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  • FIRST POST
    • tori.k
    • By tori.k 30th Dec 18, 11:41 PM
    • 3,491Posts
    • 9,339Thanks
    tori.k
    10 year stretch
    • #1
    • 30th Dec 18, 11:41 PM
    10 year stretch 30th Dec 18 at 11:41 PM
    [font=courier new]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
    Last edited by tori.k; 31-12-2018 at 12:31 AM.
Page 1
    • tori.k
    • By tori.k 31st Dec 18, 12:10 AM
    • 3,491 Posts
    • 9,339 Thanks
    tori.k
    • #2
    • 31st Dec 18, 12:10 AM
    • #2
    • 31st Dec 18, 12:10 AM
    Hello to anyone that stumbles across this
    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 a lack of any massive inheritance coming my way im going to have to do this the painful old school way
    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
    • tori.k
    • By tori.k 31st Dec 18, 1:06 AM
    • 3,491 Posts
    • 9,339 Thanks
    tori.k
    • #3
    • 31st Dec 18, 1:06 AM
    • #3
    • 31st Dec 18, 1:06 AM
    The 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.
    • mark88man
    • By mark88man 31st Dec 18, 6:39 AM
    • 3,898 Posts
    • 9,229 Thanks
    mark88man
    • #4
    • 31st Dec 18, 6:39 AM
    • #4
    • 31st Dec 18, 6:39 AM
    Hi - your thread is in a bit of a backwater forum, so if you are posting to keep yourself honest - that's fine. I suggest you may be better posting in the Mortgage free wannabe section under essential money (or some such) at the popular end of the forum tree


    good luck - I just noticed you have 1000s of posts - so forgive me if this is teaching you to suck eggs
    Things happen for a reason. Often the reason is we are stupid & make bad decisions.
    Weight/Health - Fluctuating - better than I was worse than I should be
    End 18: CC:8K@0% - Car Loan:11K@2.8% - Mort:133K@2.1% = 152K
    Decrease in Total Debt 2016:13.4K 2017:8.3K 2018:20K

    • savingwannabe
    • By savingwannabe 31st Dec 18, 6:52 AM
    • 13,974 Posts
    • 47,480 Thanks
    savingwannabe
    • #5
    • 31st Dec 18, 6:52 AM
    • #5
    • 31st Dec 18, 6:52 AM
    Hello tori.k well done on posting. You have a ten year timeline and seem really focussed which is great. mark88 is kind of right we are a small forum but I am using this thread to pay off my mortgage, build up retirement savings and everyone helps me to keep to my budget. I have a 12 year timeline I guess.

    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.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • mark88man
    • By mark88man 31st Dec 18, 6:54 AM
    • 3,898 Posts
    • 9,229 Thanks
    mark88man
    • #6
    • 31st Dec 18, 6:54 AM
    • #6
    • 31st Dec 18, 6:54 AM
    Actually that's kind of cool. I'm on a 8 year timeline so maybe I'll come on over. Was trying to be helpful but worried came across all forum police which I'm not :-)
    Things happen for a reason. Often the reason is we are stupid & make bad decisions.
    Weight/Health - Fluctuating - better than I was worse than I should be
    End 18: CC:8K@0% - Car Loan:11K@2.8% - Mort:133K@2.1% = 152K
    Decrease in Total Debt 2016:13.4K 2017:8.3K 2018:20K

    • savingwannabe
    • By savingwannabe 31st Dec 18, 6:55 AM
    • 13,974 Posts
    • 47,480 Thanks
    savingwannabe
    • #7
    • 31st Dec 18, 6:55 AM
    • #7
    • 31st Dec 18, 6:55 AM
    PS I have just seen your threads. Blimey you would fit right in with us. We are all different ages. lol. If you move that's fine too.

    Everyone should post soon as it's payday and we will all be adding our New Year's Resolutions too.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • mark88man
    • By mark88man 31st Dec 18, 6:56 AM
    • 3,898 Posts
    • 9,229 Thanks
    mark88man
    • #8
    • 31st Dec 18, 6:56 AM
    • #8
    • 31st Dec 18, 6:56 AM
    Even better !
    Things happen for a reason. Often the reason is we are stupid & make bad decisions.
    Weight/Health - Fluctuating - better than I was worse than I should be
    End 18: CC:8K@0% - Car Loan:11K@2.8% - Mort:133K@2.1% = 152K
    Decrease in Total Debt 2016:13.4K 2017:8.3K 2018:20K

    • savingwannabe
    • By savingwannabe 31st Dec 18, 6:57 AM
    • 13,974 Posts
    • 47,480 Thanks
    savingwannabe
    • #9
    • 31st Dec 18, 6:57 AM
    • #9
    • 31st Dec 18, 6:57 AM
    Mark you have the same name as my lodger lol. You can if you like. Everyone is kind on here. PS you don't sound like you did anything wrong you were offering advice which is great and always welcomed. Now I have to disappear as I have marking to do. Yuk. Have a good morning all.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • tori.k
    • By tori.k 31st Dec 18, 7:30 AM
    • 3,491 Posts
    • 9,339 Thanks
    tori.k
    Done a loose meal plan for the week currently shopping from home but will need bread, milk eggs and bananas so 6.12 spend for the week.
    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.
    • Skint yet Again
    • By Skint yet Again 31st Dec 18, 7:43 AM
    • 3,584 Posts
    • 19,238 Thanks
    Skint yet Again
    Hi tori.k welcome to the thread. As others have said it is quiet on here at times so if you decide to move we will understand but its lovely to see you.


    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.
    Balance 0% credit card to pay 1360 898
    Emergency fund 0/500
    • tori.k
    • By tori.k 31st Dec 18, 7:48 AM
    • 3,491 Posts
    • 9,339 Thanks
    tori.k
    Thanks guys for the warm welcome.
    I've been reading this board for quite a while and seemed the right place to land my mutterings it doesn't really feel that the MFW is the right place for me as I want the full FIRE package mortgage free, savings and retirement TBH I feel very much a DFW with the mortgage. but feel free to shift me on to a more appropriate board.
    Im just wittering between paydays to keep me moving forward, suppose its a bit like chanting a mantra FIRE IT UP I WILL DO THIS
    • tori.k
    • By tori.k 31st Dec 18, 7:56 AM
    • 3,491 Posts
    • 9,339 Thanks
    tori.k
    Hi tori.k welcome to the thread. As others have said it is quiet on here at times so if you decide to move we will understand but its lovely to see you.


    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.
    Originally posted by Skint yet Again
    Thanks Skint
    Car insurance is low because im old and its only a little smart car so road tax is 30 a year, groceries its mostly just the two of us I hardly feed the lads one is a boomerang and since he's been home weatherspoons feed them as often as I do
    • savingwannabe
    • By savingwannabe 31st Dec 18, 8:30 AM
    • 13,974 Posts
    • 47,480 Thanks
    savingwannabe
    Glad you are meal planning that is what I must learn to do this year. right I have to shut up and mark. It's soooooo boring.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • tori.k
    • By tori.k 1st Jan 19, 8:43 AM
    • 3,491 Posts
    • 9,339 Thanks
    tori.k
    HAPPY NEW YEAR!!!

    Starting as I mean to go on I cleared the credit card early, it is already paid in full each month but didn't want to be carrying any balances forward into 2019 other than the mortgage.
    making the most of this month with clearing the fridge and freezers so should have a good month grocery wize with a lot of frozen veg to use up, Both DH &I are vegetarians which helps massively with costs but will be simple fare on offer over the month.
    Doesn't look like DH made little in the way of bonus this month, which is not unexpected in December he should get his new car the second week of January .The cost of this will be 182.50 a month better than I thought it would be, over the year his monthly bonus will cover the cost of this, so should have little impact on my overall budget.
    • savingwannabe
    • By savingwannabe 1st Jan 19, 12:46 PM
    • 13,974 Posts
    • 47,480 Thanks
    savingwannabe
    Happy New Year, well done on paying the card off early.

    I am really curious what gardening stuff are you having done? I am getting into gardening and am waiting for my spring bulbs to come up!!!!
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • tori.k
    • By tori.k 2nd Jan 19, 7:24 AM
    • 3,491 Posts
    • 9,339 Thanks
    tori.k
    HI Daisy
    Savingwannabe we have bigjobs going on here we are on quite a gradient and needed to add another parking space to the frontage but being me I didn't want the traditional terrace as we are north facing and it would have impacted on the natural light. So had to do a bit of clever structural engineering so have a blank canvas at the front of the house as a gardener by trade I do have big plans but have to curb myself for sake of the budget, but can grow and salvage a lot of plants as working in a local garden centre nursery pays the bills.
    Im halfway through reading your diary im in awe I hope I can keep the motivation as well as you do.
    Better get myself off to work
    • savingwannabe
    • By savingwannabe 2nd Jan 19, 10:40 AM
    • 13,974 Posts
    • 47,480 Thanks
    savingwannabe
    Hallo sweetie, your plans sound fab. OMG you work in a garden centre???? I would love that. All those plants. Mind you, I'd be broke!

    My diary is rubbish Ill save you time! Nothing exciting happens. Financially I have learnt so much though. I now save 250 and overpay my mortgage by that amount too. I live off 200 for food and fun a month. That's it really.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • Skint yet Again
    • By Skint yet Again 2nd Jan 19, 3:33 PM
    • 3,584 Posts
    • 19,238 Thanks
    Skint yet Again
    Haha SW I knew your eyes would light up at the mention of a garden centre
    Balance 0% credit card to pay 1360 898
    Emergency fund 0/500
    • tori.k
    • By tori.k 3rd Jan 19, 7:33 AM
    • 3,491 Posts
    • 9,339 Thanks
    tori.k
    My full-time job is in the nursery of small local garden centre, its not good money but enough and regular 9-5 hours. which is a rarity in retail jobs so I can't complain
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