The Secret DFW/Saving for a house Diary of Eamd Aged 14¾

Well one year further on in my Journey a few things have changed (credit cards completely clear :j ) and as it is a new year aswell it felt like the right time to start a new diary.

Last year was the worst on record from a personal point of view (Old diary here if you want to read it) and im glad to see the back of it! DFW wise it wasnt as bad, my starting debt of £15553.15 was reduced to just under £7,000. Then i had to make a big decision, my car was gonna cost me alot of money in the not to distant future so got rid of it and updated.

I done the DFW no-no of consoldating. I now have one single loan for my new car and the remaining debt.

This means that i can now concentrate on saving a deposit for a house with my girlfriend :j

My personal target is to save as much as possible by the end of the year (Hopefully minimum of £7.5k) and she is saving what she can (already saved £3k)

I also want to propose this year meaning i need to save for the ring aswell :eek: .

This is gonna be a big year for me and im going to need to be kept on the straight and narrow, so will be showing my savings in my signature so if you see me slacking the please give me a kick up the a**e :rotfl:

Best start as i mean to go on so here is my upto date soa

My new SOA

Notes:

I live at home
My mobile is provided through work
I have shortened the SOA to take out household expenses to make it easier to read!


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1535

Total monthly income.................... 1535

Monthly Expense Details

Rent.................................... 100

Groceries etc. ......................... 20
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 40
Car Insurance........................... 35
Car maintenance (including MOT)......... 50
Presents (birthday, christmas etc)...... 35
Haircuts................................ 10
Entertainment........................... 300
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 730

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 7000

No Secured Debt
Unsecured Debts
Description....................Debt......Monthly.. .APR
Loan...........................13641.....228...... .8.5
Total unsecured debts..........13641.....228......

Monthly Budget Summary
Total monthly income.................... 1,535
Expenses (including secured debts)...... 730
Available for debt repayments........... 805
Monthly UNsecured debt repayments....... 228
Surplus(deficit if negative)............ 577

Personal Balance Sheet Summary
Total assets (things you own)........... 7,000
Total Secured debt...................... -0
Total Unsecured debt.................... -13,641
Net Assets.............................. -6,641

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.





So according to the above i "should" be able to save £6924.00 this year.

This is a bit short of my target but i will be trimming down on things where i can to try and save more! Wouldnt be very DFW if it wasnt!

So wish me luck and i hope you'll join me for the ride! :rotfl:

I think thats it for now! Time for a :coffee: