Happy new year!
I made a thread at the end of last year in the DFW section (
http://forums.moneysavingexpert.com/showthread.php?t=5756197) because of a few silly financial decisions I made in the past year and wanted to set them straight. As part of that I made a spending diary for week and realised how much more I was spending than what I though I was.
So I promised 2018 was going to be different and that I'd make a thread here to set my goals and note down any achievements!
My 5 year plan looks like this:
Timeline:
Year 1 (2018):
Plan completed -
01/10/18 (see page 29)
Year 2:
January - Cancel Mrs' mobile
- Cancelled 06/12/2018
March - Pay road tax IN FULL
May - Apply for tax rebate
July - Pay home insurance IN FULL
13th August - Renegotiate Virg. Media
September - Pay car insurance IN FULL
September - Pay TV licence
Overpay £483/month to mortgage + £17/month extra to remaining debts
Continue to build up the safety fund
Year 3:
Pay off credit card (currently on 0% deal)
Overpay mortgage
Years 4 & 5:
Overpay mortgage.
I have
6 years and 9 months remaining at the moment but I have been making overpayments and I'm due to re-mortgage in October at the end of a 5 year fix.
At the end of year 5 have enough money saved to pay any outstanding balance on the mortgage.
Obviously as each debt is paid off I'll have extra to pay to the next debt, this is where I'll struggle. It'll take a lot of commitment and focus not to go bananas with any spare cash but I'm 43 and want to be debt free by 50. I can do this in 5 years. Debt free by 48 would be amazing!
Wish me luck!
Robert
NOTE: Due to a malicious attack some diaries disappeared and this was one of them. I started a new one, but the nice people at MSE towers managed to recover my original one and they're now merged, from page 6 onwards.
For October:
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
Monthly Income Details
Monthly income after tax................ 2443
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2443
Monthly Expense Details
Mortgage................................ 800.3
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 139
Electricity............................. 37.27
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 34
TV Licence.............................. 12.34
Satellite/Cable TV...................... 34
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 200
Road tax................................ 27
Car Insurance........................... 0
Car maintenance (including MOT)......... 25
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..................... 0
Contents insurance...................... 0
Life assurance ......................... 6.81
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1485.72
Assets
Cash.................................... 2200
House value (Gross)..................... 138000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 142200
Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 57974....(800.3)....3.14
Total secured & HP debts...... 57974.....-.........-
Unsecured Debts
Description....................Debt......Monthly.. .APR
CC.............................3080......110...... .0
Total unsecured debts..........3080......110.......-
Monthly Budget Summary
Total monthly income.................... 2,443
Expenses (including HP & secured debts). 1,485.72
Available for debt repayments........... 957.28
Monthly UNsecured debt repayments....... 110
Amount left after debt repayments....... 847.28
Personal Balance Sheet Summary
Total assets (things you own)........... 142,200
Total HP & Secured debt................. -57,974
Total Unsecured debt.................... -3,080
Net Assets.............................. 81,146
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.