Moving onwards, the family home and making it MF. LP diary pt2

cha97michelle

I just sent you a PM xx

LilacPixie

TY Michelle.

I have just doe a very very rough SOA and i'm sure i have missed stuff off of it. I have opted to not add the mortgage payment in or the savings we have in bills account. Lots of anual bills are missing ostly because I have paid both taxes for the coming year so i'm having a few months off putting away cash

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 550
Partners monthly income after tax....... 1250
Benefits................................ 188
Other income............................ 0
Total monthly income.................... 1988
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 147
Electricity............................. 50
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 20
Mobile phone............................ 55
TV Licence.............................. 12
Satellite/Cable TV...................... 20
Internet Services....................... 20
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 44
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 14
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 10
Life assurance ......................... 49
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 883

Assets
Cash.................................... 0
House value (Gross)..................... 140000
Shares and bonds........................ 0
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 149000

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
zopa...........................5000......475.......0
next...........................400.......50........0
credit cards ..................4000......220.......0
Total unsecured debts..........9400......745.......-

Monthly Budget Summary
Total monthly income.................... 1,988
Expenses (including HP & secured debts). 883
Available for debt repayments........... 1,105
Monthly UNsecured debt repayments....... 745
Amount left after debt repayments....... 360
Personal Balance Sheet Summary
Total assets (things you own)........... 149,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,400
Net Assets.............................. 139,600
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

LilacPixie

Our family is getting another new addition..........................................



A 8 month old boy kitten

gratefulforhelp_2

LilacPixie wrote: »

Does anyone know if i buy sun cream when they sell it off in Autumn will it be ok for next summer?

It separates when it has gone off (slightly embarassing at pre-school!!)

LilacPixie

woohoo iary has been found...

No huge news other than i need to work... my brain is dying here. SOA above is slightly wrong, next bill is cleared Zopa has 3 payments to go and cards are around 6k as we did a SBT. I think i will redo soa in december and review then after 3 months spending diary.

CathT

Good to have you back. Just goes to show how busy this forum has become as it wasn't that long since the last post. You'll have to subscribe to your own diary so you don't lose it again!

When does maternity leave end? I'm just about to start mine!

LilacPixie

Hey Cath. My 39 weeks ends 17th October 2011 but I have leave to take but no idea how much. I have a meeting on Thursday to discuss days and hours, I am hoping to drop to 4 days a week in office and 1 day at home/mobile to deal with issues because I have no childcare on a Friday. I am also considering termtime but i think thats impossible.

DH is dropping our kids at the inlaws as we speak then he is coming back here, I hope to be able to sort out some longer term goals with him.

I have always wanted build my own house.. We have pretty much decided we will outgrow this place in about 7 years but realistically we will not be mortgage free by then, I estimate we will have abour 30k left on a property currently worth around 140k (valued october 2010 at 140k) so I am wanting to talk to DH and form a plan. I personally think we should hammer the mortgage but also save some smaller amounts in a S&S ISA, maybe lend via ZOPA. I feel we need some direction, Currently we will be MF when i'm 39 and DH is 37 if we stay in this house, that is obviously fantastic but I can't help but think that we should maybe extend the MF date and have a larger home, one we don't feel so squished in.

The reasons i want to build are I don't think we can get what we want from a regular house, we want 5 bedrooms, 3 bathrooms, office/work room for me, garage/worksop for DH who wants to restore a modern classic car something like a capri or a mk1 golf. He has even spoke about a kit car or helicopter, I draw the line at helicopter . He would like a games/chill room and I would like to be very very vain and have a pool within a pool house plus some nice gardens so i can grow my veg near to home as i find that relaxing.

Now we have zero idea of how much this would cost or if it is actually acheivable but I would be quite happy to extend our MF date, within reason, to acheive it. I am wondering about buying land and hedging bets on getting PP for that land but opbviously it needs a huge amout of research and is only viable if OH wants to go that way too.

Wish me luck.. I hope to return in a few hours with atleast a better idea of our general direction becuase at the moment I am fed up with doing all the work and DH just going along with it, i want a bit more feedback from him.

gratefulforhelp_2

We have bought land, betting on PP sometime in the next 20 years!

LilacPixie

Well we have came to a decision to continue oping mortgage as much as possible and then attend a selfbuild show next April to hopefully get a better idea of what we are doing and costs then we will go from there.

Lois_E

Good luck LilacPixie. Here's some info that abouttimetoo posted on wynnvegas's diary. It might be helpful.

abouttimetoo wrote: »

Hi Billy

Just to let you know there is a large article in the Mail on Sunday today on building your own home It's in the personal finance section and covers items such as mortgages, tax planning and insurance. Also has soundbites from people who have been through the experience.

Not sure if you can get the article on line but it could be worth trying. The journalist is Stephen Womack if that helps.

Doing this on pesky iPhone so apols in advance for any typos.

Regards
ATT