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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 9:12 PM
    • 411Posts
    • 1,735Thanks
    Mumoffourkids
    Single, six kids and going to be debt free!
    • #1
    • 15th Dec 17, 9:12 PM
    Single, six kids and going to be debt free! 15th Dec 17 at 9:12 PM
    Okay, so I finally decided to face up to my debts and now my income is pretty much stable, I can now budget and work out how much to pay. My soa is below and I believe I have budgeted for everything. I know I have a big surplus but this is only recent and from the new year I want to start paying everything off.

    I know that if I threw everything at the debts that I could be debt free a lot sooner but I can't expect the kids to live like that really.

    So I calculated that if I pay £500 off my debts each month, then I will be debt free in 44 months, so three years and 8 months. However, as my old debts are not currently being paid, I plan on offering them minimal payments at the moment and then save up to offer them full and final settlements so hopefully I can be debt free sooner.

    Next is to find some challenges to join!

    Statement of Affairs and Personal Balance Sheet

    Household Information
    Number of adults in household........... 1
    Number of children in household......... 6
    Number of cars owned.................... 1

    Monthly Income Details
    Monthly income after tax................ 900
    Partners monthly income after tax....... 0
    Benefits................................ 3527.64
    Other income............................ 975
    Total monthly income.................... 5402.64

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 1200
    Management charge (leasehold property).. 0
    Council tax............................. 93
    Electricity............................. 120
    Gas..................................... 10
    Oil..................................... 0
    Water rates............................. 63.54
    Telephone (land line)................... 10
    Mobile phone............................ 51.81
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 39.98
    Internet Services....................... 10
    Groceries etc. ......................... 433.33
    Clothing................................ 100
    Petrol/diesel........................... 260
    Road tax................................ 25.83
    Car Insurance........................... 120
    Car maintenance (including MOT)......... 100
    Car parking............................. 0
    Other travel............................ 10
    Childcare/nursery....................... 1000
    Other child related expenses............ 140
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 7.27
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 150
    Haircuts................................ 0
    Entertainment........................... 303.33
    Holiday................................. 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 4310.46


    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 500
    Other assets............................ 0
    Total Assets............................ 500

    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Overdraft......................1000......30....... .0
    Catalogue......................247.......60....... .0
    Catalogue......................593.......35....... .0
    Old debts......................20000.....0.........0
    Tax credits....................410.......0.........0
    Total unsecured debts..........22250.....125.......-


    Monthly Budget Summary
    Total monthly income.................... 5,402.64
    Expenses (including HP & secured debts). 4,310.46
    Available for debt repayments........... 1,092.18
    Monthly UNsecured debt repayments....... 125
    Amount left after debt repayments....... 967.18

    Personal Balance Sheet Summary
    Total assets (things you own)........... 500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -22,250
    Net Assets.............................. -21,750
Page 18
    • Storm89
    • By Storm89 4th Feb 18, 4:04 AM
    • 277 Posts
    • 388 Thanks
    Storm89
    You're doing really well for the savings considering you only started last month. I really hope you reach your target of Debt free by November & that that other debt really had disappeared. It will be such a relief and a brilliant Christmas present (plus all the extra money you'll have in December for Christmas!) .
    • Mumoffourkids
    • By Mumoffourkids 4th Feb 18, 6:26 AM
    • 411 Posts
    • 1,735 Thanks
    Mumoffourkids
    Thanks Storm, I hope so too. It would be lovely to be debt free so soon. I might even take the kids abroad next year!
    Total debt Dec 2017 £23090.83 Feb 2018 £7675.3966.76% paid
    Debt no 3 £600/£1000
    Debt no 2 £0/£412.05 paid Feb ~ Debt no 1 £0/£593.29 paid Jan 2018
    Emergency fund £387.50/£600 ~ Total Savings £1036.29
    PAYDOBX2018 #97 £10114.82/£12,000
    • JoJoC
    • By JoJoC 4th Feb 18, 8:40 AM
    • 1,530 Posts
    • 5,300 Thanks
    JoJoC
    It's great to have goals like that to work towards mumoffour- being able to see holidays and treats like that for the kids in the not too distant future is really motivational!

    You're doing great with your savings pots too!
    CC1: £3804.52 / £3544.32 £300.20 paid | CC2:£5027.53 / £4781 £295 paid | Loan: £15,000 / £11,954 (£3,156 paid)

    July debt total: £23,832.05 | New debt total: £20,129 | Total debt paid: £3,703 (16%)
    *My debt busting and savings diary*
    • Mumoffourkids
    • By Mumoffourkids 4th Feb 18, 8:07 PM
    • 411 Posts
    • 1,735 Thanks
    Mumoffourkids
    Thanks JoJo, the savings pots are doing well apart from the clothes one! The kids always seem to need something. Next is some more football shorts for ds1. His are looking a little short and his old ones can go to DD3. I have absolutely zero in the clothes budget until tomorrow and probably shouldn't buy anything more for the next two weeks either. I might have to revise this budget and up it slightly!
    Total debt Dec 2017 £23090.83 Feb 2018 £7675.3966.76% paid
    Debt no 3 £600/£1000
    Debt no 2 £0/£412.05 paid Feb ~ Debt no 1 £0/£593.29 paid Jan 2018
    Emergency fund £387.50/£600 ~ Total Savings £1036.29
    PAYDOBX2018 #97 £10114.82/£12,000
    • Mumoffourkids
    • By Mumoffourkids 5th Feb 18, 11:13 AM
    • 411 Posts
    • 1,735 Thanks
    Mumoffourkids
    So today I am at home with the two little ones. Also been up since half five this morning as my son decided that was when we were getting up for the day. I'm going to have one tired boy later on!

    This morning I have managed to get to cash out on shopprize so that's a £5 Amazon voucher ready to buy some bits for my son's birthday at the end of the month. Also due a £10 voucher for completing a daily survey for a week about his TV viewing habits, I should get that one today. Really close on shoppix as well to a £5 voucher, so I should get that by the weekend.

    I have some more bits to list for sale so will do that today when smallest has a nap. The should bring in some more funds to pay off the target debt. Also found out yesterday that I will be given £50 for the first rugby tour. One of the older girls who plays rugby also coaches a mini team. She wanted to go on tour but her parents aren't going. I have space in my caravan so she is going to stay with us and her mum is giving me £50 towards the cost of the caravan. So that means I am at target for my spending money for that weekend as I have £153 saved. Next to save for is the girls rugby tour balance of £155.

    It's all going well, almost too well to be honest and I feel like something is going to go wrong!
    Total debt Dec 2017 £23090.83 Feb 2018 £7675.3966.76% paid
    Debt no 3 £600/£1000
    Debt no 2 £0/£412.05 paid Feb ~ Debt no 1 £0/£593.29 paid Jan 2018
    Emergency fund £387.50/£600 ~ Total Savings £1036.29
    PAYDOBX2018 #97 £10114.82/£12,000
    • joeyjimbles
    • By joeyjimbles 5th Feb 18, 11:53 AM
    • 1,520 Posts
    • 8,226 Thanks
    joeyjimbles
    It's going well because you are so organised, honest with yourself and you are in control. Yes curved balls will come, but you have the main stuff sorted and you are planning for the future spends too and soon you'll have your emergency fund properly underway so you'll feel more confident for the curved balls too.
    Do pat yourself on the back, you are doing brilliantly.
    • Mumoffourkids
    • By Mumoffourkids 5th Feb 18, 12:24 PM
    • 411 Posts
    • 1,735 Thanks
    Mumoffourkids
    Thanks Joey, I don't feel that organised sometimes. What I think has helped is that I have set realistic budgets for things including a general spending of £10 a day that includes school things. The only budget I think I need to look at is clothes. This seems to be used every week and there are still bits the kids need! But maybe that's because I haven't been able to buy them what they need so it's all come at once and maybe it will then build up a bit over the next couple of months!
    Total debt Dec 2017 £23090.83 Feb 2018 £7675.3966.76% paid
    Debt no 3 £600/£1000
    Debt no 2 £0/£412.05 paid Feb ~ Debt no 1 £0/£593.29 paid Jan 2018
    Emergency fund £387.50/£600 ~ Total Savings £1036.29
    PAYDOBX2018 #97 £10114.82/£12,000
    • CoffeeCakeYarn
    • By CoffeeCakeYarn 5th Feb 18, 4:33 PM
    • 208 Posts
    • 663 Thanks
    CoffeeCakeYarn
    I did a little internal squee at the numbers on your sig! You're really smashing this, well done!
    PAY BACK THE FUN SPEND! £38.72/£137.67
    MBNA - £2233.51/£2385 - 6.35%
    Emergency Fund £26/£1000
    • joeyjimbles
    • By joeyjimbles 5th Feb 18, 4:37 PM
    • 1,520 Posts
    • 8,226 Thanks
    joeyjimbles
    Kids and clothes are so difficult - at least if a few things can be repurposed down the ages, it's helpful, though sods law says that they all need shoes at the same time My eldest was much taller at the same age DS2 is now so it's taking a while for his clothes to come in - they also went to different schools so only a few items are transferable.
    • Silver Queen
    • By Silver Queen 5th Feb 18, 6:27 PM
    • 251 Posts
    • 1,374 Thanks
    Silver Queen
    I have a question about Shoppix, not sure if you can answer?! Is it ok for me to have shoppix and receipt hog and put the receipts on both?
    Debt Totals February 2018::
    £350 Natwest Credit Card / Now £0 (paid off and closed 04/2017 £15,500 postgrad loan from parents/ Now £11,050 £500 Loan from Parents 2 / Now £0 (paid off 16/02/18) £2,000 Overdraft Now £1,000
    • Mumoffourkids
    • By Mumoffourkids 5th Feb 18, 6:41 PM
    • 411 Posts
    • 1,735 Thanks
    Mumoffourkids
    Kids and clothes are so difficult - at least if a few things can be repurposed down the ages, it's helpful, though sods law says that they all need shoes at the same time My eldest was much taller at the same age DS2 is now so it's taking a while for his clothes to come in - they also went to different schools so only a few items are transferable.
    Originally posted by joeyjimbles
    I do try and hand clothes and shoes down but because of the age gaps and there being bits and girls, it's quite hard sometimes! Rugby and football boots do get handed down though and I think we have two pairs of shin pads which are communal and get shared between the four oldest kids

    I do have a school skirt that has been worn by three of the girls and will be worn by the fourth one!

    The two boys are six years apart in age so there isn't much point keeping clothes for my younger son. In addition they have completed different body types already. The oldest is tall and thin and needs slim fit everything, the youngest is stocky and wears jogging bottoms all the time. Jeans at the moment all seem to be slim fit and the few times I have put jeans on him, he can't move his legs properly.
    Total debt Dec 2017 £23090.83 Feb 2018 £7675.3966.76% paid
    Debt no 3 £600/£1000
    Debt no 2 £0/£412.05 paid Feb ~ Debt no 1 £0/£593.29 paid Jan 2018
    Emergency fund £387.50/£600 ~ Total Savings £1036.29
    PAYDOBX2018 #97 £10114.82/£12,000
    • Mumoffourkids
    • By Mumoffourkids 5th Feb 18, 6:42 PM
    • 411 Posts
    • 1,735 Thanks
    Mumoffourkids
    I have a question about Shoppix, not sure if you can answer?! Is it ok for me to have shoppix and receipt hog and put the receipts on both?
    Originally posted by Silver Queen
    I don't have receipt hog but I do have shoppix and shopprize and I do take snaps of the receipts on both of them so I would assume it was the same for shoppix and receipt hog.
    Total debt Dec 2017 £23090.83 Feb 2018 £7675.3966.76% paid
    Debt no 3 £600/£1000
    Debt no 2 £0/£412.05 paid Feb ~ Debt no 1 £0/£593.29 paid Jan 2018
    Emergency fund £387.50/£600 ~ Total Savings £1036.29
    PAYDOBX2018 #97 £10114.82/£12,000
    • CoffeeCakeYarn
    • By CoffeeCakeYarn 5th Feb 18, 6:52 PM
    • 208 Posts
    • 663 Thanks
    CoffeeCakeYarn
    Sorry to hijack - I use hog and shoppix with no problems x
    PAY BACK THE FUN SPEND! £38.72/£137.67
    MBNA - £2233.51/£2385 - 6.35%
    Emergency Fund £26/£1000
    • Mumoffourkids
    • By Mumoffourkids 5th Feb 18, 9:22 PM
    • 411 Posts
    • 1,735 Thanks
    Mumoffourkids
    No need to apologise coffee. How are you finding receipt hog? That's one I don't do, is it worth it do you think?
    Total debt Dec 2017 £23090.83 Feb 2018 £7675.3966.76% paid
    Debt no 3 £600/£1000
    Debt no 2 £0/£412.05 paid Feb ~ Debt no 1 £0/£593.29 paid Jan 2018
    Emergency fund £387.50/£600 ~ Total Savings £1036.29
    PAYDOBX2018 #97 £10114.82/£12,000
    • Mumoffourkids
    • By Mumoffourkids 5th Feb 18, 10:07 PM
    • 411 Posts
    • 1,735 Thanks
    Mumoffourkids
    So tonight I have been researching sweet cone bags. Three of my kids are having a joint party at a soft play centre and I was going to get some sweet cones made up. But now I am thinking I might make them myself.

    I have paid for exclusive hire first thing on a Sunday morning for a soft play centre. It is cheaper to do first thing and have a joint party rather than individual parties for the three kids. The money will come out of the present fund which is looking very healthy at the moment!

    So onto sweet cones. I was going to pay someone else to do them, but I thought why not do them myself. The bags are looking about £3.20 for 100 bags. I also hold the makro card for work and there is a makro nearby so I thought get the sweets from there. Pretty sure they won't be that expensive but I might go and research!

    Then whilst I was looking on the makro site, I saw offers on meat. Meat is expensive and we eat a lot of chicken. So I might try the meat from makro as that looks like it will work out cheaper than buying from the supermarket. Does anyone else buy meat in bulk?
    Total debt Dec 2017 £23090.83 Feb 2018 £7675.3966.76% paid
    Debt no 3 £600/£1000
    Debt no 2 £0/£412.05 paid Feb ~ Debt no 1 £0/£593.29 paid Jan 2018
    Emergency fund £387.50/£600 ~ Total Savings £1036.29
    PAYDOBX2018 #97 £10114.82/£12,000
    • Drawingaline
    • By Drawingaline 5th Feb 18, 10:12 PM
    • 342 Posts
    • 1,217 Thanks
    Drawingaline
    My clothing budget can't keep up either. I have decided to increase it for a few months and do a seperate line in YNAB for dancing clothing.
    • JoJoC
    • By JoJoC 6th Feb 18, 11:14 AM
    • 1,530 Posts
    • 5,300 Thanks
    JoJoC
    I have no advice on Makro, but I did sweetie cones for my son's borthday party a year ago - a couple of quid for the cones and ribbon, i printed off some sticky labels for the outside saying 'thank you for coming to X's party' with a picture of a ninja turtle on it and I got two boxes of sweets from my local cash and carry and that more than did the 30 sweetie cones I made up.

    Top tip - I bought one bag or giant marshmallows and putting three of those in each took up LOADS of space, so I wasn't having to fill them to the brim with all the little sweets
    CC1: £3804.52 / £3544.32 £300.20 paid | CC2:£5027.53 / £4781 £295 paid | Loan: £15,000 / £11,954 (£3,156 paid)

    July debt total: £23,832.05 | New debt total: £20,129 | Total debt paid: £3,703 (16%)
    *My debt busting and savings diary*
    • CoffeeCakeYarn
    • By CoffeeCakeYarn 6th Feb 18, 11:20 AM
    • 208 Posts
    • 663 Thanks
    CoffeeCakeYarn
    Receipt hog is slow, but you can upload multiples from the same shop in one day so good for wombling
    PAY BACK THE FUN SPEND! £38.72/£137.67
    MBNA - £2233.51/£2385 - 6.35%
    Emergency Fund £26/£1000
    • Mumoffourkids
    • By Mumoffourkids 6th Feb 18, 11:32 AM
    • 411 Posts
    • 1,735 Thanks
    Mumoffourkids
    My clothing budget can't keep up either. I have decided to increase it for a few months and do a seperate line in YNAB for dancing clothing.
    Originally posted by Drawingaline
    I think I will see if I can up it by £5 per week and then hopefully build up a bit of balance in there!

    I have no advice on Makro, but I did sweetie cones for my son's borthday party a year ago - a couple of quid for the cones and ribbon, i printed off some sticky labels for the outside saying 'thank you for coming to X's party' with a picture of a ninja turtle on it and I got two boxes of sweets from my local cash and carry and that more than did the 30 sweetie cones I made up.

    Top tip - I bought one bag or giant marshmallows and putting three of those in each took up LOADS of space, so I wasn't having to fill them to the brim with all the little sweets
    Originally posted by JoJoC
    Great tip JoJo, I think I will definitely do my own cones. I reckon there will be about 60 kids there as the two older ones are inviting their whole classes (new school so haven't really got any special friends yet) and surely it would be cheaper than paying someone else to do them! Love the marshmallows tip as well.

    Receipt hog is slow, but you can upload multiples from the same shop in one day so good for wombling
    Originally posted by CoffeeCakeYarn
    I might do receipt hog then. With Shopprize, a couple of days I have got to the maximum allowed receipts upload for a day, so I have kept them and just scanned them the next day. It doesn't take me long and its all free money!
    Total debt Dec 2017 £23090.83 Feb 2018 £7675.3966.76% paid
    Debt no 3 £600/£1000
    Debt no 2 £0/£412.05 paid Feb ~ Debt no 1 £0/£593.29 paid Jan 2018
    Emergency fund £387.50/£600 ~ Total Savings £1036.29
    PAYDOBX2018 #97 £10114.82/£12,000
    • CoffeeCakeYarn
    • By CoffeeCakeYarn 6th Feb 18, 11:36 AM
    • 208 Posts
    • 663 Thanks
    CoffeeCakeYarn
    Yeah for sure, give it a bash! No harm in free money
    PAY BACK THE FUN SPEND! £38.72/£137.67
    MBNA - £2233.51/£2385 - 6.35%
    Emergency Fund £26/£1000
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