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  • FIRST POST
    • hopefulmummyto2
    • By hopefulmummyto2 6th Sep 17, 2:51 PM
    • 4Posts
    • 4Thanks
    hopefulmummyto2
    trying to get debt free whilst on maternity
    • #1
    • 6th Sep 17, 2:51 PM
    trying to get debt free whilst on maternity 6th Sep 17 at 2:51 PM
    Hi, as it says above I am currently on Maternity leave from my job (which involves advising people about there financial situation - ironic i know), and now I have had time to look at our finances I have realised that we have more debt than i thought, but also that we must waste so much money as we are managing ok on just my stat maternity pay (although it is early days). While I have the time I would love to get our finances in order to enable us to go on a dream holiday and hopefully extend our house whilst clearing some of this debt. I would also like to go back to uni to complete my degree at some point too.

    I haven't sat down and added everything up yet but I will do.

    I would like to start meal planning but don't have a clue and could do with some pointers with this. I have also started doing surveys and competitions and have joined swagbucks.

    Hopefully this diary will help me keep on track and I will get to chat with some lovely people along the way.
Page 1
    • Savertobe
    • By Savertobe 6th Sep 17, 5:47 PM
    • 27 Posts
    • 176 Thanks
    Savertobe
    • #2
    • 6th Sep 17, 5:47 PM
    • #2
    • 6th Sep 17, 5:47 PM
    Meal planning

    A must in my view - I have gone back to it more seriously recently. Start with planning a week's menu making the most of what you have in the cupboards and freezer. It might be that your existing meals are both cheap and nutritious if not then start with some small changes - reduce the number of takeaways, swap out expensive cereals for cheaper ones for breakfasts and make eggs the star attraction. Pinterest has some living frugally blogs which include meal planning - mostly US but it gives you a good idea. Its a matter of sitting down and planning and getting everyone on board. There will always be a day when the plan goes caput - don't let it deter you.

    Looking forward to more entries as you go on this journey.
    Last edited by Savertobe; 06-09-2017 at 5:48 PM. Reason: missing word
    • BadBookkeeper
    • By BadBookkeeper 7th Sep 17, 10:20 AM
    • 84 Posts
    • 434 Thanks
    BadBookkeeper
    • #3
    • 7th Sep 17, 10:20 AM
    • #3
    • 7th Sep 17, 10:20 AM
    From a DFW whose debt came from extended maternity leave and I also work as a bookkeeper(!) Its good that you are aware of the situation now!


    Good luck on your journey
    • beanielou
    • By beanielou 7th Sep 17, 3:42 PM
    • 48,560 Posts
    • 178,852 Thanks
    beanielou
    • #4
    • 7th Sep 17, 3:42 PM
    • #4
    • 7th Sep 17, 3:42 PM
    Happy shiny new diary
    Keep posting!
    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***
    • hopefulmummyto2
    • By hopefulmummyto2 11th Sep 17, 1:08 PM
    • 4 Posts
    • 4 Thanks
    hopefulmummyto2
    • #5
    • 11th Sep 17, 1:08 PM
    • #5
    • 11th Sep 17, 1:08 PM
    Thanks everyone, especially with the meal planning tip's i was trying to do this before and was looking at a full month and just gave up.

    Now my eldest is back at school and all his clubs etc are paid for until christmas I should have a bit more time to keep this updated and get on top of things.

    i needs to do a son - is there a template i can use?, and i need to add a signature once i get the bottle to list what i owe.

    Unfortunately housework must come first though i had a lazy weekend and have loads of school uniform to wash and iron and i promised to make lasagna for tea without realising i didn't have tomatoes in any form so must nip out to shop too but this is all i will get as i have a delivery due tomorrow.

    Can you tell I am used to working full time and that i am still getting hang of the being at home thing ?
    • hopefulmummyto2
    • By hopefulmummyto2 13th Sep 17, 3:03 PM
    • 4 Posts
    • 4 Thanks
    hopefulmummyto2
    • #6
    • 13th Sep 17, 3:03 PM
    soa
    • #6
    • 13th Sep 17, 3:03 PM
    Here is my son, it doesn't seem right though as we do not have this amount of money left at all so i am going to keep track of what we really spend this month and redo- any comments welcome....


    Statement of Affairs and Personal Balance Sheet

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

    Monthly Income Details
    Monthly income after tax................ £641 - this is stat maternity pay - will increase in March 18.
    Partners monthly income after tax……. £1800
    Benefits................................ £148 - although we are waiting on hmrc as just added another child to tax credits claim but we are not entitled to anything now so can’t see that changing
    Other income............................ 0
    Total monthly income....................£2598

    Monthly Expense Details
    Mortgage................................ £550
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax.............................£110
    Electricity & Gas……… £79
    Oil..................................... 0
    Water rates............................. £69(also
    Telephone (land line)...................0
    Mobile phone............................ £78
    TV Licence.............................. £12.12
    Satellite/Cable TV...................... £85 (includes internet and landline)
    Internet Services....................... 0 (included in landline cost)
    Groceries etc. ......................... £300 (Includes £40 for one lot of school lunches, nappies and milk)
    Clothing................................ £50
    Petrol/diesel………………………£50 (I don’t drive and dh has a works van that is used all week and all cost’s covered by his employer)
    Road tax................................£9
    Car Insurance........................... £36
    Car maintenance (including MOT)......... 30
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0 (this is covered by childcare vouchers, we have£1,800 in account and thesis topped up £243 by employer at their expense while on mat leave - we are currently paying £95 per month from this to retain my eldest place as after school club so we have it when i go back to work, childcare costs will increase in March 18 but we should have enough in this account by then to cover about 9 months without the need for us to top this up)
    Other child related expenses............ £30 (swimming lessons & savings)
    Medical (prescriptions, dentist etc).... 0 (i am exempt at moment but normally covered by work when i am not dh doesn't bother)
    Pet insurance/vet bills................. 0
    Buildings insurance..................... £19 (inc contents)
    Contents insurance...................... 0
    Life assurance ......................... £32
    Other insurance......................... £63 (employment cover needed as dh is in construction and we have used before when he was out of work for a year to cover mortgage)
    Presents (birthday, christmas etc)...... £30
    Haircuts................................ £8
    Entertainment........................... £100
    Holiday................................. £0
    Emergency fund.......................... £25
    Total monthly expenses………………£1636.12


    Assets
    Cash.................................... £5000 (dh’s savings)
    House value (Gross)..................... £210000
    Shares and bonds........................ 0
    Car(s)…………………………….£10,500
    Other assets............................ 0
    Total Assets............................ £225,500


    Secured & HP Debts
    Description....................Debt......Monthly.. .APR
    Mortgage………………….£116,000..(£550)......3.14
    Total secured & HP debts...... £116,000….-.........-

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Barclaycard………………… £1500.. £37...... .0
    m&s cc……………………… £325 £9
    Parental loan…………….. £3800..... not paying 0...
    Halifax loan……………… £7517..... £131…….3.8
    Total unsecured debts……… £13,142


    Monthly Budget Summary
    Total monthly income.................... £2598
    Expenses (including HP & secured debts).£1636.12
    Available for debt repayments........... £961.88
    Monthly UNsecured debt repayments....... £177
    surplus £784.88

    this is right on paper but we never have anything left I am going to keep track this month to see where our money goes

    Personal Balance Sheet Summary
    Total assets (things you own)........... 225,500
    Total HP & Secured debt................. -116,000
    Total Unsecured debt.................... -13,142,
    Net Assets…………………………£95,858

    Created using the SOA calculator at stoozing.
    Reproduced on Moneysavingexpert with permission, using other browser
    • Savertobe
    • By Savertobe 14th Sep 17, 6:43 PM
    • 27 Posts
    • 176 Thanks
    Savertobe
    • #7
    • 14th Sep 17, 6:43 PM
    • #7
    • 14th Sep 17, 6:43 PM
    A fairly typical situation for most of us - you have to be quite rigid with money to not have some unexpected expenses. Good to keep an eye on the details though.

    Good luck.
    • hopefulmummyto2
    • By hopefulmummyto2 4th Oct 17, 3:11 PM
    • 4 Posts
    • 4 Thanks
    hopefulmummyto2
    • #8
    • 4th Oct 17, 3:11 PM
    • #8
    • 4th Oct 17, 3:11 PM
    i have neglected this a bit thanks to back to school illnesses invading the house along with getting into a routine and homework.

    I am currently considering my options about going back to work early next year, i am currently full time but would like to drop a day to help with childcare costs but I must write a letter to confirm and to see if they will agree I am rubbish tho and keep putting this off.

    As all my statements and bills come in this month I am going to update my signature along with swagbucks and survey earnings and shopping budget, hopefully keeping this diary will make me accountable and keep me on track. I may even join some of the challenges.
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