10 year stretch

3.6K Posts
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 4
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1475
Partners monthly income after tax....... 1190
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2665
Monthly Expense Details
Mortgage................................ 628
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 133
Electricity............................. 42.75 ( This should go down once we had some
Gas..................................... 42.75 regular meter readings)
Oil..................................... 0
Water rates............................. 68 ( A little high but work done to the house and garden)
Telephone (land line)................... 24.49 ( includes B/Band)
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 7.99 ( netflix only cheaper than TV Licence)
Internet Services....................... 0
Groceries etc. ......................... 291.66
Clothing................................ 20
Petrol/diesel........................... 156
Road tax................................ 2.5
Car Insurance........................... 10.25
Car maintenance (including MOT)......... 54
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 8
Contents insurance...................... 8
Life assurance ......................... 56.72 ( massive because if we were cars we would have been scrapped years ago)
Other insurance......................... 8.66 ( this should be NHS prepayment wrong box)
Presents (birthday, christmas etc)...... 58 ( gave the nieces and nephews a payrise this Christmas so im now the favourite aunt)
Haircuts................................ 15
Entertainment........................... 125 ( I budget 1500 a year for entertainment and holidays when its gone its gone)
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1820.77
Assets
Cash.................................... 1500
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 174000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 137000...(628)......2.51
Total secured & HP debts...... 137000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-
Monthly Budget Summary
Total monthly income.................... 2,665
Expenses (including HP & secured debts). 1,820.77
Available for debt repayments........... 844.23
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 844.23
Few reminders on the SOA set up, will have extra expense this year DH get a new car so an extra £212ish a month coming out of the budget but most of this will be covered in his monthly work bonus that I dont include in my SOA as its treated like it is a bonus, The lads at home also contribute £346 between them a month in keep but often end up borrowing it back so I also treat this as a bonus
Household Information
Number of adults in household........... 4
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1475
Partners monthly income after tax....... 1190
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2665
Monthly Expense Details
Mortgage................................ 628
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 133
Electricity............................. 42.75 ( This should go down once we had some
Gas..................................... 42.75 regular meter readings)
Oil..................................... 0
Water rates............................. 68 ( A little high but work done to the house and garden)
Telephone (land line)................... 24.49 ( includes B/Band)
Mobile phone............................ 10
TV Licence.............................. 0
Satellite/Cable TV...................... 7.99 ( netflix only cheaper than TV Licence)
Internet Services....................... 0
Groceries etc. ......................... 291.66
Clothing................................ 20
Petrol/diesel........................... 156
Road tax................................ 2.5
Car Insurance........................... 10.25
Car maintenance (including MOT)......... 54
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 8
Contents insurance...................... 8
Life assurance ......................... 56.72 ( massive because if we were cars we would have been scrapped years ago)
Other insurance......................... 8.66 ( this should be NHS prepayment wrong box)
Presents (birthday, christmas etc)...... 58 ( gave the nieces and nephews a payrise this Christmas so im now the favourite aunt)
Haircuts................................ 15
Entertainment........................... 125 ( I budget 1500 a year for entertainment and holidays when its gone its gone)
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 1820.77
Assets
Cash.................................... 1500
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 174000
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 137000...(628)......2.51
Total secured & HP debts...... 137000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-
Monthly Budget Summary
Total monthly income.................... 2,665
Expenses (including HP & secured debts). 1,820.77
Available for debt repayments........... 844.23
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 844.23
Few reminders on the SOA set up, will have extra expense this year DH get a new car so an extra £212ish a month coming out of the budget but most of this will be covered in his monthly work bonus that I dont include in my SOA as its treated like it is a bonus, The lads at home also contribute £346 between them a month in keep but often end up borrowing it back so I also treat this as a bonus
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I've wandered on down here as i've set myself a bit of a massive challenge with deciding I DON'T WANNA WORK ANYMORE, well that's not strictly true as I actually currently love my job, so I guess I want to be in the position where I can be smug in the knowledge that I work because I want to as its a bit of a downer knowing you have to work.
I have tried the easier options of not working I married a lovely chap but sadly married for love he had/has a big heart but an empty bank account, I would consider living off my grown children but they got in first and still living off us
with clearing the mortgage and building the savings ( where is the crying into a pint emoji)
I found keeping a diary when we were clearing debt to get ready for taking on this mortgage really helpful on keeping me on track and accountable and to be frank I moved mountains I need to find that same mindset I worked I could probably clear the mortgage in 12 years but if im smart I could get out in 10 with good behaviour, so need a cunning plan
The SOA is pretty much accurate I do have roughly £850 spare each month, sadly im not rolling around on a bed covered in £20 notes as with moving house in April of 2018 its been spent on work needed on the house and landscaping but we have managed to avoid any additional debt, there is still work to be done but nothing essential ( well the conservatory roof leaks and needs to be sorted) but currently passing that off that my house has a indoor pool, im not lying it does every time it rains
The kids Keep is being kept aside towards future work im wanting to do so that leaves our income for overpaying the mortgage/ savings and finishing the soft landscaping.
Im trying to build a 7.5K emergency fund (a years mortgage payments) its pretty much just a number plucked out of the sky.
We can overpay the mortgage by 10% without penalty but wont reach anywhere near that so hoping for 10K over the next 12 months 6k to the emergency fund and 4k to the mortgage.
The easiest way ive found to save quick cash is to tighten up the food budget so will record our meal cost over the year and our general spending.
good luck - I just noticed you have 1000s of posts - so forgive me if this is teaching you to suck eggs
Having a break from objectives but will be back in the room soon :-)
At 01/03/22: Weight-loss 1/20kg, Steps 341k/3000k (64K above target)
Total Debt 02/22: £44.7K -- Mortgage Neutral Pot:£36.0K/£83.7K - EF:£3K/£10K
I'm a Forum Ambassador and I support the Forum Team on the Over 50s, DFW and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]
All views are my own and not the official line of MoneySavingExpert.
Our friend VintageHistorian is on the MFW thread and often comes over. The difference is we have fewer people on here but I think they are all quite friendly. It is your choice if you wish to move but I do wish you luck and a Happy New Year.
Having a break from objectives but will be back in the room soon :-)
At 01/03/22: Weight-loss 1/20kg, Steps 341k/3000k (64K above target)
Total Debt 02/22: £44.7K -- Mortgage Neutral Pot:£36.0K/£83.7K - EF:£3K/£10K
I'm a Forum Ambassador and I support the Forum Team on the Over 50s, DFW and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]
All views are my own and not the official line of MoneySavingExpert.
Everyone should post soon as it's payday and we will all be adding our New Year's Resolutions too.
Having a break from objectives but will be back in the room soon :-)
At 01/03/22: Weight-loss 1/20kg, Steps 341k/3000k (64K above target)
Total Debt 02/22: £44.7K -- Mortgage Neutral Pot:£36.0K/£83.7K - EF:£3K/£10K
I'm a Forum Ambassador and I support the Forum Team on the Over 50s, DFW and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]
All views are my own and not the official line of MoneySavingExpert.
Im a weirdo shopper mostly due to my massive dislike of it, not helped by working in retail for many years.
I bulk buy all our household sundries and a few store cupboard items for the whole year ahead I don't stock like a prepper unless your a prepper that lives solely on coffee and baked beans, every three months I do a freezer run so weekly all I have to buy is the perishables bread fruit& veg and dairy if I time it right im in and out of the greengrocers in 15 mins ( time management at its best)
So have already spent £87.25 in Aldi for the year ahead with another £32.78 for carex handwash, shampoo and washing up liquid I buy the hotel/catering 5l bottles it save a bit of money and a lot of packaging.
Im paid on the 25th of each month and DH on the 27th and transfer whatever is left in the joint account to savings the night before payday.
My whole system sounds like utter chaos but it seems to work for me I set myself £3500 budget for groceries for the year and work my way back to zero im aiming try and reduce this to £2618 for the year the £882 saving would make a nice dent in the soft landscaping I want to do.
Your soa looks very good, your car insurance is very low and your food budget for 4 adults is amazing, but as you have said buying in bulk must help. Good luck with your savings and overpaying the mortgage.
0% Car Loan £7500 ~ paid in full
JAN 2020 = NOW DEBT FREE
House sale/ purchase costs to date 31/5/22
Insurance 2 x £90 Searches £300. Survey £600
Aiming to retire early age 60 🥳