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*sigh* this may take a while

edited 30 November -1 at 1:00AM in Debt Free Diaries
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  • Bit of a break in updating! Been busy working, sussing out job options etc...

    My husband's bonus was a little less than we were expecting, or the amount he actually got after the tax man took his cut was anyway! Still, it worked out at £9.5k and we put it all into paying off debt apart from a few hundred that we needed to spend on getting the children some new clothes and shoes. I'll update my signature, but debt level now stands at £36220, which sounds a bit less scary

    My other new year targets have been slightly less successful, I'm only averaging 2 days alcohol free a week, which I need to improve. I've only lost 5lbs to, whereas I should be up to more like 10 by now. Oops. I'm getting more active, especially now, with the nicer weather.
    Debt Dec '18 £45393. Debt free June 2020
    New savings goals: House renovations £0/£15000, FFEF £0/£15000
    Mortgage June 2020: £340K, aim to OP £350 per month minimum.
  • I'm being a bit rubbish at updating... I think because day to day, there doesn't seem to be anything worth posting! We're just trundling along...
    I'm on a massive mission at the moment to simplify life though, my brain is always so busy, I'd love to learn to live day by day rather than always trying to be 5 steps ahead of myself
    Money wise, I think I may be due a tax rebate. I need to find out how to get it back though, HMRC website is a bit woolly!
    Debt Dec '18 £45393. Debt free June 2020
    New savings goals: House renovations £0/£15000, FFEF £0/£15000
    Mortgage June 2020: £340K, aim to OP £350 per month minimum.
  • edited 17 June 2019 at 11:08AM
    ohdearhowdidthathappenohdearhowdidthathappen Forumite
    634 posts
    500 Posts Name Dropper First Anniversary
    ✭✭
    edited 17 June 2019 at 11:08AM
    Busy few weeks... we've made the very un-MSE decision to add £30K to our mortgage.
    We went to a broker as our fixed deal is coming to an end and we played around with the figures; by adding the money onto the mortgage, we've added 18 months onto the term and our monthly mortgage payments have gone down by £70! We've been throwing about £700-800 a month at the debts, we'll overpay the new mortgage to get the term back down, but at a more sustainable rate.

    We decided that, for us, aggressive debt repayment was making us feel a bit tired and sad. The whole debt was from our build, so we don't feel bad adding it to the mortgage. We had the house valued and even with the increase, our mortgage is 45% of the value. We've left ourselves with £8.5k unsecured debt that we owe to my husband's dad and we'll pay that off next year with hubby's bonus, if not before.

    I'll stay on here while we do that as it keeps us accountable and we also need to build an emergency fund :D
    Debt Dec '18 £45393. Debt free June 2020
    New savings goals: House renovations £0/£15000, FFEF £0/£15000
    Mortgage June 2020: £340K, aim to OP £350 per month minimum.
  • mark88manmark88man Forumite
    5.3K posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    every debt has an optimum form of funding - sounds like you just optimised yours. its a long haul not a sprint and sometimes a small decrease in ambition results in a large increase in liveability

    I think you made a good call - especially not consolidating everything, only those things that you could trace to the build
    I think I saw you in an ice-cream parlour - Drinking milk shakes cold and long - Smiling and waving and looking so fine (5 years - Bowie)
    Weight/Health - 1/1/2020 - 121kg : 27/06/2020 - 107Kg - Last month +1kg
    12/19: CC:[email protected]% - Car:[email protected]% - Mort:[email protected]% = £140K
    Decrease in Total Debt 2016:£13.4K 2017:£8.3K 2018:£20K 2019:£16K 2020 (YTD): -£15K
  • edited 17 June 2019 at 11:44AM
    ohdearhowdidthathappenohdearhowdidthathappen Forumite
    634 posts
    500 Posts Name Dropper First Anniversary
    ✭✭
    edited 17 June 2019 at 11:44AM
    2 months away, oops.

    So we've been enjoying the feeling of being relatively debt free. We're living within our means and keeping a close eye on our figures.

    We've been decorating on a very tight budget that we've set ourselves and we hope to have finished the basics by the end of year. Time is as much of a barrier as money, it's tricky to decorate around work and 5 children :D We need to carpet the stairs and landing once all the painting is finished - usually we'd pop it on a card, but we're going to save up instead!

    I decided to take the promotion at work rather than pursue the childminding idea. The main factors were earning potential and being risk adverse to the idea of being self employed. Also, I'm in my early 40s... do I really want to be looking after children for another 20+ years? Nope :cool: My youngest starts school in September, so I think that's a nice end to the young child in the house era!:rotfl:

    Over the next month, I've updated my SOA and will post below. I'll give ourselves a mission or two. I do like plans and targets :T
    Debt Dec '18 £45393. Debt free June 2020
    New savings goals: House renovations £0/£15000, FFEF £0/£15000
    Mortgage June 2020: £340K, aim to OP £350 per month minimum.
  • Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 5
    Number of cars owned.................... 2

    Monthly Income Details

    Monthly income after tax................ 1670
    Partners monthly income after tax....... 4400
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 6070


    Monthly Expense Details

    Mortgage................................ 1620
    Secured/HP loan repayments.............. 200
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 228
    Electricity............................. 80
    Gas..................................... 80
    Oil..................................... 0
    Water rates............................. 40
    Telephone (land line)................... 40 includes broadband
    Mobile phone............................ 40 5 x SIM only plans
    TV Licence.............................. 10
    Satellite/Cable TV...................... 10 Now TV and Netflix
    Internet Services....................... 0 included with phone
    Groceries etc. ......................... 700 high! includes booze and toiletries
    Clothing................................ 250 high, but for 7 people
    Petrol/diesel........................... 200
    Road tax................................ 24
    Car Insurance........................... 50
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 300
    Other child related expenses............ 200 pocket money and clubs
    Medical (prescriptions, dentist etc).... 22
    Pet insurance/vet bills................. 30
    Buildings insurance..................... 20
    Contents insurance...................... 16
    Life assurance ......................... 35 recently updated to cover increased mortgage
    Other insurance......................... 25 professional indemnity
    Presents (birthday, christmas etc)...... 200 sounds a lot, but covers Xmas too
    Haircuts................................ 50
    Entertainment........................... 150
    Holiday................................. 200
    Emergency fund.......................... 100
    Boiler cover ........................... 32 only until Dec 2019, cheapest way to get boiler fixed
    Total monthly expenses.................. 4972



    Assets

    Cash.................................... 0
    House value (Gross)..................... 725000
    Shares and bonds........................ 0
    Car(s).................................. 15000 1 car is on finance (HP) other is very old
    Other assets............................ 0
    Total Assets............................ 740000



    Secured & HP Debts

    Description....................Debt......Monthly...APR
    Mortgage...................... 350000...(1620).....1.89
    Hire Purchase (HP) debt ...... 15000....(200)......2.9
    Total secured & HP debts...... 365000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly...APR
    Folks..........................8500......0.........0 no minimum - as and when
    Total unsecured debts..........8500......0.........-



    Monthly Budget Summary

    Total monthly income.................... 6,070
    Expenses (including HP & secured debts). 4,972
    Available for debt repayments........... 1,098
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 1,098


    Personal Balance Sheet Summary
    Total assets (things you own)........... 740,000
    Total HP & Secured debt................. -365,000
    Total Unsecured debt.................... -8,500
    Net Assets.............................. 366,500


    Created using the SOA calculator at https://www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Debt Dec '18 £45393. Debt free June 2020
    New savings goals: House renovations £0/£15000, FFEF £0/£15000
    Mortgage June 2020: £340K, aim to OP £350 per month minimum.
  • Yellow_mangoYellow_mango Forumite
    440 posts
    100 Posts First Anniversary
    ✭✭
    Just dropping in to say hi! Your journey seems not dissimilar to mine, so I’ll be following with interest!
  • This is where our money goes..... between now and next July, we have the following school trips to pay for.
    Child 1 trip to Iceland - £1200
    Child 2 trip to France - £350
    Child 2 trip to Spain - £600
    Child 3 residential trip in UK - £450
    We've decided to downgrade our UK summer holiday massively this year, so that it should cost £500 rather than £2k and will put the difference in an account. Will then put £100 a month away into the account, so hopefully should be enough in there to cover
    Child 2 also needs a passport as never been abroad before.
    I'm excited for them all, lovely opportunities for them. Just don't want to get in a pickle paying for it
    Debt Dec '18 £45393. Debt free June 2020
    New savings goals: House renovations £0/£15000, FFEF £0/£15000
    Mortgage June 2020: £340K, aim to OP £350 per month minimum.
  • StarmummyStarmummy Forumite
    537 posts
    ✭✭
    Hi Oh.
    Really enjoyed skimming through your diary. careers and 5 kids with £135k of building work...are you super-humans?

    The more I've done this debt journey thing the more I've come to realise there is no one solution to everyone's issues.

    Wow older kids are expensive. We only have one (DD9) and she costs the best part of £100 a month just on clubs...thankfully no mobile phones and residential school trips just yet.

    Good luck

    SM
    debt consolidated 16/8/18 £9,788.01/£12,618.12 :( (Total debt at LBM 1st Jan '18 c..£19.5k)
    EF/FIT savings £97.24 Other Savings £12.17 House Deposit £4,762.64/£20,000 23.8% :D
  • Yellow_mangoYellow_mango Forumite
    440 posts
    100 Posts First Anniversary
    ✭✭
    This is where our money goes..... between now and next July, we have the following school trips to pay for.
    Child 1 trip to Iceland - £1200
    Child 2 trip to France - £350
    Child 2 trip to Spain - £600
    Child 3 residential trip in UK - £450
    We've decided to downgrade our UK summer holiday massively this year, so that it should cost £500 rather than £2k and will put the difference in an account. Will then put £100 a month away into the account, so hopefully should be enough in there to cover
    Child 2 also needs a passport as never been abroad before.
    I'm excited for them all, lovely opportunities for them. Just don't want to get in a pickle paying for it

    Gah yes!! It’s neverending! My boys have end of term trips next week - “only” £60 and £36. DS1 went to Milan earlier in the year. £400 ish. The youngest has a ballet exam - that was about £60. Then they are going to PGL with their friends during the summer. That’s £300 odd each. Luckily I managed to pay for that with the last of my childcare vouchers but need to build it into the budget for next year.

    I have said no to the £1000 ski trips the school keep trying to sell me...
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