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
    • 28Posts
    • 48Thanks
    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 3
    • BookmobileBadGirl
    • By BookmobileBadGirl 4th Jul 18, 10:19 PM
    • 28 Posts
    • 48 Thanks
    BookmobileBadGirl
    July direct debit overpayment of 102 has gone out

    New job is going well, am going to have to get used to paying for travel and claiming back. Must make sure that I am hot on that so as not to confuse my budgets too much.

    Still need to overpay by 1k to reach my target by December, am not sure I will be able to manage that
    Mortgage - Shared Ownership 25% 75,300 - MFW December 2051

    Currently (04/07/18) 67,200 Aim (01/12/2018) 65,300

    2018 OP - 1,304.82
    • Runders
    • By Runders 6th Jul 18, 3:31 PM
    • 192 Posts
    • 517 Thanks
    Runders
    I'm glad that the new job is going well

    I wouldn't beat yourself up if you don't reach your target, the fact you have made it most of the way is pretty good going and life does throw curve balls at us sometimes. I am off target for my savings and will be even more so after a holiday in October, but I am just trying to focus on what I have saved as anything is better than nothing
    MFW Start: September 2014 - 110844
    Current: 89,634.34 Offset: 15.162.13
    74,472.21 until mortgage neutral
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

157Posts Today

1,477Users online

Martin's Twitter