Food £300 For how many of you?
Petrol £80

Rates £45
Water Rates £33

Dentist £20
Opticians £10
Perscribtions £15 Would it be cheaper for you to get a pre-payment certificate?

Car Insurance £25
Car Maintenance £15
House Insurance £20
House Maintenance £40 What is this for?

Birthdays £20
Christmas £30

Kids

Playschool £200
Drama £20
Swimming £32
Ballet £24

What are the APRs, full amounts owing and terms for the loans and HP please
Blackhorse Loan £347
Hsbc Card £75
Mbna 1 £150
Mbna 2 £70
Barclaycard £30
Car HP £353.61


Total In £3057
Total Out £3304.16

For a family who only has one parent working your children's activities outgoings are really high - they actually equal your deficit per month. So you need to cut down or bring in more income.

Storm

Hi :hello:

I've made a few comments against your SoA

NKJAL wrote: »

I have just done my SOA and I dont seem to have enough money to cover all our out goings.

In
DH Wages £2837
Child Benefit £220
Are you entitled to child tax credits or anything else? Check out www.entitledto.co.uk

Out

Mortage £1028
Electricty £55 per month this is high - check for the cheapest supplier, and in the mean time have a good look at your usage (turn TV off rather than standby, energy saving lightbulbs etc)
Gas £80 ditto
Phone £50 This is high too - if you use it during the day a lot it may be worth switching to a tariff that gives free calls
Internet £30 Again, very high - switching to a lower speed and/or supplier could save you half this
Life Insurance £85
Union £10
Tv Licence £12
Food £300 Depends how many this is for as to whether it's reasonable
Petrol £80 Ditto, with mileage to work

Rates £45
Water Rates £33

Dentist £20
Opticians £10
Perscribtions £15 Try pre-payment for a cheaper option

Car Insurance £25 Check around at renewal time
Car Maintenance £15
House Insurance £20
House Maintenance £40

Birthdays £20
Christmas £30 Together that's £600 on presents - can you reduce this for a while?

Kids

Playschool £200
Drama £20
Swimming £32
Ballet £24
Added together this comes to a lot of money each month - can you look at maybe reducing the playschool sessions, or talking to your kid(s) about letting one thing go?

Blackhorse Loan £347
Hsbc Card £75
Mbna 1 £150
Mbna 2 £70
Barclaycard £30
Car HP £353.61
Are these just the minimums that you're paying each month? What are the APRs please?

Total In £3057
Total Out £3304.16

RAS

Hi

Re Playschool, if your child is over 3, you can get free sessions. Are you using these?

Otherwise, if you are not working, do you need them?

fatbelly

If you're over half way into your HP agreement you can hand your car back without penalty. HP is a very expensive way of (not) owning a car. Chat to the Motoring board