SOA - can you get it down?

Sunny_Bear

Hi,

Myself and my husband have loads of debts that we are really trying hard to pay off! If I post my SOA I was wondering if youve any comments on saving anywhere, every little helps!

so:

Me wages: 1400
H wages: 1100
total: 2500


Rent: 425
Council Tax: 94
Internet: 14.99 (has to go through a phone line as no cabelling in area)
Water: 16.50 (meter)
House phone: 25
Mobiles: 30 (2 x payg phones)
Setanta: 9.99
Sky: 19 (just got rid of sports and movies)
Car Insurance: 29
Car HP: 138
Loan: 330
CC1: 210
CC2 : 95
CC3: 50
CAtalogues: 40
Food, electric( on a prepay meter so use about £10 a week), petrol, personal money ie, payg gym, the odd lunch at work, b'day pressi : 100

So that equals: 1926.48
so 573.52

we are trying really hard at the moment, this is the first month of doing this but will be using the surplus to pay some off of CC1, plus were selling loads of stuff on ebay and have made about £150 so far!

No holidays this year, we are going to do it, our aim for this year is to pay off CC1 which is at £7200 but will have £1000 paid off this month as I'm getting a little bit of back pay!! yippee!!!

Oh yeah, obviously setanta and sky could go, we've cut sky down loads (was paying £38) and H loves football so Setanta want to keep setanta if poss!

Merlot

Sunny_Bear wrote: »

Hi,

Myself and my husband have loads of debts that we are really trying hard to pay off! If I post my SOA I was wondering if youve any comments on saving anywhere, every little helps!

so:

Me wages: 1400
H wages: 1100
total: 2500


Rent: 425
Council Tax: 94 - could you spread out over 12 months instead of 10
Internet: 14.99 (has to go through a phone line as no cabelling in area)
Water: 16.50 (meter)
House phone: 25
Mobiles: 30 (2 x payg phones) - no need for these, they are a luxury, lower the tariff or better still get rid
Setanta: 9.99 - Get rid
Sky: 19 (just got rid of sports and movies) - Get rid
Car Insurance: 29
Car HP: 138
Loan: 330
CC1: 210
CC2 : 95
CC3: 50
CAtalogues: 40
Food, electric( on a prepay meter so use about £10 a week), petrol, personal money ie, payg gym, the odd lunch at work, b'day pressi : 100

So that equals: 1926.48
so 573.52

we are trying really hard at the moment, this is the first month of doing this but will be using the surplus to pay some off of CC1, plus were selling loads of stuff on ebay and have made about £150 so far!

No holidays this year, we are going to do it, our aim for this year is to pay off CC1 which is at £7200 but will have £1000 paid off this month as I'm getting a little bit of back pay!! yippee!!!

Oh yeah, obviously setanta and sky could go, we've cut sky down loads (was paying £38) and H loves football so Setanta want to keep setanta if poss!

Hi, your SOA looks ago, I have put in a few comments that could save you almost £90, they won't surprise you. Do you really only spend £100 on food, petrol, b'day prezzies, lunches at work? I would keep a spending diary, I suspect you maybe spending more than you think on these items.

What are the APR's on the debts? Could you balance transfer them onto a lower APR card?

Merlot.x.

poorandindenial

Could you put up details of your cureent balances for your debts and also your APRs that will help people to advise you. You are talking about paying of CC1 first, are you sure that the catalogues aren't a higher rate of interest (I am sure you have checked all this out but thought I would mention it anyway.)

Try snowballing your debt on whatsthecost.com this will help you to identify what to pay off first and also handily give you an expected debt free date. You need to know APRs including any intro offer periods and also need to know the terms for your minimum repayments.

In terms of your SOA:

Internet: 14.99 (has to go through a phone line as no cabelling in area)
House phone: 25
Mobiles: 30 (2 x payg phones)
Setanta: 9.99
Sky: 19 (just got rid of sports and movies)

That is almost £100 on telecoms and entertainment. Can you cut back on the mobile use or kill of Setanta and Sky completely?? Also can you go onto a cheaper call package for yor landline or use an internet phone provider such as Skype?

Uniscots97

Sunny Bear can you list food etc all separately please? £100 a month for food and the other things you've mentioned seems very low.

As for Sky can you downgrade further? i.e. get a freeview box or just the basic packages? Even just having the basic packages would save you a few more pounds a month. I realise your OH won't be happy but what about getting rid of Setanta? Its a lot of money and once your debt is paid off you could get it back.

IWantToBeFree_2

Sunny_Bear wrote: »

Hi,

Myself and my husband have loads of debts that we are really trying hard to pay off! If I post my SOA I was wondering if youve any comments on saving anywhere, every little helps!

so:

Me wages: 1400
H wages: 1100
total: 2500


Rent: 425
Council Tax: 94 is this over 12 months?
Internet: 14.99 (has to go through a phone line as no cabelling in area)
Water: 16.50 (meter)
House phone: 25
Mobiles: 30 (2 x payg phones)
Setanta: 9.99
Sky: 19 (just got rid of sports and movies)
Car Insurance: 29 Is this cheapest you can get? On renewal, use quidco for cash back
Car HP: 138
Loan: 330
CC1: 210
CC2 : 95
CC3: 50
CAtalogues: 40
Food, electric( on a prepay meter so use about £10 a week), petrol, personal money ie, payg gym, the odd lunch at work, b'day pressi : 100

So that equals: 1926.48
so 573.52

we are trying really hard at the moment, this is the first month of doing this but will be using the surplus to pay some off of CC1, plus were selling loads of stuff on ebay and have made about £150 so far!

No holidays this year, we are going to do it, our aim for this year is to pay off CC1 which is at £7200 but will have £1000 paid off this month as I'm getting a little bit of back pay!! yippee!!!

Oh yeah, obviously setanta and sky could go, we've cut sky down loads (was paying £38) and H loves football so Setanta want to keep setanta if poss!

With regards to the Sky, why don't you cancel altogether and get a freeview box that receives Setanta? Thats what we have, we have one with a harddrive so its just like Sky+. Would get rid of the £19 a month.

Also, what are all the APR's, balances & term of the loans/credit cards/catelog.

Sunny_Bear

Oops, the food, petrol etc is £100 a week, so £400 a month, sorry!!

know this sounds silly but I dont really count the Catalogues as debt, I know it is but it just goes out every month and feel if I focus on those first I wont get the fab feeling of paying off a credit card and then be encouraged to carry on, do you get what I mean?!?!?:rotfl:

The CC balances are:

CC1 7200
CC2 3200
CC3 1700

all are 0% until Oct/Nov

Loan is £14000 ish at 7.9%
As that has a definate finsh date we'd really like to focus on the nasty CC first, even though I suppose you should pay the higest interest first.?

Sunny_Bear

council tax is over 10 months and we are on one of the months off at the moment, could look at changing it to 12 to spread the cost.

Also I forgot the TV licence, I think its about £33 every 3 months, may look into making this monthly so its easier to account for!

Thanks so much for all your help, its much appriciated!!

newmoneysaver_2

Sunny_Bear wrote: »

Internet: 14.99 (has to go through a phone line as no cabelling in area)

House phone: 25

Setanta: 9.99
Sky: 19 (just got rid of sports and movies)

You can get the Sky: See,Speak & Surf package for the £19 you are currently paying. This will cancel out the 14.99 internet costs and reduce the home phone (is this bt?) to £11.99 - saving: £28

poorandindenial

If all the credit cards are at 0% you should be better off paying the minimum each month and putting the rest into an ISA or other savings account and then earn interest on it and clear a lump sum once the interest starts to go back onto the cards again.

Should still be quite motivating seeing the total in the savings account rack up and then you will have the elation of clearing a debt in one payment too. I totally understand the wanting to pay something off to get the sense of achievement, but you could start with a lesser card (ie the £1700 one) so that you aren't harbouring expensive catalogue debts for so long (how much do you owe on catalogues or do you pay the balance in full each month??).

Uniscots97

Sunny_Bear wrote: »

Oops, the food, petrol etc is £100 a week, so £400 a month, sorry!!

know this sounds silly but I dont really count the Catalogues as debt, I know it is but it just goes out every month and feel if I focus on those first I wont get the fab feeling of paying off a credit card and then be encouraged to carry on, do you get what I mean?!?!?:rotfl:

The CC balances are:

CC1 7200
CC2 3200
CC3 1700

all are 0% until Oct/Nov

Loan is £14000 ish at 7.9%
As that has a definate finsh date we'd really like to focus on the nasty CC first, even though I suppose you should pay the higest interest first.?

You should always focus on your debt with the highest APR first and throw what extra you have at that. Try signing up for quidco, pigsback, yougov, cashback rewards...... they all mount up. I do Yougov and a few others and use the money to pay for clothes etc rather than taking it out of my monthly spends.

£400, for food and petrol seems a lot. Try the OS board for recipes and meal planning can save you loads. Also where do you shop? If you have an Aldi's/lidl's near you these can save you lots. If not then try buying a brand level below what you currently buy.

As for fuel use petrolprices.com to find out the cheapest fuel in your area. Make sure your tyre pressures are correct (check once a week at least) as even if 1 of your tyres is low by 10% you'll use 10% more fuel.

Sunny_Bear

I will work on him re. the setanta!!

We've not been with sky that long so I dont think I could cancel completely, also we had touble getting the internet as it has to go throught the phone line and not everyone does that? Im not sure, something to look into I guess!!