36/100 payments into MFW - SOA for review
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Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details[/b]
Monthly income after tax................ 3190
Partners monthly income after tax....... 1450
Benefits................................ 0
Other income............................ 25
Total monthly income.................... 4665
Monthly Expense Details[/b]
Mortgage................................ 730
Secured/HP loan repayments.............. 309
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 180
Electricity............................. 70
Gas..................................... 47
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 19
Mobile phone............................ 90
TV Licence.............................. 12
Satellite/Cable TV...................... 75
Internet Services....................... 10
Groceries etc. ......................... 600
Clothing................................ 100
Petrol/diesel........................... 320
Road tax................................ 24
Car Insurance........................... 75
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 308
Other child related expenses............ 140
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 25
Buildings insurance..................... 12
Contents insurance...................... 10
Life assurance ......................... 23
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70
Haircuts................................ 10
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 75
Pension................................. 400
Cleaner................................. 100
Gym..................................... 38
Total monthly expenses.................. 3987
Assets[/b]
Cash.................................... 18000
House value (Gross)..................... 300000
Shares and bonds........................ 4500
Car(s).................................. 17000
Other assets............................ 0
Total Assets............................ 339500
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 104000...(730)......0
Hire Purchase (HP) debt ...... 16000....(309)......0
Total secured & HP debts...... 120000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-
Monthly Budget Summary
Total monthly income.................... 4,665
Expenses (including HP & secured debts). 3,987
Available for debt repayments........... 678
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 678
Personal Balance Sheet Summary
Total assets (things you own)........... 339,500
Total HP & Secured debt................. -120,000
Total Unsecured debt.................... -0
Net Assets.............................. 219,500
Created using the SOA calculator at https://www.stoozing.com.Year 2019 (1,700/£17000mortgage repayment)Overall mortgage (71,400/165568) (44
.1%) (42/100) payments made. Total paid 2019 year £1,700
Total paid 2017 year £15,300Total paid 2018 year £13,6000 -
Cunningly enough the mortgage statement came through and its not 106K - its 104K so not as bad as I thoughtYear 2019 (1,700/£17000mortgage repayment)Overall mortgage (71,400/165568) (44
.1%) (42/100) payments made. Total paid 2019 year £1,700
Total paid 2017 year £15,300Total paid 2018 year £13,6000 -
Hello
Ok, you earn well which is a good start.
Gas and electric seem high. Have you checked you are on the best deal? Mobile phone ( assuming this is two). Consider if this is good value.
Sky is too costly still at £75. Look to see what you really use and see if you can negotiate/change provider. Cashback websites are your friend when you change provider for TV/broadband.
I bet you could almost half your grocery bill.
Do you have £678 left at the end of the month? If you do, this would be an impressive start to your overpayments.
Just some initial thoughts. I'm not going to comment on cleaners/gym membership etc ( though I know you have your eye on the gym membership). Only you can decide the value of these types of thing. I'm impressed if you only spend £40 per month on entertainment as a family of five.
Bexster0 -
bexster1975 wrote: »Hello
Ok, you earn well which is a good start.
Gas and electric seem high. Have you checked you are on the best deal? Mobile phone ( assuming this is two). Consider if this is good value.
Sky is too costly still at £75. Look to see what you really use and see if you can negotiate/change provider. Cashback websites are your friend when you change provider for TV/broadband.
I bet you could almost half your grocery bill.
Do you have £678 left at the end of the month? If you do, this would be an impressive start to your overpayments.
Just some initial thoughts. I'm not going to comment on cleaners/gym membership etc ( though I know you have your eye on the gym membership). Only you can decide the value of these types of thing. I'm impressed if you only spend £40 per month on entertainment as a family of five.
Bexster
Gas and electric I have just moved to blue planet and was cheaper by about £12/ month.
Phone is two sim only at 9.99 per month (work for both of us) two at £20 per month and my eldest so is on £30 per month. His is fixed until Christmas - all others are monthly.
Sky is very expensive along with broadband and home line.
Food is another thing we need to look at - a weekly Tesco delivery and a trip to local farmshop for veg and meat. We also get milk delivered!!
Gym can go definitely because I only use it to have shower etc
Cleaners - I know but we are never in the house and it keeps everywhere ticking overYear 2019 (1,700/£17000mortgage repayment)Overall mortgage (71,400/165568) (44
.1%) (42/100) payments made. Total paid 2019 year £1,700
Total paid 2017 year £15,300Total paid 2018 year £13,6000 -
Hi, some expenses seem very low. Haircuts £10, entertainment £40. medical/dentist £0, holidays £0 (are you not holidaying at all, not even weekends away or camping?) Household maintenance, repairs - is missing. Does the £600 grocery budget include takeaways and eating out?
Thanks - yes haircuts are low probably should be £25 per month.
Dentist - I'm covered by medicash through work.
Entertainment - ive sort of combined in other children expenses.
No to holidays this year as we had a good one last year. My eldest has just been away with school which I had been paying for last two years so he is happy with that.
£600 is mostly our food shop - prob includes one chippy a month at mostYear 2019 (1,700/£17000mortgage repayment)Overall mortgage (71,400/165568) (44
.1%) (42/100) payments made. Total paid 2019 year £1,700
Total paid 2017 year £15,300Total paid 2018 year £13,6000 -
Yes to having a surplus as I manage to save the £1700 on average in 7 weeksYear 2019 (1,700/£17000mortgage repayment)Overall mortgage (71,400/165568) (44
.1%) (42/100) payments made. Total paid 2019 year £1,700
Total paid 2017 year £15,300Total paid 2018 year £13,6000 -
Hi runninglea! I would definitely look at your gas/electric. As a four adult househould last year we were paying £50 total (£20 gas / £30 electric). Swap via the comparison site and you can normally get a cashback cheque. (MSE's Energy Club is £25).
Also, if you're on water rates is it worth considering a meter? Even with five people you'd probably shave a few pounds off that one.
You should be able to knock a few £ off your life insurance too. We pay £19 / month for £250k via our mortgage provider.
I keep a spreadsheet of all our bills and totals in the aim to knock bits and pieces off it every month. Might be useful?0 -
Gym cancelled so £38 per month. Still have to pay next month though.
Rang sky who offered me 10% offYear 2019 (1,700/£17000mortgage repayment)Overall mortgage (71,400/165568) (44
.1%) (42/100) payments made. Total paid 2019 year £1,700
Total paid 2017 year £15,300Total paid 2018 year £13,6000 -
Another phone call with sky - not really offering me a great deal to stay.
Will have a look at whole package - phone, internet etc with other providers to compareYear 2019 (1,700/£17000mortgage repayment)Overall mortgage (71,400/165568) (44
.1%) (42/100) payments made. Total paid 2019 year £1,700
Total paid 2017 year £15,300Total paid 2018 year £13,6000 -
Paid another 1 out of the 100 payments so I think that is 37 now.
£1700 less owing on the mortgage.
Nice to have 5 or 6 days off nowYear 2019 (1,700/£17000mortgage repayment)Overall mortgage (71,400/165568) (44
.1%) (42/100) payments made. Total paid 2019 year £1,700
Total paid 2017 year £15,300Total paid 2018 year £13,6000
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