I don't need another skinny Latte

Brogden

Well done Skinny :T !!!!

Let us know how it feels. Is there an emoticon with a green face I can use :rotfl:!!!

Broggers x

in_need_of_direction

You made it and will inspire others to do so.

Ali-OK

:j:j:j Huge Congratulations :T:T:T

Hope you're still smiling tonight

And on a purely selfish note, thanks for posting it before I went on hols :rotfl:

Shelbi

:j:T:j:T Congratulations Skinny, it must feel amazing, have really loved reading your diary..so inspiring, wishing you all the best in the next chapter of your journey xXx

stressed.mum

Congratulation Skinny, enjoy being debt free xxx

Skinnylatte

Thank you all, and a HUGE thank you to every single one of you that has read and commented on my diary. You have no idea just how motivating you've all been, Particularly Ali who 'stalked me to the end', thank you .

I'm a good one for starting stuff and not finishing, but this is different, and keeping the diary going has been instrumental. There have been tears shed and laugh out loud moments whilst both writing and reading.

The very best thing that has happened since I became debt free was getting my MSE badge, it's the best badge I ever got :j

The kids seem to think I'm rolling in cash now and keep sending me links to stuff they want, they're in for a disappointment :rotfl:

I feel like I've come to the end of a road, which I have, and what a journey it's been, I haven't really put together a plan for the future yet, but I will...

Ali-OK

Still stalking :rotfl:

Where are you woman? Hope you're out cycling and not pawing over future plans (that's my vocation :rotfl:)

Ooh badge...I need one of these - I suspect this where I need to post on a special thread I need to find. What with thread catch ups and that, I can see where my day will be going :rotfl:

Skinnylatte

I'm still here! I've been doing lots of cycling, including a mammoth 55 miler :eek: However I'm now ill with a mild fluey type thing, so feeling a bit run down.
On May 23rd we've got a 62 mile challenge so I need to be fit for that.

I've all so been doing lots of mind wandering, I was waiting for that surge of energy and inspiration to put stage 2 of my finance recovery in to action, and it happened this week.
I wanted it to happen naturally rather than feeling I had to do it, and it to be a drag.

I've also been re-evaluating my life and what is important, and what I want to spend my money on, and will be making the following life changes, in no particular order!

1. Me - How I present my self is a communication tool to those around me, and it also represents how I feel about my self. I will be spending more money on clothes and hair. When I look good I feel good. There will always be days for sloppy jeans and a fleece, but when I'm working or out, I want to look, feel and smell great! And that needs a bit more investment than it's been getting

2. My kids - have really been amazing whilst I've been on this journey, they've helped, understood, and even a little bit of my frugality has rubbed off on them. I'm going to make sure we do more stuff together, quality time, and I will invest in this.

3. Diet - our meals will now consist of getting the best nutrients inside, not how cheap can I make this meal. Good quality fresh ingredients will be on the table

My financial goals are to pay off my mortgage before term (18 years left)
Build up an impressive pension pot, I need to set some end targets for this
Short term I'd like a new kitchen and bathroom plus some decorating done in my house, which hopefully, I will be moving back into this summer

SOOOO, I have redone my SOA and been extremely generous as you will see

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 0 (contract hired)

Monthly Income Details
Monthly income after tax................ 2700
Partners monthly income after tax....... 0
Benefits................................ 84
Other income............................ 0
Total monthly income.................... 2784

Monthly Expense Details
Mortgage................................ 650
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 115
Electricity............................. 65.25 (includes gas)
Gas..................................... 0
Oil..................................... 0
Water rates............................. 39
Telephone (land line)................... 12
Mobile phone............................ 0 (Paid for by business)
TV Licence.............................. 12.12
Satellite/Cable TV...................... 22
Internet Services....................... 12
Groceries etc. ......................... 200
Clothing................................ 100
Petrol/diesel........................... 300
Road tax................................ 0
Car Insurance........................... 0 (Paid for by business)
Car maintenance (including MOT)......... 0 (Paid for by business)
Car parking............................. 10
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 80
Medical (prescriptions, dentist etc).... 8.05
Pet insurance/vet bills................. 30
Buildings insurance..................... 30
Contents insurance...................... 5
Life assurance ......................... 18
Other insurance......................... 0
Presents (birthday, christmas etc)...... 110
Haircuts................................ 25
Entertainment........................... 200
Holiday................................. 300 (Florida 2018 here we come)
Emergency fund.......................... 100
New Kitchen............................. 100
Extra Pension Payments.................. 200
Bike Service and Maintenance............ 10
Boiler Service & Maintenance............ 20
Total monthly expenses.................. 2783.42


Assets
Cash.................................... 280
House value (Gross)..................... 165000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 83000 (Frozen pension)
Total Assets............................ 248280


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 136121...(650)......2.5
Total secured & HP debts...... 136121....-.........-

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


Monthly Budget Summary
Total monthly income.................... 2,784
Expenses (including HP & secured debts). 2,783.42
Available for debt repayments........... 0.58
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 0.58

Personal Balance Sheet Summary
Total assets (things you own)........... 248,280
Total HP & Secured debt................. -136,121
Total Unsecured debt.................... -0
Net Assets.............................. 112,159

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

I phoned up the mortgage peeps to get an accurate figure. Unfortunately they can only send out statements annually and I can't manage it online either. So I'll just need to call when I need an update. I have set up the account details in both my bank accounts so making over payments is easy, I'm out of my fixed term so there's no limits on how much I can over pay.

I actually need to be paying £800 a month to ensure it's paid off within term, and that's assuming interest rates won't rise, which of course they will but I've decided to put some extra into my pension instead, I will get 40% tax relief on these payments, and can withdraw 25% of my pension tax free when I need it to clear the mortgage. So this is a tax efficient way of doing it, however I didn't want to rely on this method entirely, just in case!!

Now you may notice that this budget only allows me a surplus of 58p. but I haven't included my monthly milage claim which is usually £300-£500, or any drawings I take from my pt business. So I'm comfortable with the above. Plus it's pay rise time , Any surplus at the end of the month is going into my home improvements for now. When they're all done it'll be the pension pot (or mortgage!)

My next goal now is career orientated, I haven't really done much with my career for a number of years, just chugged along at the same level, I'm lucky that my vocation is well paid and there always seems to be a surplus of vacancies, so it's pretty secure too. Now it's time to get to the next grade, which will not only bring a higher salary, but company car, extra generous pension payments and a bigger bonus. (Another reason to invest in 'me'!)
I need to put a plan together for this, raising my profile is one, and I've also been given an interim project to do until June, so I need to make an impression there, and then wait for the next promotion opportunity to come along and apply for it, simples!

And the most important decision I have to make right now is do I start another diary?? I've been pondering this for a while, and I think the answer is yes. It's definitely a new stage with a new mission and purpose, and should be on the mortgae free board instead of the debt free wannabe board. So what's it to be called, any suggestions?

Ali-OK

That's a good well thought out plan, the MFW path has to be more balanced with the duration and love the investments in quality time with the kids and in you.

I'm no good at thread names, very boring like that, but shall look out for it on the MFW board and stalk you over there :rotfl:

Brogden

Fantastic work Skinny :T

I wish you the very best which is the very least you deserve. I am green with envy at your energy spend (and Council Tax :eek: !!:))

When you go for promotion though just remember 'the real Skinny.' Don't let us lose the person we have now for something that is....errr...dunno !!

You know what I mean !!

Congratulations on your debt free status :T:T

Brogden xx