10 year stretch

tori.k · 31 December 2018 at 1:41AM

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

tori.k · 31 December 2018 at 2:10AM

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 · 31 December 2018 at 3:06AM

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.

mark55man · 31 December 2018 at 8:39AM

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

savingwannabe · 31 December 2018 at 8:52AM

Hello tori.k well done on posting.:j:beer::D 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.

mark55man · 31 December 2018 at 8:54AM

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 :-)

savingwannabe · 31 December 2018 at 8:55AM

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.

mark55man · 31 December 2018 at 8:56AM

Even better !

savingwannabe · 31 December 2018 at 8:57AM

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.

tori.k · 31 December 2018 at 9:30AM

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 · 31 December 2018 at 9:43AM

Hi tori.k :wave: 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.

10 year stretch

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