MY SOA (updated)

**Amy**

Monthly Income: £1600

Monthly Outgoings:

Rent: £260.00

Council Tax: £80.00 (will double check this when i get home!)

Gas: £25.00

Electricity: £25.00

TV Licence: £11.41

Sky: £23.00 (includes broadband, TV and phone)

Mobile Bill: £40.00 (i have just switched tariffs which should mean it should be £25 a month but have to wait a month for it to kick in)

Travel: £252.00 (no way of cutting this down!)

Cat Insurance: £23.00 (for 2 pedigree cats)

Water: £22.30

BT: £11.30

Credit Card: £80.00

Loan: £228.00

Food (me and the cats!): £100.00

Total: £1,181.01

Debts:

HSBC Credit Card (15%) - £3199.43 (i pay minimum payment, usually £80)

HSBC Loan (19%) - £1,366.26 (i pay £228 a month, should end September 08)

Mum (0%!!!) - £4,750.00 (i need to start paying her soon, but she said she is willing to wait, so at the mo i dont pay her anything)

I also am aiming to put £250 away in savings every month to pay off loan earlier, and then put towards the CC.

**Amy**

Any help would be gratefully received.

x

vandanfc

Hi and welcome to DFW

If I have done my sums right, your figures show that you have approx. £400 a month spare. I am assuming that this just disappears ? If this is the case I would suggest a spending diary to find out were it all goes.

**Amy**

albertross wrote: »

Don't save, pay off your CC

I would but the loan is a higher APR (19%) and if i pay it off sooner, (i.e. save up some money) i dont pay back the amount i "owe" as they would take off some interest.

x

**Amy**

Thinking about it last night, when i worked out which order to pay debts (beginning of the year) i dont think i factored the interest on the credit card, what an eejit!!!

I see what you are saying re: paying loan off, and paying of credit card as well, i will be saving more interest in the long run on the credit card.

:beer: Thanks, will deffo start doing that as of this month.

x

all_hours

**Amy** wrote: »

Monthly Income: £1600

Monthly Outgoings:

Rent: £260.00

Council Tax: £80.00 (will double check this when i get home!)

Gas: £25.00

Electricity: £25.00

TV Licence: £11.41

Sky: £23.00 (includes broadband, TV and phone)

Mobile Bill: £40.00 (i have just switched tariffs which should mean it should be £25 a month but have to wait a month for it to kick in)

Travel: £252.00 (no way of cutting this down!)

Cat Insurance: £23.00 (for 2 pedigree cats)

Water: £22.30

BT: £11.30

Credit Card: £80.00

Loan: £228.00

Food (me and the cats!): £100.00

Total: £1,181.01

Debts:

HSBC Credit Card (15%) - £3199.43 (i pay minimum payment, usually £80)

HSBC Loan (19%) - £1,366.26 (i pay £228 a month, should end September 08)

Mum (0%!!!) - £4,750.00 (i need to start paying her soon, but she said she is willing to wait, so at the mo i dont pay her anything)

I also am aiming to put £250 away in savings every month to pay off loan earlier, and then put towards the CC.

you need to add to your soa - make allowances for clothes, christmas, birthdays + socialising. - theres a budget planner at the top of this forum - this will help remind you of all the irregular outgoings that you need to budget for.

you say you cant cut travel - no car expenses so its public transport - are you sure you are paying the least you can - the best value season ticket

do you live alone - if so does the council tax include a single person discount. if you dont live alone it seems high - check your property is banded correctly - theres an article on mse. if your paying over 10 months ask them to reschedule over 12 months.

bt - shouldnt that be 10.50 for option one - i assume you pay for calls through the sky bill.

are you sure you have the best insurance deal for the cats.

gas and electric are high for one person - dont leave anything on or on standby when not in use.

how is your credit rating - could you apply for a card with lower apr and do a balance transfer.

is your mum willing to wait until september

according to your soa you have 400 a month left over - you could pay that off the credit card along with the minimum payment of 80 - when the loan finishes in september pay your mum 220 a month - then when the card is clear pay her 700 a month.

from now to september
228 to loan
480 to card

october - loan clear - credit card balance about 550
october + november - to mum 220 + clear card
december - card clear - owe mum 4310
december for 6-7 - mum 700

always_amazed

Hey amy, not got much to say on the SOA except the obvious.... make sure you are on the best deals etc for insurance and can you go through cahback sites for anything (eg travel, I just found out I can get cashback on my (rare) long bus journeys with national express)
Hope you are doing well today, I'm off to find the £10 a day in April thread!