Our savings and investments journey

MoneyQueen

Right, a bit of background first: We are a family if two – I and OH. I am 31, he is 32. We both work full time at the moment but we would want to have a baby at some point and I may be a SAHM or go part time then. SAHM sounds nice but I have started a new job last week which I am enjoying a lot so not sure yet. We will see when the time comes

I had been posting on the MFW board till now. Here is the link to my previous MFW diary: https://forums.moneysavingexpert.com/discussion/1382951

Thats all for the first post as don’t want to bore everyone with a long one, so will make several small posts. In the next post, I will post a view of the current finances/ SOA.

MoneyQueen

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2214.75
Partners monthly income after tax....... 2433.33
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 4648.08

Monthly Expense Details
Mortgage................................ 873.8
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 124.55
Electricity............................. 50 (this is for gas and electricity)
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0 (included in council tax)
Telephone (land line)................... 18.99
Mobile phone............................ 20
TV Licence.............................. 12.125
Satellite/Cable TV...................... 0
Internet Services....................... 20.95
Groceries etc. ......................... 150
Clothing................................ 50
Petrol/diesel........................... 60
Road tax................................ 15
Car Insurance........................... 32
Car maintenance (including MOT)......... 17
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 175
Emergency fund.......................... 50
Total monthly expenses.................. 1747.42


Assets
Cash.................................... 125617
House value (Gross)..................... 150000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 279117


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 87400....(873.8)....1.29
Total secured & HP debts...... 87400.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
0% Monthly Spend Card..........3457.24...50........0
0% Card Full Balance...........2845.9....88........0
Total unsecured debts..........6303.14...138.......-


Monthly Budget Summary
Total monthly income.................... 4,648.08
Expenses (including HP & secured debts). 1,747.42
Available for debt repayments........... 2,900.66
Monthly UNsecured debt repayments....... 138
Amount left after debt repayments....... 2,762.66

Personal Balance Sheet Summary
Total assets (things you own)........... 279,117
Total HP & Secured debt................. -87,400
Total Unsecured debt.................... -6,303.14
Net Assets.............................. 185,413.86

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

MoneyQueen

Here is the current Savings and Debt Breakdown

Mortgage: £87,400.00

Credit Card Debts (Currently at 0%):£6,303.23

Current Savings Breakdown ((These are all Net Rates)

Reg Saver 3.6% Expires Jan 2011 adding 500 per month = £5,000
Reg Saver 3.6% Expires Jan 2011 adding 500 per month = £5,000
Reg Saver 3.6% Expires Jan 2011 adding 250 per month = £2,250
Reg Saver 3.6% Expires Jan 2011 adding 250 per month = £2,250
Reg Saver 3.2% Expires Feb 2011 adding 250 per month = £2,250
Reg Saver 3.2% Expires Feb 2011 adding 250 per month = £2,250
Reg Saver 3.2% Expires Oct 2011 adding 250 per month = £500
Reg Saver 3.2% Expires Oct 2011 adding 250 per month = £500
Index Linked Fixed Savings 4.7% Expires April 2013 = £3,000
Fixed Savings 4.08% Expires Nov 2014 = £3,200
Fixed Savings 4.08% Expires Nov 2014 = £3,350
Cash ISA Fixed 5.00% Expires July 2014 = £7,218
Cash ISA Fixed 5.00% Expires July 2014 = £10,589
Cash ISA Fixed 3.75% Expires Dec 2012 = £3,878.91
Cash ISA Fixed 6% Expires Nov 2011 = £3,644
Cash ISA Instant Access 3.2% = £5,100
Cash ISA Instant Access 3.2% = £5,100
Cash ISA 2.5% = £3,736.48
Cash ISA 2.5% = £3,736.48
Instant Access Savings Account 2.4% = £8,774.11
Instant Access Savings Account 0.18% = £35.71
Instant Access Savings Account 0.18% = £35.71
Instant Access Savings Account 2% = £10.00
Vantage Accounts Instant Access 3.2% = £42,000.47
Reward Current Accounts = £4.35
Main Current Accounts + MB Float = £1,852.25
BoI Current Account = £100
Cash + Loose Change = £50
Euros - £201.67

Total Savings = £125617.14

MoneyQueen

Reserved for future..............

MoneyQueen

Reserved for future............................

Lokolo

I assume your £mil, would be assets inc house rather than just a £mil in cash??

MoneyQueen

Hi Lokolo,

Thanks for posting on my diary.

I haven't decided the details yet so not sure at the moment. Have posted my SOA now.

MQ

malik999

The answer is concentrate on ideas for increasing your income (current £4648). Becoming a millionnaire really isn't that difficult in todays world.

rictus123

I will follow this thread, and all your threads with great intrest! Iv got 12 years before im at the age you are at now so hopefully i can use some advice from you to long term better myself financially. Really a net worth of £1 million is still a great place to be at in life. I was speaking to someone today who was saying he wants to retire by 40 like his dad did..and he was sure he would get there..but had no plan. This is exactly the same as me but im going to try and make it happen rather than just expect it to happen for me.

MoneyQueen

Hi Malik999 and rictus123,

Welcome to my diary and thanks for posting. rictus123 great to see someone as young as you thinking about a secure future :money:

MQ

rictus123

Whats the 9 levels on your sig then MQ? I hope you keep updating this thread and keep at this challenge!