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  • FIRST POST
    • timetobefrugal
    • By timetobefrugal 11th Nov 16, 3:08 PM
    • 77Posts
    • 213Thanks
    timetobefrugal
    Single 20 something mum - time to kick myself up the bum!
    • #1
    • 11th Nov 16, 3:08 PM
    Single 20 something mum - time to kick myself up the bum! 11th Nov 16 at 3:08 PM
    Having stalked these forums for a while I've decided to start my own diary to get to grips with getting myself out of 15k debt!

    So a little about me, I'm a 26 (almost 27) year old single working mum of 1 lovely little 3 year old. I think ever since I got an overdraft/first credit card back when I was 19 I've been bad with money. Over 2 years ago my daughter's father split up with me meaning I had to move into rented accommodation, followed by my father passing away unexpectedly, I started stupidly using money and spending money I didn't really have to cheer myself up.

    I currently work 30 hours per week and if I worked an extra day I'd literally just be paying for nursery. Plus I'd prefer the time with my daughter over extra money ANY day! I'm also doing an open university degree in law so that's racking up even more debt

    Now I've come to the realization that I know I need to cut back majorly, get a grip and start paying things off. Not sure how realistic my goal is but I want to be debt free or have at LEAST 80% of debt paid by my 30th birthday in 2020! I have to get over the self pity of how comfortable I could live without having to pay over £300 a month onto debt (I mean I could save a deposit for a house or have a better car/holidays if I weren't paying all that) and get to grips with being frugal and getting it down so I CAN live give my daughter a comfortable life long term.

    I haven't done a SOA as my budget changes monthly (due to getting paid tax credits weekly) so I do a monthly budget on excel every month butttt this is what my typical monthly budget looks like:

    Income
    Salary £1,275.61
    Benefits £521.71
    Child benefit £82.50
    Maintenance: £120

    Total: £1999.82

    Outgoings

    Rent £575.00
    Nursery fees £368.00 - should get 15 free hours in January 2017 so amount will change then as will my tax credits
    Petrol £80.00
    Council Tax £92.00
    Gas £38.70
    Electricity £27.97
    Water £25.17
    Content insurance £16.19
    Car insurance £34.92
    Car Tax £11.37
    Mobile £19.00
    SKY £36 - tied in until October 2017
    Sofa £35.00 - payments finish August 2017
    Bank account fee £30.00 - I transfer this to cover my account fee of £19 and overdraft charges and what is left (small amount) to pay towards clearing overdraft)
    TV licence £12.12
    Daughter's ISA £25.00
    Savings £50.00 (best friend is getting married in Cyprus Sept 2017 so this is to pay for a holiday)
    GUIDE DOGS £5.00
    Food £120.00
    Other £20 - this covers OD fee on my main account and postcode lottery (because hey I might win £25,000 and all my troubles be over - we can dream )

    Debt repayments
    CC1 £70.00
    CC2 £115.00
    CC3 £30.00
    CC4 £50.00
    CC5 £50.00

    Total outgoings: £1931.35

    Surplus income £67.32


    Now for my total debts

    Debts
    Overdraft 1 - £300
    Overdraf 2 - £400
    CC 1 - £2,874.99 1.4316% monthly rate
    CC 2 - £4723.41 1.5976% monthly rate
    CC 3 - £1924.72 0% until March 2017 then 2.0751% monthly rate
    CC 4 - £2,393.75 0% - can't remember when until and can't see info on statement but it's at least until December 2017
    CC 5 - £ £2540 0% again can't remember when this is as it's a new balance transfer so will find out when I get the statement
    CC 6 - £234.34 - aim to clear this first

    Total debt = £15391.21

    All of my CCs have been cut up bar 1 for EMERGENCIES ONLY

    I've done two recent 0% balance transfers and unfortunately as my name has just come off a mortgage my credit rating isn't good enough to get any further 0% deals. So my plan is as follows:

    Pay off CC 6 by January 2017
    Pay off as much as possible from CC 2 before 0% interest finishes in March 2017
    Have at least 25 NSDs every month
    Get the 2 x 0% CCs cleared by 0% term then hopefully get another 0% deal for the remaining cards.
    De-clutter my house and sell things on ebay to help towards Christmas
    Lastly save £700 moving fund so I can cut rental cost down to £500 pcm


    Sorry for the long post!
    Last edited by timetobefrugal; 11-11-2016 at 3:16 PM.
Page 6
    • camz2017
    • By camz2017 7th Dec 17, 11:35 AM
    • 347 Posts
    • 588 Thanks
    camz2017
    I think you are doing amazing, I LOVE that you are doing batch cooking as that stops you ending up eating junk. I'm a huge supporter of batch cooking and eating well, along with working out, it just ensures you feel good about yourself, and more importantly end up looking good as well I think success comes from treating yourself well. Great job!

    Also it must be really tough studying and working, are you working full time?! I did 20 hours a week whilst I studied economics, it was tough that's for sure, I can't imagine doing full time and uni!

    Enjoy Christmas and the festive break, be sure to eat a lot of chocolate - I know I will eat a full tub of chocolate to myself, probably in one sitting
    • timetobefrugal
    • By timetobefrugal 8th Jan 18, 1:16 PM
    • 77 Posts
    • 213 Thanks
    timetobefrugal
    So Iíve been shocking at updating this again!

    Will do a quick update while on my lunch at work

    Christmas and new year was lovely, went to my mumís/step dadís New Yearís Eve and safe to say I spent New Yearís Day struggling with life (self-inflicted).

    DD had a lovely Christmas with both families and is back into full routine this week Ė that should be fun!

    Jan + Febís spare money have pretty much been budgeted for already; had an issue with my car which ended up costing £256 to fix, luckily had £130 in Christmas money so that paid towards that. Itís my mumís birthday this month and we are having a spa day which me and my sister have split between us costing me £56. That was for all 3 of us plus 2 treatments each, so really looking forward to a chill day! Then my sister turns 30 next month so again, spare money has been spent on attending her party and gifts!

    Did well in my first essay (canít remember if I posted) and have another due on the 18th so my anxiety is building again as itís a problem solving essay which arenít my fave. So the next 10 days will pretty much be filled with working toward that.

    Also started tracking macros on myfitnesspal as of last week so weíll see how that goes in terms of getting some weight off, food has been good for the past week and the sugar cravings are easing off a little now.

    In terms of money, I actually havenít checked my new total! Iíve decided because I have such expensive months then my full budgeting will come into force for March.

    Will check back in again soon
    Debt Total October 2017 £20,511.27
    • camz2017
    • By camz2017 8th Jan 18, 6:40 PM
    • 347 Posts
    • 588 Thanks
    camz2017
    In terms of money, I actually haven!!!8217;t checked my new total! I!!!8217;ve decided because I have such expensive months then my full budgeting will come into force for March.
    Seriously you gotta face the music, it's the story of I will do it on Monday, but Monday never comes! Get the numbers written down, good or bad, and move onwards tomorrow, not in March. Your name is timetobefrugal not time to be frugal in March

    Enjoy the spa day and good luck with the macros, don't worry about the macros too much, ultimately you could lose weight eating Oreos all day if it was well within your calorie range. I focus on Macros mainly for muscle gain and to speed up recovery from big workouts. Primary focus = calories for you.

    PS Work out your numbers!!
    I do calorie cycling, so say you want your weekly average calories to be 2000 a day:
    Mon: 1500
    Tue: 2500
    Wed: 1500
    Thurs: 2000
    Fri: 2500
    Sat: 1500
    Sun: 2500
    Average weekly = 2000.

    So I can have good and bad days, still meeting goal, which allows me pizza and other good stuff, because I love pizza, garlic bread, oreos, mcdonalds, milkshakes, full fat coca cola, you get the idea As I'm maintaining I need like 2700ish a day, so I can literally do 4000 calorie days which for me is a total dream. Getting to a low body fat is sooo hard but maintaining it isn't so difficult, it's just maths to work out your calories.

    Re the essays, I don't know what kind of person you are, but I did an economics degree at a top university in London, and coursework wise I only ever began the work midnight before submission, often after drinking, and passed every piece, so I have every confidence you will be fine. Exams are a different matter, as I attended zero lectures of a unit I failed a compulsory unit, which delayed me a year, as I had to resit that the following year - can't say I did much more, just did the bare minimum the following year and passed that. For everything else I pretty much learnt the whole course 1 week before my final exams on my own and passed with 60+%... Honestly there's zero point stressing or worrying, these degrees are designed to be passed, after-all you're throwing money at them. My gut feeling is most people can get a 2.1 with fairly little input, and a 1st requires hard work. You will be totally fine, but ignore me and please work hard - my point is there's little to worry about.
    BC 0/15305.83 MBNA: 0/11231.16 TESCO 0/822.87 LOAN 0/4272.67
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