Can I please ask for help with a SOA here?

Eels100

We need to budget because things are tight. I've had great help from here in the past so I wondered if I could ask any of you experts to cast an eye over my SOA? :cool:

Earnings: 1650
Child Benefit: 75
Tax Credit: 40

Monthly Income: 1765


Mobile phone: 15
House/contents insurance: 30
Mortgage: 665
Electric: 80
TV licence: 12
Life insurance: 10
Council tax: 130
Income Protection: 42
Pets: 50
Car costs/fuel: 70
Food: 250
Birthdays/Christmas: 30
Money to partner: 200 (includes Sky, internet, landline, his phone, car insurance and some debts)

Monthly Outgoings: 1584

Not bad but I also have annual membership fees (professional body) of around £400, and I think we probably creep over on food, the car and Christmas. I also haven't included anything for travel (a few times a year we drive around 300 miles to see family). I would easily see off another £100/month on these things.

Our heads are above water but only just. It would be nice to save a little each month as our savings are a meagre £800 - won't go far if it comes to the crunch.

Primrose

You don't say whether you have children but if you do, continual loads of laundry in the washing machine & tumble drier can hike up electricity use. During the summer I largely abandon my washing machine, wash by hand and drip dry in the garden which keeps power use down.
Could you negotiate with everybody that going forward birthday/Christmas presents will be limited to £5 with the aim of finding imaginative 'value for money' gifts?
If you use the car for work, could you reduce petrol costs by car sharing. Google Car Sharing Schemes and you might find several options.
Planning menus in advance to use up storecupboard items may reduce housekeeping costs. Make a shopping list of "needs only" and don't deviate from it.
Are your mobile phone calls absolutely essential or just used for "chattering"?
Diarise dates when your insurance (house/contents/car) are due for renewal and a month beforehand start checking for cheaper quotes. This may give you some bargaining power to negotiate a reduction with your existing provider.
Check out Money Saving Old Style on this forum. There are lots of threads there that may give you other ideas for saving and living more economically.

Eels100

Thanks Primrose.

I have a baby who my partner stays home with. We're quite good about using the line to dry clothes, and the car doesn't get much use, not at all for work. The phone is a work necessity, £15 is all-in.

Menu planning is a good idea, will have a nosey on Old Style for some more ideas on that, thanks.

)

~Beanie~

Eels100 wrote: »

We need to budget because things are tight. I've had great help from here in the past so I wondered if I could ask any of you experts to cast an eye over my SOA? :cool:

Earnings: 1650
Child Benefit: 75
Tax Credit: 40

Monthly Income: 1765


Mobile phone: 15
House/contents insurance: 30 - can you shop around and get cheaper?
Mortgage: 665
Electric: 80
TV licence: 12
Life insurance: 10
Council tax: 130
Income Protection: 42
Pets: 50 - That seems high - what does it cover?
Car costs/fuel: 70
Food: 250 - you can definately cut this!
Birthdays/Christmas: 30
Money to partner: 200 (includes Sky, internet, landline, his phone, car insurance and some debts) - can you reduce your Sky package or get Freeview?
Monthly Outgoings: 1584

Not bad but I also have annual membership fees (professional body) of around £400, and I think we probably creep over on food, the car and Christmas. I also haven't included anything for travel (a few times a year we drive around 300 miles to see family). I would easily see off another £100/month on these things.

Our heads are above water but only just. It would be nice to save a little each month as our savings are a meagre £800 - won't go far if it comes to the crunch.

Just a couple of intial thoughts.

whitewing

I don't know much about these things but was wondering why you pay the professional membership fees, rather than work? It's a big chunk of money for you? Maybe make it an ebayable challenge (ie small target of saving/making money to meet this one)

whitewing

Your council tax is roughly the same as ours. Our house/contents is approx £18 (can't remember our excess though). Do they know partner is at home?

As you have partner at home, could you take in the occasional foreign student? Could be fun..

MrsTinks

I'm going to move your thread to the Debt Free Wannabe board where I think you might get a lot more replies and help

Eels100

Some great ideas folks, thanks. :beer:

My salary includes an allowance for fees. Our Sky is the phone/internet/TV package and actually works out cheap for our usage anyway. Foreign students would be ace (babysitting!) but we're short on a bedroom for that one. Definitely going to look into the insurance thing though, and yes, the food bill is not good although it includes nappies. The pets costs are cost+VAT so actually cheap for 2 dogs and a cat! By the time worming/parasite treatment/food/vaccinations and any treatment is included £600/year for 3 of them is as low as I can get.

I have thought about eating them if things get really bad ...