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  • FIRST POST
    • Ogden
    • By Ogden 17th May 18, 8:59 AM
    • 15Posts
    • 17Thanks
    Ogden
    My SoA and my goals for the rest of 2018
    • #1
    • 17th May 18, 8:59 AM
    My SoA and my goals for the rest of 2018 17th May 18 at 8:59 AM
    I did the SoA calclator - what an eye opener!

    Iím posting it below to keep myself on track to my three goals for the rest of this year:

    Pay off my last 2 credit cards
    Make overpayments of at least £5000 off my mortgage
    Have £5000 stashed away for a rainy day

    One day at a time!

    Statement of Affairs and Personal Balance Sheet

    Household Information
    Number of adults in household........... 2
    Number of cars owned.................... 1

    Monthly Income Details
    Monthly income after tax................ 2960
    Other income............................ 1000
    Total monthly income.................... 3960

    Monthly Expense Details
    Mortgage................................ 1176
    Council tax............................. 225
    Electricity............................. 35
    Gas..................................... 35
    Water rates............................. 29.06
    TV Licence.............................. 12
    Landline/Internet/Cable TV...................... 45
    Groceries etc. ......................... 180
    Clothing/dry cleaning................................ 15
    Petrol...................................... 10
    Road tax................................ 27
    Car Insurance........................... 21
    Car maintenance (including MOT)......... 13
    Car parking............................. 0
    Other travel............................ 225
    Medical (prescriptions, dentist etc).... 11
    Buildings insurance..................... 10
    Contents insurance...................... 12
    Haircuts................................ 10
    Total monthly expenses.................. 2091.06

    Assets
    Cash.................................... 560
    House value (Gross)..................... 420000
    Car(s).................................. 1500
    Other assets............................ 10000
    Total Assets............................ 432060
    [b]

    Secured & HP Debts
    Description
    Mortgage...................... 186000
    Total secured & HP debts...... 186000

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Natwest........................1700......30....... .0
    Barclaycard ...................1684......30........0
    Total unsecured debts..........3384......60

    Monthly Budget Summary
    Total monthly income.................... 3,960
    Expenses (including secured debts)... 2,091.06
    Available for debt repayments........... 1,868.94

    Monthly unsecured debt repayments....... 60
    Amount left after debt repayments....... 1,808.94

    Personal Balance Sheet Summary
    Total assets............................... 432,060
    Total secured debt.................... -186,000
    Total unsecured debt.................... -3,384
    Net Assets.............................. 242,676
    Credit card - £1,700
    Savings - £105
Page 1
    • runninglea
    • By runninglea 17th May 18, 9:05 AM
    • 856 Posts
    • 1,266 Thanks
    runninglea
    • #2
    • 17th May 18, 9:05 AM
    • #2
    • 17th May 18, 9:05 AM
    Hi good luck - looking at it you have over £1,800 per month left but only actually have £460 in cash. Need to ensure all your expenditure is correct or consider writing down every single penny that you spend to see where it is actually going.

    Could be lunch each day is £5 or a coffee on way to work
    Year 2018 (6,800/£17000mortgage repayment)Overall mortgage (62,100/165568) (37
    .6%) (34/100) payments made. Total paid 2018 year £6,800

    Total paid 2017 year £15,300Total paid 2018 year £6,800
    • Ogden
    • By Ogden 17th May 18, 9:27 AM
    • 15 Posts
    • 17 Thanks
    Ogden
    • #3
    • 17th May 18, 9:27 AM
    • #3
    • 17th May 18, 9:27 AM
    Yes I depleted my savings last month paying off my third biggest credit card.

    Thanks
    Credit card - £1,700
    Savings - £105
    • D_M_E
    • By D_M_E 17th May 18, 9:28 AM
    • 1,473 Posts
    • 63,453 Thanks
    D_M_E
    • #4
    • 17th May 18, 9:28 AM
    • #4
    • 17th May 18, 9:28 AM
    If you are only spending £10 a month on petrol, do you really need a car? Is it a want or need?

    Good luck with your journey.
    • Ogden
    • By Ogden 17th May 18, 9:31 AM
    • 15 Posts
    • 17 Thanks
    Ogden
    • #5
    • 17th May 18, 9:31 AM
    • #5
    • 17th May 18, 9:31 AM
    Yes I still use it a couple of times a week.

    Thanks
    Credit card - £1,700
    Savings - £105
    • runninglea
    • By runninglea 17th May 18, 10:08 AM
    • 856 Posts
    • 1,266 Thanks
    runninglea
    • #6
    • 17th May 18, 10:08 AM
    • #6
    • 17th May 18, 10:08 AM
    Your goals are certainly achievable with £1800 spare cash.

    6 months of year left which is £10,800

    Not sure how long your 0% are on c/c but £300 per month to c/c, ££1000 to savings and £500 mortgage overpayment depending on rate etc.

    Your car costs you £71 per month for very little use
    Year 2018 (6,800/£17000mortgage repayment)Overall mortgage (62,100/165568) (37
    .6%) (34/100) payments made. Total paid 2018 year £6,800

    Total paid 2017 year £15,300Total paid 2018 year £6,800
    • Ogden
    • By Ogden 17th May 18, 10:25 AM
    • 15 Posts
    • 17 Thanks
    Ogden
    • #7
    • 17th May 18, 10:25 AM
    • #7
    • 17th May 18, 10:25 AM
    Thanks yes I am hoping that by the end of the year all of my goals can be TICKED!!

    Iím going to carry on paying minimum payments to the two cc and throw everything else I have st my savings account, then st the end of the year release whatever savings I need to clear the cards. They are both on 0% for 2 years.
    Credit card - £1,700
    Savings - £105
    • EssexHebridean
    • By EssexHebridean 17th May 18, 11:10 AM
    • 8,676 Posts
    • 45,717 Thanks
    EssexHebridean
    • #8
    • 17th May 18, 11:10 AM
    • #8
    • 17th May 18, 11:10 AM
    I'm going to question the car thing too. At the moment the car is costing you £70 a month - for probably well less than 100 miles driven. You're clearly also spending on other travel, I assume using travel passes, so would it make more financial sense for you to either use the car (which you are paying for anyway) for some of that travel, or use the travel passes for the travel you currently do in the car? One of the issues is that with the car doing as little mileage as it is you are actually adversely affecting it's saleability and potential value for the future unless of course it was at above average when you bought it so is now "catching up with" it's expected mileage for age figure?

    With the rise of car clubs that allow you to use a car on an occasional basis for a low fee, that could be something that might suit your driving habits more, perhaps?

    Are your CC's set to "minimum payment" going out each month, or to "£30" going out? If the former, think about changing to the latter to avoid the payments dropping off over time.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£944.19 (15/05/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • poppy10
    • By poppy10 19th May 18, 11:59 AM
    • 5,939 Posts
    • 7,182 Thanks
    poppy10
    • #9
    • 19th May 18, 11:59 AM
    • #9
    • 19th May 18, 11:59 AM
    No mobile phones?
    Signature changed by MSE ForumTeam
    • Sncjw
    • By Sncjw 20th May 18, 10:23 AM
    • 1,765 Posts
    • 1,046 Thanks
    Sncjw
    Why not clear the first debt off then you have the other one which you could get rid of in a couple of months. Then you have a lot more to use for savings.
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