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Hi
I have been a lurker for a couple of weeks now but feel it's time to start my own diary to help to support our debt free journey (and invest time wisely instead of trolling through Facebook...).
So, everything is loosely put together for now but plan to contact each company tomorrow for confirmation of existing balance, completion date and interest rate. Better to start now then wait another day... then I'll update my signature tomorrow with the correct amounts.
Existing outstanding debt (I've over estimated where I'm not sure):
Mortgage (currently fixed at 2.89% until the end of the year) £128,500
M&S Loan (circa 5.8%, payments due to end around Jan 2020) £9,000
Car finance (4 year lease, 24 payments left then final payment but won't be keeping it) £3,172.32
Student Loan (2%? No currently paying as reduced to part time hours recently) £5,000
Credit Card (0% until early 2020) circa £4,800
Loan from Bank of Dad (no %, no deadline to pay) £6,800
Income:
Husband £1,900 minimum basic (shift worker with shift allowance so often mid £2k take home)
Me £944
Bills:
£1,850 + food and petrol
Dependents: 1 (3 years old, at nursery but will be receiving 22.3 hours free childcare from Jan (30 hours a week but spread over 51 weeks instead of term time due to our working hours) so childcare will be £30 a week which will be covered by childcare vouchers (take home pay will increase as CCV value has decreased from next month).
So, only the basics for now but had to start the diary to make this all real... if anyone has any tips on starting out they would be much appreciated.
Off out now with the little one to a Xmas Party (only plan on buying a couple of soft drinks and all other food and drinks for little one is included (it's a free party put on by my fathers work, paid for by the employees - if that makes sense..))
Hope you are all having a great (cheap, yet fun) day
FG xx
I have been a lurker for a couple of weeks now but feel it's time to start my own diary to help to support our debt free journey (and invest time wisely instead of trolling through Facebook...).
So, everything is loosely put together for now but plan to contact each company tomorrow for confirmation of existing balance, completion date and interest rate. Better to start now then wait another day... then I'll update my signature tomorrow with the correct amounts.
Existing outstanding debt (I've over estimated where I'm not sure):
Mortgage (currently fixed at 2.89% until the end of the year) £128,500
M&S Loan (circa 5.8%, payments due to end around Jan 2020) £9,000
Car finance (4 year lease, 24 payments left then final payment but won't be keeping it) £3,172.32
Student Loan (2%? No currently paying as reduced to part time hours recently) £5,000
Credit Card (0% until early 2020) circa £4,800
Loan from Bank of Dad (no %, no deadline to pay) £6,800
Income:
Husband £1,900 minimum basic (shift worker with shift allowance so often mid £2k take home)
Me £944
Bills:
£1,850 + food and petrol
Dependents: 1 (3 years old, at nursery but will be receiving 22.3 hours free childcare from Jan (30 hours a week but spread over 51 weeks instead of term time due to our working hours) so childcare will be £30 a week which will be covered by childcare vouchers (take home pay will increase as CCV value has decreased from next month).
So, only the basics for now but had to start the diary to make this all real... if anyone has any tips on starting out they would be much appreciated.
Off out now with the little one to a Xmas Party (only plan on buying a couple of soft drinks and all other food and drinks for little one is included (it's a free party put on by my fathers work, paid for by the employees - if that makes sense..))
Hope you are all having a great (cheap, yet fun) day
FG xx Mortgage 2.89% 128,237.23 :eek:
Car Finance (HP) 3540.14/8788 (March 2019/December 2019) Option final payment £4328
M&S Loan 3.49% 6540/16350 (December 2020)
Student Loan 1.25% 4698.24/9000
Credit Card 0% Aug 2020 0/5012.15 Dad Loan 0% 1808.57/6800 (No deadline)
Total debt: £16,586.95 / £45,950.15... £29,353.20 remaining :eek:
Car Finance (HP) 3540.14/8788 (March 2019/December 2019) Option final payment £4328
M&S Loan 3.49% 6540/16350 (December 2020)
Student Loan 1.25% 4698.24/9000
Credit Card 0% Aug 2020 0/5012.15 Dad Loan 0% 1808.57/6800 (No deadline)
Total debt: £16,586.95 / £45,950.15... £29,353.20 remaining :eek:
0
Comments
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Welcome to the forum.0
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Good luck with your journey! I'm sure you'll be great!
ETA x0 -
Thank you Cumbria lass and EscapingTheAlarm, feeling very positive about it all
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details[/b]
Monthly income after tax................ 944
Partners monthly income after tax....... 2012.97
Benefits................................ 82.5
Other income............................ 0
Total monthly income.................... 3039.47
Monthly Expense Details[/b]
Mortgage................................ 272.3
Secured/HP loan repayments.............. 132.18
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 148
Electricity............................. 45
Gas..................................... 45
Oil..................................... 0
Water rates............................. 45.38
Telephone (land line)................... 0
Mobile phone............................ 99.4
TV Licence.............................. 12.12
Satellite/Cable TV...................... 80
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 4.17
Car Insurance........................... 67.26
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8.67
Pet insurance/vet bills................. 24.52
Buildings insurance..................... 39.52
Contents insurance...................... 0
Life assurance ......................... 54
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 30
Entertainment........................... 100
Holiday................................. 60
Emergency fund.......................... 250
Total monthly expenses.................. 2177.44
Assets
Cash.................................... 1300
House value (Gross)..................... 160000
Shares and bonds........................ 0
Car(s).................................. 6000
Other assets............................ 250
Total Assets............................ 167550
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 128238...(272.3)....NaN
Hire Purchase (HP) debt ...... 5247.86..(132.1)....4
Total secured & HP debts...... 133485.8.-.........
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................5012.15...112.7.....0
Loan...........................9810......272.5.....3.49
Total unsecured debts..........14822.15..385.2.....
Monthly Budget Summary
Total monthly income.................... 3,039.47
Expenses (including HP & secured debts). 2,177.44
Available for debt repayments........... 862.03
Monthly UNsecured debt repayments....... 385.2
Amount left after debt repayments....... 476.83
Personal Balance Sheet Summary
Total assets (things you own)........... 167,550
Total HP & Secured debt................. -133,485.86
Total Unsecured debt.................... -14,822.15
Net Assets.............................. 19,241.99
:eek:Mortgage 2.89% 128,237.23 :eek:
Car Finance (HP) 3540.14/8788 (March 2019/December 2019) Option final payment £4328
M&S Loan 3.49% 6540/16350 (December 2020)
Student Loan 1.25% 4698.24/9000
Credit Card 0% Aug 2020 0/5012.15 Dad Loan 0% 1808.57/6800 (No deadline)
Total debt: £16,586.95 / £45,950.15... £29,353.20 remaining :eek:0 -
Ok signature updated so it's official and down in writing...Mortgage 2.89% 128,237.23 :eek:
Car Finance (HP) 3540.14/8788 (March 2019/December 2019) Option final payment £4328
M&S Loan 3.49% 6540/16350 (December 2020)
Student Loan 1.25% 4698.24/9000
Credit Card 0% Aug 2020 0/5012.15 Dad Loan 0% 1808.57/6800 (No deadline)
Total debt: £16,586.95 / £45,950.15... £29,353.20 remaining :eek:0 -
Happy shiny new diary I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Thanks Beanlou
Tbh I don't think a lot will be happening before Xmas but with our new mindset we are watching everything we spend whereas before we would have just spent and worried about it later. Payments are being made monthly to all the debts so they are slowly coming down but hope to stick to budget next month and pay extra off Mortgage 2.89% 128,237.23 :eek:
Car Finance (HP) 3540.14/8788 (March 2019/December 2019) Option final payment £4328
M&S Loan 3.49% 6540/16350 (December 2020)
Student Loan 1.25% 4698.24/9000
Credit Card 0% Aug 2020 0/5012.15 Dad Loan 0% 1808.57/6800 (No deadline)
Total debt: £16,586.95 / £45,950.15... £29,353.20 remaining :eek:0
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