We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Tm's MFW ramblings
Options
Comments
-
Gotcha! We have similar in Scotland (checks to see whether there are shared rights of access, land where you have a responsibility to maintain it but don't necesssarily own all of it etc. etc.)0
-
oh I forgot to update that we've been tackling OH's historical debt too. Nothing massive because it's all interest free, but chipping away at it - have paid off a few little ones like British G@s, DWP, 3 m0bile etc. So now he's down to 3 - a credit card (paying £15 pm), an overdraft (paying £2 pm), and a housing benefit overpayment (paying £30pm). While we are behind target ref our joint debt at this exact moment, we are on target to meet the end goal, and by the end of March we should have enough to pay off the £3.9k, and finish paying his housing benefit debt and still have £500 left over. Then April onwards we'll probably start putting maybe £100 a month away to build up a pot to make F&F offers in the future (as the rest of our spare cash will hopefully be being put away for mat leave then!).0
-
Completion date set for Wednesday!!!!! Hoping for a quiet day at work tomorrow so I can sort some quotes for a new bathroom. Gosh I can't wait!! :T :beer:0
-
Rightio! Got the remortgage on the BTL, so balance now £61000
but have now got many pennies sitting in my S123 account ready to be spent!
:D:D
Had some people out to quote for the bathroom, we want that done ASAP and then we'll get started on the rest of the house. All the companies that are quoting us are multi-trade companies not solely bathroom fitting, so I'm hoping to get a good one and be able to use them for everything.
The BTL now operates at a surplus of £20 pcm, it was previously £115 - this was paid in to our joint account every month and used for debt payments. To account for that, I've skimmed off everything over £11k to go to the debt pot, I think 11k will be enough to do the work we want to do. This puts on target to be debt free by February 2016 - original target was 65% paid by Dec 2015 so I'm pretty pleased with our progress. :T
So on to the residential mortgage then, currently sitting at £98109 today. My fix ends 31st December and sadly the deal I was looking at earlier in the thread isn't available to me, they aren't happy with my stoozing (£2500 on an interest free overdraft sitting earning interest somewhere else - they don't care if I pay it off either, I'd have to pay it off then wait 3 months then apply) so I'm applying for 2.44% with n@tionwide on a 4 year fix with a £999 fee added to the loan. I've got a decision in principle, and this would drop our payments from the current £593 down to £469. We currently pay £600 so we would keep this the same, and be OPing £131 a month. I know I could make a smidgen more in savings but I think the motivational benefit of seeing the balance coming down outweighs the extra 0.16% or whatever that I could get.
At the moment I feel like I am counting down until Feb when all the debts are accounted for, then I feel like I can really be a proper MFW0 -
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1.5
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 815 this amount is what we put in the joint ac
Benefits................................ 82
Other income............................ 586 2 cc vouchers and an average £100 for 15 funded hours
Total monthly income.................... 3083
Monthly Expense Details
Mortgage................................ 600
Council tax............................. 99
Electricity and gas.............................100 was 75, have just upped this for winter
Water rates............................. 22
Mobile phone............................ 40 x2
TV Licence.............................. 13
Satellite/Cable TV...................... 78 includes Netflix, phone, internet, sky sports etc
Groceries etc. ......................... 300
Petrol/diesel........................... 0 have work fuel card
Road tax................................ 2.5
Car Insurance........................... 50
Car maintenance (including MOT)......... 50
Childcare/nursery....................... 740
Other child related expenses............ 40
Pet insurance/vet bills................. 5
Buildings & contents insurance..................... 22
Life assurance ......................... 11
Presents (birthday, christmas etc)...... 30
Emergency fund.......................... 50
Accessible savings...................... 50
Total monthly expenses.................. 2302.5
Assets
Cash.................................... 2000
House value (Gross)..................... 135000
Shares and bonds........................ 650
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 140650
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 98000....(600)......4.89
Total secured & HP debts...... 98000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
All 0%.........................3000......740.......0
Total unsecured debts..........3000......740.......-
Monthly Budget Summary
Total monthly income.................... 3,083
Expenses (including HP & secured debts). 2,302.5
Available for debt repayments........... 780.5
Monthly UNsecured debt repayments....... 740
Amount left after debt repayments....... 40.5
Personal Balance Sheet Summary
Total assets (things you own)........... 140,650
Total HP & Secured debt................. -98,000
Total Unsecured debt.................... -3,000
Net Assets.............................. 39,650
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.
I reckon we are doing ok SOA wise, that £40 is usually gobbled up with bits and pieces for the home, a takeaway etc - I'm ok with having that little bit extra floating about for ad hoc spending. Just need to get rid of those debts eh and free up that £740 a month for mortgage ops!!0 -
Really nice balance sheet you have
Hard for me to do one as my monthly income varys a lot seems your in the green 40k overall isnt a bad place to be at all keep it up
I found finding a carpenter who can tile/plumb was a lot cheaper overall than finding diffrant guys to do it all in bits
as the carpenter i had did everything so can save at least 20% id say if u can find someone like that whos goodMortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
Emergency fund 23k0 -
At first glance the mobile phone cost and tv spend is quite high at£158/month.
Are you tied into contracts on these? Switching to sim only and trimming the sky services could free up more money to OP.
I found it best to think of these expenses as a yearly cost. £8 a month for Netflix doesn't sound much but that's £196 a year. At the moment your mobiles and tv entertainment are nearly £2,000 a year.0 -
Phones are giffgaff £10 SIM only, and a year left to run on the £30 contract. I made the mistake of getting the super fast EE 4G data contract, it gobbles it up so fast! My job is incredibly boring, there's very little for me to do most days, so I'm afraid my phone internet is needed to keep me sane! I am waiting on a new work phone though which has unlimited unmonitored data allowance so soon as that arrives I can chop a bit off my EE phone bill by dropping a tariff.
Netflix is on the highest package as 7 people share it - my sister gave me £36 - the year's difference between the 2 user and 4 user package. We do use it several times a week so while it is a cost, I think it's worth it for how much it gets used.
That leaves virgin media at £67, now this one annoys me. That's tv, phone and internet
£32 of it (or £30?) Is sky sports that the OH will not get rid of. That leaves us paying £35 for superspeed cable broadband (we download a lot), XL tv and the phone line - which I think is a pretty good deal ....I have tried to drop down the channels package but because it is so heavily discounted, we would actually end up paying more for less channels.
We very rarely go out. The last time OH and I went out for a meal was my birthday in July, before that it was the previous December. When my niece is at uni she occasionally babysits for us, but going out is just so expensive. The way we see it, £78 a month on tv and internet that we can use every day is better value entertainment wise than the 2 nights out the same £78 would get us.
£2000 a year sounds a lot but sorry I think your sums are out -£78 + £40 is £118, and £118 x 12 is £1416 . It is still a lot but I'm not sure we'd manage without it!0 -
Apologies, I read mobiles as £40 x 2 = £80. Can now see you meant £40 total for the 2, which is much better! Thought you might have had expensive monthly contracts that could be trimmed.
Can see how Sky Sports could be a contentious one. Does OH think he pays for it as part of his £815, or is there any scope to ask him for a little bit more and say it's due to the increase in gas? (Can see this could cause friction so trying to be tactful!).0 -
Ha, you're right, it is contentious! We have had the sky sports argument a few times!!!! I've just come to think it's not, in the grand scheme of things, something I want to keep bickering over. He's not the best with money, but in fairness to him, since this new job in April, he's had overtime fairly regularly - not huge amounts but between 10-20 hrs a month. without fail he's put the majority of his overtime money in to the joint pot (and I just use it to OP debt) - so I guess the extra £360 is covered in about 3 months worth of extras he puts in, iyswim.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.8K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.7K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards