Debt free in ten years-my new, more realistic challenge.

hex2

Sounds like you are chipping away at things Poohbear and they are going in the right direction. Best of luck with it.

poohbear59

When things are difficult and money tight, and you think that things can't get any worse, they do.

Today the oil boiler gave up the ghost, for good. The heating engineer was unable to save it and before that it was burning oil so poorly that it was endangering us.

After some research we have decided to try to get through the rest of the Winter using the wood burner in the living room and as it has a back boiler improving the set up so it heats or at least warms the radiators. We managed to get through from May to the beginning of December without oil so we will go back to those days. Hot water bottles are cheaper than a new boiler, I say being more positive

The new boiler was going to cost at least £1500 plus it would have to be put on an outside wall which would incur greater costs. I feel as though I have saved about £2000 today.:D

poohbear59

This is my new SOA. I did one about 3 years ago. We have more secured debt now as we have set up our own business. But in less than 10 years it will all be paid off and we will have a comfortable retirement, I hope

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 4
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 366.4
Partners monthly income after tax....... 1922.96 £1422.96 is standard, rest is extras and can vary a lot. Soon to be just £1422.96.
Benefits................................ 377
Other income............................ 450 This can vary a lot so I have given an average. This month it will be £150! It is from holiday let rental.
Total monthly income.................... 3116.36

Monthly Expense Details
Mortgage................................ 945
Secured/HP loan repayments.............. 355
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 103
Electricity............................. 130
Gas..................................... 12
Oil..................................... 100
Water rates............................. 16
Telephone (land line)................... 34
Mobile phone............................ 20
TV Licence.............................. 12.12
Satellite/Cable TV...................... 45
Internet Services....................... 15.99
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 100
Road tax................................ 50
Car Insurance........................... 35
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 11
Pet insurance/vet bills................. 11
Buildings insurance..................... 61.79 this includes contents insurance.
Contents insurance...................... 0
Life assurance ......................... 79.88
Other insurance......................... 30
Presents (birthday, christmas etc)...... 50 ..spent last of it on food this month.
Haircuts................................ 0
Entertainment........................... 120 I think this is too high but it amounts to £20 per week for DH and £10 a week for me.
Holiday................................. 20
Emergency fund.......................... 50 account empty at present
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 2546.78


Assets
Cash.................................... 0
House value (Gross)..................... 350000
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 350700


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 105000...(945)......4.49
Secured Debt.................. 28000....(355)......4.6
Total secured & HP debts...... 133000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
barclacard.....................3000......80........0
Kitchen loan...................11000.....166.3.....4.5
Co-op loan ....................4050......111.7.....6.9
family.........................9400......220.......0
Total unsecured debts..........27450.....578.......-


Monthly Budget Summary
Total monthly income.................... 3,116.36
Expenses (including HP & secured debts). 2,546.78
Available for debt repayments........... 569.58
Monthly UNsecured debt repayments....... 578
Amount short for making debt repayments. -8.42

Personal Balance Sheet Summary
Total assets (things you own)........... 350,700
Total HP & Secured debt................. -133,000
Total Unsecured debt.................... -27,450
Net Assets.............................. 190,250

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

beanielou

Blimey your energy costs are very high.

beanielou

Do you really owe family 94K?

beanielou

Buildings ins & life ins both seem high?
Any liklihood they can be reduced?

Sorry Im tired.

HappyNow

Sorry to hear about your oil burner. If there is a positive, your soa shows £100 per month for oil so that's quite a saving.....

Will your wood burner stay in overnight? We have two solid fuel stoves downstairs plus a couple of electric heaters in bathroom/bedrooms which I rarely turn on, no central heating as such (there's no gas where we live). We light our stoves in October/November and they pretty much run until March. We find that by closing the lounge doors when we're in there we always have one lovely warm room, then at night we leave all the doors open and the stoves air the rest of the house. And you do acclimatise to it. Visitors always think our house is cold, but we're always too warm at theirs!

But an ESSENTIAL item for me is an electric blanket - one of the stretchy mattress cover types that doesn't bunch up under you. They are worth every penny if you can possibly stretch to one and they can be left on overnight during the coldest weather. We are always toasty warm in bed even when we can see our breath in the actual room!

poohbear59

beanielou wrote: »

Blimey your energy costs are very high.

We are in a dispute with the electricity company ATM. But are also paying off the last 6 months bills in with current> We swapped companies and it took months to set up the DD.

beanielou wrote: »

Do you really owe family 94K?

Thanks :rotfl::rotfl: edited now. I think I must have been getting tired too

beanielou wrote: »

Buildings ins & life ins both seem high?
Any liklihood they can be reduced?

Sorry Im tired.

This is a reduction on what they were. My life ins is high and the rebuild costs of this house are stupidly high because of the age. Buildings insurance includes contents and accidental damage on both.


At least as happy says, I can save £100 month on oil now Mixed blessings..

poohbear59

HappyNow wrote: »

Sorry to hear about your oil burner. If there is a positive, your soa shows £100 per month for oil so that's quite a saving.....

Will your wood burner stay in overnight? We have two solid fuel stoves downstairs plus a couple of electric heaters in bathroom/bedrooms which I rarely turn on, no central heating as such (there's no gas where we live). We light our stoves in October/November and they pretty much run until March. We find that by closing the lounge doors when we're in there we always have one lovely warm room, then at night we leave all the doors open and the stoves air the rest of the house. And you do acclimatise to it. Visitors always think our house is cold, but we're always too warm at theirs!

But an ESSENTIAL item for me is an electric blanket - one of the stretchy mattress cover types that doesn't bunch up under you. They are worth every penny if you can possibly stretch to one and they can be left on overnight during the coldest weather. We are always toasty warm in bed even when we can see our breath in the actual room!

We have a storage rad in the kitchen diner as well as the wood burner so I am now retraining the family to always shut the doors after them.

What a good idea to leave the lounge door open at night. I will start to do that and remind DSs too. Thank you.

DH is always too hot at night and I am usually cold so maybe a half bed electric blanket might work. My aunt was offering me one just before Christmas. I will see if she still has it.

beanielou Our query with electric company is about the night time usage which is the equivalent of us having about 8 storage rads. I have to send a digital photograph of the meter as they can't quite believe our usage.


I was thinking of turning off the storage rad but this doesn't seem like the right time...

poohbear59

Today's plan is to assess the house for insulation and draughts.Then add some temporary treble glazing where it is necessary and sort out the porch doors so they shu,t and hopefully stay shut in the storms. Then, hopefully, we can continue to heat the house with wood and sell the oil we have in our tank.

I turned the storage down to number 3 out of five, just need to see if it is still warm enough to work in the kitchen diner.