The adventures of Mr and Mrs Doomcow (to be)

trina2010

ok so ive been around for a while now, trying to help out with advice and a few straight talking words here and there, but i havent really introduced myself.

My OH has been around these forums for a while now, probably 6 months - 1 year and despite his daily efforts it took me a long time to join.

I started out with £1000 debt in the form of an overdraft (all that was left of my student days) and have spent 2 years trying to work my way out of it.
I finally managed to work my way out and stay out of it only this month, so perhaps im joining a little too late for that, but staying back out of the O/D is as much of a challenge as working my way out of it.

I'm still in for some of the challenges (currently budgetting out food for next months grocery challenge) and im determined now to build up some savings and get a bit of advice on how to make it go even further, and build a bit faster.

(wow that was a lot longer than I thought it would be)

so, here goes, my next post will be our SOA which im just gonna go and do now

see you on the other side!

Trina

mooomin

Hi and welcome!!

trina2010

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1100
Partners monthly income after tax....... 1250
Benefits................................ 0
Other income............................ 300
Total monthly income.................... 2650
Monthly Expense Details
Mortgage................................ 488
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 0
Rent.................................... 0
Management charge (leasehold property).. 40
Council tax............................. 94
Electricity............................. 44.5
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 10
Mobile phone............................ 10
TV Licence.............................. 11.95
Satellite/Cable TV...................... 15
Internet Services....................... 10
Groceries etc. ......................... 100
Clothing................................ 5
Petrol/diesel........................... 175
Road tax................................ 24
Car Insurance........................... 53
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 5
Buildings insurance..................... 0
Contents insurance...................... 4.65
Life assurance ......................... 8
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1158.1

Assets
Cash.................................... 1200
House value (Gross)..................... 99000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 1500
Total Assets............................ 108700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89495....(488)......5.63
Total secured & HP debts...... 89495.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,650
Expenses (including HP & secured debts). 1,158.1
Available for debt repayments........... 1,491.9
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,491.9
Personal Balance Sheet Summary
Total assets (things you own)........... 108,700
Total HP & Secured debt................. -89,495
Total Unsecured debt.................... -0
Net Assets.............................. 19,205
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

there we go 1 SOA.

The reason there is no holiday value is that we put spare money into a savings account and this will go towards such things as holidays and wedding etc, also for next house. Comments are welcomed, anything ive missed.

Also we only have electricity, dont pay water charges, council tax is over 12 months think thats covered everything

Doomcow

so anyway, trying something new this month.

£50 of fuel in on the 1st of the month - how long will it last? im kinda banking on a whole 6 weeks, and if thats the case then kudos.

if not, im wonder if a petrol car would be more suitable? how do i make the choice between the 2?

also, found out i can get free gym membership at work excellent freebie if you ask me - now, if we can cut down on the eating out, and saved that money for weddings then we'd get there a whole lot faster.

im still in 2 minds whether i'd like the wedding abroad or here in scotland.

thoughts?

CLAPTON

If I'm missing something then ignore this, but your SOA shows you have a massive surplus of about 1,500 per month... are you saving this or what?

LilacPixie

Mr Doomcow.

We are a two car family a 1.8 petrol and a 1.9 diesel by far we have lower running costs on the diesel on a mile per mile basis.

With regardsto the SOA posted by trina, a few things look low, electricity for example especially if you use that for heating too, no buildings insurance, only £10 for mobile phones. Is £300 ayear enough to MOT and maintain 2 cars?? £5 enough for vet bills andinsurances on two cats?? Water charges included in C/tax I presume.

Are you saving/ overpaying £1500 a month or are you losing money someplace??

With regardsto weddings, totally personal choice. I chose to get married in Scotland because I love it and the run up to thewedding is stressful enough without adding travel into the mix. Also I am dark/olive skinned but my husband is a typical pale Scot who gets heatstroke in Aviemore.

trina2010

CLAPTON wrote: »

If I'm missing something then ignore this, but your SOA shows you have a massive surplus of about 1,500 per month... are you saving this or what?

this post is from me as ive just become debt free within the last month and now on a journey to maintain the debt free status.

trina2010

LilacPixie wrote: »

With regardsto the SOA posted by trina, a few things look low, electricity for example especially if you use that for heating too, no buildings insurance, only £10 for mobile phones. Is £300 ayear enough to MOT and maintain 2 cars?? £5 enough for vet bills andinsurances on two cats?? Water charges included in C/tax I presume.

electric is on direct debit, we had over £100 pounds surplus at the end of the year given back to us in december.

Buildings insurance is paid through factor fees once a quarter (i think i included them somewhere but i cant remember where)

mobiles, we both have free messages but dont really use phones much other than that.

£300 is about spot on, thats what we spent for service and MOT for the 2 cars last year, we also have RAC cover as I travel long distances

£5 a month is good for the cats, they are both young cats (9 months and 2 years) their food etc is included in the groceries for the month. they dont have any health issues at this stage.

yes water charges are with council tax