My SOA

Confused_Newbie

Hi All

Our SOA below. Think I have done something seriously wrong cause there is no way we have £265 left at the end of every month. Can anyone point me in the right direction?!

Let me tell you a little about ourselves. There is just me and hubby at home, both working full time, newly weds and very much trying to get domesticated and work out this whole grown up thing!

Anyhow here goes, please feel free to be brutally honest


Joint Monthly Income - £1770

Mortgage - £385.25
Mortgage Protection - £25.52
Rates - £35.00
Insurances (life, buildings, contents) - £88.00
Electric - £30.00
Oil - £40.00
Telephone - £11.00
TV & Internet - £20.00
Mobiles - £40.00
Car Payments - £430.00
Petrol - £100.00
Car Insurance - £60.00
Car Tax - £20.00
Groceries - £120.00
Visa - £40.00 (minimum payment, rate 17.9%)
Presents (birthday, xmas, etc) - £25.00
Entertainment - £30.00
Haircuts - £10.00
Emergency fund - £30.00


On top of this I have an overdraft of £300 on my account.

lilac_lady

Your car payments are more than your mortgage payments. Could you change to smaller ones?

lisabell

Hi i will echo what LL has said your car payments are huge defo look around see how much you owe see if you can move it around to something else the rest seems ok too me though

Confused_Newbie

I should probably have explained this one. This payment is made up of a personal car loan of £260 per month which ends in July. We just changed our car so with trading our old one in we have been able to bring these payments down to £ 170 per month and pay off hubbys car.

Does that make sense?

penguin83

Keep a spending diary and write absolutely everything down you spend for a month. You will be able to see where that extra money is going. x x

Welcome to dfw by the way x x

Deep_In_Debt

Hi welcome to the forum. I'm a relative newbie too so not sure I can help much but your car insurance seems high - is this for 2 cars?

Also, you've not included water. I have a water meter which was fitted free by my local water authority and I now save over £20 pm on water and I'm more careful with it now. Was paying over £30.00 pm now paying £12.00 pm. Worth giving it a go... if you don't ask you don't get!

Confused_Newbie

Yeah that is an average taken over the year. We are in Northern Ireland so in general I think our car insurance is slightly higher, Im also only 24 and apparently my insurance wont really go down until Im 25.

At the moment we dont have water rates (thank goodness) although we did do this with our electric, got it put on a meter (we only have a choice of one supplier) not sure if we actually save anything this way but it means we are paying for it as we go along.

Confused_Newbie

Any fresh eyes around today that can offer any advice?

beecher

I know NI don't have the council tax, but don't you pay Rates instead?

Confused_Newbie

Ohhh well spotted Beecher! Thats another £35 per month over 10 months!

beecher

£30/month for entertainment for 2 sounds quite low too - definitely do a spending plan as it is amazing how much money goes on magazines/make up etc. Does the groceries bill include toiletries etc?