2012-A year if change so jumping aboard with all you MFWs!!

buttyb

Everything's changed for me in 2012;
-new job for 1 year (bigger salary) in India/London
-moved to London (renting a room)
-rented out my house-therefore increasing mortgage overpayments
-sold my car
-paid off car loan:j
-paid off additional loan:j
-started to pay off BTL mortgage
-completed Pilates instructor course (that future career is on backburner for a bit!)
-had to leave my dog at home:(

So this year I've cut down on lots of my outgoings and hoping to maximise paying off my debts and building up my savings, as well as enjoying my new life and opportunities at the same time! (I'm a single girl in London)

I've watched this forum for a few months and decided to join in!

To date-Feb 2012;
Mortgage = £97,000/£105,000 (20yrs rem)
BLT mortgage = £57,950/£58,000 (17yrs rem
Credit card (BLT costs) = £5,800/£7,200 (int free)
Savings = £5550
Prem bonds = £6500
Shares = £1400

So I will take on board any tips & advice you have to offer!

Jock_Tight

Best of luck

buttyb

Also can anyone provide me with a guide for all the acronyms used on this site SAO/SOA, LTV etc?

Feeling like it's a bit of a foreign language!

Can anyone send any speadsheets my way? I love to fill them in-sad I know!

Thanks in anticipation

buttyb

To get into the swing of being a MFW today I;

Paid £50 OP off the mortgage!:j
Paid £50 into my savings!:j
And paid £25 off my credit card!:j

Maybe I should be more targeted but I get a definite buzz from doing this!!

More to come hopefully!

buttyb

My one MSE act this week was to cut my mobile phone contract down from £25 to £10 a month and a new phone (as I dropped mine in the dogs bowl and it didn't swim:(). I suppose every little bit helps.
Off to India for a month that will curtail my spending!
Happy Money Saving!!

elantan

soa means statement of affairs ... it's where you not all your incomings and outgoings ... ltv is loan to value ... ie: you owe £50k but your house is worht £100k giving you an ltv of 50% if that makes any sense ...

any others ?

good luck in India i am a tad jelous well done on the pilates ... again jelous lol ...

good luck on your journey

buttyb

Thank you!
I am in India as I type!

One good thing I found out last week is that my BTL mortgage was slightly less than I thought; £57758, so I promptly paid off £58 just to make it a nice round number; £57700!
All these small things add up...!

elantan

i would love to go to India ... even have free flights ... just cant afford the hotel and spending money

buttyb

Its pretty cheap when you get here as long as you dont want luxury.
I suppose the bonus for me is that its being paid for by work...!

buttyb

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.................... 0

Monthly Income Details
Monthly income after tax................ 2000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 960
Total monthly income.................... 2960

Monthly Expense Details
Mortgage................................ 560
Secured/HP loan repayments.............. 0
Rent.................................... 395
Management charge (leasehold property).. 0
Council tax............................. 50
Electricity............................. 10
Gas..................................... 10
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 10.5
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 150
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 17
Buildings insurance..................... 65
Contents insurance...................... 38
Life assurance ......................... 18
Other insurance......................... 28
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1891.5


Assets
Cash.................................... 6000
House value (Gross)..................... 235000
Shares and bonds........................ 7000
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 248000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 155000...(560)......2.9
Total secured & HP debts...... 155000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin credit card.............5800......70........0
Total unsecured debts..........5800......70........-


Monthly Budget Summary
Total monthly income.................... 2,960
Expenses (including HP & secured debts). 1,891.5
Available for debt repayments........... 1,068.5
Monthly UNsecured debt repayments....... 70
Amount left after debt repayments....... 998.5

Personal Balance Sheet Summary
Total assets (things you own)........... 248,000
Total HP & Secured debt................. -155,000
Total Unsecured debt.................... -5,800
Net Assets.............................. 87,200

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

I guess my SOA will be far from normal, as I rent out my house, and have sold my car, so have got rid of most of my debts, but the big difference I am in India every other month so my monthly spend will be dramatically less re; food and general living expenses. So the amounts are a bit 'ballpark'!

elantan

it was booking the accomadation that we found expensive ... i wanted to go to Dehli, Jaipur and Kerala we went to a travel agents for a quote and was quoted (not including flights) £7,850 ... we had a wee giggle at that lol


your gorceries for one £200 do you eat out alot? £200 on entertainment is a fair bit as well ... is it work related? can you claim some of it back?