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  • FIRST POST
    • VadersDad
    • By VadersDad 11th Jan 18, 9:12 PM
    • 20Posts
    • 30Thanks
    VadersDad
    The only way is up!
    • #1
    • 11th Jan 18, 9:12 PM
    The only way is up! 11th Jan 18 at 9:12 PM
    I took control of my situation last summer and done myself a spreadsheet to get started. I was living beyond my means but now feel in control.

    Firstly I sold my car and put proceeds towards paying bills and in my savings account. I am lucky that I only work 6 miles away and now I mostly cycle to and from work and occasionally walk in and get a lift back. This has saved me a lot of money and i have lost a stone and half so far too.

    I do travel to pick my children up via train and got myself a family railcard. I get some cracking deals with this and travel down south a lot quicker with no stress.

    I have no credit cards after paying them off and I have no intention of taking any out. I have a rule now, that if I want something then I have to save for it.

    I have a loan for which I pay 454 a month for, this was to do my flat up when i moved in, that was June 2016. I have 40+ payments left and i will do my best to try and make additional payments for the remainder of the loan. This is my priority to get rid off asap.

    I am lucky that I have a good job and touch wood its quite secure.

    I know I don't have much income spare but I do have a roof over my head and can pay my bills, this is more than a lot of people have, so i'm grateful.

    Future savings - sky Tv will be getting cancelled in March when contract expires but i will try and calling them and see if i can cancel or reduce package till then.

    I have done my SOA. I have been reading this forum for a few months now and i am impressed with the support and advice which has been given. Thought I would share and become part of the group.

    Thank you for reading.

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 0

    Monthly Income Details
    Monthly income after tax................ 1506.2
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1506.2

    Monthly Expense Details[/b]
    Mortgage................................ 204.9
    Secured/HP loan repayments.............. 454.80
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 96
    Electricity............................. 34
    Gas..................................... 25
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 25
    Mobile phone............................ 29
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 40.6
    Internet Services....................... 0
    Groceries etc. ......................... 100
    Clothing................................ 10
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 60
    Childcare/nursery....................... 0
    Other child related expenses............ 255
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 3.89
    Buildings insurance..................... 20.01
    Contents insurance...................... 0
    Life assurance ......................... 11.01
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 0
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1381.58

    Assets[/b]
    Cash.................................... 0
    House value (Gross)..................... 60000
    Shares and bonds........................ 207
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 60207


    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 39.5.....(204.9)....3.59
    Secured Debt.................. 19.738...(454.8)....7.9
    Total secured & HP debts...... 59.24.....-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Total unsecured debts..........0.........0.........


    Monthly Budget Summary
    Total monthly income.................... 1,506.2
    Expenses (including HP & secured debts). 1,381.58
    Available for debt repayments........... 124.62
    Monthly Unsecured debt repayments....... 0
    Amount left after debt repayments....... 124.62

    [b]Personal Balance Sheet Summary
    Total assets (things you own)........... 60,207
    Total HP & Secured debt................. -59.24
    Total Unsecured debt.................... -0
    Net Assets.............................. 60,147.76
Page 2
    • Starmummy
    • By Starmummy 13th Mar 18, 3:11 PM
    • 83 Posts
    • 224 Thanks
    Starmummy
    Hi,

    You sound like you are doing well. Those loan payments are horrid but you are making some really positive steps.

    Best of luck.

    SM
    • VadersDad
    • By VadersDad 13th Mar 18, 3:37 PM
    • 20 Posts
    • 30 Thanks
    VadersDad
    They are but they wont be there forever, i'm trying to save as much as i can through my emergency fund and hopefully in a couple of years I can meet it halfway and pay it off. That's my plan.

    I have always been a glass is half full guy, positive vibes are the best. I have a lot to be thankful for.
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