Cat got the cream... and is paying for it!!!

leimichellecat · 2 September 2017 at 10:45PM

I'm a terrible long time lurker and have started diaries in the past, but not posted my progress (terrible memory!) but I have cleared it all twice before. This time round the debt is quite a bit bigger, I have two young children and I am fed up of being financed my mine and OHs parents. We also had a couple of medical scares lately which thankfully turned out to be false alarms but have made us review our lifestyles.

So here's the plan... at our current rate of repayment, snowballing says we will be debt free by June 2019. But that's not good enough for me - I'm a very impatient person. Instead I want it gone by August 2018. OH and I both have opportunities to work extra hours at work, but don't want to kill outselves doing it. Instead, working just 2 extra shifts each will give us the bonus we need. This is workable around child care. We have also started a meal plan, OH has joined SW and I'm a target member so that's going to reduce the risk of frivolous snacking/takeaways.

The current debt break down is-

Cc - £2370
My M&D - £3030
OH M&D - £6700
Car loan - £2375

Currently I am making fixed payments of £200 to OH M&D and £200 to car loan. The car loan is not going to change in interest and the final balloon payments (£375) is august 2018.

Payments to my M&D are frozen out of good will so I can clear the CC first. This is 0% until December, I really don't want to be paying a balance transfer fee, so instead I am paying this. I have broken it down into monthly chunks, the regular £100 DD, £250 I would normally pay my M&D then £324 from overtime per month (3-4 shifts depending on the tax man) Only 3 OT paydays but 4 regular paydays before 0% expiry.

Next I will focus on my M&D, then OH M&D and the car loan should complete at about the same time. I will recalculate and post each month with my updated figures and plan of action.

Oh, nearly forgot! We have agree to join the extended family of holiday in September 2018 so OH is saving the £1000 need for that.

As our family moto goes... We got this!!! :j

wishingthemortgaheaway · 2 September 2017 at 10:52PM

Good luck.

leimichellecat · 3 September 2017 at 7:00AM

Thank you! It feels good to re read what I wrote last night, I'm excited for this challenge and can't wait for August next year! Even if it's not cleared by then, I hope to have taken a good chunk out of it.

enthusiasticsaver · 3 September 2017 at 7:18AM

Hopefully you will get it cleared by the time the deal expires.

Well done for wanting to stand on your own without parental assistance although if your parents are like us with our two adult daughters they won't mind waiting.

We tend to gift rather than loan though (and can easily afford this until I retire at the end of this year) and justify it by saying to our daughters they will hopefully do the same with their children as my mum did with us.

Families help each other out.

leimichellecat · 3 September 2017 at 6:38PM

Our parents are very amazing and flexible, I get the "don't worry, pay it when you can" speech from both sets a lot, and they would never let us go without. However we have had a gifted deposit for our house and various other things, and I don't feel like I could justify buying nice things/holidays when we owe money. We have only had the majority of this debt for 18months (pregnancy and maternity leave), and we wouldn't have our amazing home without their help, but it's time for us to grow up and take responsibility for our own finances.

We need new windows and conservatory so once the debt is cleared I can save for them, so excited for white garish plastic!

leimichellecat · 3 September 2017 at 9:58PM

Done the weekly food shop this week. Normally it costs £50-£70 for the main shop and dribs and drabs through the week. I did the menu first (SW friendly), checked the freezers and cupboards for stock and stuck to my shopping list - £27 :eek: :rotfl:

OH and I are taking DS1 to a theme park tomorrow. To keep prices down we bought promotional tickets months ago (£28 for three tickets) so no need to pay for those and I've made the packed lunches this evening. The only costs I anticipate are PJs for DSs birthday present and a coffee to keep me going on the drive home (its 2hrs+).

Also returned an impulse buy, £7.50 back in the account!

leimichellecat · 4 September 2017 at 8:50PM

Another DFW day! £100 DD paid out to CC, so £350 in total paid. We had our day trip out, £6 for parking, OH spent £6 (change In his wallet) on coffee and ice cream for the 4hr drive home :eek: and the petrol was already in my car - I'll just have to ride my pushbike a lot this month!

Tomorrow is my first day back to work for the month, packed lunch ready for a no work spends month.

leimichellecat · 5 September 2017 at 8:44PM

Today has been a good and a bad day for debt clearing! Had a no spends day, including bringing my lunch to work, not stopping at McD's for post swimming lesson tea and using what was in the cupboard for dinner. Also agreed to increase my hours as work temporarily. The down side was the new childcare bill has come in (first time paying for childcare for two children) and its £100 per month more than expected. Luckily my increase in hours covers the extra cost, but I had hoped that would be more CC payments.

wishingthemortgaheaway · 5 September 2017 at 9:48PM

Do you know why it's more than you expected? Check they've got it right (have they applied any discounts you are entitled to e.g. For having two children there?) are you getting childcare vouchers or have you applied for the new tax free child care account - I think that system has started now. Also can you get any of the child care element from tax credits?
What about free hours for 3 year olds has that been applied? (Remember the 15/30 hours is term time only, 39 weeks a year, my friend's nursery works it out as 15 hours for 39 weeks a year or 11 hours for 51 weeks)

leimichellecat · 5 September 2017 at 10:16PM

I am still with the old voucher scheme so getting the best deal in that sense. Boys are 1 and 4 (just started school) so no free hours, and our household income is £60k so no benifits available. Extra £100 pm is down to a misunderstanding on my part. DS2 has been with her since March every Monday for 10hrs. DS1 was settled at nursery so left him there at first but now in school. I thought I was paying 6.5hrs per week for DS1 school pick up, CM thought it was that plus full days in school holidays (obviously while we are at work) which would be 20hrs per week. All adds up and makes sense, and honestly we need that service, we just hadn't budgeted for it.

wishingthemortgaheaway · 5 September 2017 at 10:30PM

At least it's right and makes sense.

Cat got the cream... and is paying for it!!!

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