We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
On my journey for financial freedom.
Comments
-
SOA
I’ve tried to average everything out over the year which gives me an idea for how much to put into pots...Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1806.86 (as I am still paying student loan, so deducted from wages, also pension is deducted)
Partners monthly income after tax....... N/A
Benefits................................ 100 CTC, 140 CB
Other income............................ 380 CM
Total monthly income.................... 2426.86
Monthly Expense Details[/b]
Mortgage................................ 556.80
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 40 - it’s freehold but management co as part of deeds. However, have just paid up for the rest of this year to Christmas prior to completion of transfer of equity. Will code this as 0 for now as will need to complete a new one prior to Christmas.
Council tax............................. Currently 0 until end of Dec as my course is classed as a full time post grad, even though I work at the same time as part of the course! Usually pay 75% as lone parent which is approx £115 a month. Will code as 0 for now and complete new SOA prior to Xmas.
Electricity............................. 47
Gas..................................... 41
Oil..................................... 0
Water rates............................. 31.50
Telephone (land line)................... 0
Mobile phone............................ 34.17 (contract) + 13.06 (for phone - will end in Oct, I think, not planning to upgrade)
TV Licence.............................. 13.37
Satellite/Cable TV...................... Netflix 7.99
Internet Services....................... 16.00
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 14.43
Car Insurance........................... 45.02
Car maintenance (including MOT)......... Approx 30
Car parking............................. 0-10
Other travel............................ 0
Childcare/nursery....................... 60
Other child related expenses............ 10 daughter’s club, 26 son’s club, £8 pocket money
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings and contents insurance..................... 12.67
Contents insurance...................... NA
Life assurance ......................... 30
Other insurance......................... 16.40 professional union fees, 7.50 professional body fees
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20
Entertainment........................... this depends! I’d say £150 as average estimate, although some months vastly less - school holidays etc!
Holiday................................. going to aim for £100 per month, this will be a new fund
Emergency fund.......................... £50 a month minimum as standing order and £50 per month for help to save account - recently have saved very hard, including the relief of council tax, so will increase this as much as possible
Total monthly expenses.................. £1938.91
Assets
Cash.................................... 150 Help to Save
House value (Gross)..................... 230000 (Mortgage of 135000) - so 95000 equity
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 232650
Unsecured Debts
Description....................Debt......Monthly...APR
Loan from parents.........3600......100.......0
Total unsecured debts..........3600......100.....0
Monthly Budget Summary
Total monthly income.................... 2426.86
Expenses (including HP & secured debts). 1938.91
Available for debt repayments........... -
Some wiggle room as intend to increase EF savings and take 0% for flooring/carpets
Monthly UNsecured debt repayments....... 100
Amount left after debt repayments....... 387.95
Personal Balance Sheet Summary
Total assets (things you own)........... 232650
Total HP & Secured debt................. 135000
Total Unsecured debt.................... 3600
Net Assets.............................. 94050
1 -
You are in a great position to have a disposible income & only the debt to your parents
Do you not need contents insurance?I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.1 -
@beanielou I’m so grateful that they offered. My mum keeps saying that I don’t need to pay it back but I want to. I’ve asked her to amend their will to offset the 10k that they’ve given me to pay off ex husband, ha! I am too proud for my own good sometimes.I was earning a fair bit less last year so there’s a big difference this year! I was commuting nearly 40 miles a day pre pandemic too, so that was a big travel bill on top.
I think that policy is contents and buildings, though I might’ve got that wrong - I definitely have contents too as looked at it recently for the remortgage. It’ll make a difference of about £12 I think if I’ve mixed that up.1 -
Just amended my SOA as I realised that I’d messed up some of the figures. I’m going to make the most of the next few months whilst I don’t have to pay Council Tax to put it away towards EF!I also stopped myself buying a takeaway earlier which is good, as that’s been my vice this year!1
-
You seem to be well on top of things. The soa looks reasonable with no huge discrepancies. Some people split their savings into different pots for cars, holidays, insurances etc. Personally I just have an internet saver attached to our current account for pots and the emergency fund is less accessible with a different bank. You can still use a spreadsheet to separate the savings out but it saves having lots of different savings accounts.
Well done on not succumbing to a takeaway.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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 forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£301.35
Save £12k in 2025 #1 £12000/£80002 -
I have a Revolut account and 7 vaults/pots attached to it, one of each is a spare change one. Every payment I make is rounded up and the change goes to that pot. I think the maximum is 10 vaults for the free account.01.12.2020 - CC £16,839 / Loan £18,820 / EF £0
03.07.2023 - CC (0%) £9,859 / Loan £0 / Savings £10,1100 -
@enthusiasticsaver thank you - I appreciate the oversight! Your approach sounds sensible and I can see that having the EF with a different bank helps. I’m pretty good with not spending money once I’ve moved it over - my weak points can be the small treats or expenditures that build up. I think that until I’ve built up more of a reserve I will have to continue paying various insurances on a monthly basis anyway, so I won’t be able to do a pot for those things at the moment.My mum reminded me yesterday that I have actually traditionally always been very disciplined with money, right from when I first started working as a teenager. My ex husband was very controlling in lots of ways, but very much so financially. It’s taken me until the last year or so to stop feeling fear or guilt when I spend any money on myself and I had a real fear of checking my balance because of the way that he used to act with money. When I left I had a handful of outfits and two bras! I think that starting to get everything in order has made an enormous difference to my self confidence, and I’m so grateful to my parents. I had stopped spending on credit cards on that point but it was such a weight off my mind to have it ‘officially’ gone. I’ve worked really hard to get myself in the position that I am career wise with two small kids and I’m excited to move forward now!4
-
Sounds like you’re doing amazingly well!!Allikat86 said:@enthusiasticsaver thank you - I appreciate the oversight! Your approach sounds sensible and I can see that having the EF with a different bank helps. I’m pretty good with not spending money once I’ve moved it over - my weak points can be the small treats or expenditures that build up. I think that until I’ve built up more of a reserve I will have to continue paying various insurances on a monthly basis anyway, so I won’t be able to do a pot for those things at the moment.My mum reminded me yesterday that I have actually traditionally always been very disciplined with money, right from when I first started working as a teenager. My ex husband was very controlling in lots of ways, but very much so financially. It’s taken me until the last year or so to stop feeling fear or guilt when I spend any money on myself and I had a real fear of checking my balance because of the way that he used to act with money. When I left I had a handful of outfits and two bras! I think that starting to get everything in order has made an enormous difference to my self confidence, and I’m so grateful to my parents. I had stopped spending on credit cards on that point but it was such a weight off my mind to have it ‘officially’ gone. I’ve worked really hard to get myself in the position that I am career wise with two small kids and I’m excited to move forward now!April 2020 - £102,222 Loans/CC’s.
Jan 2022 - £0
Cleared - £102,222
Jan 2022 - Now time to build suitable investments and a business!1 -
@Aspiration that’s right back at you! Your signature is incredible - phenomenal effort!1 -
Amended my SOA again as I forgot to include the cleaner. It’s only a couple of hours every fortnight but really helps me with keeping top of the house. I used to put way too much pressure on myself to do everything and I’ve realised that it’s worth outsourcing some things!I’ve also upped my standing order for my EF.
SOA
I’ve tried to average everything out over the year which gives me an idea for how much to put into pots...Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1806.86 (as I am still paying student loan, so deducted from wages, also pension is deducted)
Partners monthly income after tax....... N/A
Benefits................................ 100 CTC, 140 CB
Other income............................ 380 CM
Total monthly income.................... 2426.86
Monthly Expense Details[/b]
Mortgage................................ 556.80
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 40 - it’s freehold but management co as part of deeds. However, have just paid up for the rest of this year to Christmas prior to completion of transfer of equity. Will code this as 0 for now as will need to complete a new one prior to Christmas.
Council tax............................. Currently 0 until end of Dec as my course is classed as a full time post grad, even though I work at the same time as part of the course! Usually pay 75% as lone parent which is approx £115 a month. Will code as 0 for now and complete new SOA prior to Xmas.
Electricity............................. 47
Gas..................................... 41
Oil..................................... 0
Water rates............................. 31.50
Cleaner.......................50
Telephone (land line)................... 0
Mobile phone............................ 34.17 (contract) + 13.06 (for phone - will end in Oct, I think, not planning to upgrade)
TV Licence.............................. 13.37
Satellite/Cable TV...................... Netflix 7.99
Internet Services....................... 16.00
Groceries etc. ......................... 200
Clothing................................ 20
Petrol/diesel........................... 150
Road tax................................ 14.43
Car Insurance........................... 45.02
Car maintenance (including MOT)......... Approx 30
Car parking............................. 0-10
Other travel............................ 0
Childcare/nursery....................... 60
Other child related expenses............ 10 daughter’s club, 26 son’s club, £8 pocket money
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings and contents insurance..................... 12.67
Contents insurance...................... NA
Life assurance ......................... 30
Other insurance......................... 16.40 professional union fees, 7.50 professional body fees
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20
Entertainment........................... this depends! I’d say £150 as average estimate, although some months vastly less - school holidays etc!
Holiday................................. going to aim for £100 per month, this will be a new fund
Emergency fund.......................... £100 a month minimum as standing order and £50 per month for help to save account - recently have saved very hard, including the relief of council tax, so will increase this as much as possible
Total monthly expenses.................. £2038.91
Assets
Cash.................................... 150 Help to Save
House value (Gross)..................... 230000 (Mortgage of 135000) - so 95000 equity
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 232650
Unsecured Debts
Description....................Debt......Monthly...APR
Loan from parents.........3600......100.......0
Total unsecured debts..........3600......100.....0
Monthly Budget Summary
Total monthly income.................... 2426.86
Expenses (including HP & secured debts). 2038.91
Available for debt repayments........... -
Some wiggle room as intend to increase EF savings and take 0% for flooring/carpets
Monthly UNsecured debt repayments....... 100
Amount left after debt repayments....... 287.95
Personal Balance Sheet Summary
Total assets (things you own)........... 232650
Total HP & Secured debt................. 135000
Total Unsecured debt.................... 3600
Net Assets.............................. 94050
2
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.1K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards