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  • FIRST POST
    • rainbow_wishes
    • By rainbow_wishes 13th May 18, 7:45 PM
    • 13Posts
    • 3Thanks
    rainbow_wishes
    SOA help please
    • #1
    • 13th May 18, 7:45 PM
    SOA help please 13th May 18 at 7:45 PM
    Hi All, I hope this is ok to post, let me know if I should move it. We are lucky enough to have cleared the loans/unsecured debt and Iím keen to keep it that way.

    DH & I are currently trying for our second baby. If we are lucky enough to conceive, I am hoping to take 9 months maternity leave and my employer only pays full pay for 6 weeks, 12 weeks at half pay then SMP only so I will need around £5-6k in savings to see us through. I have set up a standing order for £200 per month into savings but we are finding this leaves us tight each month so I was hoping some of you lovely people would comment on our SOA (below) to see if we can save anything off our outgoings to make this savings target more comfortable. Also my husband is very unhappy in his current job and hopes to change careers to help his mental health which will involve a drop in income by £400 pm so we need to see if this is affordable.

    Household Information:
    Number of adults in household........... 2
    Number of children in household......... 1 (plus I have a stepdaughter - see child maintenance below)
    Number of cars owned.................... 2

    Monthly Income Details:
    Monthly income after tax................ 1913.77
    Partners monthly income after tax....... 1804.33 (this is 4 weekly)
    Benefits................................ 82.8 (child benefit)
    Other income............................ 0
    Total monthly income.................... 3800.9


    Monthly Expense Details
    Mortgage................................ 849.5
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 12.04
    Council tax............................. 146 (over 12 months)
    Electricity............................. 82 (includes gas)
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 35.11 (metered and over 12 months)
    Telephone (land line)................... 37.01 (includes internet)
    Mobile phone............................ 87.81 (2 phones)
    TV Licence.............................. 12.54
    Satellite/Cable TV...................... 29.56
    Internet Services....................... 0
    Groceries etc. ......................... 550 (includes pet food)
    Clothing................................ 0
    Petrol/diesel........................... 450 (2 x long commutes)
    Road tax................................ 38.33
    Car Insurance........................... 44.78
    Car maintenance (including MOT)......... 128
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0 (covered by childcare vouchers)
    Other child related expenses............ 60.67 (swimming lessons)
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 25
    Buildings insurance..................... 10.08 (includes contents)
    Contents insurance...................... 0
    Life assurance ......................... 89.42
    Other insurance......................... 74.8
    Presents (birthday, christmas etc)...... 125
    Haircuts................................ 56.7
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 18
    Gym..................................... 15.99
    Course Fees............................. 73.6
    Bank Account Fee........................ 25
    Savings................................. 260 (includes child savings accounts x 2)
    Child Maintenance....................... 250
    Total monthly expenses.................. 3596.94

    Total monthly income.................... 3,800.9
    Expenses (including HP & secured debts). 3,596.94
    Available for debt repayments........... 203.96
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 203.96 (doing spending diary as this is never left over)

    Total assets (things you own)........... 258,140
    Total HP & Secured debt................. -201,039
    Total Unsecured debt.................... -123.61 (this is a Lloydís cc which will be cleared when I get paid on 21st)
    Net Assets.............................. 56,977.39


    Happy to answer any questions. Thanks in advance
Page 2
    • redpete
    • By redpete 16th May 18, 6:27 AM
    • 4,239 Posts
    • 3,775 Thanks
    redpete
    This cost really annoys me as I had bought an expensive iPhone outright so I had a £15 pm contract that I intended to keep long term but the iPhone broke and it was cheaper to replace it on a contract than to repair it.
    Originally posted by rainbow_wishes
    It would really have been cheaper not to have gone for "an expensive iPhone".
    What does your bank account £25 fee provide? AA cover which alone would be more than £25 per month for two cars. We also get worldwide travel insurance which has saved us last year when we went abroad. Also mobile phone insurance and home emergency cover so we don't need to add these to our home insurance
    Check how much Autoaid cover is for the cars. As you have no amount in for holidays why do you need travel insurance? If you had cheaper phones would you need to insure them? If it wasn't "free" would you bother with home emergency cover?
    loose does not rhyme with choose but lose does and is the word you meant to write.
    • rainbow_wishes
    • By rainbow_wishes 16th May 18, 8:04 AM
    • 13 Posts
    • 3 Thanks
    rainbow_wishes
    Both OH and I have tried cheaper models in the past and have concluded that iPhones are our preference. We donít have the latest models, never have just buy the same model each time which gets cheaper as the newer models are released.

    You have a good point about the account fee though as we have recently decided not to go abroad for at least 5 years so the travel insurance isnít as valuable as it was. I saw Autoaid have done a deal with MSE in this weeks email so will take a look at that
    • cms-help
    • By cms-help 16th May 18, 7:32 PM
    • 172 Posts
    • 160 Thanks
    cms-help
    We have found BT really reliable but itís arounf £37 per month for phone and internet and other providers are charging £18 so it is tempting to change but working from home needs to be possible at least once a fortnight

    You are right about grocery spend being a quick fix and I just need to be more disciplined with the trips to Tesco and coop and my OH needs to watch his spending at work. It all adds up so quickly. We used to have home delivery but it was about £100 per week. Aldi is £50-60, I even fed the family for £20 one week!!

    I find we donít spend that much on entertainment. For example, this month we went to a farm park on BH Monday for £20 for all of us and took a picnic. Spent £4 on ice cream while there. I had been on a hen do and had budgeted spend left over so treated the family. This weekend our spend on entertainment was £1.09 on a box of ice creams to eat on a walk around the local park. This coming weekend will be park and swimming so no spend then the last weekend we will spend £10 meeting a friend for tea and cake, have swimming and a birthday party on BH Monday. The gift for the party is coming from the Christmas/birthday account which I have budgeted all friends and family for 12 months (this is why itís £125 pm). It has a little left over for unexpected invites. I keep a look out for offers on gifts in the weeks leading up to party.

    The childcare costs are high everywhere but itís not forever!!
    Originally posted by rainbow_wishes
    Could this be where some of your "missing" money is going as you said you never had the £200 left over. You said you had a budget for the hen do but nothing like that shows on your SOA. I know they're not every month of the year but it's still an expense so if you had a budget of £100 for it, for example, then that's £8.33 a month. It's surprising how the little things start adding up (for example this month, I have son's martial arts tournament fees to pay of £25, he's got a school trip so another £15, a birthday party to go to which will involve buying a gift and feeding my youngest whilst eldest at the party and then all of a sudden I've spent £60/£70 in random things).
    • Gemsy81
    • By Gemsy81 16th May 18, 8:35 PM
    • 29 Posts
    • 72 Thanks
    Gemsy81
    I'm with you there on the iPhones....they are more expensive, but I have a mac for work, as I find them much better for graphic design (and a lot more reliable), and when you have a lot going on diary-wise, and lots of documents that you need to be able to access/save on the go, the whole Apple system is brilliant. Someone once told me that no one's time is free, even though we tend to treat our own time as costing us nothing - when if you are running your own business for example (like I am), saving yourself time can also save yourself money.

    Regarding BT/Sky - I am sure I read somewhere that Sky and BT pretty much share networks, so their reliability and speed should be the same, and if your service drops you should complain, as they only make it better when they have a certain number of disgruntled customers in any one area. I am not sure if there is any truth in that, but the amount of time I see the Openworld engineers out and about 'tinkering' in their boxes, I wouldn't be surprised!
    • rainbow_wishes
    • By rainbow_wishes 16th May 18, 10:11 PM
    • 13 Posts
    • 3 Thanks
    rainbow_wishes
    Cms-help I think you are right. My husband has a direct debit for a subscription that he uses his own money for and I hadnít included that. The way we have split it is our salaries go straight into the joint account and we have £175 each per month into our own accounts. His pays for the course fees and gym from the SOA and the £21 pm subscription. The rest tends to be spent on things he buys at work. Mine goes on my hair and waxing appointments and any entertainment for me and DS. I donít really spend mine so it goes on the family. Occasionally Iíll buy clothes for myself but thatís rare. So if you add the £86 left in DH personal account after items on SOA come off and the £100 left in mine after hair etc then thatís nearly the £200 I said I could find! Makes sense now!

    For the hen do I budgeted £40 from my £100 left over personal spend allowance and only spent £20 so I donít Ďaccrueí for these things knowing I will more than likely have enough in my personal account for these things
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