Journey to £0 by 2020, with a few bumps along the way
Comments
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New SOA below
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1 We have 2 cars but only own 1 of them (other is leased)
Monthly Income Details[/b]
Monthly income after tax................ 1974 Gone down a bit due to now receiving childcare vouchers
Partners monthly income after tax....... 1750
Benefits................................ 82.8
Other income............................ 0
Total monthly income.................... 3806.8
Monthly Expense Details
Mortgage................................ 720
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 154
Electricity............................. 24
Gas..................................... 24
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 0
Mobile phone............................ 28 For 2 phones
TV Licence.............................. 12.12
Satellite/Cable TV...................... 35
Internet Services....................... 35
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 150
Road tax................................ 19.25
Car Insurance........................... 43
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 130 Lease car
Childcare/nursery....................... 229 This is the amount I will need to transfer from the bank after using the £243 of vouchers
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 Already paid in full for this year
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20
Entertainment........................... 120
Holiday................................. 0
Emergency fund.......................... 0
S&S ISA.......................................25
Total monthly expenses.................. 2038.37[/b]
Assets
Cash.................................... 9600
House value (Gross)..................... 430000
Shares and bonds........................ 5116
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 446216
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 221680...(720)......1.49
Total secured & HP debts...... 221680....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds ........................3182......110.......0
Sainsbury's ...................1352......40........0
Total unsecured debts..........4534......150.......-
Monthly Budget Summary
Total monthly income.................... 3,806.8
Expenses (including HP & secured debts). 2,013.37
Available for debt repayments........... 1,793.43
Monthly Unsecured debt repayments....... 150
Amount left after debt repayments....... 1,618.43
Personal Balance Sheet Summary
Total assets (things you own)........... 446,216
Total HP & Secured debt................. -221,680
Total Unsecured debt.................... -4,534
Net Assets.............................. 220,002
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.0 -
£40 direct debit went to Sainsbury's card yesterday, balances now are:
Sainsbury's: £1,312
Lloyds: £3,1820 -
Bit of a spendy weekend
My car needed 3 new tyres, so that was £111, but £37 each tyre isn't too bad I guess.
Need to book in for its MOT this week so that'll be another £30
I hope now that I've lavished it with 3 new tyres it'll say thank you by passing :rotfl:
On the plus side child benefit was paid today so that's £82 into the account0 -
Not sure if any one actually reads my diary but I'll ramble on anyway.
Partner was cooking a curry last night for dinner but it ended up being WAY to spicy to eat.
I suggested I make beans on toast but that idea didn't go down well so ended up spending £18 on a Chinese
My car is booked in for its MOT on Monday that'll cost £30. Hopefully doesn't need any work
Debt
Lloyds card: £3,182
Sainsbury's card: £1,312
Savings
Wedding account: £9,000
S&S ISA: £5,126
I'm always so tempted to use the S&S ISA money to pay off the debt!
Then the £150 a month that goes to the cards I would just send to the ISA
What stops me is the cards are both 0% plus £150 a month would take about 3 years to build the ISA back up to what it is now0 -
Hi just read through and sounds like you are doing great. Fingers crossed the car sails through the MOT.0
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You're doing really well hun.
Fingers crossed your car behaves and it sails through the MOT with flying colours0 -
Thank you both, I hope so too!0
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Car passed its MOT yesterday! So that's it for another year.
It's pay day on Monday and still have £1,562 left, that's the best month we've had in about 2 years!
All bills have been paid except £110 direct debit to the Lloyds card which will be taken Thursday.
Also its our anniversary on Saturday so might go for a meal. Celebrating 5 very long years together :rotfl:0 -
Well done on increasing direct debit to Lloyds. These cards are so much easier to clear if the monthly payment is calculated to clear within the interest free deal and no further spending is done on them. You can then just leave them to run knowing no interest will be paid.
I would say on the buildings insurance even though you have paid in full this year if you put money aside for it monthly it will be waiting there ready to pay next years bill when it falls due. We have a separate account for annual expenses like holidays, presents,xmas, insurances, car maintenance, boiler services etc etc. I guess when your savings pot reaches £11600 for your wedding and the bonuses are for the car then all your savings next year are for Australia?
I do not think you should cash in your s and s isa. You have no real debt apart from the mortgage and long term savings are important (the only reason I and my husband retired early at 58 is because we made pensions and long term savings a priority even in our 20s and 30s).
Overall though I am impressed at the way you have arranged your finances in spite of high cost child care and living in the south east. Yes you could say £63k is a high income but I know of people who earn more and have much more debt than you. Well done for not succumbing to borrowing for these large expenses you have.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.0 -
enthusiasticsaver wrote: »Well done on increasing direct debit to Lloyds. These cards are so much easier to clear if the monthly payment is calculated to clear within the interest free deal and no further spending is done on them. You can then just leave them to run knowing no interest will be paid.
I would say on the buildings insurance even though you have paid in full this year if you put money aside for it monthly it will be waiting there ready to pay next years bill when it falls due. We have a separate account for annual expenses like holidays, presents,xmas, insurances, car maintenance, boiler services etc etc. I guess when your savings pot reaches £11600 for your wedding and the bonuses are for the car then all your savings next year are for Australia?
I do not think you should cash in your s and s isa. You have no real debt apart from the mortgage and long term savings are important (the only reason I and my husband retired early at 58 is because we made pensions and long term savings a priority even in our 20s and 30s).
Overall though I am impressed at the way you have arranged your finances in spite of high cost child care and living in the south east. Yes you could say £63k is a high income but I know of people who earn more and have much more debt than you. Well done for not succumbing to borrowing for these large expenses you have.
Thank you so much
Yes I'm glad I increased the direct debit, at least now I know that they will both be clear before the 0% ends.
Cards were cut up as soon as they arrived so cant be spent on.
I have a Barclaycard that I use and pay in full when I do.
When the wedding is all saved for, its onto the car next and then Australia. I'm exhausted just thinking about it all!
When 2018 is 'out of the way' then the next focus will be overpaying the mortgage and doing up the house.
Big things our house needs is a new driveway, bathroom and fence and patio in the back garden, the rest is just redecoration0
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