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  • FIRST POST
    • Youthgonewild
    • By Youthgonewild 20th Apr 18, 8:42 PM
    • 67Posts
    • 117Thanks
    Youthgonewild
    The MF pipe dream
    • #1
    • 20th Apr 18, 8:42 PM
    The MF pipe dream 20th Apr 18 at 8:42 PM
    Hi all.

    I!!!8217;m new to the site, only just signed up. Have read a few MFW threads and yes, MF is definitely where I want to be!

    A bit of background about me, I!!!8217;m 32 yo single parent with 2 young kids aged 5 and 2.5. I work p/t over 4 days a week and will probably look at f/t once youngest starts school.

    I got my mortgage 2.5 years ago (how time flies) and the debt then was 99875 - just found my paperwork. When the two year fixed deal ended (last november) I simply took up a 5 year fix with the same lender for the simple reason that I was doing some home improvements and didn!!!8217;t think my house was in any sort of fit state to have a new valuation done so I just went with the house value that I bought the house at. I still ended up on a better rate though - 2.27%

    I currently OP by 125 pm but recently I paid a lump sum of 500 towards the mortgage as well. The current figure stands at 95550 but interest usually gets added on to the balance around the 6th of every month

    I have 32.5 years left to go but really want to decrease that. I hope to be MF by the time I!!!8217;m 50ish. It!!!8217;s feels like it will be one long slog!!

    On top of this I have recently set up AVC!!!8217;s through my works pension scheme - only 30 extra pm. As the application hasn!!!8217;t been processed yet I have no idea what my wage slip will look like once it kicks in.

    Anyway I!!!8217;m in this for the long haul. Thanks for reading. Wish me luck!
    Last edited by Youthgonewild; 06-07-2018 at 10:56 AM.
Page 4
    • Youthgonewild
    • By Youthgonewild 6th Aug 18, 9:46 AM
    • 67 Posts
    • 117 Thanks
    Youthgonewild
    Hi folks,

    Hope you had a good weekend. Mine was mixed. Had my nephew stop over so that was fun. On the downside my ex partners 13 year old nephew died in an accident early hours of yesterday morning. We both spent yesterday in shock and tears. I feel so awful for his family. Such a young age, totally unexpected. Been trying to keep myself busy but I've had very broken sleep. I wish there was something I could do but I can't. I'm at work today, think I'm just gonna keep my head down.

    Here's my SOA - finally done it.

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 2
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1117
    Partners monthly income after tax....... 0
    Benefits................................ 882
    Other income............................ 450
    Total monthly income.................... 2449


    Monthly Expense Details

    Mortgage................................ 525
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 90
    Electricity............................. 40
    Gas..................................... 42
    Oil..................................... 0
    Water rates............................. 38.12
    Telephone (land line)................... 50
    Mobile phone............................ 15.5
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 300
    Clothing................................ 25
    Petrol/diesel........................... 120
    Road tax................................ 16.25
    Car Insurance........................... 50
    Car maintenance (including MOT)......... 45
    Car parking............................. 0
    Other travel............................ 6
    Childcare/nursery....................... 420
    Other child related expenses............ 72
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 5.83
    Contents insurance...................... 5.83
    Life assurance ......................... 11.47
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 35
    Haircuts................................ 5
    Entertainment........................... 40
    Holiday................................. 0
    Emergency fund.......................... 40
    Total monthly expenses.................. 2020.37



    Assets

    Cash.................................... 4225
    House value (Gross)..................... 117500
    Shares and bonds........................ 3000
    Car(s).................................. 2000
    Other assets............................ 0
    Total Assets............................ 126725



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 93472.1..(525)......2.27
    Total secured & HP debts...... 93472.1...-.........-


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



    Monthly Budget Summary

    Total monthly income.................... 2,449
    Expenses (including HP & secured debts). 2,020.37
    Available for debt repayments........... 428.63
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 428.63


    Personal Balance Sheet Summary
    Total assets (things you own)........... 126,725
    Total HP & Secured debt................. -93,472.1
    Total Unsecured debt.................... -0
    Net Assets.............................. 33,252.9


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Mortgage balance October 2015: 99875
    Mortgage balance November 2017: 97583

    Mortgage balance July 2018: 94217
    Mortgage balance August 2018: 93472.10
    • Youthgonewild
    • By Youthgonewild 6th Aug 18, 10:16 AM
    • 67 Posts
    • 117 Thanks
    Youthgonewild
    I've tried to give as honest a breakdown of my spending habits as I can. Just realised I've missed off my Netflix subscription (5.99pm). In total honesty, I always try to build up a nice stockpile of savings money and I use that money to cover things like car/home insurance (I pay yearly) and also other expensive items like road tax (annual) car MOT, servicing, maintenance that kind of thing. At the moment I'm saving 250 per month in 5% savings account, but I always like to have a stockpile of cash for life's 'big things' just in case.

    Also I will be changing phone and BB supplier very soon so that should take the total down from 50 per month. My mobile phone contract is also due for renewal end of this year so I'm going to look for a better deal than what I am currently on. 15.50 isn't great for what I get. I much prefer my old PAYG SIM.

    Updated signature.
    Mortgage balance October 2015: 99875
    Mortgage balance November 2017: 97583

    Mortgage balance July 2018: 94217
    Mortgage balance August 2018: 93472.10
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