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greent's mfw journey

edited 25 May 2010 at 11:41AM in Mortgage-Free Wannabe
2.4K replies 233.3K views
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  • greentgreent Forumite
    8.9K posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
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    UNfortunately, yes, it really is that much :( We can pay it over something like about 6 months though - which is a help, I guess...

    ebay finally let me on to list some things (It kept taking me back to the log on screen) 26 items on there and a huge pile of stuff still to go. I shall be happy if I get to 50 over the weekend. Am trying to concentrate on the stuff starting at more than 99p and then I can list the cheaper stuff for free anyway during the week.

    Got 2 boxes of DS1 clothes from loft for DS2 - masses of stuff! Have decided that I don't really like about 4 items, so have put them aside for the next NCT sale. Have also found 4 brand new items still with tags on. 1 has definitely gone to DS2 (favourite colour) and I'm dithering about the others - I may use them for presents for cousin's children (birthdays in July)

    Tax credits - you can't apply online, but I did finally get through and they're sending me an application form. At a rough look they think that we may be entitled to about £15/ week now - yeay!!!
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/19 £48986 2020 OPs (#18) £4980/6K
    Net sales 2020 £573.28/£500 Decluttering: 1565/2020
  • greentgreent Forumite
    8.9K posts
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    Mini update for May so far:

    Have £65+ in my paypal account with some items ending this weekend on ebay. Will tfr to current account when it gets to £100. Have £200 sat in an unused bank account that is being transferred to my current account. Also have £100 previously transferred from paypal. So have £365 so far towards OP target of £500. I did get £30 back from people yesterday for some theatre tickets that I bought back way in March - so (as I've absorbed that and paid that CC bill ages ago) I may include that - ooh, that makes me £395 ...... getting there..... Must list some more stuff on ebay (such a drag when doing 99p listings!)

    Will also get around to doing SOA.... haven't as yet and I really really should......

    greent x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/19 £48986 2020 OPs (#18) £4980/6K
    Net sales 2020 £573.28/£500 Decluttering: 1565/2020
  • Queen-Bee_2Queen-Bee_2 Forumite
    828 posts
    Mortgage-free Glee!
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    That is really shocking about the cost of your DD's braces - I really feel that stuff like that should be paid for by the state. Otherwise it discriminates against children whose parents' cannot (or don't want) to shoulder such a burden!! And that puts us back several generations... Oh well...

    Well done on all your ebay transactions and listings!
    QB
  • edited 21 June 2010 at 2:42PM
    greentgreent Forumite
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    edited 21 June 2010 at 2:42PM
    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 4
    Number of cars owned.................... 2
    Monthly Income Details
    Monthly income after tax................ 575
    Partners monthly income after tax....... 575
    Child Benefit........................... 262
    Other income............................ 40
    Total monthly income.................... 1452
    Monthly Expense Details
    Mortgage................................ 1150
    Secured/HP loan repayments.............. 0
    Council tax............................. 154
    Electricity............................. 65
    Gas..................................... 60
    Water rates............................. 36
    Mobile phone............................ 45
    TV Licence.............................. 12
    Cable TV/internet/ landline............. 50
    Groceries etc. ......................... 450
    Clothing................................ 50
    Petrol/diesel........................... 120
    Road tax................................ 30
    Car Insurance........................... 62
    Car maintenance (including MOT)......... 0 both brand new with service deals
    Car pking.inc in petrol(if not expensed) 0
    Childcare/nursery....................... 0
    Other child related expenses............ 80 Guides, Cubs etc
    Medical (prescriptions, dentist etc).... 30
    Pet insurance/vet bills................. 0
    Buildings and contents.................. 72
    Contents insurance...................... 0
    Life assurance ......................... 20
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 50
    Haircuts (most amount if DH & the boys). 30
    Entertainment........................... 50
    Holiday................................. 100
    Emergency fund.......................... 100
    charity/ memberships.................... 20
    Total monthly expenses.................. 2836

    Assets
    Cash.................................... 14000
    House value (Gross)..................... 320000
    Shares and bonds........................ 20000
    Car(s).................................. 38000
    Other assets............................ 3000
    Total Assets............................ 395000

    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 101450...(1150).....4.99
    Total secured & HP debts...... 101450....-.........-
    Unsecured Debts
    Description....................Debt......Monthly...APR
    Total unsecured debts..........0.........0.........-

    Monthly Budget Summary
    Total monthly income.................... 1,452
    Expenses (including HP & secured debts). 2,836
    Available for debt repayments........... -1,384
    Monthly UNsecured debt repayments....... 0
    Amount short for making debt repayments. -1,384

    Personal Balance Sheet Summary
    Total assets (things you own)........... 395000
    Total HP & Secured debt................. -101,450
    Total Unsecured debt.................... -0
    Net Assets.............................. 293,550
    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission, using IE browser.


    Just done the above. In reality our income is more. That's what we draw out of OH's company monthly, but then we will take 1/4ly dividends. On accountants advise we're meant to keep this as low as poss to maximise our tax credits (didn't get before - OH's gross salary was about 70k) and use savings and then next year increase drawings/ dividends.

    It also doesn't take into account the BTL property. That covers its mtge and a little more but I've earmarked all of that this year for sols fees to extend the lease and do some redecoration.

    We're also expecting a tax bill of between 10-15k for OH when his tax return is done (a redundancy payment last year was paid with basic rate tax and he was a higher rate payer)
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/19 £48986 2020 OPs (#18) £4980/6K
    Net sales 2020 £573.28/£500 Decluttering: 1565/2020
  • Queen-Bee_2Queen-Bee_2 Forumite
    828 posts
    Mortgage-free Glee!
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    Hi GreenT

    Your building insurance looks quite high at £72 pcm. I'm assuming this includes contents as well, but even so... Mine was about this level before I focused my MSE attention on it, as I'd simply been renewing with my existing provider.

    By changing to the Halifax, I managed to reduce my premium to £42 pcm - and get £50 cashback. I know that this is still quite steep in comparison with most other posters' on the board (mainly a function of where I am and getting the cover I wanted), which is why I've picked out you £72 as an area for potential reduction!

    QB
  • greentgreent Forumite
    8.9K posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
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    Hi QB-

    yes it does include contents and is high due to having 4 claims in 14 months..... :( When it's up for renewal (and we have had a claim free year!!) I will be shopping around. It used to be £38/mth for the 2 :(:(
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/19 £48986 2020 OPs (#18) £4980/6K
    Net sales 2020 £573.28/£500 Decluttering: 1565/2020
  • pammyj74pammyj74 Forumite
    3.3K posts
    Its amazing looking at other peoples figures and savings, people having money here there and everywhere lol
    well done
    MPs left feb '08 276- Dec 13 36 :T MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 :eek: NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!! :j
  • greentgreent Forumite
    8.9K posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    Hi Pammy -

    savings due to OH being made redundant (twice in 7months!) with a large payout the first time (nothing the 2nd) and money put aside for tax bill. Shares were SAYEs in previous employer - a bank! Sadly worth 1/5th of what they were :(
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/19 £48986 2020 OPs (#18) £4980/6K
    Net sales 2020 £573.28/£500 Decluttering: 1565/2020
  • greent wrote: »
    DD(aged 12) has been told she needs braces for her teeth but isn't eligible for NHS funding (Needs to be a '7' to get funding, she's a '5-6' That'll be £1675!!! Think that might slow up my OPs ;)

    just a personal response - make sure she actually needs the braces! i was told at about that age that i needed braces, but i was really against getting them and my parents decided to wait and see. a few years ago i got two veneers to 'hide' my slighty crooked front teeth, which were pain free and less expensive!
  • greentgreent Forumite
    8.9K posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
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    Unfortunately it's a bit more than just crooked teeth :(

    Anyway, I have just discovered that if I overpay an extra just-under-£700 before the end of June I will be under £100k :D This is now my target to do. Whilst I have that money and could do it now, DH has been told that his contract is unlikely to be renewed and may even be up by July time (eek!!) so I want to make it from money saved/ obtained, rather than just from savings (it's logical to me, honest!!) Have £400 so far physically in the bank :-) Have £100 waiting to track through on quidco. WIll see what else I can re-jig and how quickly I can do it. Have lots of stuff still to list on ebay at 99p start prices, but that's tedious (however, needs must, and all that!)

    Anyway, this has given me a little challenge and focus - was beginning to waver a little :(
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/19 £48986 2020 OPs (#18) £4980/6K
    Net sales 2020 £573.28/£500 Decluttering: 1565/2020
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