New recruit: First steps (advice appreciated)

BaconandEggs

I just made a £2000 OP and have increased our monthly OP's to £750.

It will be nice if we could keep this up. If we do, we will have paid off as much in the first year as we would have done if we did not make any OP's by the end of our 5 year fix! We are almost on the next "ltv level".

Having said all this - we might have some good news which means that we need to decorate another bedroom pretty soon and be spending more money month to month! That's going to have a drastic effect on the ability to overpay: more outgoings and only one of us working!

Sepa74

Oooh! Exciting news... lovely

BaconandEggs

I've just OP'd around £2k, bringing OP's so far to £9k after 9 months. £1k/month on average so far.

I'm not sure of the exact figures, but according to the calculator this amounts to nearly a £19k saving or 4 years and 9 months off the term.

We may pay a small amount before the end of the year. Either way - I'm pretty happy about this.

BaconandEggs

Managed to get confirmation of 9 months free broadband (at less than £7 per month!) making it effectively £1.70 something a month. Bargain.

I've now changed my mobile phone accounts etc. So I effectively pay around £10 per month - instead of the previous £20+.

BaconandEggs

We spent approx £500 this Christmas compared to £1k+ last year.

OP'd by £500 yesterday making this our final payment of 2011.

BaconandEggs

£500 op made this month.

Total balance now in £80k's as of today!!

BaconandEggs

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 2045
Partners monthly income after tax....... 1050
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3095

Monthly Expense Details
Mortgage................................ 450
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 124
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 44
Telephone (land line)................... 10
Mobile phone............................ 10
TV Licence.............................. 12.2
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 100
Road tax................................ 24
Car Insurance........................... 64
Car maintenance (including MOT)......... 30
Car parking............................. 6
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 24
Pet insurance/vet bills................. 0
Buildings insurance..................... 19
Contents insurance...................... 11
Life assurance ......................... 70
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 23
Entertainment........................... 50
Holiday................................. 100
Emergency fund.......................... 55
Total monthly expenses.................. 1606.2


Assets
Cash.................................... 6000
House value (Gross)..................... 135000
Shares and bonds........................ 0
Car(s).................................. 3500
Other assets............................ 0
Total Assets............................ 144500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 89999....(450)......4.19
Total secured & HP debts...... 89999.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 3,095
Expenses (including HP & secured debts). 1,606.2
Available for debt repayments........... 1,488.8
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 1,488.8

Personal Balance Sheet Summary
Total assets (things you own)........... 144,500
Total HP & Secured debt................. -89,999
Total Unsecured debt.................... -0
Net Assets.............................. 54,501

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

BaconandEggs

Just posted new version of SOA.

Reason being that it was very much a work in progress when originally posted here.

Values are now more accurate and I've been working hard at shaving things off.

In particular mobile bills have been reduced significantly. Gym bills are much reduced too. These two savings have given us an extra £60 per month alone.

These savings were all as a result of great advice from people on here.

There is currently nothing listed for broadband as I have 9 months free. However, it will be around £7 per month once it restarts.

My aims for further reductions in spending are to reduce transport costs. This will mean being disciplined and getting the bus more.

I also aim to do more walking - so these two things tie in together.

Trying to get everthing as streamlined as possible as another mouth to feed is going to change that SOA again!

BaconandEggs

Just put a stack load of stuff on Amazon.

Some things put aside to put on ebay on sunday. Will need to scan a couple of things in and research potential selling prices.

katsu

HI B&E,
On your SOA lots of it looks really good, like the mobiles, well done there. The life assurance seems dear at £70. Are you/Mr B&E insured via your workplaces? Many of them pay out for example 4xsalary if you die. DH and I both have the work cover so haven't bought separate policies.

Do you have the £1488 per month left over?

Your G&E is higher than ours - we are 2 adults in a semi and pay over £10pcm less than you so maybe you can cut this a bit? Have you checked to see if you should switch?