Money woe to money wealth challenge

binnie

Hey Rictus,
I've got a job at last. I got the news yesterday :j

rictus123

Whay hey, result Binnie!!! Full time or what? Anything is better than nothing so stick with it even if its not that fun, just think how lucky you are after all this time!! Mortgage free in no time

binnie

It's 20 hours a week, but the manageress said she can fit the hours around my agency work, so that is brilliant.
Whooo hooo

rictus123

Sounds perfect for you then!! This could be the start of something good for you...hoping i get a good change next month with my payrise! Need it!

binnie

I hope your payrise helps you without having to work so much overtime. It must be tiring.

rictus123

Well i love the money it brings! Only thing is im working myself when doing that overtime, noone else hardly does any except the site manager so its a big site and like ghost town. So stopping for a tea break or that only takes 5 mins as opposed to the half hour it takes if theres more people there..Just cant wait for it, got so many ideas for what to do with the extra surplus. Iv been putting away 25% of net income so i want to keep doing that while slowly building up my current account. Want to get about £2,000 in current account as a small emergency fund and have the 25% im putting in an ISA as my big one. Id eventually like £25,000 in there before i look to save money in other sort of accounts....Just hope my pay goes up to what my journeyman is on!

rictus123

Looking at my finances and financal situation how soon does everyone think i will manage to save £20k or so to buy a house?

rictus123

Well i have 3 weeks off paid holiday in July. Got asked today if i would like to work some of it as overtime and im all for it! Not going away and dont feel like sitting at home for 3 weeks when i could be earning time and a half wage to try and get rid of a card at least! Maybe keep it though as car insurance due in a few short months! Think im selling my van then handing car back in October and getting a cheap run around! Hopefully get at least £2,000 for my van.

rictus123

Well just over a month since i last posted!! I have been putting away 25% net income as soon as it hits my account....now its built up to £1,357!!! In just a short few months!! And still over £1,100 left in current account. Mind you it has to last another 26 days...as thats my next pay as iv just been paid 2 weeks + 3 weeks holiday. After holidays i get fortnights pay after a week back. Pay has just recently leaped up from £350 take home to £700 take home...more if i throw in a couple of saturdays and late nights. so i have 26 days to go and im £1,400 richer...bring it on, im getting right out of this hole im in!!!

Also not long until hand my car back, a few short months until October so good ridence to that and hello to £240 a month iv been wasting on it!!

rictus123

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 2600
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2600

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 240
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............................ 40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 25
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 20
Car Insurance........................... 0
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........................... 120
Holiday................................. 0
Emergency fund.......................... 650
Total monthly expenses.................. 1410


Assets
Cash.................................... 1500
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 2500
Total Assets............................ 9000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 5000.....(240)......0
Total secured & HP debts...... 5000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
loans..........................6550......330.......0
cards..........................1350......0.........0
overdraft......................500.......25........0
Total unsecured debts..........8400......355.......-


Monthly Budget Summary
Total monthly income.................... 2,600
Expenses (including HP & secured debts). 1,410
Available for debt repayments........... 1,190
Monthly UNsecured debt repayments....... 355
Amount left after debt repayments....... 835

Personal Balance Sheet Summary
Total assets (things you own)........... 9,000
Total HP & Secured debt................. -5,000
Total Unsecured debt.................... -8,400
Net Assets.............................. -4,400


NEW SOA!

Looks good even if i say so myself. Obviously will look so much better soon without the debt payments.

Anyway salary going up makes biggest difference. Dont know what else i can change. The £650 a month is 25% of net take home that i am putting away as a long term saver...hopefully never find myself in this position again.

My next fortnights pay will land on 5th Aug as im off on holiday right now. Looking at clearing overdraft with it..although may have to hold off until pay on 19th of Aug.

Getting rid of car once paid half - around October time. So that will be £5,000 debt gone without actually paying anything. Will be moting my van(that comes under my £2500 other assets) and taxing it in September then selling it off. Then itl be a cheap run around car until the debt is all gone....possibly another Passat as had one over last winter and it was amazing. So should see me an extra £1000 cash, less insurance/running costs plus £5k debt gone and £240.30 a month richer.


May do a little SOA with no debt payments...see how great it looks! Making a few small changes here and there every week...soon im sure it will all fall into place.