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  • FIRST POST
    • timetobefrugal
    • By timetobefrugal 11th Nov 16, 3:08 PM
    • 71Posts
    • 189Thanks
    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
    • 147 Posts
    • 184 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
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