Full year of every penny counted - My Annual SOA and new Balances

lazer-zxr

What an eye openner!

Since my LBM in Feb 2015, I've kept such a good record this year, that I am now able to post a SOA actual for the entire year.
I've presented below my SOA for the year, with balance sheet sections at the start and end of the year.
My December spend / end balance is projected, but I'm fairly confident on hitting those numbers.

I've managed to reduce my debt significantly, with careful management of getting value for money.

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

As at 1st Jan 2016

Assets as at 1st Jan 2016
Cash.................................... 3124
House value (Gross)..................... 185000
Car(s).................................. 13000
Caravan ................................ 15000
Total Assets............................ 216124

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 142951...(830)......4.54 NRAM
Secured Debt.................. 21972....(100)......4.79!NRAM
Total secured & HP debts...... 164923....-.........-!

Unsecured Debts
Description....................Debt......Monthly.. .APR
M&S CC - Stoozed...............1950......30........0
M&S Loan (Solar PV)............6208......168.......3.6
Yorkshire Bank.................11206.....208.......4.45
Monthly cleared CC.............1524......6.........17.9
Barker Stonehouse Sofa..........1168......130.......0
Total unsecured debts..........22056.....542.......-!

Personal Balance Sheet Summary
Total assets (things you own)........... 216,124
Total HP & Secured debt................. -164,923
Total Unsecured debt.................... -22,056
Net Assets.............................. 29,145

Annual Income and Expenditure

Annual Income Details

My Income after tax 38109
Partners Income after tax 9533
Other 8092 incl sales outside ebay / solar , one offs.
Child Benefit (taxed on PAYE) 1788
Matche dBetting 618
Ebay 1229
Bank switching / bonus (incl TSB 5% 5%) 876
Medicash medical 444
Expenses recovery (mileage) 722

Total annual income.................... 61411

Annual Expense Details

Mortgage……………………….. 9393.18
Loan repayments………………. 5716.08
Groceries……………………………….. 3948.31
Birthdays / Xmas presents……….. 2262.55 We've spent how much on presents!!!!!!!!
Holiday………………………………. 1934.82 Icl. Xmas breaks, Summer Holiday; and Autumn break .
Fuel…………………………………… 1735.22
Council Tax……………………………. 1155.34
Going Out……………………………. 893.88
Household Goods……………………… 785.89
Kids Clubs………………………………….. 681.76
Car Insurance……………………….. 671
Gas and Electric…………………. 599
Car MOT and repairs……………….. 581.99
Water………………………………………. 579.61
Spending / Treats…………………….. 519.27 incls takeaways
Public Transport……………………. 421.8
Caravan Insurance…………….. 301.17
Mortgage Overpayment…………….. 300
Caravan Service…………………….. 288
Life Insurance……………………….. 276.26
My Hobby…………………………………… 276
Car Tax…………………………………. 272.25
Medical……………………………….. 204.6 100% recovered through medical scheme
Kingston Maintenance…………….. 201.6
Clothing………………………………… 197.96
Lottery………………………………….. 180
Swimming……………………………… 156.5
TV License………………………….. 145.44
Line Rental + Internet…………. 141
Hair Cuts……………………………… 130
Home Insurance………………….. 128
Slimming club……………………… 115.95
National Trust……………………. 100.5
My Football subs………………… 92
Wife's mobile……………………… 90
British Gas Homecare…………. 57
Other Insurance…...........….. 56
Caravan Club……………………… 52
Wife's workers union………….. 14.76

Total Annual Expenses.................. 35,656.69

As at 31st Dec 2016
Assets
Cash.................................... 2909
House value (Gross)..................... 190000
Car(s).................................. 11000
Caravan ................................ 12000
Total Assets............................ 215909

Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 143252...(940)......1.99 Nationwide
Total secured & HP debts...... 143252....-.........-!

Unsecured Debts
Description....................Debt......Monthly.. .APR
CC - Stoozed..............9230......30........0
M&S Loan (Solar PV)...........4362......168.......3.6
Yorkshire Bank.................571.....208.......4.45
Total unsecured debts..........14163.....406.......-!

Personal Balance Sheet Summary
Total assets (things you own)........... 215909
Total HP & Secured debt................. -143252
Total Unsecured debt.................... -14163
Net Assets.............................. 58,494

Plan:
I'm 36. I've increased my pension contributions to (EE 21% + ER 8%) contributing £15k per anum. I feel this is sufficiently prudent.
This also increases my tax efficiency, ensuring child benefit maximisation reducing some of the 40% tax.

Going into January, I'll have around £2600 per month to put towards debt, and that should increase going fwd..
This includes a current mortgage holiday, I am using due to low interest rates.


My plan is
Jan - Clear Yorkshire loan
Feb Clear M&S Loan
Mar - May Clear 0% Credit Cards
May 2016 -> July 2021 Clear Mortgage.
After that, I rekon we'll have £3300 per month spare, to save, invest, and enjoy some, our children will be aorund 10 years old then .

We'll save to go to Disney.
We'll save for our children to go to Uni
We'll save for a BTL property.



That presents/gifts number is shocking, somehow need to reduce that. . It is for all gifts for our two children, parents, and family and friends, for all birthdays and xmas.
It seems to be the only line that hasn’t been managed, and I feel my wife isn't engaged in.
The rest I feel is ok, as we've enjoyed ourselves, whilst progressing on this journey.

Thanks to MSE forum for my new skill set in being able to do this, and on the help to get toward our goals.

Any observations and thoughts are welcome.

liuhutOz

What a great year you've had! Well done, and a really interesting way of doing the figures, might try something similar myself,

Cheers

enthusiasticsaver

You look like you have a handle on things. I think your plan looks good but not sure about mortgage holiday. Is that so you can focus on loans as no savings account will pay more than 4.59% on anything other than a few thousand? Well done on making additional pension contributions. I would look at stocks and shares isa at some point.

Spending looks well controlled apart from gifts but ours is high too. Kids cost more as they get older

lazer-zxr

Thanks for the comments.
Yes ..... the mortgage holiday is just so I can get the last of this non mortgage debt cleared. I'll then work on the mortgage.

Katzen

Thanks for sharing that. I'm quite keen to do one of my own. Would need to get DH on board though as he is a cash spender so I'd need his receipts... one to ponder I think. We are in a similar position in that we could potentially be MF by the time the kids are around 10, which I feel is coming up to the time when holidays camping and cheap 'adventure days' in the park will no longer cut the mustard. Definitely one to think about.
Have you shown your wife the impact of that present spend on your financial plans? I bet if you could half it you could be fully debt free an appreciable amount quicker. Would that motivate her?

Thank you for the inspiration. Good luck next year.

FacelessNumber

Looks like a good plan overall, what happened to your secured debt in your end of year summary?
You've spent ~26k less than you've earned according to this, did that all go to debts?
The only areas that look like they could reduce substantially really are groceries and presents but as you still have a substantial amount to pay towards your debts this isn't really urgent!

PoorGuyNextDoor

Wow - youve done really well!! In a years time i can hopefully post the same sort of turn around as im in a tricky spot just now!!

lazer-zxr

FacelessNumber wrote: »

Looks like a good plan overall, what happened to your secured debt in your end of year summary?
You've spent ~26k less than you've earned according to this, did that all go to debts?
The only areas that look like they could reduce substantially really are groceries and presents but as you still have a substantial amount to pay towards your debts this isn't really urgent!

Thanks for your reply.
Our secured debt was 4.79 %, this was our highest interest loan, and so we paid this off first.

Yes, all of our spare cash ~26k went on clearing debts.
I agree that gifts is high, and maybe groceries. So although we have substantial debt contributions, we'll look to review these.

Groceries average is at £329 per month. Our target willbe £290 per month in the new year, however xmas time and holidays (getting the beers in for the caravan) pushes groceries up a little.

Thanks again for your comments.

lazer-zxr

Katzen wrote: »

We are in a similar position in that we could potentially be MF by the time the kids are around 10

This is a massive incentive for me. By the time the kids are at an age to really remember things, and experience things properly, I dream of being in a position to build those memories. For example I am lucky enough to travel to Japan for work occasioanlly, I'd love to show my family the sights I've seen there.

Katzen wrote: »

Have you shown your wife the impact of that present spend on your financial plans? I bet if you could half it you could be fully debt free an appreciable amount quicker. Would that motivate her?

Havnt shown her yet. I might not show her, no reason to induce feelings of guilt. Maybe I should, we're in this together as a team. Though I might wait until after xmas. Not sure if it would motivate her??