My 1st Diary - SOA Done, Snowballing Ready

beanielou

Igamogam wrote: »

Happy New Year to you Ebee!!



No Ebee I dont often make judgemental comments but................. Lets hope in 2013 you get your second LBM;)

Seconded by me.

ecoverbee

Just a quick update.

We are still budgeting and working towards being debt free. We have also managed to sort out the work commute as previously I was biking but stopped due to accident. I'm now running home from work at least 3 times per week and going to my parents the other 2 times. (I usually run over 100 miles per month anyway so its all miles in the bank) This is saving us from shelling out over £1000 in bus fares.

Also my Virgin credit card is paid off with £7900 credit limit. Hoping that virgin offers us a deal but currently when I login it still says that my rate has been rate jacked from January 2013. However I hope when February comes they see that they are making nothing from me and offer a deal. If not I will keep waiting and maybe see after 3-6 months I may look to close it or at least threaten to close the account.

Also a big plus this month as we are managing to stick to our meal plans and haven't eaten out once. Although it's been very tempting a few times.

Did some car insurance quotes for March for an idea and it's looking promising, we were quoted around £420 the lowest for both of us on the 1 car. We will have the cash to pay it off it one go instead of paying monthly or using credit cards.

AVIOS

I have a TSB Credit Card which collects points through Avios, logged onto the account and I have 29,000 points. Which I can redeem for gifts and activities. Looking through the site it appears I can get some good stuff. We have ordered an Afternoon Tea which was around 6500 so still leaves plenty.

This is some good news as it means we can have a few days out without spending any money.

Also started having £10 per week taken from my wages each month which goes into a savings account and also means I'm paying less tax as well but means when christmas comes I will have £520.

Thanks
Andy

ecoverbee

New SOA posted as been away from here but struggling again but debt free date is at May 2016 but seems so far away.

Also We are trying to get rid of our MINI but we can't give it back till we have paid half the fees which is £10,500. Was hoping it was next september as that was half the payments £276 per month but according to the terms its half the money which is £10.500 which is nearer 3 years not 2 years.

We keep finding we need more stuff to buy as things break down.

Thanks
Andy



Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1160
Partners monthly income after tax....... 1600
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2760

Monthly Expense Details
Mortgage................................ 270.5
Secured/HP loan repayments.............. 276
Rent.................................... 299.69
Council tax............................. 110
Electricity............................. 100
Water rates............................. 22.21
Mobile phone 1.......................... 45
TV Licence.............................. 12.12
Satellite/Cable TV...................... 45
Mobile Phone 2 ....................... 30
Groceries etc. ......................... 200
Petrol/diesel........................... 100
Car Insurance........................... 72.66
Union Work ............................ 19.36
Contents insurance...................... 6.98
DFS Sofa ........................... 30.91
Emergency fund.......................... 100
Total monthly expenses.................. 1740.43


Assets
Cash.................................... 87
House value (Gross)..................... 45000
Total Assets............................ 45087


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 45000....(270.5)....5.9
Hire Purchase (HP) debt ...... 21000....(276)......5.9
Total secured & HP debts...... 66000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Very...........................183.......0.........0
Next...........................222.49....27.5......25.99
Barclaycard....................1276.76...30........6.9
Family......................550.......50........0
HSBC...........................1500......17........15.3
TSB Overdraft..................2500......35........15.3
TSB Card.......................6653.54...140.......15.3
TSB Loan.......................14924.7...387.......15.3
Total unsecured debts..........27810.49..686.5.....-


Monthly Budget Summary
Total monthly income.................... 2,760
Expenses (including HP & secured debts). 1,740.43
Available for debt repayments........... 1,019.57
Monthly UNsecured debt repayments....... 686.5
Amount left after debt repayments....... 333.07

Personal Balance Sheet Summary
Total assets (things you own)........... 60,087
Total HP & Secured debt................. -66,000
Total Unsecured debt.................... -27,810.49
Net Assets.............................. -33,723.49

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