Move mortgage mountain project

vandanfc

Hi J

Have a good read of the "Up your income" boards, loads of good ideas.

Vanda

Baby_steps_2

Welcome to the boards. I'm a mixture of a DFW and MFW (didn't realise how much debt until started here so staying put as come July should mainly be a MFW:j:j)

Good luck working out the budget for the holiday, don't forget when you are working out previous holidays spends to count any money you vahnged before you went (if any) not just spends over there. Once you have a starting point you will be able to work out where you can save.

Being a MFW is a long term goal so if you don't treat yourself occassionally you will go mad, as well as miss out on opportunities to spoend precious time with your DD's. Before you know it they will be all grown up.

Sounds liek you have your personal challenge all sorted, and it even seems achieveable which is even better:T

January20

julliff wrote: »

Hi

Thanks for the replies.

Quick uodate -

Sainsubrys have confimed that they have settled both of the Vets bills - that is a huge relief

I am trying to calculate a budget for the holiday - I have all my credit card statements from previous years, so I am going to use them to try to work out a figure. A lot of assumptions will need to be made - i.e there are only 3 of us now, prices will have increased - etc.

We already have quite a few things on out itinerary, so I will lok up admission charges on the net. Again will have to use an assumed exchange rate. Will take me a couple of days.

getmore4less - we have never budgeted for a holiday before, but I would guess that we were spending about £6K on our holidays.:eek:

Great news on the vet's bills :T

You could use a currency converter like this one http://www.xe.com/ucc/ to give you an idea of prices when you are away. It saves having to calculate it yourself
6K on a holiday wow!!!

getmore4less

julliff wrote: »

we have never budgeted for a holiday before, but I would guess that we were spending about £6K on our holidays.:eek:

Thats a good budget for 3 gives lots of options.

I try to do door to door planning budgets, including the fuel parking etc for individual holidays, this way you can isolate holiday planning from the overall "family" budget once you have set the amount for the year.

With the holiday planning you can prioritise the spending, better hotels, club class flights, longer holiday or more cheaper holidays within that annual budget. For the stress relief also look at weekends away there are some great hotel deals out there.

Brighton_belle

Just a thought Juliffe, but any value in getting your DD's envolved in the budgetting? Paticularly your eldest DD could benefit and may respond very well to understanding that a huge luxury holiday isn't a right, but has to be worked for and earnt and means the sacrifice of other things (which is fine - it is about choices).
It will be good for them to grasp that even the dull things, like petrol and car parking have to be planned for.

And when the final budget is decided, perhaps demonstrate how many weeks of taxable income you will have to earn to pay for this: and I do mean doing this is a light hearted positive way. But it is good at 15 to begin to grasp these sort of equations.

Or perhaps the girls could have there own pocket money budget on the hols.

And remember, this year you do NOT have to do endless driving if you don't want to: it is your holiday too:D

PS Like the new siggy:D

julliff

hi all, thanks for your replies. I haven'thad a lot of time to look at the holiday budget, but I have done a SOA (hope I've done it right).
I sugggested to DDs that we do a holiday budget, and they seemed quite agreeable. Will try to do this week.


Household Information
Number of adults in household 1
Number of children in household 2

Monthly Income Details
Monthly income after tax 2500
Partners monthly income after tax N/A
Benefits. 177
Total monthly income 2677

Monthly Expense Details
Mortgage 982.74
Regular Savings 250
Secured/HP loan repayments. 0
Council tax 92
Electricity 50
Gas 51
Water rates 21.75
Telephone (land line) 12.7
Mobile phone (x3) 28.5
TV Licence 14
Satellite/Cable TV 20
Internet Services 19.5
Groceries etc. 280
Clothing 50
Car Tax 15
Car Insurance 20.5
Petrol 85
Pet insurance/vet bills. 9
Buildings insurance. 10.75
Contents insurance. 4.9
Life assurance 12.16
Denplan 15.5
Presents (birthday, christmas etc). 50
Haircuts… 5
Account fees 12.64
Holiday. 500

Total monthly expenses. 2612.64

Assets
Cash. 700
House value (Gross).. 200000
Shares and bonds 0
Car 500
Other assets.. 19000
Total Assets 220200

Secured & HP Debts 0



Monthly Budget Summary
Total monthly income 2677
Expenses (including HP & secured debts). 2612.64
Amount left after debt repayments
Personal Balance Sheet Summary 64.36
Total assets (things you own). 220200
Net Assets 220264.4


My income is fixed by me. I just take the same in salary/dividends that I was earning before I went contracting, and I leave all other money in my company. This is to make sure that I have an income to cover sickness/holidays and being out out contract. My aim is to have 6 months worth of income.

Willtry to post holiday budget tonight!

Dinah93

Hi Julliff, just realised how long it is since you last posted. Hope all is well with you and your DDs x

SkintGypsy

Juliff, you are one impressive lady! Followed your other thread, so it's nice to see a new chapter.

Primrose

I've subscribed to this thread Julliff. Was so inspired by your other thread and your efforts to turn your life around. Am sure that with your determination you'll make an equal success of this project. Good luck!

julliff

Hi all

Sorry it has been so long since I typed anything here!

Dinah - just one week to go to your wedding - I bet you are really excited! Hope it all goes like a dream, I'm sure it will.

DDs are well, and we all got on really well on hols. DD1 got all B's in her GCSEs (the yr 10 ones), AND she even properly cleaned her room. DD2 has been worried about me, as I have to admit I have been a bit flat in the last week or so. Must try harder to not feel sorry for myself!

Anyway -

Now back from holiday - so hopefully I can turn my attention to this challenge. Although - as it is for everyone, there is always something that needs doing!

the hall, stairs and landing are an absolute fright, and have been since we had some building works done in 2004! I've had some renovations done this year, but the whole thing needs decorating. So I got a decorator to quote, and it came back as nearly £2K!! That is about double what I was expecting! Have to think about that one.

Mortgage currently stands at £117198.43. I have £2000 in my high interest account, which I can use to reduce the balance, once the fixed rate ends (Feb 2012).

I am also putting money aside into another account to pay for the car I bought on my 0% credit card.