My quest to be mortgage free by the end of 2012

Iris_Blue

Yay! Well done. x :j:j:j

mummyofonechild

kingster2069 wrote: »

A big congratulations on becoming mortgage free:beer:
It's really encouraging seeing other achieving MF'dom.

Iris_Blue wrote: »

Yay! Well done. x :j:j:j

Thank You

mummyofonechild

Evening all

Have just come back from work and had tea.

Am really tired, having been on my feet since 9.30 this morning. Sometimes I think I am getting too old for all this.

DD had her picture in the local paper this week regarding her passing of her amateur radio licence

Payday has been and gone now for another 4 weeks. Roll on July as that is when we get paid twice in one month - the joys of getting paid every 4 weeks.

I have decided that whatever is left over and above £500 when I next get paid will be transferred into my ISA account which will also be known as the C4 Picasso account. Am not planning to replace our older Picasso in the next couple of years as we would like the kitchen floor tiled before the end of this year.

We had a new kitchen fitted at the end of 2009 and the floor has needed tiling to finish it off ever since. Its just that overpaying the mortgage was more important at the time. Now I can start to go back and look at the other jobs that now need doing :eek:

Day off tomorrow

Have a lovely weekend.

MOOC xx

mummyofonechild

I have just done a very rough SOA to see where we should be from now on.
I hope I havent missed anything huge out.

Yes we have a car but it is tax exempt (no road tax to pay)

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
Monthly income after tax................ 750
Partners monthly income after tax....... 0
Benefits................................ 1081 (Tax Credits/DLA etc)
Other income............................ 0
Total monthly income.................... 1831

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 129
Electricity............................. 107 (storage heaters)
Gas..................................... 0
Oil..................................... 0
Water rates............................. 59
Telephone (land line)................... 44 Includes broadband/TV etc
Mobile phone............................ 23
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 25
Petrol/diesel........................... 100
Road tax................................ 0
Car Insurance........................... 40 (includes breakdown cover)
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 25
Contents insurance...................... 0 (In with buildings ins)
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1064


Assets
Cash.................................... 600
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 254600

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................1000......12........0
Total unsecured debts..........1000......12........-


Monthly Budget Summary
Total monthly income.................... 1,831
Expenses (including HP & secured debts). 1,114
Available for debt repayments........... 717
Monthly UNsecured debt repayments....... 12
Amount left after debt repayments....... 705

Personal Balance Sheet Summary
Total assets (things you own)........... 254,600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,000
Net Assets.............................. 253,600

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

Any comments/suggestions welcome

Gillybean

Only just seen this MOOC, massive congratulations!

It must feel sooooo good to know you own your home outright and no one can take it away from you.

mummyofonechild

Gillybean wrote: »

Only just seen this MOOC, massive congratulations!

It must feel sooooo good to know you own your home outright and no one can take it away from you.

Thank You

I dont think it will sink in until I get that final letter from the B/S. They have had the final cheque a week now and have heard nothing. I know they got it as I delivered it in person to their HQ :rotfl:

mummyofonechild

Afternoon all

I have just been to a friends house for coffee and found out they need to sell their house and move as they cannot afford their monthly mortgage payments and are already in arrears. I offered them what financial advice I could but felt a little guilty and felt that this was not the time to tell them our news.

Hope you are all having a lovely weekend

MOOC xx

Sepa74

That's sad. How awful for them.

But it really puts meaning behind the words 'mortgage free', doesn't it.

mummyofonechild

Thanks and Yes it certainly does.

[Deleted User]

Hey mooc
I can understand wanting it in black and white in front of you for the mortgage freedom to really sink in!
How sad for your friends- and what a reality check to all of us doing what we can to try and avoid such a situation- for me knowing my home is secure is such a massive thing....

SOA looking good
Only thing Id notice is electric seems high ish - then again I live in a flat!
Car ins seems slightly on the high side- not sure if there is a reason for this or this was the best quote??
Grocery's have you tried downgrading a few products to see if you could shave say £40 or so a month off? Its surprising what tastes nice when you try it! or using Al*di and L*dl if you have them near you?