Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • BookmobileBadGirl
    • By BookmobileBadGirl 25th Feb 18, 5:25 PM
    • 17Posts
    • 39Thanks
    BookmobileBadGirl
    Balancing mortgage free and single life
    • #1
    • 25th Feb 18, 5:25 PM
    Balancing mortgage free and single life 25th Feb 18 at 5:25 PM
    Hello,

    After reading for a while now I have decided to start a diary to keep track of what I am doing.

    Background
    I am 31, love my job (even though it is a four hour round commute each day), so utterly single it is ridiculous, and love running (once I have made myself leave the flat). Last year I bought a shared ownership flat in an "up and coming" area of East London, I currently own 25%, and have been trying to overpay that since I got my mortgage. I am in the process of looking to staircase to buy another 20/25% when my two year fix is up. I do want to be mortgage free, or at least feeling comfortable I am making good progress with it but I still want to be able to enjoy my 30's in London so am slightly torn with my money.

    SOA
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 0

    Monthly Income Details

    Monthly income after tax................ 2243
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 10
    Total monthly income.................... 2253


    Monthly Expense Details

    Mortgage................................ 248
    Secured/HP loan repayments.............. 170
    Rent.................................... 448
    Management charge (leasehold property).. 35
    Council tax............................. 85
    Electricity............................. 25
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 20
    Telephone (land line)................... 0
    Mobile phone............................ 35
    TV Licence.............................. 13
    Satellite/Cable TV...................... 0
    Internet Services....................... 35
    Groceries etc. ......................... 200
    Clothing................................ 100
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 340
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 30
    Haircuts................................ 0
    Entertainment........................... 200
    Holiday................................. 0
    Emergency fund.......................... 0
    Savings................................. 100
    Total monthly expenses.................. 2194[/b]


    Assets

    Cash.................................... 11000
    House value (Gross)..................... 370000
    Shares and bonds........................ 300
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 381300



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 68900....(248)......0<
    Student Loan...................7000.....(170)......0[b]
    b]

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



    Monthly Budget Summary

    Total monthly income.................... 2,253
    Expenses (including HP & secured debts). 2,194
    Available for debt repayments........... 59
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 59


    Personal Balance Sheet Summary
    Total assets (things you own)........... 381,300
    Total HP & Secured debt................. -75,900
    Total Unsecured debt.................... -0
    Net Assets.............................. 305,400




    Some explanation
    My student loan should be paid back within four years, and intend to overpay the minute I can change to direct debit.

    I waste A LOT of money on food, this is the easiest one I can improve on

    My BT internet package will be up soon and I will changing to a much cheaper option for over half price

    My phone contract is up in June and will be able to change this down to one for about 23

    The gym is a monthly contract that will be cancelled in a couple of months, I am in training for a half marathon in Leiden and had some issues so need the cross training for the time being

    I have signed up to TopCashBack and have already made 5 by buying my usual Clinique moisturiser through it!

    I am looking for a new job closer to where I now live, to half both my commute and travel costs but unfortunately I work in quite a niche area so am waiting for people to retire
    Last edited by BookmobileBadGirl; 25-02-2018 at 5:27 PM. Reason: Spelling
Page 2
    • BookmobileBadGirl
    • By BookmobileBadGirl 3rd Apr 18, 11:24 AM
    • 17 Posts
    • 39 Thanks
    BookmobileBadGirl
    Not the best start to April for me, picked up a stomach bug from my niece whilst at my parents so haven't left the house for days.
    One upside is that the only money I have spent in the last few days has been this morning on tickets to Swan Lake at the ROH. As I am still a student there I got stalls tickets for 25!

    My current account switched to HSBC today for the 150 switch money. My goal for today is to make it to the cash point beneath my building to change the PIN.

    TT 22.20 this morning
    Mortgage - Shared Ownership 25% 75,000 - MFW December 2051

    Currently (04/04/18) 68,250 Aim (01/12/2018) 65,000

    2018 OP - 531.47
    • BookmobileBadGirl
    • By BookmobileBadGirl 7th Apr 18, 2:42 PM
    • 17 Posts
    • 39 Thanks
    BookmobileBadGirl
    Finally feeling like I have got over the norovirus, but feel so far behind with my half marathon training now.

    I have realised that my interest is 3.66 a day!! renders my little overpayment of 3.24 to round down a little pointless

    Why do toiletries all run out at the same time? I just spent lots of money in superdrug buying:
    - shampoo (better than half price)
    - conditioner (better than half price)
    - multi vitamins (3 for 2)
    - toothpaste (1/3 off)
    - body wash (1)

    Right, time to tidy my flat
    Mortgage - Shared Ownership 25% 75,000 - MFW December 2051

    Currently (04/04/18) 68,250 Aim (01/12/2018) 65,000

    2018 OP - 531.47
    • BookmobileBadGirl
    • By BookmobileBadGirl 15th Apr 18, 6:39 PM
    • 17 Posts
    • 39 Thanks
    BookmobileBadGirl
    Went out for a run this morning, was only a short one for me so am still concerned about being back to full fitness at the end of May.

    Have tidied the bathroom and hallway today, and will work on the ironing during countryfile

    Not much of an update money wise, but am on track to be left 250 at the end of the month so am planning 100 into savings and another 150 overpayment.

    On the job front I have found another job to apply for that I really want, it is slightly outside my area but I meet the person spec so fingers crossed. Would still be a big commute though
    Mortgage - Shared Ownership 25% 75,000 - MFW December 2051

    Currently (04/04/18) 68,250 Aim (01/12/2018) 65,000

    2018 OP - 531.47
    • BookmobileBadGirl
    • By BookmobileBadGirl 19th Apr 18, 7:31 PM
    • 17 Posts
    • 39 Thanks
    BookmobileBadGirl
    Have finally sorted changing phone contracts.

    My contract has gone from 34.72 a month to 23 with the exact same gb, minutes, and texts. Plus I have got a new phone for free, as my current one can't be off the charger for longer than a couple of hours...

    ...BUT best of all I got (well will get) 50 through TopCashBack for doing it!
    Mortgage - Shared Ownership 25% 75,000 - MFW December 2051

    Currently (04/04/18) 68,250 Aim (01/12/2018) 65,000

    2018 OP - 531.47
    • beanielou
    • By beanielou 19th Apr 18, 8:14 PM
    • 52,748 Posts
    • 207,276 Thanks
    beanielou
    Great deal
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • pennystretcher
    • By pennystretcher 22nd Apr 18, 11:54 AM
    • 384 Posts
    • 1,443 Thanks
    pennystretcher
    I have realised that my interest is 3.66 a day!! renders my little overpayment of 3.24 to round down a little pointless
    Originally posted by BookmobileBadGirl
    No it's not pointless. It'll all add up in long term. Like mentioned in my previous posts my smallest OP was 80p. But when you add it up with the other small OPs it'll add up to so much more in the end. Keep at it. It'll be worth it.
    Mortgage free
    • pennystretcher
    • By pennystretcher 22nd Apr 18, 11:59 AM
    • 384 Posts
    • 1,443 Thanks
    pennystretcher
    My contract has gone from 34.72 a month to 23 with the exact same gb, minutes, and texts. Plus I have got a new phone for free, as my current one can't be off the charger for longer than a couple of hours...BUT best of all I got (well will get) 50 through TopCashBack for doing it!
    Originally posted by BookmobileBadGirl
    Well done. However... (did you see the "BUT" coming?!? Sorry....) Are you using the allowance every month? If not, look for a better deal elsewhere as soon as your contract ends. Yup new phones are expensive to get, but you may have been better off paying at front and then going for cheap PAYG SIM. Always, always do a comparison

    Well done on starting the journey, I'm sure you'll make it!!!! And keep us posted.
    Mortgage free
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

417Posts Today

5,225Users online

Martin's Twitter
  • RT @mmhpi: Third time lucky? After being delayed twice, tomorrow MPs are due to debate our #RecoverySpace proposals in parliament. @helen_u?

  • Just a quick note. I've been overwhelmed by the strength of support by my campaign to stop facebook fake ads today? https://t.co/KexhjVVznY

  • RT @mmhpi: On the eve of tomorrow's #RecoverySpace debate in parliament, we just delivered our 10,000 letters to the Chancellor. People in?

  • Follow Martin