Let me know what you think

improving47

Hi All 

Wow…it’s been over 2 years since my initial debt free diary and so much has changed since. 

I randomly stumbled back across this forum online and decided to get another diary going to help me achieve my debt free goals and achieve financial independence.

Some background on me, I’m 29 years old living in the UK. I discovered FIRE a couple of months ago and am interested in crunching the numbers and figuring out my FIRE age and making a plan to achieve it faster if necessary. 

My salary is £53,000 I have a partner and 1 child. Partner is not bringing in a income yet but this should change in a couple of months. I contribute 5% towards my pension and pay around £109 towards my student loan.

Monthly net income - £3,570

Monthly expenses - £3,160

(Let me know if you want a breakdown)

Assets 

House - £225,000

Cash - £21,730

Car - £13,000

Investments - £420

Money owed to us - £6,000

Total - £266,150

Liabilities 

Mortgage - £167,500

0% CC debt - £4,395

Student loan - £11,860

Car finance - £12,500

Total £196,255

Net assets - £69,895

Would love your thoughts and looking forward to logging my journey. 

BellaLasagna2018

My thoughts: 

A breakdown of you expenses would allow posters  to advise on areas where you could be saving money. 

Apart from your 0% CC, what are the interest rates on your other debts? 

When will you get back the money that is owed to you? This could be used to clear some of your debt, of course. 

improving47

@BellaLasagna2018 Thanks for stopping by 

Just finished my SoA will post it in the next comment 

improving47

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 2

Number of children in household......... 1

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 3130

Partners monthly income after tax....... 0

Benefits................................ 92

Other income............................ 0[b]

Total monthly income.................... 3222[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 523

Secured/HP loan repayments.............. 268

Rent.................................... 0

Management charge (leasehold property).. 0

Council tax............................. 179

Electricity............................. 220

Gas..................................... 0

Oil..................................... 0

Water rates............................. 80

Telephone (land line)................... 0

Mobile phone............................ 20

TV Licence.............................. 0

Netflix...................... 14

Internet Services....................... 25

Groceries etc. ......................... 600

Clothing................................ 16.67

Petrol/diesel........................... 60

Road tax................................ 14

Car Insurance........................... 53

Car maintenance (including MOT)......... 3.33

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 525

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 21

Pet insurance/vet bills................. 0

Buildings insurance..................... 18.33

Contents insurance...................... 0

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 0

Haircuts................................ 13.33

Entertainment........................... 175.5

Holiday................................. 0

Emergency fund.......................... 0

Gadget Insurance........................ 14.5[b]

Total monthly expenses.................. 2843.66[/b]

[b]

Assets[/b]

Cash.................................... 7936

House value (Gross)..................... 225000

Shares and bonds........................ 420

Car(s).................................. 13000

Other assets............................ 12100[b]

Total Assets............................ 258456[/b]

[b]

Secured & HP Debts[/b]

Description....................Debt......Monthly...APR

Mortgage...................... 167500...(523)......2.12

Hire Purchase (HP) debt ...... 12500....(268)......NaN[b]

Total secured & HP debts...... 180000....-.........-   [/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Student loan ..................11641.....0.........5.3

Barclaycard....................1763......70........0

Virgin Card ...................2217......33........0

Council........................345.......10........0[b]

Total unsecured debts..........15966.....113.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 3,222

Expenses (including HP & secured debts). 2,843.66

Available for debt repayments........... 378.34

Monthly UNsecured debt repayments....... 113[b]

Amount left after debt repayments....... 265.34[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 258,456

Total HP & Secured debt................. -180,000

Total Unsecured debt.................... -15,966[b]

Net Assets.............................. 62,490[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

improving47

Hmm, it feels like I'm missing some things out. I know we have Amazon prime but couldn't find which account it is paid from so need to track that down but it also makes me feel I've missed other items too. 

BellaLasagna2018

Your electricity seems really high. Are you on the best tariff? Do you keep a lot of appliances on standby? Lights on in empty rooms? 

Your grocery bill for 3 people seems high too. It might be worth looking at what you buy: branded items? Is a lot of food wasted? Does this include alcohol? Pet food? Etc. It might be worth looking at where you shop, and going to Lidl or Aldi for basic stuff maybe. 

ETA: your entertainment seems a bit high too, in view of your debt. Could that be curtailed until you are debt free?