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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 9:12 PM
    • 268Posts
    • 938Thanks
    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 9
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 12th Jan 18, 7:17 AM
    • 838 Posts
    • 3,751 Thanks
    wishingthemortgaheaway
    Are you good at just getting bread & milk or do you buy other things too?

    You could bulk buy and then freeze, taking it out as and when you need it. But, we get our bread and milk delivered by the milkman, it's a little bit more expensive, but cheaper than all the other things I'd also buy at the same time.
    I've got a bread maker too, so one sliced loaf a week from the milkman and the rest from the machine. I can add extras to the delivery up until 9pm the night before it arrives, so perfect for last minute 'forgetfuls' (although I rarely do)

    Within ynab I have £30 a month set aside for 'milk deliveries' but standard cost is £4 a week, so always a good op at the end of the month. Bill paid by direct debit, so don't even have to have cash waiting.
    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 12th Jan 18, 8:12 AM
    • 268 Posts
    • 938 Thanks
    Mumoffourkids
    I used to buy other stuff when I went to get bread and milk but now I only buy what I need unless I see yellow sticker meat which I know we will eat. But even then I only buy if it is a lot cheaper than normal price.

    So this week I spent £62.70 on my big shop on Monday, so that left £37.30 for top ups of bread and milk. So far I have spent £8.00 on top up bread and milk (I round up do any change 20p piece or less goes into my change pot). That means I have £29.30 for today, Saturday and Sunday which is more than enough seeing as three of the kids go to their dads tomorrow morning and I topped up with milk last night. In theory I should have at least £20 left of my food budget by the time it gets to Monday when my next week starts.
    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 12th Jan 18, 9:41 AM
    • 124 Posts
    • 347 Thanks
    CoffeeCakeYarn
    That's blinking good work on the goals for the month, especially the food budget! I can't imagine trying to feed six, let alone do the washing for them. I'm sure that there's someone else living with me that I never see but just puts their washing in the basket...


    I know you're very clever and have probably thought about the second job, but in case you hadn't, I found when I researched that any 'second income' would have affected my tax and meant I was actually earning very little from it, as it would be a low/min wage income. When I reflected properly I thought the time was probably better spent working on me, in the gym, and giving a bit of extra leg work to groceries and walking instead of car and stuff, and probably actually putting in a bit more effort in my current job (still working on that one!).
    MBNA - £2249.73/£2385 - 5.67%
    Emergency Fund £25.92/£1000
    • Mumoffourkids
    • By Mumoffourkids 12th Jan 18, 10:32 AM
    • 268 Posts
    • 938 Thanks
    Mumoffourkids
    Haha, I'm actually an accountant by trade so I know my taxes and things. It means also though that I would be working self employed if I got another job and I could deduct all sorts to get my tax down. Although I would have to think about how much I earnt as I don't want to go over the limit for getting childcare funding.

    I did like your comment about someone else putting washing into your house! I feel like I never actually get to the bottom of my washing as if the washing baskets are empty, there is always towels and sheets to do! In fact I have to go find some more washing now as the washing machine is currently empty!
    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 12th Jan 18, 2:01 PM
    • 268 Posts
    • 938 Thanks
    Mumoffourkids
    So this morning has been quite productive. I haven't got much cleaning done but I have sorted the kitchen apart from the floor. A

    I paid another chunk off my target debt which was the payment I had planned for this month but some money from FB sales. I have another FB sale being collected tomorrow which I only put on this morning. And I've just listed a couple of doll's baths which I found in the bathroom when I was having a tidy up.

    I have annoyed myself though. I was cleaning the bathroom and my son came to find me. As I was going back downstairs with him, I thought of something I wanted to look up on the internet and by the time I had got him sorted, I had completely forgotten what it was I wanted to look up! So annoying! I bet I will remember at a really inconvenient time again!

    Right best get in with sorting this house before doing the school run.
    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
    • Shashwoo
    • By Shashwoo 12th Jan 18, 3:18 PM
    • 204 Posts
    • 341 Thanks
    Shashwoo
    Been readying your diary so I thought I'd pop in and say hello


    Sounds like your on top of it so good luck and happy saving/debt paying xx
    **1p Challenge 2017 /£667.95** **Virtual Sealed Pot Challenge No# £7.61 /£250**

    1st June 2012 @ 1pm I married the man of my dreams!!!
    • Mumoffourkids
    • By Mumoffourkids 12th Jan 18, 3:59 PM
    • 268 Posts
    • 938 Thanks
    Mumoffourkids
    Thanks for popping in Shashwoo and hello to you too.

    Some days I feel on top of everything and other days I sit in a corner and cry!

    Today seems to be a good day though. And I remembered what I wanted to look up on the internet. I wanted to find out about childcare vouchers. I had them years ago when I was working full time but up until recently I have been earning under the personal allowance threshold so it wasn't worth me having them. Now work have upped my hours, I will start to pay a little tax. So I did a calculation but I think I will be better off paying full childcare as I won't save that much in tax and national insurance.
    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 12th Jan 18, 9:30 PM
    • 268 Posts
    • 938 Thanks
    Mumoffourkids
    So downstairs has been swept and mopped, something that was long overdue but I feel so much better for doing it. Kids have tidied their rooms so I can hoover tomorrow once three of them have gone to their dads. I've also put a load of white washing on tonight and have another load of darks to put on tomorrow morning.

    So back to to do lists as I work so much better with them!
    - take kids to dads first thing in the morning
    - put washing on if get up early enough!
    - take eldest prom dress shopping, we are just looking at the moment to see how much and what she wants so we can look online to find cheaper!
    - hoover stairs
    - hoover middle floor
    - finish sorting out bathroom including cupboard
    - find more stuff to sell!
    - do a bit of sorting of top landing
    - do tip run

    Loads to do but I like to make the most of three of the kids being at there dads and not having rugby training on a Saturday morning. Still got rugby on Sunday though!
    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
    • vickthestick
    • By vickthestick 13th Jan 18, 8:31 AM
    • 197 Posts
    • 1,509 Thanks
    vickthestick
    Morning,
    I have been reading along and I just thought I'd say Hi.
    I also have six children - one is living 'independently' in supported accommodation just along the road and one left school last year and has an apprenticeship with PGL the outdoor ed company so that she can earn money ahead of going to university. That leaves two at high school and two at primary. I work full time and DH is the at-home dad. I totally get your lovely home highly organised chaos
    You're doing so well.
    Keep at it x
    Womble #9 2018 £0 / Roadkill £0
    Loan £175.40 /month until October 2018 Loan £312.21 /month until April 2025
    • Mumoffourkids
    • By Mumoffourkids 13th Jan 18, 10:34 AM
    • 268 Posts
    • 938 Thanks
    Mumoffourkids
    Morning Vick and thanks for saying hello.
    I have two kids at secondary school, two at primary and two at nursery. It seems like I like even numbers but it wasn't planned that way!

    My life will become slightly easier when my son starts school in 2019, then the youngest starts a year later. I will suddenly if I have time for myself although I might find a different job or do some more self employed work. I don't like to make things easy for myself!

    Sometimes I feel like I am doing well and sometimes not so well. Off prom dress shopping with my eldest and will have to take the two youngest with us. We are going to get some ideas of what she wants and how much it will cost! She knows I don't have loads of money and anyway she doesn't normally like spending lots of money.

    Then will be home to do more sorting out whilst three of the kids aren't here. Busy day again!
    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 13th Jan 18, 12:03 PM
    • 279 Posts
    • 515 Thanks
    camz2017
    Good luck with the prom dresses, I think you're doing really good especially figuring out the taxes etc!
    • Mumoffourkids
    • By Mumoffourkids 13th Jan 18, 1:21 PM
    • 268 Posts
    • 938 Thanks
    Mumoffourkids
    Ok so been prom dress shopping and we have bought a dress, well reserved one and I go back to pick it up on Tuesday. It was the first one she tried on from the sale rack and looks lovely. It was a bit more than I wanted to pay but I have an extra tax credits payment going in Tuesday for about £500 and the dress can come out of that money.

    Will be back later on to update how I have got on but the list is looking half done already!
    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 13th Jan 18, 8:03 PM
    • 268 Posts
    • 938 Thanks
    Mumoffourkids
    Today's to do list went as follows
    - take kids to dads first thing in the morning done, but was a long drive, thankfully my ex is returning the kids tomorrow so I don't have the long drive!
    - put washing on if get up early enough!
    yep got up early enough
    - take eldest prom dress shopping, we are just looking at the moment to see how much and what she wants so we can look online to find cheaper! done and out a deposit on a dress. She found one on the sale railmso that was a bonus
    - hoover stairs done
    - hoover middle floor done
    - finish sorting out bathroom including cupboard done, bathroom is looking so much better but now would like a new washing basket and a couple of little bits as decoration.
    - find more stuff to sell! found some more bits and they will be listed tonight hopefully
    - do a bit of sorting of top landing not done but will do a bit in the morning
    - do tip run did it this morning and have got more bits in the car ready for another tip run tomorrow on the way to rugby

    So I got lots done from the list and also did a few more bits around the house. Dare I say it but I don't think there is any washing to be done!

    So tonight I am updating my spreadsheet for money due to come in and I am also going to try and replicate ynab onto my spreadsheet. I am coming up to the end of my trial and I think I could probably do roughly the same on a spreadsheet.

    Also need to do an online food shopping order for Monday and 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
    • Seasidegal58
    • By Seasidegal58 13th Jan 18, 8:54 PM
    • 1,427 Posts
    • 8,262 Thanks
    Seasidegal58
    Hello mo4k

    Iíve been reading your diary in bits and pieces and thought Iíd pop in in say how in awe of you I am and how fantiastically you are doing. Your children sound lovely and Iím sure are a credit to you. I only had one child and really canít envisage ever being able to cope with six!

    Iíve subscribed and hope you donít mind me popping in now and again to cheer you on your way although I donít suppose Iíll have much advice!

    P.S please donít disappear from the board! The last two recipients of the diaries Iíve subscribed to have never ever posted again! Iím beginning to think itís the curse of me.
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Save for New Kitchen!
    Surveys: PA: £15.78/£20; One Poll: £15.40/£40: Opinium: £10.50/£25; Panelbase: £5/£10; You Gov: 1625/5000 points (£50)
    • Mumoffourkids
    • By Mumoffourkids 13th Jan 18, 8:59 PM
    • 268 Posts
    • 938 Thanks
    Mumoffourkids
    Hi Seasidegal,

    Thanks for popping in. Don't worry I don't plan on going anyway at least I hope not. I need to stay on here to get myself debt free!

    Thanks for your lovely words about my kids. They are lovely most of the time, sometimes they are a nightmare but like today my eldest has helped with the younger two and helped around the house. That's in return for me sorting her prom dress!

    To be quite honest, sometimes I don't cope with the kids but then I have a little cry and start the next day afresh. I have no choice but to cope and I am a very independent person and don't like relying on others to help!

    I bet you will have some good advice at some point! And certainly keeping popping in. It's nice to know that someone else is reading my ramblings!
    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
    • Seasidegal58
    • By Seasidegal58 13th Jan 18, 9:11 PM
    • 1,427 Posts
    • 8,262 Thanks
    Seasidegal58
    I think youíre entitled to a little cry now and again. Children will be children, but youíre definitely a strong, and, as you say, an independent person. Iím sure your kids will look back years later and think what a great mum you were when they were growing up.
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Save for New Kitchen!
    Surveys: PA: £15.78/£20; One Poll: £15.40/£40: Opinium: £10.50/£25; Panelbase: £5/£10; You Gov: 1625/5000 points (£50)
    • Mumoffourkids
    • By Mumoffourkids 13th Jan 18, 10:33 PM
    • 268 Posts
    • 938 Thanks
    Mumoffourkids
    Thanks Seaside, I'm not sure my kids think that sometimes at the moment, but let's hope they think it when they are grown up.

    So to do list for tomorrow
    - sort out top landing including top of chest of drawers
    - put curry in slow cooker
    - put washing on if I can find a load
    - dry washing
    - put clothes away
    - make lunch for when we are at rugby
    - take rubbish to tip on way to rugby
    - take eldest to rugby match, meet ex and other kids there
    - iron school clothes
    - make sure kids have bath
    - plan the week ahead including adding in some decluttering jobs
    - list items for sale on FB
    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
    • Purplemumof2
    • By Purplemumof2 14th Jan 18, 8:02 AM
    • 5,570 Posts
    • 20,339 Thanks
    Purplemumof2
    Sounds like a busy day ahead.

    Have a great day x
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: £6900.00 Cap 1: £467.97 BC: £6900.00

    AFD 5/14 NSD 9/17 LTW 11/17
    POAMAYC 2018 #041 PD £878.17/£4000
    20p Savers 2018 £2 Savers 2018 50p Savers 2018 SPC 11 2018 #003
    • Mumoffourkids
    • By Mumoffourkids 14th Jan 18, 8:12 AM
    • 268 Posts
    • 938 Thanks
    Mumoffourkids
    My days always seem to be busy lol. Even when I am not busy, I am looking for things to do!

    Hope you have a great day as well x
    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
    • joeyjimbles
    • By joeyjimbles 14th Jan 18, 6:20 PM
    • 1,471 Posts
    • 7,956 Thanks
    joeyjimbles
    How exciting about the prom dress - and you'll be able to sell it afterwards so that will pay a bit back. Timing appears to be everything with that so you might find it worthwhile hanging on til next year's 'looking' time. I have to do these things vicariously as I have boys - few clicks to buy suit, shirt, tie, shiny shoes and done. Still he did look very handsome at both (GCSE and A Levels) and the suits have come in handy for interviews etc as he went smart/trendy rather than tuxedo.
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