What is your long term saving strategies?

Accountant_Kerry

Rictus you got an SOA on what you're planning?

rictus123

Iv done one before...i will go and knock one up now! Get it all down then have a look and see what i can do by xmas!

Accountant_Kerry

good stuff, i need to do one as well for when i go back to work in Jan. I want to have saved £20k by the end of next year which will be tough

rictus123

Kerry..lets do it together yeh? Il review and make an aim at xmas, depending where im at...then we can compete on a % of our target. Il easy compete with myself though as im that motivated to do it. Heres my SOA...


Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1333.88
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 200
Total monthly income.................... 1533.88

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 20
Petrol/diesel........................... 160
Road tax................................ 20.83
Car Insurance........................... 75
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 0
Entertainment........................... 80
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 535.83


Assets
Cash.................................... 750
House value (Gross)..................... 0
Shares and bonds........................ 700
Car(s).................................. 7000
Other assets............................ 1000
Total Assets............................ 9450

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
RBS............................506.31....12........16.9
C.O............................148.99....0.........27.9
Overdraft - rough fig..........400.......0.........0
Total unsecured debts..........1055.3....12........-


Monthly Budget Summary
Total monthly income.................... 1,533.88
Expenses (including HP & secured debts). 535.83
Available for debt repayments........... 998.05
Monthly UNsecured debt repayments....... 12
Amount left after debt repayments....... 986.05

Personal Balance Sheet Summary
Total assets (things you own)........... 9,450
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,055.3
Net Assets.............................. 8,394.7

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


Note the £200 a month extra income is through a little bit of overtime at work...i do homers and extra work sometimes which can see me get £1k one month and nothing for 2 then £200 an so on...irregular money so its not included. I do take in at least £200 a month over my Mon - Fri hours. This will be my salaray until my next rise is due in the summer.

Any words of advice? Obviously the £750 is whats coming in this Friday...id like to use some as a float....

And oops iv forgotten a major thing in my soa. Car payments of £240.40 a month for my car. Its not for that much longer but i missed out that section.

Accountant_Kerry

are you gonna pay off your rbs and co this month to get it clear if you have £750 left? or at least the co?

Accountant_Kerry

Ok, heres mine, just a few comments, we do have debts however we are making good inroads with these and contrary to much advise we are saving plus paying these off.

my partners wage isn't included as all his wages gos towards paying off debts, (much more than the min payments) hence i havent included either his income or any debts.

I also get bonuses every quarter and a yearly bonus.

I also have a final salary pension that i contribute to, this also includes a subatantial death in service benefit which i am currently using for my life insurance.

i take childcare vouchers and have reduced my salary and childcare costs accordingly,

i also have private medical insurance through my employer.

i will also get a bonus of a months salary on my return to work in jan, and a months salary bonus in july, this will amount to about £2000 a time after tax.

child benefit goes into savings for my daughter and this isn't in my target.

so can save easily £450 a month = 5400 over the year, plus £4000 return to work bonuses, plus around another £2500 in other bonuses. so total easily saved £11900, so another £8k wanted / needed from somewhere. I will be working on this!! no strict ideas as yet, but i can do it i am sure.

the reason my flat is rented is that 2 people a baby and a dog do not fit in a 1 bed flat!

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.................... 2
Monthly Income Details
Monthly income after tax................ 2850
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 479 - rent from my flat
Total monthly income.................... 3329
Monthly Expense Details
Mortgage................................ 557 - mortgage from my rented flat.
Secured/HP loan repayments.............. 0
Rent.................................... 825
Management charge (leasehold property).. 35 - for the flat
Council tax............................. 140
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35 - meter
Telephone (land line)................... 12
Mobile phone............................ 0 - free through my job
TV Licence.............................. 12
Satellite/Cable TV...................... 29 - not getting rid of.
Internet Services....................... 8
Groceries etc. ......................... 150
Clothing................................ 40
Petrol/diesel........................... 150 - travel to work
Road tax................................ 25 - 2 cars
Car Insurance........................... 40 - 2 cars
Car maintenance (including MOT)......... 40 - 2 cars
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 415 - full time nursery.
Other child related expenses............ 50 - nappies, clothes etc.
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 160
Holiday................................. 0 - will not be going on holiday in 2011.
Emergency fund.......................... 0
Total monthly expenses.................. 2875

Assets
Cash.................................... 4700
House value (Gross)..................... 100000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 106700

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 99000....(557)......6.49
Total secured & HP debts...... 99000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 3,329
Expenses (including HP & secured debts). 2,875
Available for debt repayments........... 454
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 454
Personal Balance Sheet Summary
Total assets (things you own)........... 106,700
Total HP & Secured debt................. -99,000
Total Unsecured debt.................... -0
Net Assets.............................. 7,700

rictus123

Kerry that is a pretty impressive soa!

Really what you need to look at is increasing your income. The exact same problem as me. Expenses are not our problem. Its the income that needs to be improved.

If i was to find something i can do part time/even through selling on ebay then id have goals and targets that would keep me motivated. All im buying the rest of this month and next that is not esstentials is my paint for painting my bedroom. So no more than £40 i wouldnt think and thats my lot.


With a £700 surplus + the extra work iv got lined up...should be looking at saving £1,500 between now and the end of next month. By saving i mean that could be put towards clearing the cards. Payday Friday but im going to wait until my next payday after that to clear them all in a oner if i can!

Accountant_Kerry

Thanks lol. i won't post it on the debt free board as if you aren't willing to sit in the freezing cold with no heating and tv you don't seem to be trying hard enough! :-)

My income is circa £55k before deductions, so any increase in my income has to be pretty big as i get stung for 40% tax on it, plus 9% of everything i earn over £15k is being taken to pay off my student loan although there is less than £1k left on that now.

i don't drive a flash car as i think its a waste and i don't care about what people think of my car tbh. Don't get me wrong i have squandered a LOT of money over the years, pretty much on the usual sex, drugs and music lol

Accountant_Kerry

oh, i also use a cash back credit card and quidco for all my spending, last year i got about £500 though quidco and £150 from my credit card and will be trying to up that this year. I keep meaning to really look into matched betting but it seems massive hassle. i used to run a fairly successful ebay business when i was at uni so i might try that again, fitting in a ft job and a baby is tricky enough though.

NeverInDebt

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