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Planning ahead for freedom

2

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  • Household Information[/b]
    Number of adults in household........... 4
    Number of children in household......... 0
    Number of cars owned.................... 1

    Monthly Income Details
    Monthly income after tax................ 2750
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2750

    Monthly Expense Details
    Mortgage................................ 327
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 152
    Electricity............................. 44
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 54.39
    Telephone (land line)................... 0
    Mobile phone............................ 100
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 24
    Groceries etc. ......................... 600
    Clothing................................ 10
    Petrol/diesel........................... 40
    Road tax................................ 3
    Car Insurance........................... 35
    Car maintenance (including MOT)......... 60
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 34
    Pet insurance/vet bills................. 10
    Buildings insurance..................... 10
    Contents insurance...................... 10
    Life assurance ......................... 20
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 10
    Entertainment........................... 60
    Holiday................................. 170
    Emergency fund.......................... 0
    Isa..................................... 100
    savings................................. 300
    Misc.................................... 300
    Professional fees....................... 10
    Loans ..........................................280
    Total monthly expenses.................. 2,844


    Assets
    Cash.................................... 17300
    House value (Gross)..................... 150000
    Shares and bonds........................ 3000
    Car(s).................................. 5000
    Other assets............................ 0
    Total Assets............................ 175300


    Secured & HP Debts
    Description....................Debt......Monthly.. .APR
    Mortgage...................... 28000....(327)......3.9
    Total secured & HP debts...... 28000.....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Sainsbury......................4931......500..... .0
    Sofa..............................812.........47....... .0
    Flooring and furniture...720..........60.......0
    Total unsecured debts.......6463.....607......-


    Monthly Budget Summary
    Total monthly income.................... 2,750
    Expenses (including HP & secured debts). 2,844
    Available for debt repayments........... -94
    Monthly UNsecured debt repayments....... 607
    Amount short for making debt repayments. -94

    Personal Balance Sheet Summary
    Total assets (things you own)........... 175.300
    Total HP & Secured debt................. -28,000
    Total Unsecured debt...................... -6,463
    Net Assets...................................... 140,837

    The other two at uni, one started work full time, not contributing yet as needs to pay for their car once established will make arrangements.
    An update on my statement of affairs.
    Savings - Cancelled Sky it was easy on the chat, just make sure you have plenty of time.
    increase - Council tax, will ask for contribution once DS established in new job and furniture and flooring on 0% finance.
    I am spending more than I'm earning so either I do some overtime or reduce my cc payments to ensure books are balanced.
    Winter prep time boiler serviced/ repaired. Gas fire to be serviced in next few weeks not been done for a few years.
    :j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
    Retirement date planned May 2023
  • On mobiles are you all still in the initial period of the contract where you're paying off your handset? If you're beyond this, call up and switch to a sim only deal. Mine is 11 quid now.

    Otherwise it's keeping food tight. I take it you have read the useful article re downshifting on brands etc, batch cook etc?
    :)
  • Planning_ahead
    Planning_ahead Posts: 92 Forumite
    Sixth Anniversary
    edited 2 October 2016 at 2:37PM
    I am planning on going SIM only on mine when the contract ends.
    DS will take on his own payment so will reduce by 50% in the next few months.

    Did some batch cooking yesterday curry, hash and chilli used up all the veg in the fridge nothing to go out of date.

    A lild has opened near me and I have been in few times but need to stock up on some items from asda cereal and cat biscuits. it cheaper will see how it goes.
    :j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
    Retirement date planned May 2023
  • Hi,

    Just wanted to say good luck with your plans!

    Dxxx
  • Hi
    Planning overtime over the winter and will put the extra into my ISA savings.
    Put the timer on my heating to prevent it being left on too long. Adjusted the thermostat as well. Encouraging everyone to switch off when they are don, and no the dog does not watch TV when you are out.
    Plan to have minimal food spending this month use the contents of the freezer.
    :j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
    Retirement date planned May 2023
  • Hi
    I have increased my cash ISA savings each month, this will provide extra income when I retire.
    Shares ISA monthly savings remain the same,I will increase half way through next year if I can.

    These savings will give me an income which I can add to my pension when I retire. the initial plan is to only take the interest and leave the capital.

    Batch cooking is a success I cook 12 meals for the freezer every two weeks. Eating healthier and no food waste as all veg and meat is cooked and frozen before it has time to go off.

    Attempting to simplify routines so life runs smoother. Work wardrobe sorted every thing is interchangeable and I arrange the whole week on Sunday evening when I put the washing away.
    :j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
    Retirement date planned May 2023
  • Household Information[/b]
    Number of adults in household........... 4
    Number of children in household......... 0
    Number of cars owned.................... 1

    Monthly Income Details
    Monthly income after tax................ 2750
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 200
    Total monthly income.................... 2950

    Monthly Expense Details
    Mortgage................................ 327
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 152
    Electricity............................. 50
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 54.39
    Telephone (land line)................... 0
    Mobile phone............................ 100
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 24
    Groceries etc. ......................... 600
    Clothing................................ 10
    Petrol/diesel........................... 40
    Road tax................................ 3
    Car Insurance........................... 35
    Car maintenance (including MOT)......... 60
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 34
    Pet insurance/vet bills................. 10
    Buildings insurance..................... 10
    Contents insurance...................... 10
    Life assurance ......................... 20
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 10
    Entertainment........................... 60
    Holiday................................. 170
    Emergency fund.......................... 0
    Isa..................................... 100
    savings................................. 495
    Misc.................................... 300
    Professional fees....................... 10
    Loans ..........................................280
    Total monthly expenses.................. 3,046


    Assets
    Cash.................................... 20,000
    House value (Gross)..................... 150000
    Shares and bonds........................ 3500
    Car(s).................................. 5000
    Other assets............................ 0
    Total Assets............................ 178,500


    Secured & HP Debts
    Description....................Debt......Monthly.. .APR
    Mortgage...................... 28000....(327)......3.9
    Total secured & HP debts...... 28000.....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Sainsbury......................4231......500..... .0
    Sofa..............................612.........47.. ..... .0
    Flooring and furniture...420..........60.......0
    Total unsecured debts.......5263.....607......-


    Monthly Budget Summary
    Total monthly income.................... 2,950
    Expenses (including HP & secured debts). 3046
    Available for debt repayments........... -96
    Monthly UNsecured debt repayments....... 607
    Amount short for making debt repayments. -94

    Personal Balance Sheet Summary
    Total assets (things you own)........... 178,500
    Total HP & Secured debt................. -28,000
    Total Unsecured debt...................... -5,263
    Net Assets...................................... 145,237

    Once the sofa and flooring are paid off, my budget will balance. These payments finish in May/June in the mean time I can use my 0% card to met the short fall. I have increased my savings by £195 a month, my regular saver has a yearly date to make increases therefore decided to increase knowing the budget would be tight for a few months.
    Receiving rent off one child who is working full time, one down two to go .
    Difference between mortgage outstanding and my saving is £4,500. I will leave my savings in place as they form my plan for early retirement, but nice to see the difference is so low.
    :j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
    Retirement date planned May 2023
  • Household Information[/b]
    Number of adults in household........... 4
    Number of children in household......... 0
    Number of cars owned.................... 1

    Monthly Income Details
    Monthly income after tax................ 2750
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 250
    Total monthly income.................... 2950

    Monthly Expense Details
    Mortgage................................ 100
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 137
    Electricity............................. 50
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 54.39
    Telephone (land line)................... 0
    Mobile phone............................ 100
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 75
    Groceries etc. ......................... 600
    Clothing................................ 10
    Petrol/diesel........................... 40
    Road tax................................ 3
    Car Insurance........................... 35
    Car maintenance (including MOT)......... 60
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 34
    Pet insurance/vet bills................. 10
    Buildings insurance..................... 10
    Contents insurance...................... 10
    Life assurance ......................... 20
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 10
    Entertainment........................... 60
    Holiday................................. 200
    Emergency fund.......................... 0
    Isa..................................... 110
    savings................................. 500
    Misc.................................... 300
    Professional fees....................... 10
    Loans ..........................................0
    Total monthly expenses.................. 2,626


    Assets
    Cash.................................... 8500
    House value (Gross)..................... 150000
    Shares and bonds........................ 5600
    Car(s).................................. 5000
    Other assets............................ 0
    Total Assets............................ 169,100


    Secured & HP Debts
    Description....................Debt......Monthly.. .APR
    Mortgage...................... 13000...(100)......3.9
    Total secured & HP debts...... 13,000.....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Sainsbury......................10,000......500..... .0
    Sofa..............................564.........47.. ..... .0
    Total unsecured debts.......10564.....547...

    Paid a chunk off my mortgage using my savings, the interest rate fell to below that of my mortgage. All the kids have finished their studies 2 x in work full time. The last one attending interviews so should be permanently employed by the end of summer, they have a part time job to tide them over.
    Encouraging them to save and keep a clean credit score.
    The plan now is to pay off remainder of mortgage and save, save , save
    This time next year at the kids should be in a position to look for their own places.
    However I am encouraging them to save as much as possible and not rush to move out.
    :j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
    Retirement date planned May 2023
  • Planning_ahead
    Planning_ahead Posts: 92 Forumite
    Sixth Anniversary
    edited 27 July 2019 at 5:50PM
    Update on my position now the children have moved out

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 1

    Monthly Income Details
    Monthly income after tax................ 2990
    Partners monthly income after tax....... 0


    Benefits................................ 0
    Other income............................
    Total monthly income.................... 2990

    Monthly Expense Details
    Mortgage................................ 232
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 104
    Electricity............................. 50
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 61
    Telephone (land line)................... 0
    Mobile phone............................37
    TV Licence.............................. 13
    Satellite/Cable TV...................... 0
    Internet Services....................... 42
    Groceries etc. ......................... 200
    Clothing................................ 10
    Petrol/diesel........................... 40
    Road tax................................ 3
    Car Insurance........................... 35
    Car maintenance (including MOT)......... 60
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 29
    Pet insurance/vet bills................. 10
    Buildings insurance..................... 10
    Contents insurance...................... 10
    Life assurance ......................... 20
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 10
    Entertainment........................... 60
    Holiday................................. 200
    Emergency fund.......................... 0
    Isa..................................... 20
    savings................................. 0
    Misc.................................... 300
    Professional fees....................... 10
    Loans ..........................................0
    Total monthly expenses.................. 1,636


    Assets
    Cash.................................... 2,000
    House value (Gross)..................... 160000
    Shares and bonds........................ 9,000
    Car(s).................................. 5000
    Other assets............................ 0
    Total Assets............................ 176,000


    Secured & HP Debts
    Description....................Debt......Monthly.. .APR
    Mortgage...................... 19000...(232)......4.2
    Total secured & HP debts..........-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Sainsbury......................10,000......100.. . .0
    Sofa..............................
    Total unsecured debts.......10000...

    With just 45 months to go before my planned retirement date I am getting a retirement plan together

    Pay off mortgage Months 1 -15 (19K)
    Pay off credit card 16-22 (9K)
    Maintain health - ongoing
    Save emergency fund in cash months 23-43 (30,000)
    Buffer fund if pension payment is delayed 44-45 (3,500)
    Continue paying into pension - automatic payment
    Reduce out goings / not take on further commitments
    Stock up on basics to cushion drop in income
    Ensure professional qualification up to date in case I need to return to work due to unforeseen circumstances
    Check National insurance contributions - need three more years after 2023 to qualify for full state pension. ( work P/T time for three years or carer credits or look after grandchildren and get child benefit credits).
    Keep up dated on tax free saving and investment options for pension
    Update will / consider pre paid funeral
    :j:£12,000 / £28,000 Mortgage free date planned May 2023 Actual mortgage free date June 2030
    Retirement date planned May 2023
  • jackieblack
    jackieblack Posts: 10,525 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 27 July 2019 at 5:38PM
    Do you really spend £400 a month on groceries, for one person? :eek: (You only spent £200 more when there were 4 people living in your household- that’s £150 per person :think: )
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter, south facing (-5 deg), 30 degree pitch, no shading
    Everything will be alright in the end so, if it’s not yet alright, it means it’s not yet the end
    MFW #4 OPs: 2018 £866.89, 2019 £1322.33, 2020 £1337.07
    2021 £1250.00, 2022 £1500.00, 2023 £1500, 2024 £1350
    2025 target = £1200, YTD £9190
    Quidquid Latine dictum sit altum videtur
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