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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 9:12 PM
    • 406Posts
    • 1,717Thanks
    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 20
    • Mumoffourkids
    • By Mumoffourkids 12th Feb 18, 2:07 PM
    • 406 Posts
    • 1,717 Thanks
    Mumoffourkids
    Thanks everyone for your comments. It means so much to me that people are either in the same situation or know what it feels like.

    It does feel like I am getting my life in order just by being on here and posting on my diary. I am feeling more in control and my house is slowly getting sorted out a little at a time. My loft is almost sorted with only a few bags and about three boxes to sort. The garage is slowly getting there and the kids rooms are sort of ok. I think just one more storage unit in the girls room and that should clear away a lot of the rest of the stuff. Then to attach the garage completely as I think there is probably quite a lot of stuff that can either be sold or can go to charity or be chucked in there. Then I should have a clearer garage!

    In money saving news, my daughter has baked some chocolate and cream whoopie pies and is making more fudge later. I am off to the bank to pay in my cheque, then to cash 4 clothes to sell more bits. I'll time this with picking up my eldest from work as it is all in the same town. I have two items on eBay, one has a bid already and I only put it on last night. I have two people interested in bits I put on FB and I still have a load of bits to list so that will be the job for the next hour or so. I am determined to clear this house as well as my debts!
    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 12th Feb 18, 3:59 PM
    • 406 Posts
    • 1,717 Thanks
    Mumoffourkids
    So I have just paid off another £84.80 off my target debt. That leaves £39.17 left to pay which I am determined to do this month. I have another £9.64 on prolific to cash out, and have quite a few things up for sale now. So if those sell hopefully I should make that last £39.17. If not I am sure I can save the amount out of my weekly spending money over the next week or two. I am determined this debt will be gone this month!
    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 12th Feb 18, 8:07 PM
    • 338 Posts
    • 1,199 Thanks
    Drawingaline
    That certainly sounds like a drama you can do without. I am generally quite close to my family, but I have had a serious falling out with my mum last month which has really impacted my relationship with her for the first time. It's made me realise a lot of things about her which I have let slide, when I should have been addressing them. But it's horrible being at odds with people close to you.

    I hope you and your dad can stay strong through this and that you make your weekly target!
    • Mumoffourkids
    • By Mumoffourkids 13th Feb 18, 6:10 PM
    • 406 Posts
    • 1,717 Thanks
    Mumoffourkids
    Thanks drawing and yes it's drama that i certainly don't need in my life. I have enough going on without having to deal with their dramas.

    So I think target debt number 2 will be paid off this week. I did the wages at work today, they will be paid Thursday, but I have got a small tax refund due to me being on a week 1/month 1 tax code which I hadn't noticed before. So in addition to my tax refund I had underestimated my wages by nearly £80. So part of that will go to pay off the last of the debt, part will go to the extra bring spent on childcare this week and part will go to the next savings goal!

    In addition I have been accepted for water sure for both my water and sewage. So that means my bills are called and I should save about £20 a month!
    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 13th Feb 18, 6:39 PM
    • 1,513 Posts
    • 5,252 Thanks
    JoJoC
    What a nice little bundle of extra cash you'll have mumoffour!

    Nice to see you splitting the extra between pots too - all these little extras will make all the difference.
    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 13th Feb 18, 7:42 PM
    • 406 Posts
    • 1,717 Thanks
    Mumoffourkids
    Thanks JoJo. I think I have decided that just by doing not much my debt will be paid off this year, so I intend to still live a little and seeing as my life is so chaotic, any little thing I can get to make it a little less so I will. Even if that means I take a month or two longer to pay everything off.
    Last edited by Mumoffourkids; 14-02-2018 at 1:55 PM.
    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 14th Feb 18, 2:07 PM
    • 406 Posts
    • 1,717 Thanks
    Mumoffourkids
    So today I am at work but its not very busy and I have been playing with my spreadsheet to change DD's as they have been updated for water.

    I am also looking into changing gas and electric provider as my current tariff ends at the end of March. I keep checking but don't want to change too soon as I don't want to pay the early exit fees!

    Tomorrow the next target debt will be paid off and then I just need confirmation that my ex husband is getting a bonus and then I will get some of that and it will clear the rest of my overdraft.

    If he doesn't get a bonus, then my focus will switch to clearing my overdraft with any extra money I make. But if I don't make any extra money, this should be gone in the next couple of months anyway.

    If I can clear my overdraft, then I will only have the two debts left to pay! There is the one that has disappeared, but until that resurfaces, I am not counting it!
    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 14th Feb 18, 3:22 PM
    • 1,513 Posts
    • 5,252 Thanks
    JoJoC
    I agree wholeheartedly about living a little while paying off debts (if you can manage, that is) and you'll see that it's the approach we're trying to live by on my diary.

    Fingers crossed on the ex-husband's bonus!

    Question (and tell me to mind my own business if you want) - is he obliged to give you a portion of his bonus as part of maintenance or is he giving you it off his own back? Just interested!
    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 14th Feb 18, 4:16 PM
    • 406 Posts
    • 1,717 Thanks
    Mumoffourkids
    Oh don't worry about asking that JoJo. We have an agreement between ourselves. When we first split up he had his own company as well as being employed and he used to give me a percentage of any income he got from the company as well as his wages. So I think when he gets his bonus he applies the same percentage as he does to his wages. There is no obligation I don't think but he always been good about giving me the recommended amount per the child maintenance calculator even if he doesn't actually see the kids that often!

    I hope he does get his bonus as that would be amazing to have paid off my overdraft as well this month.
    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 14th Feb 18, 4:41 PM
    • 1,513 Posts
    • 5,252 Thanks
    JoJoC
    That's all very sensible and amicable - not very often that you see that in separated couples. I bet it makes both your lives easier for it not to be a constant fight! Shame he doesn't see the kids so often though.

    Yes, i have my fingers crossed that he gets the bonus and your overdraft can be gone!
    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 14th Feb 18, 4:50 PM
    • 406 Posts
    • 1,717 Thanks
    Mumoffourkids
    Yes we are all very amicable about the money side of things. Even when we split, we shared everything out evenly and didn't disagree on any money things. We only really disagree on how much he sees the kids!
    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 15th Feb 18, 6:36 AM
    • 406 Posts
    • 1,717 Thanks
    Mumoffourkids
    So debt number 2 is now paid off! Wages have gone in and I have allocated money. I have never only been halfway through the month and have over half the rent and nursery fees already saved up ready!
    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
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 15th Feb 18, 8:28 AM
    • 930 Posts
    • 4,272 Thanks
    wishingthemortgaheaway
    You will be 'month ahead' in YNAB before you know it.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 o/s £34,400
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2025
    MFW 2018 Challenge Member #162 £124.36/£2,500
    • Mumoffourkids
    • By Mumoffourkids 15th Feb 18, 9:07 AM
    • 406 Posts
    • 1,717 Thanks
    Mumoffourkids
    Hopefully Wishing! That is the plan to get ahead of myself, although it probably won't happen for a few months as my work are changing my pay day!

    I think just being on here and posting is making me think more about my spending and I am really reluctant to spend any money now! I don't even like spending my money that I am saving for certain things!
    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 15th Feb 18, 9:41 AM
    • 204 Posts
    • 657 Thanks
    CoffeeCakeYarn
    Just a quick one to say a huge well done! You are smashing this, really.
    PAY BACK THE FUN SPEND! £35.67/£137.67
    MBNA - £2233.51/£2385 - 6.35%
    Emergency Fund £26/£1000
    • Mumoffourkids
    • By Mumoffourkids 15th Feb 18, 9:48 AM
    • 406 Posts
    • 1,717 Thanks
    Mumoffourkids
    Thanks Coffee. I hate spending money now! I can't wait until it is all paid. I will have so much money spare a month, I won't know what to do with it all!

    Yesterday was a spendy day. I treated the four oldest kids to an hour at a local trampoline park and then McDonalds for tea. I haven't been able to take any time off work as the only other person in the office has this week off as her main holiday of the year, so I am covering her job as well as mine. But that means I haven't been able to take the kids out as such. So instead after work yesterday we went out for a bit. I hated spending the money though even though it was budgeted for!
    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 15th Feb 18, 10:06 AM
    • 204 Posts
    • 657 Thanks
    CoffeeCakeYarn
    That's an amazing spend! I went to the trampoline park with the boy when we had our week off and had SO MUCH FUN! I'm a bit jealous, can't wait to do it again!


    Save the extra, you've got six to go through uni
    PAY BACK THE FUN SPEND! £35.67/£137.67
    MBNA - £2233.51/£2385 - 6.35%
    Emergency Fund £26/£1000
    • Mumoffourkids
    • By Mumoffourkids 15th Feb 18, 11:05 AM
    • 406 Posts
    • 1,717 Thanks
    Mumoffourkids
    I must admit I Was a little jealous that I didn't pay for myself to have a go on the trampolines. I think next time I might have a go. Although knowing my luck, I would injure myself on the first bounce!

    Yes that's very true about putting six through university! I do have a bit of a plan though as one day I would like to buy a house again. Not sure I'll ever be able to afford a house for all my lot to fit in, but a smaller house would be good. It won't be for many years though! But I have a plan for by the time I reach my next big milestone birthday!
    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
    • Storm89
    • By Storm89 15th Feb 18, 11:10 AM
    • 275 Posts
    • 386 Thanks
    Storm89
    Hey I'm just catching up with all my fave diaries. It's funny about the trampoline park because we're going next week with our 2. I went on one for my son's birthday and let's just see my bladder isn't what it was pre-kids - I wasn't expecting it LOL.
    You're doing so well , I feel like that debt must have disappeared because it's been long enough now for it to have resurfaced ?
    • Mumoffourkids
    • By Mumoffourkids 15th Feb 18, 12:28 PM
    • 406 Posts
    • 1,717 Thanks
    Mumoffourkids
    Oh God, if your bladder wasn't good after two kids, imagine what mine would be like after six of them! Maybe its best if I don't go on a trampoline!

    And yes I am inclined to believe that my debt has truly disappeared so I'm counting it as paid!
    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
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