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  • FIRST POST
    • glass_half_full
    • By glass_half_full 28th Jun 18, 6:28 AM
    • 305Posts
    • 754Thanks
    glass_half_full
    The Piano Diary
    • #1
    • 28th Jun 18, 6:28 AM
    The Piano Diary 28th Jun 18 at 6:28 AM
    Good morning diary and all,

    I recently became debt free after 31 months of debtbusting over on Debt Free Wannabe, following the advice and diaries on this site. Here is my previous diary

    My debt free diary

    I have found keeping a diary really helpful in staying focused and also therapeutic being able to think things through and clarify my thoughts. I want to start a new diary here to signify the start of the next phase of the journey and a change in purpose and goals.
    My household consists of me, my OH, we have been married for 22 years and DS who is 20 and has just finished his first year at University and last but not least the cat who 8 years old, spoilt and pampered! I work at a University in a teaching role and for hobbies do mountain biking, reading and I am learning the piano. The title of the diary is about my goal to ultimately spend less time working and more time on hobbies and interests, including the piano!

    My overall goal is to reach financial freedom and be able to semi- retire/retire and pursue my own interests. I may continue to work, but it will be because I want to not because I have to. To achieve this I need to pay off the mortgage and save enough into pension and savings to allow this to happen.

    Financial Goals
    The mortgage currently stands at £80,000 and is up for renewal in October. My aim is to take out a mortgage with a term of 8 years (by which time I will be 60) but aim to repay it in 5 years with overpayments.
    In terms of the pension, I currently make contributions of 12% but I am increasing this to 18% in a month or so when a pay rise comes through. I have a small number of DB pensions from previous employers and £140,000 in two DC pensions. In terms of savings, we have nothing other than a small emergency fund but the aim is to build these up now we are debt free. I would like to have savings of £5,000 to £10,000 as a rainy day fund. I need to save up for a replacement car over the next 12 months as the current car is 14 years old and is getting to the end of its life.

    Personal Goals
    I have found during the last several months that the money goals are really just a means to an end. For me I want to reach the point in the next 5-8 years where I can step back from the day to day and spend more time on projects I want to pursue just because I want to do them. I would love to have the time for example to write a book, to travel, to do various sports and activities. I also want my OH to have the same options and be able to step back from the work side of things.

    SOA
    I have done an SOA below to help me take stock of where we are. The three adults are myself, OH and DS who is at Uni but lives with us when not there. There should be around £1500 per month available to achieve the financial goals listed above.
    Look forward to sharing the journey with you.

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 3
    Number of children in household.........
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 2585
    Partners monthly income after tax....... 1989
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 4574


    Monthly Expense Details

    Mortgage................................ 642
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 247
    Electricity............................. 112
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 33
    Telephone (land line)................... 0
    Mobile phone............................ 27
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 112
    Groceries etc. ......................... 500
    Clothing................................ 100
    Petrol/diesel........................... 235
    Road tax................................ 27
    Car Insurance........................... 65
    Car maintenance (including MOT)......... 50
    Car parking............................. 0
    Other travel............................ 65
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 38.15
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 16
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 50
    Entertainment........................... 50
    Holiday................................. 100
    Emergency fund.......................... 0
    Newspaper............................... 9
    Hobbies................................. 82
    Spotify................................. 10
    Dry cleaning............................ 13
    Societies............................... 15
    Union................................... 42
    Allowance DS............................ 100
    Cash.................................... 200
    Cleaner................................. 100
    Total monthly expenses.................. 3072.15



    Assets

    Cash.................................... 500
    House value (Gross)..................... 350000
    Shares and bonds........................ 0
    Car(s).................................. 1500
    Other assets............................ 0
    Total Assets............................ 352000



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 80000....(642)......3
    Total secured & HP debts...... 80000.....-.........-


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



    Monthly Budget Summary

    Total monthly income.................... 4,574
    Expenses (including HP & secured debts). 3,072.15
    Available for debt repayments........... 1,501.85
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 1,501.85


    Personal Balance Sheet Summary
    Total assets (things you own)........... 352,000
    Total HP & Secured debt................. -80,000
    Total Unsecured debt.................... -0
    Net Assets.............................. 272,000


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Mortgage June 2018 £79,600 I Mortgage now - £78,163 I MFW Target July 2023 I Emergency fund target £10,000 by July 2019 I now £500 I Car fund target £10,000 I now £0.
Page 3
    • glass_half_full
    • By glass_half_full 6th Sep 18, 6:58 AM
    • 305 Posts
    • 754 Thanks
    glass_half_full
    Good morning diary and all,
    Had a wonderful time in the Lakes for OHs birthday. Really was special and relaxing. Also nice to see our friends there. We did spend quite a lot but it was all budgeted. We both were back to work on Monday, so that was back to reality for us. DS goes back to University in a couple of weeks. He is off visiting his GF today. We took the cat to the Vet yesterday and we were pleased to find that he has lost a bit of weight. He is on a diet following advice from the vet and itís the first time we have managed to get him to lose a bit.
    The budget is keeping on track. Planning to spend a bit of money over the weekend on some work clothes. Ive decided to refresh my work wardrobe which is very tired. Otherwise things are fairly steady on the financial front.
    Have a great day all!
    Mortgage June 2018 £79,600 I Mortgage now - £78,163 I MFW Target July 2023 I Emergency fund target £10,000 by July 2019 I now £500 I Car fund target £10,000 I now £0.
    • glass_half_full
    • By glass_half_full 14th Sep 18, 7:10 AM
    • 305 Posts
    • 754 Thanks
    glass_half_full
    Dear diary and all,
    We’ve been quite busy since getting back from our mini break in the Lakes. I have spent some money on a new suit, two shirts and a pair of shoes, as my work wardrobe was starting to look a bit threadbare. I managed to get 20% off. OH was given some money by her parents for her 50th which was really nice and has meant that she has been able to buy herself a couple of items which she had needed for a while.
    In money related news, I am a member of the Universities pension scheme called the USS. There was a strike earlier this year over proposed changes to the scheme which were being imposed without consultation. We have received a proposal from the scheme which says that the contributions need to increase for both individuals (from 8% to 11.7%) and for employers also. The scheme is in good health, but since changes in legislation, some of the assumptions have changed and so it has been deemed as underfunded. Lets see how this plays out. For me it would mean my current AVCs would be absorbed as ordinary contributions.
    This weekend DS goes back to University for his second year. I have to teach tomorrow afternoon. Next week I am off to Germany for a few days. I will get paid which is good. Will see how much it is and decide what to do with it, maybe an OP on the mortgage!
    Have a great day all!
    Last edited by glass_half_full; 14-09-2018 at 7:11 AM. Reason: typo
    Mortgage June 2018 £79,600 I Mortgage now - £78,163 I MFW Target July 2023 I Emergency fund target £10,000 by July 2019 I now £500 I Car fund target £10,000 I now £0.
    • glass_half_full
    • By glass_half_full 15th Sep 18, 9:44 AM
    • 305 Posts
    • 754 Thanks
    glass_half_full
    Good morning diary and all,
    A random musing on the not very exciting subject of mobile phones!
    In October 2015 I took out a 2 year deal on a mid-range new mobile phone from one of the main mobile suppliers. I notice that my first post and LBM in my original debt free diary was at the beginning of November 2015. I donít think this is a coincidence as I think that this was typical of my mindset back then. At the worst point I think we were paying around £105 per month for the three mobile phones in the family. I still have this phone now and I switched to a £9 per month SIM only contract in November 2017 when the contract came to an end. I had paid a lot of money over that 2 years because I kept going over my data allowance and being charged for it. Recently, the phone has been running out of storage and that has caused a few issues. So one evening this week I went on line to find out how to free up storage. I did a few things like transfer photos and videos, delete unused apps, delete e-mails with huge attachments and uninstall and re-install e-mail, and now I am back to the phone being only 2/3 full. The battery life is not fantastic and I might get the battery replaced at some point. I have been reading on line that the manufacturer of this phone says that the design life is about 3 years and this is how old the phone is now. I am going to see if I can squeeze another year out of it!
    Have a great day all!
    Mortgage June 2018 £79,600 I Mortgage now - £78,163 I MFW Target July 2023 I Emergency fund target £10,000 by July 2019 I now £500 I Car fund target £10,000 I now £0.
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