Calling those with a "high" level of savings/investments! (£50,000+)

YoungBusinessman

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 3000
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 500
Total monthly income.................... 3500

Monthly Expense Details
Mortgage................................ 324
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 55
Electricity............................. 35
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 7
Satellite/Cable TV...................... 30
Internet Services....................... 10
Groceries etc. ......................... 150
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 10
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 5.5
Contents insurance...................... 5.5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1,042


Assets
Cash.................................... 4000
House value (Gross)..................... 60000
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 3000
Total Assets............................ 74000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 50000....(324)......0
Total secured & HP debts...... 50000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
17000 total 2 loans............17000.....506.......0
Total unsecured debts..........17000.....506.......-


Monthly Budget Summary
Total monthly income.................... 3,500
Expenses (including HP & secured debts). 922
Available for debt repayments........... 2,578
Monthly UNsecured debt repayments....... 506
Amount left after debt repayments....... 1,952

Personal Balance Sheet Summary
Total assets (things you own)........... 74,000
Total HP & Secured debt................. -50,000
Total Unsecured debt.................... -17,000
Net Assets.............................. 7,000

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

This is all my half figures plus the same bills as previous SOA.

Both show a healthy surplus, even with £17000 debts, i am sure i can handle this mortgage plus make 4 figure savings, every month over 2013. Income could vary, iv tried to take an average.

grey_gym_sock

only £30 a month on groceries?

YoungBusinessman

£200 a month rent is paid to parents as "dig" money, this covers electric, food and washing...the £30 is just my extra spends as im trying to put on a bit of weight just now aswel(on a major health kick)

grey_gym_sock

YoungBusinessman wrote: »

£200 a month rent is paid to parents as "dig" money, this covers electric, food and washing...the £30 is just my extra spends as im trying to put on a bit of weight just now aswel(on a major health kick)

ok ... but then groceries should go up after you've bought your own property?

YoungBusinessman

Indeed it should, must have been overlooked. I would make it nearer £150 than £30 so £120 off the surplus!

Wobblydeb

Looking good! That's actually a pretty good go at a realistic SOA compared to some I've seen.

A few minor points:
Nothing for water? Will depend upon location, but for us £25/month for two people on a meter, £35 if not.

I assume there is no gas at the place you're buying?

I would suggest a fairly sizeable monthly spend for "Household" stuff when you first move in. Even if you've covered furniture and white goods elsewhere, you're going to find yourself buying smaller electrical goods, soft furnishings etc.

I guess the £500 other income is from your side business. Any costs (other than transport) associated with that? Materials, advertising, stationery, accountant?

Really no haircuts? No eating out?

YoungBusinessman

Well water is covered by council tax in Scotland. No gas.

£500 is after costs average of past 12 months, i hope to increase it but kept it the same to keep it realistic.

Gf is a hairdresser Eating out was covered in Entertainment!

Mortgage looking unlikely...eitherway onto savings wagon now, need a few months to fly in and get some money stashed away, funds are low!

YoungBusinessman

Well looks like the SOA with a mortgage to pay is the one we will be working to, we got accepted at 5 oclock yesterday, over the phone, official offer in writing pack should be here first thing tomorrow. So now i have a rough idea of my costs for the rest of the year, will be starting up my own business and knucking down next year trying to achieve all goals iv set out.

I have different aims for -
hours worked

income

jobs taken on via new business

days off from site contacted to work on

reinvesting % own income to business in form of tools,equipment or advertising

learn something new about my work everyday - be it via listening to someone senior with advice, or simply reading a couple of paragraphs at night before i get some kip

And an important one to finish -

Remember every penny earned is not mine. I can lose it, invest it, spend it or waste it but a penny saved, is always penny earned.

YoungBusinessman

£1,513 in today for the fornight, net wage. Weekend off to relax before the (hopeful) move a week today!! Also finished 3 oclock today just as a treat.

Looking forward to a low spend weekend!!

citizenkitten

hey YBM, found you now.

people say that when people die, they never say oh I wish I was at work more often..

but i am not one for fatalism, as you know i dream like you to be able to be successful and hey if it means some crazy hours along the way then yeah I am going to do that BUT not to the detriment of my health/mental health. if you can think if you died tomorrow would you be happy about what you have done, then mate you got the balance for you right.

SO CONGRATS on your recent net wage and enjoy the weekend