SazM's loan busting mission

Raini

Hello!! How goes thee? SOA looks good & you sound as positive as ever ...

SazM030306

Hello Raini! Thank you, I'm back in the zone lol
How are you?

I love the feeling of being in control of our money and accounting for every penny, and seeing the budget work, such satisfaction I can't wait for this loan to be paid off, the sooner the better, the end is somewhere in sight, even though it's years rather than months!

I don't think I've mentioned it yet but I am currently 18 weeks pregnant! Due 11th June. So I'll be leaving work at some point... because I only do one day a week I won't qualify for maternity pay, but I should get maternity allowance, I'll have to look into it further. No doubt there will be adjustments to the SOA further down the line!
xxx

Raini

Wow, CONGRATULATIONS!! That's brilliant news & a huge reason to stay on the MSE wagon!! :beer:

Lemon_Tree

congratulations Saz that's wonderful news. Hope you and the bump are nice and healthy.

SazM030306

Re-Jigged SOA since selling car.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 320
Partners monthly income after tax....... 1251.55
Benefits................................ 517.8
Other income............................ 0
Total monthly income.................... 2089.35

Monthly Expense Details
Mortgage................................ 250
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 96
Electricity............................. 67
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20.2
Telephone (land line)................... 30
Mobile phone............................ 20
TV Licence.............................. 11.95
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 10
Petrol/diesel........................... 86.67
Road tax................................ 10.42
Car Insurance........................... 25
Car maintenance (including MOT)......... 16.68
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 99.75
Medical (prescriptions, dentist etc).... 22.85
Pet insurance/vet bills................. 0
Buildings insurance..................... 13.09
Contents insurance...................... 0
Life assurance ......................... 19.04
Other insurance......................... 24.92
Presents (birthday, christmas etc)...... 41.67
Haircuts................................ 10
Entertainment........................... 104.78
Holiday................................. 0
Emergency fund.......................... 0
Spending Money.......................... 173.33 - £20 a week each
Total monthly expenses.................. 1453.35


Assets
Cash.................................... 1461
House value (Gross)..................... 85000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 86961


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 41300....(250)......1.09
Total secured & HP debts...... 41300.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
N.Rock Loan 6.9%inc............19045.....229.4.....0
Total unsecured debts..........19045.....229.4.....-


Monthly Budget Summary
Total monthly income.................... 2,089.35
Expenses (including HP & secured debts). 1,453.35
Available for debt repayments........... 636
Monthly UNsecured debt repayments....... 229.4
Amount left after debt repayments....... 406.6 = £93.86 a week into LBA

Personal Balance Sheet Summary
Total assets (things you own)........... 86,961
Total HP & Secured debt................. -41,300
Total Unsecured debt.................... -19,045
Net Assets.............................. 26,616

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

In exactly 2 years time, the amount to pay on the loan will be £11662.99, so if we make another £10000 in that time we will be loan free!!
This is our new goal - debt free date of December 2011

WE CAN DO IT!!

Lemon_Tree

i'm sure you'll make it Saz.
I will be paying my first loan off in April, which is 16 mths early.
I'm a bit annoyed by because i've just discovered my northern rock loan has gone into the bad bank's pile, but that will be finished feb next year which is 2 years early.

SazM030306

Hooraay to paying off your first loan!! And 2 years early on the other is great too. I sooo can't wait to be debt free. There's no way I'm EVER getting a loan or a credit card again!! Keep up the good work
xxx

Lemon_Tree

i know how you feel! the only debt i ever want is my mortgage, which is good as i'm planning on increasing that when i'm debt free - we really need a house.

SazM030306

Exactly! We will be able to move house as soon as this loan is paid off. At the moment we are in a 2 bed terrace with baby no3 on the way! But we will manage for another two years as the end is definitely in sight now :-) x

SazM030306

Still plugging away
I'm in the One debt Vs 100 days challenge and so far 1/4 of the way through I have £913.10/£2000 (all going in LBA) and the Weekly spend challenge to stop me spending over the budgeted £20 a week. So far so good!

I turned down a meal out with the girls on Tuesday night so that I wouldn't spend any money
Not buying any unnecessary things at all. DH is doing well sticking with his spending money budget too. All is good :-)
xxx