Danni R's little road to riches?

Sepa74

OK... now to practical things....

Why don't you post a Statement of Affairs, and then some very experienced people will come along and point out areas where you could be making savings. You can also use it to set yourself some sensible targets for clothes and accessories which mean you are less likely to accumulate stuff to sell on e-bay!

Danni-R

Hi Sepa.

My housemate was a friend who I used to hang out with every couple of weeks and didnt speak to for a while (years!) so he's a friend but not in my immediate circle which I think should make it easier.

This climate sucks! But I'm hoping it'll pick up in 3 years time when I can re-mortgage etc.

Let me get my SoA presentable and then I'll open it up to the wise ones!

The spare room would have been a great office for my e-bay 'empire' but I just never got round to it. so its all in the living room which isnt great but hopefully most of the bulky stuff will have gone by the time he moves in.

Danni-R

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1300
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 350
Total monthly income.................... 1650
Monthly Expense Details
Mortgage................................ 491
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 91
Will go up a little when HM moves in
Electricity............................. 38
Gas..................................... 38
with e-on and dont use near this but with christmas dont want to reduce and claimed £150 back last month
Oil..................................... 0
Water rates............................. 40
should be 20 but they made me pay for a year in 6 months for some reason
Telephone (land line)................... 30
Mobile phone............................ 15
TV Licence.............................. 11
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 30
Petrol/diesel........................... 160
cant reduce this :-(
Road tax................................ 15
Car Insurance........................... 30
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
just tend to get new glasses every few months from this site
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 1
i get 4 x annual salery from work which clears mortgage
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
this is actually made up from e-bay sales so dont spend my actual money.
Haircuts................................ 0
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 30
Total monthly expenses.................. 1245

Assets
Cash.................................... 0
House value (Gross)..................... 148000
Shares and bonds........................ 0
Car(s).................................. 4500
Other assets............................ 0
Total Assets............................ 152500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 105000...(491)......3.89
Total secured & HP debts...... 105000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
HSBC OD........................1500......25........19.9
Total unsecured debts..........1500......25........-

Monthly Budget Summary
Total monthly income.................... 1,650
Expenses (including HP & secured debts). 1,245
Available for debt repayments........... 405
Monthly UNsecured debt repayments....... 25
Amount left after debt repayments....... 380
Personal Balance Sheet Summary
Total assets (things you own)........... 152,500
Total HP & Secured debt................. -105,000
Total Unsecured debt.................... -1,500
Net Assets.............................. 46,000
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE
browser.

And you're right.... I have no where near £405 a month left.

Muhren

Danni-R wrote: »

Do you need him to move in or does it just make it easier?

At the moment I don't need him to move in but the money could go towards some nice op's. Saying that I am not very happy in my job which you may think is a bit strange seeing as I have just brought a house so don't know if my income will remain at the same sort of level if I find a new job.

Have you tried looking at the Gambling Introductory Offer Loopholes forum on here as that is a way to make some good additional money? It may look very complicated (well it did for me) when you first read the guides but you should stick with it and hopefully reap the rewards!

Danni-R

I am trying to avoid the gambling thing. I know my brother have dabled with it and done ok but I dont understand enough of it to want to try.

Sorry about not liking the job. Always makes it harder when you have 'responsibilities' etc.

Muhren

That is fair enough, but it has certainly helped me along the way!

Yeah the job situation isn't great but I wanted to get on the property ladder and at the time the job was going ok but not so much now. Hopefully I can find something else fairly soon that pays around the same or more, that would be a real bonus!

Nosht

No provision for repairs & maintenance.
You must have an emergency fund somewhere.

N.


P.S. e.g. I put some spare cash into Premium Bonds in March, to date I have withdrawn 2/3ds & I won £25.00 (tax free) last month. OK it's not great but it is SAFE.

Danni-R

I dont have a provision for repairs or anything yet.

There just isnt the money at the moment to be able to put anything else aside.

I get paid in 5 days time so will be able to start fresh and see what is what.

I love premium bonds. its just hard to save with them as it has to be £100 minimum and then its not easy access. But I do think that they are a great way to save money (when I have some!)

Muhren, have you been looking? I'm not looking so I dont know what the market is actually like out there at the moment.

Sepa74

It sounds like you might find a spending diary helpful to get a grip on your spending. Your SOA says £405 left each month, but it sounds like that money is rolling out of your bank account somewhere!

If you have a smartphone you can download free spending diary apps, otherwise a pen and notepad are the tried and trusted ways of keeping a diary, aided by a spreadsheet to categorise and analyse the spend.

It's well worth it to get the finances under control so you can start building up your emergency and renovations funds prior to starting to OP.

Danni-R

I'm getting an iphone on saturday. Its my brothers old one (I am still on PAYG.)

The emergency fund is meant to be 3x monthly bills etc right?

How do you work out the renovations thing?

I dont really have much more small things to do. And I buy paint when I need it etc. Its now all the big stuff. carpets, flooring, bathroom and kitchen.