Naughtymittens naughty ways

I have been avidly reading this board for months and am absolutely amazed by some of the achievements and also quite embarrassed about how we seem to just pee money away! I am really keen to reduce our mortgage and save up a deposit for our next place.

I have been udecided about starting a thread but I thought I would for my own purposes to record everything as it might not be very interesting to others.

We bought our place at the peak of the market for £155k. I think an optimistic valuation today would be £140k. I would like to move in 3 years time and start a family. I know that we earn really good money but it hasn't always been this way. The last year has been spent using the money to pay off debts and doing the place up. Because we have so much disposable income we tend to just pay for stuff as we go which means we never really know where we are.

I have set out an SOA below, not really for comment, but for my own info as I know we waste a lot. I do want to live a nice lifestyle and not scrimp but neither do I want to waste money. I think I really need to get a grip on our spending so, when I get paid, I'm going to start a spending diary.

Background to some of the figures:
- phone, internet and cable are one. I'm not willing to downgrade this as we get a lot of enjoyment from it.

- mobile for me is £35 a month for an Iphone. Why???? Contract is up in a year and I will go sim only until the Iphone dies then just get a bog standard phone. Really don't know why I got the Iphone in the first place!!

- water and council tax are together.

- we have had some debts to pay. Not least because OH had debts that he'd kept from me (which is a whole other story). These are nearly all gone except one 0% credit card and a loan he took out over 5 years (this is particularly a sore subject!!!). The loan has about 2 and a half years left to run but he is in the process of making a PPI claim so we might be able to settle it soon. He didn't know he had PPI or even what it was until I asked him about it and I don't think he would have been eligible as had health problems at the time but we'll see. He is adamant that he needs to pay it off so that he'll learn his lesson so doesn't want to pay it off early. I know that from a snowballing POV this makes no sense but I can see where he's coming from. We may decide to pay it off early. He has totally changed his ways and it really onboard with being sensible about money now.

We have a points credit card where all food, petrol, etc goes so that helps for presents and the like. I use a cashback account for things like insurance and I have just transferred £44 from that into what will be the 'house savings' account (see below).

I would like to save up £30k in the next 3 years. I have no idea how realistic this is given our current ways but it feels like it should be achiveable if we smarten up our acts. The CC and the car payments will be gone in April. we have a big holiday at the beginning of the year so realistically can't save anything until March. My plan then is to put £510 into a savings account for a house deposit, £200 for things we always need to buy such as clothes, car insurance, etc and then £500 into a holiday fund. I know £500 a month for holidays is hugely extravagant but we really love travelling and we work really hard for our money so I do think we should enjoy it. Clearly £510 per month for 3 years won't equal £30k but I am planning on adding any pay rises to that and also bonuses (which I tend to get each year). I'm hoping once we do the spending diaries that we'll see where we waste money and that will help to bump the savings up.

Perhaps we are a lost cause??

Statement of Affairs and Personal Balance Sheet

Household Information

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

Monthly Income Details

Monthly income after tax................ 2128.5
Partners monthly income after tax....... 1636.83
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3765.33


Monthly Expense Details

Mortgage................................ 779
Secured/HP loan repayments.............. 329
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 139
Electricity............................. 53
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 56
Mobile phone............................ 35
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
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..................... 17.48
Contents insurance...................... 15.41
Life assurance ......................... 9.71
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1945.97



Assets

Cash.................................... 150000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 10000
Other assets............................ 0
Total Assets............................ 160000



Secured & HP Debts

Description....................Debt......Monthly...APR
Mortgage...................... 132297...(779)......4
Hire Purchase (HP) debt ...... 0........(239)......0<
Loan...........................0........(90).......0
Total secured & HP debts...... 132297....-.........-


Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................1833......270.......0
Total unsecured debts..........1833......270.......-



Monthly Budget Summary

Total monthly income.................... 3,765.33
Expenses (including HP & secured debts). 1,945.97
Available for debt repayments........... 1,819.36
Monthly UNsecured debt repayments....... 270
Amount left after debt repayments....... 1,549.36


Personal Balance Sheet Summary
Total assets (things you own)........... 160,000
Total HP & Secured debt................. -132,297
Total Unsecured debt.................... -1,833
Net Assets.............................. 25,870


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