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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 9:12 PM
    • 258Posts
    • 920Thanks
    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 8
    • joeyjimbles
    • By joeyjimbles 7th Jan 18, 12:28 PM
    • 1,468 Posts
    • 7,946 Thanks
    joeyjimbles
    Found you.
    I'm not surprised that you feel a little overwhelmed on occasion, I'm only surprised that it doesn't happen more often. You do so very much, and by your own admission at 100mph so a little slowing down and time for you would appear to be in order. I can imagine that it's difficult for you to fit it in but a little time to read a book, do something that you enjoy, watch a tv programme that you choose...anything but something that's just for you would help to feel that you're not on permanently on a conveyor belt of doing stuff.
    Heaven knows I feel like that often enough and only have one of the DC at home mostly (eldest at uni) and I have DH who is very helpful, good at hoovering and ironing and being another pair of hands.
    • CoffeeCakeYarn
    • By CoffeeCakeYarn 7th Jan 18, 3:10 PM
    • 117 Posts
    • 336 Thanks
    CoffeeCakeYarn
    I'm in awe, you are an actual superwoman! I can't say how much I admire you. The thought of having babies scares the living daylights out of me, partly because I'm too lazy to do all of the running around! Have a bath, take a breath, and remember that you are important too xxx
    MBNA - £2249.73/£2385 - 5.67%
    Emergency Fund £25.92/£1000
    • Mumoffourkids
    • By Mumoffourkids 7th Jan 18, 7:45 PM
    • 258 Posts
    • 920 Thanks
    Mumoffourkids
    So I've only just sat down and caught up with the diaries after an afternoon at rugby with all the kids. Eldest was playing and her team lost one match and won one match. That means they go through to the next round of the cup which will be next Sunday.

    Just eating dinner but the kids helped me tidy the living room whilst I was doing dinner. Just got the school clothes to iron and clean sheets to put on my bed.

    Kids are all bathed and all apart from the two year old are in bed winding down before school tomorrow.

    In money saving news, my one solitary item on e3ay sold tonight and is being collected tomorrow. I need to find more stuff to sell!

    I wouldn't say I am superwoman coffee, I regularly shout and end up in tears. When I was growing up I didn't want kids and somehow have ended up with six of them!

    I have thought about a cleaner as well, but a cleaner can't clean if the house is messy, so that wouldn't work. Also I quite like cleaning, just don't like the tidying up before!

    I know I need to slow down and take some time for myself, that will be at about 9pm tonight for about half an hour before I fall asleep!

    Can't wait for tomorrow as tax credits and child benefit arrive and I can start !y next week of budgeting.

    I did spend some money today at rugby but mostly on bits that will benefit the girls rugby but I didn't budget to spend this money so that will have to come out of next week's general spending, must update YNAB later!

    Right off to iron school clothes!
    Total debt Dec 2017 £20806.29/£23090.83 10% paid
    Debt no 1 £198.85/£593.29 ~ Emergency fund £37.50/£600
    PAYDOBX2018 #97 £2284.54/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • Mumoffourkids
    • By Mumoffourkids 8th Jan 18, 11:03 AM
    • 258 Posts
    • 920 Thanks
    Mumoffourkids
    Ok so I was awake at 5.30 am this morning because I wanted to update my money! How sad is that? I am sure I will be paying for it later as I've got the two smallest monkeys at home with me today.

    Today is housework day, well as much as I can around the two smallest ones and will probably consist of a lot of picking up duplo bricks as the two them like tipping them out of the box all over the floor.

    Then I'm going to have a think on how I can earn some more money. I am soon going to run out of things to sell I reckon so I do need to think of other stuff I can do. I can work from home, but finding the time will be hard. I am signed up o some survey sites but they seem totals forever for not much reward.

    I'm also going to bake some fairy cakes this afternoon and look out my knitting needles and wool and start knitting again as that seems to relax me. I'm going to try and do that in the evenings when I'm watching TV.

    Right better get on with the housework as this house won't clean and tidy itself!
    Total debt Dec 2017 £20806.29/£23090.83 10% paid
    Debt no 1 £198.85/£593.29 ~ Emergency fund £37.50/£600
    PAYDOBX2018 #97 £2284.54/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • joeyjimbles
    • By joeyjimbles 8th Jan 18, 1:04 PM
    • 1,468 Posts
    • 7,946 Thanks
    joeyjimbles
    Good news about the rugby going through, huge fans in this house and DS1 played since he was 4 and still does at uni (DH does it vicariously these days).
    Good for you for looking out something that you enjoy and will help relax. Surveys are slow but have the benefit of being there when you need to do them typically. Mystery shopping might be worth a look especially if you can get auditing jobs (not accountancy auditing - more stock checking) - there's an entire thread on the Boost Your Income thread. Red Wigwam is worth a look. You won't get rich, nor is it regular, but there does seem to be a reasonable stream of jobs depending on where you live.
    Last edited by joeyjimbles; 08-01-2018 at 1:06 PM.
    • Mumoffourkids
    • By Mumoffourkids 8th Jan 18, 1:59 PM
    • 258 Posts
    • 920 Thanks
    Mumoffourkids
    To be quite honest, until my eldest started playing we didn't really know that much about rugby, but it seems my eldest has a bit of a talent for it. She plays for her club, her county, is school captain and has just been nominated for regional trials. And also the next three all play as well. So weekends are mostly taken up with rugby at the moment.

    I have just signed up for red wigwam and will see how that goes. I used to do a lot of mystery shopping years ago and even did some merchandising. I will see how it goes with red wigwam but thanks for the tip. Also I signed up to shopprize so am hoping that I can earn from that as well.
    Total debt Dec 2017 £20806.29/£23090.83 10% paid
    Debt no 1 £198.85/£593.29 ~ Emergency fund £37.50/£600
    PAYDOBX2018 #97 £2284.54/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • Mumoffourkids
    • By Mumoffourkids 8th Jan 18, 7:32 PM
    • 258 Posts
    • 920 Thanks
    Mumoffourkids
    So, in money saving news today, I have managed to sell something else on FB and my e3ay item got collected so that's more money towards the next debt repayment and furniture wanted. Getting a couple more bits cleaned and ready to go on FB tomorrow. Hopefully will get a few more sales by the end of the week.

    I was on people per hour a while ago and used to run my own business, I am still on there and because I did a lot of work, I have quite a high rating. I still get enquiries but most aren't suitable. I have had one today which I am considering. I am just not sure when I will find the time though. Although the house is tidy downstairs at the moment, I will do the washing up in a minute from dinner and I feel up to date. I think I might reply and find out a little bit more.

    Will also think about a doable to do list for tomorrow. I'm at work so don't have loads of time tomorrow!
    Total debt Dec 2017 £20806.29/£23090.83 10% paid
    Debt no 1 £198.85/£593.29 ~ Emergency fund £37.50/£600
    PAYDOBX2018 #97 £2284.54/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • camz2017
    • By camz2017 8th Jan 18, 7:53 PM
    • 268 Posts
    • 511 Thanks
    camz2017
    I used to play a lot of Rugby, great sport and good social scene.

    Good luck on finding an extra stream of income, out of interest if you stop selling stuff can you still pay down your debts and reach your goal? It might be a case of waiting it out and letting time take its toll, time flies, and honestly in 10 years time when you look back you wont care it took 3 years, 3.5 years or even 4 years, you'll just be glad it's done with!

    Stay positive. I think 5AM to sort out YNAB is great, I do it around the same time, it's the only time I get total concentration as no one else is awake or around. I find my mornings are me time and I like that.
    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 8th Jan 18, 8:13 PM
    • 258 Posts
    • 920 Thanks
    Mumoffourkids
    Yeah the kids seem to be really into it. Three of my girls and one of the boys play so far. The other two are too young yet!

    Oh I will still be able to pay my debts by £800 a month, I just want it done sooner to be honest. And there are bits around the house that I want but I don't want to take away from the debt repayments so in order to get what I would like I need to make more money somehow.

    I'm a qualified accountant so it is possible to work from home bookkeeping or doing tax returns. Tax returns don't take me too long to do, so it's just a case of finding the work.

    I'll probably be up at 5am tomorrow as well as it's work tomorrow!
    Total debt Dec 2017 £20806.29/£23090.83 10% paid
    Debt no 1 £198.85/£593.29 ~ Emergency fund £37.50/£600
    PAYDOBX2018 #97 £2284.54/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • joeyjimbles
    • By joeyjimbles 9th Jan 18, 5:05 PM
    • 1,468 Posts
    • 7,946 Thanks
    joeyjimbles
    Why not post your referrals codes on The Referrers Board - a helpful post and encouragement along with your code usually gets a few bites
    http://forums.moneysavingexpert.com/forumdisplay.php?f=42
    • Mumoffourkids
    • By Mumoffourkids 9th Jan 18, 8:46 PM
    • 258 Posts
    • 920 Thanks
    Mumoffourkids
    Thanks Joey, I might do that.

    So today has been a spendy day. Breakfast club for middle two for today, tomorrow and Thursday so I can go into work earlier. Then after school clubs were released so I have booked middle two into some after school clubs again so I can stay at work later. Breakfast club came to £24 which came out of the general £10 a day budget. After school clubs came to £50 but they are up to the Easter holidays and came out of the childcare budget.

    Also had to get more milk and bananas but still have grocery budget.

    I won't have as much left over this week for debt repayment so will have to hope that I can make more income.

    I have just listed some more bits on e3ay and will list something on FB in a minute.

    House is looking good today as well, probably because no-one has been here all day!
    Total debt Dec 2017 £20806.29/£23090.83 10% paid
    Debt no 1 £198.85/£593.29 ~ Emergency fund £37.50/£600
    PAYDOBX2018 #97 £2284.54/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • camz2017
    • By camz2017 10th Jan 18, 8:14 PM
    • 268 Posts
    • 511 Thanks
    camz2017
    As long as you are within budget that’s the main thing - don’t worry too much about the odd week where you can’t make extra debt payments

    Glad to hear the house is looking good. Mine also - our cleaner came back after Christmas, omg I’m so glad!!
    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 10th Jan 18, 9:57 PM
    • 258 Posts
    • 920 Thanks
    Mumoffourkids
    Oh yes still in budget and the fact that I have savings pots now is a very good thing.

    I wouldn't necessarily say my house was clean, but it is tidy and would pass an unexpected visitor coming round! There wouldnt be much point me getting a cleaner as it would mean I would be manically running around tidying and almost cleaning before they came round!

    So today has been a few spends out of the £10 a day but they were to treat DD3. She had to have another eye test today and they put drops in to relax her eyes. She said they stung so I treated her to a cake in Gregg's next to the opticians whilst the drops were taking effect. Upshot if the eye test is that she has to have glasses for school, reading, watching TV, anything that she has to concentrate on. I have managed to persuade her to have the free glasses though so no expense there!

    I think I have sold something else on FB so that will go on Friday and I am planning on making another payment off the target debt then. I have £62 already to go to the debt but will have another £15 on Friday. I might even round it up!

    Still trying to research cash for clothes and someone that will collect as I reckon I have about 20 bin bags full of clothes, shoes and bags to get rid of!

    Tomorrow is last day of work for the week, and the weekend will be spent looking for things to sell and going to rugby as well!!
    Total debt Dec 2017 £20806.29/£23090.83 10% paid
    Debt no 1 £198.85/£593.29 ~ Emergency fund £37.50/£600
    PAYDOBX2018 #97 £2284.54/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • camz2017
    • By camz2017 10th Jan 18, 10:23 PM
    • 268 Posts
    • 511 Thanks
    camz2017
    If it’s specsavers I’ve always found the free glasses useless. I’ve been going for 11 years now, definitely worth paying the extra in my view, as a child I used to get designer for like £40 extra and they wouldn’t drop to bits.

    The free ones are weak and overtime they kinda stretch out wider and wider until they don’t fit on your face, hard to explain. The screws also come out the glasses after a month or two and I was always down the opticians sending them for repair.

    I’ve got a pair now which were £130, they would be £40 as a child I think, had them 2.5 years, I also got a cheap pair for £25 which I’ve only worn once as they dig into above my ears so much it gives me headaches and makes me feel sick.

    See how she gets on but maybe budget for having to get another pair in a few months if they prove to be super uncomfortable.

    I’ve worn contacts for 10 years also, so my glasses don’t even get used too much.

    Good luck!
    Total Debt December 2017: £30931.36. Start: Dec 2017 DFD Target: Jan:2021 DFD More Realistic: Jan 2022
    Paid off 0/100%
    • joeyjimbles
    • By joeyjimbles 10th Jan 18, 10:35 PM
    • 1,468 Posts
    • 7,946 Thanks
    joeyjimbles
    As an alternative, and remember you get to shop around, Vision Express 'free on prescription' glasses have been absolutely fantastic for DS1 - trendy, robust and they gave two pairs so have been brilliant.

    Alternatively, get the free ones from wherever as back-up then go and look at Glassesdirect or Goggles4u and input the prescription. Search google or HUKD for discounts and you'll turn them up especially for new sign-up.

    Just bought DS1 (now over 18 and so no free prescriptions any more) two pairs of fab glasses for £25 including delivery, anti glare and scratch resistant from Glasses Direct. A quick bit of research suggests that these are designer without the name, and our experience is that they look amazing, are robust enough to cope with a teenage boy's usage and the prescription is true. Last year, I managed to get him a pair of glasses and prescription sunglasses for £17 as a new customer.
    • Mumoffourkids
    • By Mumoffourkids 11th Jan 18, 4:24 AM
    • 258 Posts
    • 920 Thanks
    Mumoffourkids
    Thanks for the advice re glasses Camz and Joey. Itís actually boots opticians that we have been to. I have told her that she gets the free ones to start off with and we will see how she goes. She is only 7 so I am not sure how well she will look after them. Once I know how she gets on then I may pay for a pair for her. But good advice about going online.

    She has to go back in three months for another test to see how she is getting on, so Iíll reassess then.
    Total debt Dec 2017 £20806.29/£23090.83 10% paid
    Debt no 1 £198.85/£593.29 ~ Emergency fund £37.50/£600
    PAYDOBX2018 #97 £2284.54/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • Mumoffourkids
    • By Mumoffourkids 11th Jan 18, 9:37 PM
    • 258 Posts
    • 920 Thanks
    Mumoffourkids
    Today has been a very long day. Work followed by taking the girls to gymnastics classes. In between housework and feeding kids.

    This evening I have had a chance to look over my forecasted budget for the next six months. In order to get through to end of august, I need to find around £400. This could come from extra income or could come from savings in expenses. In addition my ex husband normally gets a bonus around Feb/Mar time and he normally gives me a percentage of that. But I won't rely on it so that leaves me £400 to find.

    Tomorrow I will be finding things to sell from round the house and/or looking into finding a part time job that I can do from home.

    Also tomorrow will be spent cleaning the house. The landing needs tidying and clearing. I also have a bit of rubbish to go to the tip. I need to sort a to do list really as I haven't been doing them and I have been getting distracted!
    Total debt Dec 2017 £20806.29/£23090.83 10% paid
    Debt no 1 £198.85/£593.29 ~ Emergency fund £37.50/£600
    PAYDOBX2018 #97 £2284.54/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • Honeysucklelou2
    • By Honeysucklelou2 11th Jan 18, 10:13 PM
    • 598 Posts
    • 2,317 Thanks
    Honeysucklelou2
    Can understand the feeling of constantly working, be that housework or paid work. I try to remind myself that with a larger family, particularly with the laundry, I'm doing double or triple the amount of housework as the average household. That helps me to not feel quite so bad at not getting absolutely everything done. There is only so much energy and hours in the day!
    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 12th Jan 18, 6:15 AM
    • 258 Posts
    • 920 Thanks
    Mumoffourkids
    Oh yes honeysuckle, the housework and definitely the laundry is never ending. The days I work I am particularly tired as two of the days, the kids have clubs in the evenings as well. It does get me down if the house is a mess but I think I need to let it go a bit more.
    Total debt Dec 2017 £20806.29/£23090.83 10% paid
    Debt no 1 £198.85/£593.29 ~ Emergency fund £37.50/£600
    PAYDOBX2018 #97 £2284.54/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
    • Mumoffourkids
    • By Mumoffourkids 12th Jan 18, 6:58 AM
    • 258 Posts
    • 920 Thanks
    Mumoffourkids
    So I have been thinking about how I have been getting on with my January goals. I though I would copy them here and update how I am doing so far.

    January 2018 Goals
    Pay off debt - £215.29/£2200 (biggest amount will be when ppi payment clears off one of my debts)
    Lose six pounds in weight - 2.5/6 (doing well so far, just need to keep going)
    Make an extra £100 by the end of the month - £80.58/£100 well this will be after this morning as I have to drop off some toys
    Manage 15 NSD - 1/15 (this isn't doing too well as I always seem to need to spend in something like bread, milk)
    Total debt Dec 2017 £20806.29/£23090.83 10% paid
    Debt no 1 £198.85/£593.29 ~ Emergency fund £37.50/£600
    PAYDOBX2018 #97 £2284.54/£12,000 ~ Make £10 a day #16 £98.88/£62
    20p savers 2018 #95
    NSD Jan 2018 2/12
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