Amanda Starts her Mortgage free Attempt!

amanda61_2

Hi Everyone,
A bit about me... 2010 Got divorced and was left stuffed with the morgage which was way too large for me on my salary and a house that i cant sell as its fallen in value. The house is currently rented out.

Upside, lost a lot of weigh (from 133kg - 85kg) in a year and three months, and got a bit of a pay rise.

Its been a hard year but thank Goodness for my mum!!

I now fill its time to tackle my mortgage and debts. I keep paying off my credit cards and spending like a mad woman so i am hoping by posting on here it will give me some control. (i know i am a bit excited about my weight loss and keep buying clothes but its enough now! )

Mortgage is interest only as i can't afford to go on repayment for now but i am allowed to overpay by 10% every year so i want to aim to pay 3,000 off this year as a minimum.

I have six months emergency cash now saved up with a bit extra.

My bills are quite high and fixed for now but once i pay off the credit cards, i can start putting that extra into the mortgage.


I have posted my statement of affairs and would love any comments.

Thanks for reading.

amanda:D





Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 2130
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 850
Total monthly income.................... 2980
Monthly Expense Details
Mortgage................................ 926
Secured/HP loan repayments.............. 245
Rent.................................... 470
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 19
Gas..................................... 43
Oil..................................... 0
Water rates............................. 13
Telephone (land line)................... 9
Mobile phone............................ 38
TV Licence.............................. 10
Satellite/Cable TV...................... 25
Internet Services....................... 6
Groceries etc. ......................... 90
Clothing................................ 40
Petrol/diesel........................... 60
Road tax................................ 18
Car Insurance........................... 55
Car maintenance (including MOT)......... 50
Car parking............................. 13
Other travel............................ 85
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 7
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 65
Entertainment........................... 25
Holiday................................. 70
Emergency fund.......................... 15
(Unnamed monthly expense)............... 0
BG homeserve............................ 31
garage.................................. 41
mums mobile............................. 11
lunch at work........................... 40
lottery................................. 10
Golf and related........................ 20
O/seas bills............................ 70
Books................................... 10
Takeaway................................ 15
Total monthly expenses.................. 2780

Assets
Cash.................................... 21000
House value (Gross)..................... 240000
Shares and bonds........................ 1600
Car(s).................................. 1200
Other assets............................ 600
Total Assets............................ 264400

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 188500...(926)......5.89<
mortgage 2.....................30000....(245)......0
Total secured & HP debts...... 218500....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Natwest CC.....................450.......19........25
Next Store card................210.......20........26
barclaycard....................200.......15........19
Personal.......................450.......40........0
Creation.......................2330......75........0
Amex...........................600.......25........19
Total unsecured debts..........4240......194.......-

Monthly Budget Summary
Total monthly income.................... 2,980
Expenses (including HP & secured debts). 2,780
Available for debt repayments........... 200
Monthly UNsecured debt repayments....... 194
Amount left after debt repayments....... 6
Personal Balance Sheet Summary
Total assets (things you own)........... 264,400
Total HP & Secured debt................. -218,500
Total Unsecured debt.................... -4,240
Net Assets.............................. 41,660
Created using the SOA calculator

spandles

Hi Amanda,

There are lots of people here that will help with your SOA's - but I think the good weather is keeping them away as the site seems very quiet this weekend!

2 areas jump out at me:

car insurance seems high - have you shopped around/looked at comparison sites?

Hair cuts-is this a luxury/necessity - could you make some savings here?

Good luck

X

RosieTiger

Hi, are you saying that you have twenty one grand in cash? if so I would look at paying off your cards on the basis that you must be paying more in interest on them than you are earning on your savings.