My updated SOA

Jemmie

Hi guys

I've updated my SOA since I first posted in Oct/Nov time. I still think there is room for improvement and any advice would be greatly received.

My salary - £1,376
Partners salary - £1,500
Total - £2,876

Monthly Outgoings:

Mortgage - £777.48
Council Tax - £101
Gas - £35
Electric - £39
TV License - £11
Household insurance - £21
Water - £24.52
Phone/Internet - £48
Food - £200
Car Insurance - £19.41
Petrol - £90
Life Insurance - £37.58
Mobile phone bills - £55 (for both me and my husband)
Abbey Loan - £298.84 (4 years left approx £10,000 6.9%)
Northern Rock loan - £100 (2 years left £4,000 5.9%)

Total: £1,857.83

Me - Virgin CC – Balance £4,900 (limit £5,800) 0% until June 2009
Partner - Abbey CC - Balance £500 (limit £5,000) APR 15.9% Barclay CC - £3,900 (0% until Feb 2009)

We are both currently paying off £150 each a month.
=£300

Me - Overdraft - £1,100 (limit £1,000)
Partner - Overdraft - £800 (limit £1000)

Not currently paying anything off the ODs

EEEKKKK!! Does this all sound really bad???? Be honest!

Thanks, Jem x

~Beanie~

I would definately pay some off your overdraft, you will be incurring extra charges and interest if you are over the limit.

You don't have anything listed for car tax / maintenance, presents, clothes, haircuts etc - you need to include all these as well.

It doesn't look too bad to me, apart from the expenses I have mentioned above, you seem to have c£700 per monthe left over. Where does this go?

Jemmie

I think that must go on bday presents and bits and bobs??

Cleosmum

Jemmie wrote: »

Hi guys

I've updated my SOA since I first posted in Oct/Nov time. I still think there is room for improvement and any advice would be greatly received.

My salary - £1,376
Partners salary - £1,500
Total - £2,876

Monthly Outgoings:

Mortgage - £777.48
Council Tax - £101
Gas - £35
Electric - £39
TV License - £11
Household insurance - £21
Water - £24.52
Phone/Internet - £48 Really high, who are you with?
Food - £200 Is this for 2?
Car Insurance - £19.41
Petrol - £90
Life Insurance - £37.58
Mobile phone bills - £55 (for both me and my husband) This is high, can you go PAYG?
Abbey Loan - £298.84 (4 years left approx £10,000 6.9%)
Northern Rock loan - £100 (2 years left £4,000 5.9%)

Total: £1,857.83

Me - Virgin CC – Balance £4,900 (limit £5,800) 0% until June 2009
Partner - Abbey CC - Balance £500 (limit £5,000) APR 15.9% Barclay CC - £3,900 (0% until Feb 2009)

We are both currently paying off £150 each a month.
=£300

Me - Overdraft - £1,100 (limit £1,000) Can you get this back within its limit by using £100 from OH overdraft?
Partner - Overdraft - £800 (limit £1000)

Not currently paying anything off the ODs

EEEKKKK!! Does this all sound really bad???? Be honest!

Thanks, Jem x

I would start doing a spending diary to find out where the surplus goes! Imagine what dent you could have made in the debts if you had thrown £700 pm at it.

IWantToBeFree_2

Jemmie wrote: »

Hi guys

I've updated my SOA since I first posted in Oct/Nov time. I still think there is room for improvement and any advice would be greatly received.

My salary - £1,376
Partners salary - £1,500
Total - £2,876

Monthly Outgoings:

Mortgage - £777.48 Is this a repayment mortgage? Have you thought about switching to Interest only for a while whilst you find your feet?
Council Tax - £101 Spread over 12 months or 10? If 10, switch to 12
Gas - £35 Is this the cheapest you can get, shop around and if you can get cheaper, switch via quidco for cash back
Electric - £39 Ditto above
TV License - £11
Household insurance - £21 Is this up for renewal soon? If so, renew via quidco for cash back
Water - £24.52
Phone/Internet - £48 - Very high, can this be reduced?
Food - £200 - How many are you feeding? Check oldschool board for tips on how to cut down
Car Insurance - £19.41 - Same as home insurance, if you switch, do it via quidco
Petrol - £90
Life Insurance - £37.58 - Do you really need this much cover? What does it cover exactly, if its critical illness may find that its that restrictive its not worth it... if you decide to switch, do it via quidco (can you see patern here:rotfl: )
Mobile phone bills - £55 (for both me and my husband) Reduce tarrifs or go onto PAYG?
Abbey Loan - £298.84 (4 years left approx £10,000 6.9%)
Northern Rock loan - £100 (2 years left £4,000 5.9%)

Total: £1,857.83

Me - Virgin CC – Balance £4,900 (limit £5,800) 0% until June 2009
Partner - Abbey CC - Balance £500 (limit £5,000) APR 15.9% Barclay CC - £3,900 (0% until Feb 2009)

Can you balance transfer the £500 to one of the cards that is 0%? Check if worth it weighing up the interest saved and the BT fee

We are both currently paying off £150 each a month.
=£300

Me - Overdraft - £1,100 (limit £1,000)
Partner - Overdraft - £800 (limit £1000)

Not currently paying anything off the ODs

EEEKKKK!! Does this all sound really bad???? Be honest!

Thanks, Jem x

See my comments in red, hope it helps!!

Jemmie

Thanks for all your comments - they should really help.

My phone/ internet is with BT and unfortunately I think I am tied in for 18 months on the broadband side - do you think there is anything I can do?

I'm determined to get a few more costs down as my baby is due in July and I'll be on maternity leave so the income wont be as much on my part.

Thank you so much!

Jem