Buying a little piece of Middle England; Manifesting my way to mortgage free.

CrazyBee787

You have done so much in 2024, to still have that EF with everything that you have achieved such as moving to a preferred location is an achievement in itself. Enjoy the rest and the film. Crazy BeeXX

debtfreewannabe321

Okay, now that both of our wages have settled and we think we have the right amount coming in every month, here is our new SOA going into Jan 2025.

[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......... 2

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

Monthly Income Details[/b]

Monthly income after tax................ 950

Partners monthly income after tax....... 2500

Benefits................................ 160

Other income............................ 560[b]

Total monthly income.................... 4170[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 660

Secured/HP loan repayments.............. 271

Council tax............................. 169

Electricity............................. 120

Water rates............................. 51

Mobile phone............................ 21

Internet Services....................... 37

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

Clothing................................ 30

Petrol/diesel........................... 0

Road tax................................ 0

Car Insurance........................... 50

Medical (prescriptions, dentist etc).... 38

Buildings insurance..................... 10

Contents insurance...................... 10

Life assurance ......................... 10

Other insurance......................... 20

Presents (birthday, christmas etc)...... 100

Emergency fund.......................... 100

Holidays ............................... 100

Ski/ Driving Lessons.................... 200

Hosting web............................. 25

Our pocket money........................ 400

Children's pocket money................. 50

Date nights............................. 100

Klarna ................................. 69

Subscriptions for 2025.................. 15

MOP..................................... 60

Home Maintenance/ DIY .................. 200

Eating out.............................. 100[b]

Total monthly expenses.................. 3616[/b]

[b]

Assets[/b]

Cash.................................... 24600

House value (Gross)..................... 275000

Shares and bonds........................ 0

Car(s).................................. 10000

Other assets............................ 0[b]

Total Assets............................ 309600[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 118645...(660)......4

Hire Purchase (HP) debt ...... 13000....(271)......11.9[b]

Total secured & HP debts...... 131645....-.........-   [/b]

[b]Unsecured Debts[/b]

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

Carpet Loan....................936.......93........0[b]

Total unsecured debts..........936.......93........-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 4,170

Expenses (including HP & secured debts). 3,616

Available for debt repayments........... 554

Monthly UNsecured debt repayments....... 93[b]

Amount left after debt repayments....... 461[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 309,600

Total HP & Secured debt................. -131,645

Total Unsecured debt.................... -936[b]

Net Assets.............................. 177,019[/b]

[i]Created using the SOA calculator at www.stoozing.com. 

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

Notes- I didn't include the snowball fund I left that out to see what was available according to the SOA, I have been putting £400 towards the carpet loan <<carpet loan BE GONE>>
Also DP gets expenses which can be upwards of £300+ so he pays for fuel out of that. Any leftover is supposed to be going into an account that will pay for repairs or insurance for the car. 
I have left the mortgage OPs as £60 but I would like to reach £100+ per month. I am planning on upping it when the carpet loan has gone.
I am putting aside £200 for the kids- skiing and driving lessons. I felt that as DD didn't want to do the ski trip then she should have equal spent on her for something she wants. She turns 17 in July so she has already said she'd like driving lessons....
Klarna is only one more payment, but I do use it quite often so put it in just in case I buy something else when that is paid off  
I am trying to balance- living. eating well. DIY & some small breaks away. We have decided against a 2 week hols in the sun (it's too expensive for 4 of us without incurring debt or making too many sacrifices elsewhere )  but are up for short breaks away on a budget- exploring and trying to have fun at the same time. We have been in DIY mode, throwing everything into savings mode, paying off debt mode for TOO LONG. 2025 will be different. Our income has raised considerably from DPs new job as well as mine and I don't want to waste it. I would like to up our savings, pay down the mortgage and have some experiences with the kids before they grow up and leave home. 

beanielou

Glad you enjoyed your break. Glad you enjoyed your Christmas even though it was a different one to normal. 

Looking at your SOA your figure for clothing for two teens seems very low v

debtfreewannabe321

beanielou said:

Glad you enjoyed your break. Glad you enjoyed your Christmas even though it was a different one to normal. 

Looking at your SOA your figure for clothing for two teens seems very low v

It is low, DD has a wardrobe for 4 teens in her room at least😬 . And DS just got a load of new clothes for Christmas....DD has stopped growing, DS hasn't I don't think. If I need to I will up it, but I don't think they need anything for a while yet although DS has asked for a new suit for school.... I will have to up it at some point just for the skiing trip clothes (although I intend to look for second hand). But for now I am trying to get rid of the carpet loan before upping clothes, MOP etc

slm6002

When we went skiing a long time ago we were able to hire most of the clothing.  We just bought the bits to go underneath.  Maybe worth looking into seeing if still possible as might be cheaper

debtfreewannabe321

slm6002 said:

When we went skiing a long time ago we were able to hire most of the clothing.  We just bought the bits to go underneath.  Maybe worth looking into seeing if still possible as might be cheaper

Thank you I'll take a look 🙂 that would be a lot cheaper I'm assuming!

debtfreewannabe321

Slight disaster looming in DD room. As the wallpaper is coming off the ceiling, so is the plasterboard 😬 we are hoping it's contained to a small area so we can patch it with new plasterboard rather than having to redo an entire ceiling 😐 I was right to be worried about the crack and bulge I could see under the wallpaper - although I wish I was wrong. I'm more worried this job is beyond DP and myself at the wrong time of year to get any trades in than anything else. 🙈 I've lifted plasterboard before and totally done my back in. Fingers crossed we can contain to small areas to patch it up. 

CrazyBee787

Good luck 🍀🍀🍀🍀🍀

beanielou

Here’s hoping. 

KajiKita

Gah … that room just keeps giving doesn’t it …

With lifting plasterboard, if it comes to it (I sincerely hope it doesn’t!), make yourself a support out of 2x1 that can wedge it in place with from the floor to ceiling. Mr KK works as a chippy and that’s what he does when he has to lift sheets alone. Also, cut the sheets in half - yes, more joins to fill and sand etc, but half the weight! 

KK