Chunky joins in with the diary writers

chunkytfg

First of all I thought this was going to be quite a scary thing to be doing but after receiving a warm welcome in my 'hello' thread it has softened the blow quite considerably.

Now without further ado I give you my SOA

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2900
Partners monthly income after tax....... 800
Benefits................................ 125.4
Other income............................ 216.66
Total monthly income.................... 4042.06

Monthly Expense Details
Mortgage................................ 944.08
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 141
Electricity............................. 121
Gas..................................... 0
Oil..................................... 0
Water rates............................. 38
Telephone (land line)................... 49.5
Mobile phone............................ 55
TV Licence.............................. 11.61
Satellite/Cable TV...................... 35
Internet Services....................... 35
Groceries etc. ......................... 400
Clothing................................ 20
Petrol/diesel........................... 400
Road tax................................ 33.5
Car Insurance........................... 138.97
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14.95
Pet insurance/vet bills................. 32.06
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 107.76
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Barclays bank charges................... 11.5
RMT..................................... 13.72
golf membership......................... 42.5
feed/bedding............................ 50
Yard fee's.............................. 200
Total monthly expenses.................. 2910.15

Assets
Cash.................................... 0
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 8500
Other assets............................ 16000
Total Assets............................ 194500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 139000...(944.08)...6
Total secured debts........... 139000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
overdraft......................2000......0.........12.9
barclaycard....................3000......70........21.9
cap one plat...................6003.57...150.......14.9
loan...........................7750.67...158.4.....7.9
Total unsecured debts..........18754.24..378.4.....-

Monthly Budget Summary
Total monthly income.................... 4,042.06
Expenses (including secured debts)....... 2,910.15
Available for debt repayments........... 1,131.91
Monthly UNsecured debt repayments....... 378.4
Surplus(deficit if negative)............ 753.51

Personal Balance Sheet Summary
Total assets (things you own)........... 194,500
Total Secured debt...................... -139,000
Total Unsecured debt.................... -18,754.24
Net Assets.............................. 36,745.76

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.
Now looking at it i can understand that there will be a few questions that i'm sure will be asked so i'll try and address the main points

- My OH pays the bills and I pay the mortgage. I havent included her in this for the time being but once she is onboard i'll update it including her credit card.
- I live in Nofolk and work in london so do a hideous amount of miles hence the petrol cost and no public transport isnt an option.
- I havent included any emergancy funds as i have yet to make provision for them
- We have my OH's old house that is rented out that makes a small profit which addressess the issue above
- Golf membership is in the process of being cancelled
- We watch too much telly to do without Sky so that is as low as i'm prepared to get it after dropping multiroom and sport and movies.
- The internet cost is high as it is a 3G mobile broadband thing that i'm tied to for another 20 months
- mobile phone was £35 but i have just dropped it to £30 and next month the tarrif below that. I can only drop one tarrif per month!

This adresses the question about what are yeard fee's for?



-Everything else like holidays, clothing, and going out i still need to try and put a price on but for me this is a start.

Thanks for reading and hopefully I can get through this with your's and my OH's support.

Piquant_2

Hello again chunky!

Looking forward to reading your diary, I'd help with the SOA, but I'm not that clever, an expert will be along soon.

But I do have one of the things in your photo!! Bit like the one on the left, but with added attitude and a huge appetite....

Piq

chunkytfg

Looking at it it seems pretty good actually!

Now for the excuses as to why it looks so good.

I spend a fortune on food while at work. This i'm trying to cut out and bring food into work from home. so far it is working saving me a fortune.

Holidays dont happen as the eldest step son now holidays with his mates and the youngest daughter has a horse so goes without holidays. If we do ever go away my parents have a villa in spain which we fly out to for sub £200 for the lot of us and we self cater so it is dirt cheap but probably only once every 3 years.

As a gentleman of very large proportions I find clothes shopping mind boggling hard so i get the odd pair of cheap jeans from tesco's and thats about it so that is included in the food budget IYSWIM.

All car mtce is done by myself otherwise i'd be forking out best part of a grand a year for 3 services(35k a year +)

I'm now a £2 saver and hoping to emulate everyone esles good work in the NSD thread by limiting my spending to essentials only.

chunkytfg

Piquant wrote: »

Hello again chunky!

Looking forward to reading your diary, I'd help with the SOA, but I'm not that clever, an expert will be along soon.

But I do have one of the things in your photo!! Bit like the one on the left, but with added attitude and a huge appetite....

Piq

Thats Bud. We have had him 5 weeks and so far he has been a star. A few teething problems have been had like a bout of colic 8 days after picking him up and his insitance on leaving his shoes in the feild when we bring him in but he is only 4 so i'll forgive him atm.:D

Piquant_2

He's adorable, but it brings up the subject of shoes and insurance are they on your SOA? You can't run away from these things The captain costs £60 every six weeks for shoes and £400 a year in insurance, but he is 24 and I've had him all his life

Well done for the saving on lunches, it's horrifying how much you can spend isn't it?

Piq

chunkytfg

Piquant wrote: »

He's adorable, but it brings up the subject of shoes and insurance are they on your SOA? You can't run away from these things The captain costs £60 every six weeks for shoes and £400 a year in insurance, but he is 24 and I've had him all his life

Well done for the saving on lunches, it's horrifying how much you can spend isn't it?

Piq

The 'other' horse costs are corruently met by my OH so i havent included them until as such time as i put her in a revised SOA which incudes about 3k on her CC IIRC.

That insurance is high isnt it? cant you get it cheaper? of the top of my head i think my OH pays about £40 a month for two horses which includes loss of use, tack up to a grand and everything else you would expect.

Piquant_2

Old horse! He's fully insured for illness as well as injury. Unfortunately, they're not cheap as they get older as they're considered more of a risk - the vet bills would be a risk to my health otherwise:rolleyes:

Did get the insurance through a cashback site, so not all gloom!

boredofbeingathome

Hi chunky ..like the name by the way. Well done on posting and a belated welcome to the boards.

A couple of suggestions you may want to consider.

Combining your telephone/sky/ broadband will save you quite a bit. Tesco and Asda have launched a new payg service, with tesco if you top up with £15 you get £30 free credit on top for web browsing, texting talking..so could take up some of that surplus.
Could you re look at your insurances,car and life! and go on Martins guide to get the best possible deal, and of course cashback through quidco.

Mortgage, given your income is not too bad i am not sure whether this is interest only or not. Now there is a possibilty that you could switch to an interest only for a year and put the savings against your debt ( usually charge £70 fee for this ) It could save you pounds in interest debt wise as a mortgage is a lower rate. Once debt clears you could then overpay to catch up ( capital payments)

Groceries, well meal planning is the key there, and i reckon if like me, you hoard stuff then in reality you could challenge yourself for storecupboard meals for a month, or head over to oldstyle and see the miracles performed on there for 50p a day.

I also reckon you may try the credit card shuffle and see if you can get some of the rates down, although they don't look too horrendous. Have you applied for any 0% cards?

Finally target how much you want to pay off each month and set a realistic goal challenge.Then look at your budget to see where your pain free savings are. Thirdly look at all the little things which trust me, make a massive difference and before you know it you will be obsessing over the fact that your spread sheets are taking over your life...but you can't live without them.

Good luck BOB X

chunkytfg

boredofbeingathome wrote: »

Hi chunky ..like the name by the way. Well done on posting and a belated welcome to the boards.

A couple of suggestions you may want to consider.

Combining your telephone/sky/ broadband will save you quite a bit. Tesco and Asda have launched a new payg service, with tesco if you top up with £15 you get £30 free credit on top for web browsing, texting talking..so could take up some of that surplus.
Could you re look at your insurances,car and life! and go on Martins guide to get the best possible deal, and of course cashback through quidco.

Mortgage, given your income is not too bad i am not sure whether this is interest only or not. Now there is a possibilty that you could switch to an interest only for a year and put the savings against your debt ( usually charge £70 fee for this ) It could save you pounds in interest debt wise as a mortgage is a lower rate. Once debt clears you could then overpay to catch up ( capital payments)

Groceries, well meal planning is the key there, and i reckon if like me, you hoard stuff then in reality you could challenge yourself for storecupboard meals for a month, or head over to oldstyle and see the miracles performed on there for 50p a day.

I also reckon you may try the credit card shuffle and see if you can get some of the rates down, although they don't look too horrendous. Have you applied for any 0% cards?

Finally target how much you want to pay off each month and set a realistic goal challenge.Then look at your budget to see where your pain free savings are. Thirdly look at all the little things which trust me, make a massive difference and before you know it you will be obsessing over the fact that your spread sheets are taking over your life...but you can't live without them.

Good luck BOB X

Thanks for the tips.

low rate CC's are next on my agenda of things to do.

Food budgeting is something i'll discuss with the OH when we sit down and have the frank and open discussion i've been meaning to do ever since my head enters the sand!

Mortgage is repayment and only recently fixed for 5 years so if i'm honest i'm leaving that out of it for the time being as I have enough surplus money for me not to need to resort to switching. Eventually i want to be in a position to overpay this sum each month saving me years or failing that carry out a dream of buying a plot of land and building myself a small house with room for the horse and pony to graze.

Life insurance I keep wondering why i pay each month as my company final salary pension more than covers myself and my OH's debts incuding the mortgage on the property we rent out!

Ditch it or keep it?

Car insurance was done through this site but at 27 with a chequered history not alot of NCD and 35,000 miles a year declared it is hard to find it that cheap.

I will investigate sky broadband and telephone and see where i stand on that front.

Thanks for all the help so far. keep the suggestions coming

boredofbeingathome

Hi chunky sorry i meant to say switch to interest only with your current provider on the mortgage.
I see what you mean re the car insurance.

Difficult one with the life insurance as it depends whether your existing one will also pay off debts if the worst happens..you should discuss this and see if there any other policies out there which would cover all of that.

May also be worth looking at Martin's guide on give yourself a 25% payrise
together as well.

Also head over to the raise your income board...as the old saying goes every little helps.

boredofbeingathome

just had another thought...have been known to occasionally!

If you travel to London regularly have you investigated the train fare reducing option talked about by Martin on last week's show. unless of course you move around regularly then not an option..also maybe look at car sharing or even advertise on your car.