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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 9:12 PM
    • 260Posts
    • 922Thanks
    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 6
    • Mumoffourkids
    • By Mumoffourkids 1st Jan 18, 8:43 PM
    • 260 Posts
    • 922 Thanks
    Mumoffourkids
    I had meal planned up to Wednesday and then had a think about what was in the freezer so thought actually I have enough food to do until Sunday because I got some great bargains on ys chicken from my local shops over the last week. Freezer is nicely stocked up with meat including about three packs of Richmond sausages which were 50p each!

    I only started the separate account last week as I wanted to make sure that I kept to budget and basically if I donít have any money, I canít buy any food!

    That was the only account I ever had ppi with so I am happy that I got some money back. I think I may have had a loan with some on, but I donít have the paperwork anymore so no idea if I can claim that back.

    I was in the mood for sorting out today so I did the drawers in the garage. I have a few seeds that can be planted this year but most are really old. Have got nice and tidy drawers in the garage though but I have got about 7 different hammers. I have no idea why I have so many hammers!
    Total debt Dec 2017 £20607.44/£23090.83 10.75% paid
    Debt no 1 £0/£593.29 paid Jan 2018 ~ Emergency fund £337.50/£600
    PAYDOBX2018 #97 £2524.42/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • hamiltoes
    • By hamiltoes 1st Jan 18, 10:10 PM
    • 46 Posts
    • 92 Thanks
    hamiltoes
    Hi and happy new year to you

    I've just had a read through your diary and it sounds like you're off to a great start on your journey!

    I'll follow along if that's ok, we are pretty similar in that I can totally relate in having weekly, 4 weekly and monthly payments separate to a wage and how that can be a task to contend with! I'm also a working single mum although I have two and I absolutely take my hat of to you for doing so well with 6 children in tow. I have no idea how you do it!

    I'm loving your lists and your diary is very motivational. I've been using YNAB for a while and have found the simplest method for me with all the different incomings and a set weekly spending budget for all food/ fuel/ misc spends was just to create categories for Week 1 / Week 2 / Week 3 / Week 4. I did try to separate food and fuel etc but I'm finding this way easier as I can roll over any underspending (or bad overspending!) into the next week and it's a bit simpler. Not sure if this could help you but thought I'd mention it :-)

    Best of luck for 2018!
    • Honeysucklelou2
    • By Honeysucklelou2 2nd Jan 18, 2:18 AM
    • 599 Posts
    • 2,322 Thanks
    Honeysucklelou2
    Sweet peas and broad beans are good to plant now.
    paydbx #93 £155/£8,000.
    Loan £17k - paid off in Aug 2017. Home improvement loans £3342 March 2017. £3206 in Oct 17
    • Mumoffourkids
    • By Mumoffourkids 2nd Jan 18, 3:08 PM
    • 260 Posts
    • 922 Thanks
    Mumoffourkids
    Thanks Honeysuckle. I had a good sort out of my seed drawer whilst watching tv last night and a lot were very out of date so I have thrown them. I feel really bad and that I have wasted money but I have saved a few and will be planting again very soon. I don't think I have any sweet pea or broad beans but I will take another look tonight.

    Hi Hamiltoes and thank you for stopping by and taking a read. I found your diary earlier but as I am at work, haven't had much chance to read through it yet. It might be one for when the kids are in bed tonight, after I have ironed the mountain of school uniform!

    I'll have a look at maybe splitting off each week into different groups on YNAB and see if that works as it certainly is hard to keep up with money coming at different times. It certainly would be easier if I had one payment at the end of the month so I knew what I had to work with!

    Oh and I have no idea how I cope with six kids either! Actually I mean I don't cope sometimes but sometimes I do. I am very organised and have a very good memory fortunately!

    So today was my first day back at work since before Christmas and as the kids aren't back at school, I have managed to do a slightly longer day which is great. Tomorrow though I may have to bring two of them into work with me so I might only manage the morning but am hoping to do a longer day on Thursday as well. Work have confirmed that they want me and my colleague to up our hours as from now so that is good news. It means about an extra four hours a week and as I earn more than I have to pay for Breakfast club that is good. I'll have to work out how much extra it is and ring tax credits and housing benefit to tell them as I think it will effect the amount I get.

    Not much else money saving happening today and I need to do a list tonight for tomorrow as I haven't been doing them and my house looks like a bomb has hit it!
    Total debt Dec 2017 £20607.44/£23090.83 10.75% paid
    Debt no 1 £0/£593.29 paid Jan 2018 ~ Emergency fund £337.50/£600
    PAYDOBX2018 #97 £2524.42/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • camz2017
    • By camz2017 2nd Jan 18, 6:24 PM
    • 270 Posts
    • 511 Thanks
    camz2017
    Don't worry about throwing things out - I personally like to throw things out, it makes me feel like an anti-hoarder

    It sounds like you have your hands full, I wont be having 6 kids, definitely couldn't manage it... You must be a saint!
    Total Debt December 2017: £30931.36. Start: Dec 2017 DFD Target: Jan:2021 DFD More Realistic: Jan 2022
    Paid off 0/100%
    • Drawingaline
    • By Drawingaline 2nd Jan 18, 8:20 PM
    • 237 Posts
    • 940 Thanks
    Drawingaline
    Just catching up after a Xmas break.

    I am shocked at the student loan situation! In my eyes at 18 you are an adult, parents income shouldn't be looked at at all. Although I suppose it was when I went to uni when I actually got paid to with a grant but, old enough to vote, get married etc, old enough to not need to look at parents income. My girl is adamant she will be going (she is going to be a history teacher apparently) she is yr9, we are stuffed

    You sound very organised, and well done on the ppi thing. I have amounts in my YNAB lines, but I also have emojis, I was so excited when they updated the app and I could add them. Even invented some new categories so I could use more. I MAY have a problem
    • Mumoffourkids
    • By Mumoffourkids 2nd Jan 18, 8:21 PM
    • 260 Posts
    • 922 Thanks
    Mumoffourkids
    Oh I enjoy throwing things just felt a bit wrong that I hadn't managed to use the seeds before they were past their use by date.

    Yeah my house is a bit crazy and I definitely didn't plan on having six kids. Not sure what happened!

    So today has been a nsd which is good and I did an extra hour at work but it has resulted in a very tired me and I still have to iron school uniform. Tuesdays, Wednesdays and Thursdays I am usually exhausted and don't manage to do much around the house apart from the basics so feeding everyone and keeping on top of the washing up.

    I was thinking of other stuff I could sell on the drive to work today, so that will be my job for Thursday or Friday. Also got it confirmed that my music magpie payment will be in my bank tomorrow.

    I am sending off my first offer letter to one of my debts tomorrow so hopefully they will accept.

    Off to do some ironing and think about a to do list for tomorrow.
    Total debt Dec 2017 £20607.44/£23090.83 10.75% paid
    Debt no 1 £0/£593.29 paid Jan 2018 ~ Emergency fund £337.50/£600
    PAYDOBX2018 #97 £2524.42/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • Honeysucklelou2
    • By Honeysucklelou2 2nd Jan 18, 9:48 PM
    • 599 Posts
    • 2,322 Thanks
    Honeysucklelou2
    I'm the same Mumoffour, on work days just cooking and getting everyone prepared for the next day, so main housework has to be left to the weekend.

    Large families are fab...to the outside all can seem chaotic but there is a lot of organisation that goes on to keep everything ticking along ( single parent here too) !
    paydbx #93 £155/£8,000.
    Loan £17k - paid off in Aug 2017. Home improvement loans £3342 March 2017. £3206 in Oct 17
    • Mumoffourkids
    • By Mumoffourkids 2nd Jan 18, 9:57 PM
    • 260 Posts
    • 922 Thanks
    Mumoffourkids
    Yep I am super organised, it's the only way to get through the day with a large family and being a single parent. Although I do like the fact that I am able to watch what I want to once the kids are in bed!

    So to do list for tomorrow
    - drop small two at nursery
    - get largest two ready for school
    - go to work
    - post letter to first debt about repayment offer
    - post littlest pets and build a bear items for sale on FB
    - clean and wash Moses basket
    - go to rugby training with oldest two girls
    - iron school clothes for middle two


    I think that's all but will be in addition to general things like washing, washing up, drying clothes, putting clothes away!
    Total debt Dec 2017 £20607.44/£23090.83 10.75% paid
    Debt no 1 £0/£593.29 paid Jan 2018 ~ Emergency fund £337.50/£600
    PAYDOBX2018 #97 £2524.42/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 2nd Jan 18, 9:59 PM
    • 832 Posts
    • 3,728 Thanks
    wishingthemortgaheaway
    Ooh good luck with the offer letter. Hope it goes well.
    I have one child and work days are Home survival days - can you get away with giving the uniforms a shake?
    As a teacher I never judged un- ironed uniform,
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2025
    MFW 2018 Challenge Member #162 0/£2,500
    • Mumoffourkids
    • By Mumoffourkids 2nd Jan 18, 10:32 PM
    • 260 Posts
    • 922 Thanks
    Mumoffourkids
    The offer letter should go ok, they haven't had any payments in almost two years so I am assuming that they will be grateful to start being paid. Well I am hoping they see it that way.

    The ironing for the two eldest didn't take too long tonight, so I will do the two middle ones tomorrow night. They only have two days of school this week so it shouldn't take too long. The skirts and trousers look ok to be honest, so it's just the shirts really. I only really iron school clothes and it's normally my Sunday night job. I always say I am going to get the clothes washed and ironed at the start of the holidays. And that never happens
    Total debt Dec 2017 £20607.44/£23090.83 10.75% paid
    Debt no 1 £0/£593.29 paid Jan 2018 ~ Emergency fund £337.50/£600
    PAYDOBX2018 #97 £2524.42/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • Mumoffourkids
    • By Mumoffourkids 3rd Jan 18, 9:47 PM
    • 260 Posts
    • 922 Thanks
    Mumoffourkids
    So the to do list from today went as follows:

    - drop small two at nursery - done
    - get largest two ready for school - done
    - go to work - done
    - post letter to first debt about repayment offer - not done but got an envelope and stamp from work so it will be posted tomorrow
    - post littlest pets and build a bear items for sale on FB - yeah not done
    - clean and wash Moses basket - not done as well
    - go to rugby training with oldest two girls - done and really enjoyed it getting muddy!
    - iron school clothes for middle two - will be done in a minute

    So I didnít do too bad but I feel like I havenít stopped until now.

    Tomorrow will be another busy day as got work and then in the evening two of the girls have gymnastics class. I will probably do my to do list in the morning as am shattered and still need to iron clothes.
    Total debt Dec 2017 £20607.44/£23090.83 10.75% paid
    Debt no 1 £0/£593.29 paid Jan 2018 ~ Emergency fund £337.50/£600
    PAYDOBX2018 #97 £2524.42/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • Mumoffourkids
    • By Mumoffourkids 4th Jan 18, 9:59 AM
    • 260 Posts
    • 922 Thanks
    Mumoffourkids
    Ok so to do list for today,

    - Get smallest two to nursery
    - Get oldest four off to school (middle two's first day back today!)
    - Go to work
    - Drop off raffle prize to friend (was meant to do before Christmas)
    - Post offer letter
    - Post littlest pets and build a bear on FB to sell
    - Wash and clean moses basket
    - Wash and clean old pram
    - take DD2 and DD3 to gymnastics class
    - email cash 4 clothes place about collecting clothes
    - look for other stuff round the house to sell!

    I think that is enough considering I am out taking kids to activities again tonight.

    I am aching today as well and can barely walk due to rugby training last night. I must remember that I am nearly 40 not 20 and that I cannot run as much as the others!
    Total debt Dec 2017 £20607.44/£23090.83 10.75% paid
    Debt no 1 £0/£593.29 paid Jan 2018 ~ Emergency fund £337.50/£600
    PAYDOBX2018 #97 £2524.42/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • Mumoffourkids
    • By Mumoffourkids 4th Jan 18, 9:09 PM
    • 260 Posts
    • 922 Thanks
    Mumoffourkids
    Ok so to do list for today,

    - Get smallest two to nursery - done
    - Get oldest four off to school (middle two's first day back today!) - done
    - Go to work - done and felt like I got a lot done
    - Drop off raffle prize to friend (was meant to do before Christmas) - done
    - Post offer letter - done
    - Post littlest pets and build a bear on FB to sell - done and sold the littlest pets already.
    They are being collected tomorrow

    - Wash and clean moses basket - job for tomorrow
    - Wash and clean old pram - another job for tomorrow
    - take DD2 and DD3 to gymnastics class - done
    - email cash 4 clothes place about collecting clothes - need to research online
    - look for other stuff round the house to sell! - not had a chance

    So tomorrow I'm not at work so should get loads done but this is dependent on the smallest two monkeys letting me do stuff!

    I'm really pleased the littlest pet stuff has already sold. It is being collected tomorrow morning so that's more money towards paying off the debt. I have decided that everything I get to £50 I will pay this off my debt. Tomorrow should be a payment. I am hoping that by next Friday I will be able to pay another £50 off.

    In bad news, two of my girls go to gymnastics class which is normally £5 each paid each week. That's all budgeted for each week and is easy to find. Well today they have decided to change it to paying termly. So by next week I am going to have to find two lots of £66. It's all budgeted but just not in next week!
    Total debt Dec 2017 £20607.44/£23090.83 10.75% paid
    Debt no 1 £0/£593.29 paid Jan 2018 ~ Emergency fund £337.50/£600
    PAYDOBX2018 #97 £2524.42/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • Drawingaline
    • By Drawingaline 4th Jan 18, 9:34 PM
    • 237 Posts
    • 940 Thanks
    Drawingaline
    That's steep! And also a bit cheeky. A terms warning would be better, so you know to double what you pay each week (pay as normal, save the rest) one weeks warning is rather unfair.
    • Mumoffourkids
    • By Mumoffourkids 4th Jan 18, 9:49 PM
    • 260 Posts
    • 922 Thanks
    Mumoffourkids
    I know, there was no warning. Unfortunately all the gymnastics classes round here are full with huge waiting lists, so this one has spaces. I think I might ask if I can pay for one next week and one the week after to spread the cost.

    In other money saving news, I have managed to buy half my son's birthday presents for just £13. I got him a paw patrol dressing gown and pyjamas set in the sale and I have just reserved some bits on Argos to pick up tomorrow. These will be paid for by nectar points on my works business nectar card. Well all apart from £5. No one apart from the woman I work with knows we have a business nectar card. So once a year we check the points and then use them. This year we have £35 each to spend. So not much else to buy for him, maybe an outfit or some new t-shirts which won't cost much.
    Total debt Dec 2017 £20607.44/£23090.83 10.75% paid
    Debt no 1 £0/£593.29 paid Jan 2018 ~ Emergency fund £337.50/£600
    PAYDOBX2018 #97 £2524.42/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • camz2017
    • By camz2017 5th Jan 18, 12:11 AM
    • 270 Posts
    • 511 Thanks
    camz2017
    haha cheeky re the nectar card - keep that to yourself
    If you kill off the other lady, you get £70 to keep. Just saying!

    So annoying they just change the payment terms, like everyone has a tonne of cash sitting around. Also must add, you do a lot in a day.
    Total Debt December 2017: £30931.36. Start: Dec 2017 DFD Target: Jan:2021 DFD More Realistic: Jan 2022
    Paid off 0/100%
    • Mumoffourkids
    • By Mumoffourkids 5th Jan 18, 9:49 AM
    • 260 Posts
    • 922 Thanks
    Mumoffourkids
    Oh don't worry we do keep it to ourselves. We collect nectar points on all Viking orders and our main food supplier! No one else in the company knows we do this and we have checked to see if there are any other suppliers we can collect nectar points on! In addition if we switch to our old food supplier we get points on those orders and can buy Amazon vouchers. It's our little bonus for basically running the business as we don't get thanked any other way.

    And yes I do a lot in a day. I tend to be at 100mph constantly including when I talk! I have been told I need to find time for myself to just relax. But if I do that, I sit there thinking there must be something I should be doing!

    So today's to do list
    - four oldest to school
    - do lots of washing (probably three loads)
    - dry lots of washing
    - sort all dry washing out into whose clothes it is and put away
    - sell littlest pets
    - clean Moses basket
    - clean old pushchair
    - go to sports direct to return duplicate pair of rugby boots
    - go and get smallest daughter's feet measured and get her some winter shoes
    - generally tidy and clean the house including bathrooms
    - sort out garage to see if there is anything to sell in there. I think there might be an old tool box which I don't need
    - take some old toys to the charity shop
    - buy new laces for dd2 school shoes

    And all that whilst looking after the two youngest!
    Total debt Dec 2017 £20607.44/£23090.83 10.75% paid
    Debt no 1 £0/£593.29 paid Jan 2018 ~ Emergency fund £337.50/£600
    PAYDOBX2018 #97 £2524.42/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • CoffeeCakeYarn
    • By CoffeeCakeYarn 5th Jan 18, 11:10 AM
    • 117 Posts
    • 336 Thanks
    CoffeeCakeYarn
    Just wanted to pop in and say thanks for using the code


    Enjoy your day off xx
    MBNA - £2249.73/£2385 - 5.67%
    Emergency Fund £25.92/£1000
    • Mumoffourkids
    • By Mumoffourkids 5th Jan 18, 12:14 PM
    • 260 Posts
    • 922 Thanks
    Mumoffourkids
    No worries, thanks for providing the code. I have scanned a couple of receipts already that I found in my purse. I've got another couple to do now as well. I think this is something that I could do quite easily and doesn't take up too much of my time.
    Total debt Dec 2017 £20607.44/£23090.83 10.75% paid
    Debt no 1 £0/£593.29 paid Jan 2018 ~ Emergency fund £337.50/£600
    PAYDOBX2018 #97 £2524.42/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
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