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  • FIRST POST
    • mumof3.12kindebt
    • By mumof3.12kindebt 29th May 17, 10:55 PM
    • 149Posts
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    mumof3.12kindebt
    if i make a start . then there has to be an end right ?!
    • #1
    • 29th May 17, 10:55 PM
    if i make a start . then there has to be an end right ?! 29th May 17 at 10:55 PM
    24 years old 3 kids . bipolar. physical disability. second child with additional needs and £15k of debt (£12k + interest if i can get approved for a loan and consolidate)

    i always thought id leave school go to college , travel. go to uni . get married . buy a house . have kids. raise the babies. then one day retire.

    but life had a different plan,

    here i am , 24 , 3 kids too two different dads. living in a 2 bed council flat with my partner 3 kids and a cat.
    i only have to look at my children to realise why ive never given up. at times when my mental health got too much.
    i have big dreams.
    but first i need to get my debt paid off , enjoy making memories with my kids .. then i can look at the next stage of my life ,
    my youngest is 11 weeks old tomorrow.
    that has flown by,

    anyway this is my little diary on loving life and paying off the dreaded debt
Page 4
    • mumof3.12kindebt
    • By mumof3.12kindebt 9th Oct 17, 9:28 PM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    Any advice on the above is much appreciated
    • mumof3.12kindebt
    • By mumof3.12kindebt 9th Oct 17, 9:30 PM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    Or.i can use the 250 towards debt instead of to house fund and be completely debt free in 14 months
    • mumof3.12kindebt
    • By mumof3.12kindebt 9th Oct 17, 9:52 PM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    Whatever we decide if we stay on the right path we will be looking at buying in 3-5 years. With at least a 10% deposit
    • mumof3.12kindebt
    • By mumof3.12kindebt 9th Oct 17, 10:08 PM
    • 149 Posts
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    mumof3.12kindebt
    Oh I nearly forgot. My food shop came in under budget. £47 for the week.
    • mumof3.12kindebt
    • By mumof3.12kindebt 9th Oct 17, 10:11 PM
    • 149 Posts
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    mumof3.12kindebt
    I've decided.
    Between now and the first of January I'm going to concentrate on my debt and building an emergency fund.

    From January I will split money after bills between debt and savings

    This way I see my debt go down but savings go up and will hopefully help me to stay focused better.
    • DebtFreeDuo
    • By DebtFreeDuo 9th Oct 17, 10:25 PM
    • 630 Posts
    • 3,050 Thanks
    DebtFreeDuo
    The way I decided was comparing the interest, if my debts had cost more than I would have gained by saving then I would have used my savings to clear my debt but as I gain so many benefits from my ISA it doesn't make any sense for me to pay it off, also considering I hope to have both my loans cleared in a little over 6 months and will therefore pay no interest after that.
    Loan:1780.49 2207.38 Car Loan:2039.22 2419.64 0% CC:984.98 1063.48 Overdraft: 860 Overpayment:1781 Total: 7445.69 DFD Dec 18
    SPC 586
    • mumof3.12kindebt
    • By mumof3.12kindebt 10th Oct 17, 12:24 AM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    Debts to be paid.
    November
    100 to credit card
    100 to catalogue
    184 car

    December
    100 to credit card
    100 to catalogue
    184 to car

    January 2018
    300 to catalogue to avoid interest
    100 to credit card
    200 to family member
    250 house fund
    150 emergency fund

    February
    300 to catalogue
    300 to credit card
    250 to house fund
    150 to emergency fund

    March
    500 to catalogue
    100 to credit card
    250 to house fund
    150 to emergency fund

    April
    Catalogue paid off
    Credit card 600
    House fund 250
    Emergency fund 150

    May to November (8 months)
    600 to credit card
    250 to house
    150 to emergency fund

    Remaining on car £4840

    This is my plan and after a lot of changing my mind is what I'm going to stick too.
    It will mean I should be debt free excluding my car in 14 months or less

    I will then focus on paying off my car early along side continuing to save for a deposit

    By the end of next year I would of cleared over half my debt and have around 3k in my house fund.


    We all have to start somewhere
    • mumof3.12kindebt
    • By mumof3.12kindebt 10th Oct 17, 12:28 AM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    Any extra on the off chance I do earn I will put towards one of my debts including my car.
    • 117pauline
    • By 117pauline 10th Oct 17, 1:13 AM
    • 464 Posts
    • 5,671 Thanks
    117pauline
    All I can say is

    WOW

    You are doing a fantastic job of paying off your debts.

    Have you thought of doing an SOA. I suggest it as its a starting point for you and your partner. It will help you to budget for the monthly, irregulars and yearly costs.

    You mentioned wanting to quit smoking. How about working out how much it costs you both per year and what that would do for your house deposit fund.

    I do hope though that you are building some treats for you all along the way. I have found my willpower can suddenly disappear but a small treat can be just enough to get you back on the straight and narrow.

    I almost always suggest a spending diary which also includes how you are feeling - to see if there are any particular triggers for you.

    Have a good week
    Pauline
    Don't get it perfect - Get it going
    Better Than Before
    • mumof3.12kindebt
    • By mumof3.12kindebt 13th Oct 17, 3:11 PM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    So sorry pauline. I thought I'd replied.
    • mumof3.12kindebt
    • By mumof3.12kindebt 13th Oct 17, 3:16 PM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    My new years resolution this year is too quit smoking. I'll put what I would of spent in a tin and empty it after 12 months.

    This week has been an expensive week. Car service and mot with some repairs set me back 330 pound

    New phone after partners old one finally gave up on me 120 pound.

    Fuel 48 pound today
    Electric 30 pound
    Tobacco 20 pound
    • mumof3.12kindebt
    • By mumof3.12kindebt 13th Oct 17, 6:06 PM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    Faceb**k is a wonderful thing.

    Reading replies on a post. And I realised. Since living on my own at 17 I've been lucky enough to never experience being broke. In debt yes. Stupid with money yes. Paid all debts off previously yes. But never completely broke.

    It's made me realise how fortunate I Am.

    And even more fortunate that it might of taken until now to get my head screwed on but at least i have many years ahead and I'm young enough to turn our situation around.

    I will never say I can't afford something again instead Ill be saying to myself I can afford it but I don't need or want it. Because if i really couldn't afford it would be because I'm broke. And while I'm able to pay my bills. Keep a roof over our head pay my heating bill to keep us warm. Afford fuel to get to work and we have a meal and clothes on our back we aren't broke. We are paddling our way through. When we start to drown is when we are broke.

    And that is another reason why my debt needs to be gone.
    So if i lost my job we could afford our already basic outgoings. Without drowning
    • mumof3.12kindebt
    • By mumof3.12kindebt 13th Oct 17, 6:13 PM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    The remaining balance on the car is what will be left by the time the rest of the debt is paid off. (IE. Includes direct debit payments taken off)
    • mumof3.12kindebt
    • By mumof3.12kindebt 13th Oct 17, 6:14 PM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    Debts to be paid.
    November
    100 to credit card
    100 to catalogue
    184 car

    December
    100 to credit card
    100 to catalogue
    184 to car

    January 2018
    300 to catalogue to avoid interest
    100 to credit card
    200 to family member
    250 house fund
    150 emergency fund

    February
    300 to catalogue
    300 to credit card
    250 to house fund
    150 to emergency fund

    March
    500 to catalogue
    100 to credit card
    250 to house fund
    150 to emergency fund

    April
    Catalogue paid off
    Credit card 600
    House fund 250
    Emergency fund 150

    May to November (8 months)
    600 to credit card
    250 to house
    150 to emergency fund

    Remaining on car £4840 after direct debit payments for the months above
    • mumof3.12kindebt
    • By mumof3.12kindebt 13th Oct 17, 10:03 PM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    We have done a spreadsheet document .
    which includes 3 spreadsheets
    1 for outgoings
    1 for debt
    1 for savings

    If all goes to plan we will have all my debts paid by December 2018

    Our outgoings are based on my basic wage.
    Any Extra will be split 50/50 . Between debt and savings.

    Along with the debt we aim to save 3k in our house savings to get the ball rolling.

    I will reevaluate as income changes.
    Which I hope to increase in August/sept 2018

    This basically goes along with our current plan. And amounts towards debt and savings are around the same as what I've previously posted. Although tomorrow after work I need to make sure the catalogue payments will mean that it's paid off during the 0% periods. And will adjust accordingly.

    I was feeling a little deflated earlier. Mainly letting it get too this point of so much debt... I've done numerous calculations over and over again. But it's now decided. It's on a document on my computer and phone. So no excuses not to stay on target.

    I just have to keep reminding myself that I will see that debt free date...

    I'm just so glad my attitude to money has changed in a good way so much since the start of the year..

    These are my 10 steps that I'm taking .

    step 1 ~ become more aware of money and my finances and get back in control... Achieved

    Step 2 ~ have a plan to get debt free .. Achieved

    Step 3 ~ follow plan and pay off debt

    Step 4 ~ build an emergency fund to fall back on for those unexpected expenses

    Step 5 ~ save to buy . Get on that property ladder before 35 (30 if possible)

    Step 6 ~ get a mortgage

    Step 7 ~ overpay mortgage

    Step 8 ~ aim to be mortgage free by 55

    Step 9 ~ be mortgage free

    Step 10 ~ go backpacking / travelling

    Don't worry though I'm doing one step at a time.

    Slow and steady wins the race after all
    • mumof3.12kindebt
    • By mumof3.12kindebt 13th Oct 17, 11:37 PM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    Quick update.

    We have around £90 saved in the money box (house box)
    • mumof3.12kindebt
    • By mumof3.12kindebt 14th Oct 17, 4:53 PM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    Managed to bag myself an extra shift at work next weekend.
    Kids are staying at my grandmas tonight.
    We are all going to a party tomorrow tomorrow for my other Nanas 90th birthday. Even better because I work at the home she now lives at I got to greet her as she woke this morningwith the biggest happy birthday.

    On the frugal front I have veg cooking away to make baby food.
    Today was a nsd
    as was yesterday

    And today I am feeling better xx
    • mumof3.12kindebt
    • By mumof3.12kindebt 14th Oct 17, 8:24 PM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    Baby food made
    Kids picked up by grandma.
    Baby awake
    Meds course to start.. Going to do that tomorrow. Early night tonight for me
    Scrolling Mse to source more information and tips.
    Topcashback is on my phone. Along with eBay and shpock.
    Target in my head was to make £100 in Oct. We aren't far off that so I'm increasing it too £150 not including any over time

    Bring on the rest of October and November. I'm going to be trying even harder than I already have
    • mumof3.12kindebt
    • By mumof3.12kindebt 14th Oct 17, 9:25 PM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    £400 left in budget account with 3 Mondays left

    £150 for food
    £40 petrol (hopefully won't need as much as this)
    £15 nursery fees
    £30 car tax
    £60 Tabacco (we are trying to cut down ready to quit in January so this will hopefully be less)

    So we should see 1st of November with £105 spare. Which will go to the emergency fund ... Here's hoping
    • mumof3.12kindebt
    • By mumof3.12kindebt 14th Oct 17, 9:26 PM
    • 149 Posts
    • 299 Thanks
    mumof3.12kindebt
    I dont think there is anything else to come out of that money. I will check my budget tomorrow

    Oh music lessons need paying that is what the extra is for I think.
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