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  • FIRST POST
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 25th Jan 18, 9:43 AM
    • 588Posts
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    moneysavingfamilycomp
    small debts big impact
    • #1
    • 25th Jan 18, 9:43 AM
    small debts big impact 25th Jan 18 at 9:43 AM
    Hi I'm biting the bullet and hoping I can get support from you lovely people to keep me on track. My debts are small in comparison to some but as my income is small to it makes a big impact on our life. I'm hoping to be debt free this year as its stressing me out.
    So here goes
    CC1 most debt consolidated on to this 0% card : £1075
    holiday balance needs to be paid by end may : £607.42
    CC2 emergency card not at 0% : £390

    The CC2 was used to pay for a planned for purchase this month and I have the cash to pay it off in full so won't be charged interest and will be cleared in feb.

    I have been following martin for years and trying to follow the advise but a few emergencys from august onwards has caused the debt. The problem with this is trying to save money is difficult as i'm already on the cheapest for most things.

    I know people will say holiday is non essential in the circumstances but we have very few treats as a family unless they are free days out so we class it as essential for our wellbeing to have a week together as a family away from the stress of life. its uk based and we have got the best deal possible almost half the brochure price.
    thats the basics now what i'm doing about it !
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
Page 1
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 25th Jan 18, 10:02 AM
    • 588 Posts
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    moneysavingfamilycomp
    • #2
    • 25th Jan 18, 10:02 AM
    • #2
    • 25th Jan 18, 10:02 AM
    ok for starters.
    gas/elec i'm on the cheapest deal I can get and have recently had a smart meter fitted which will hopefully help us shave pennies of here and there. starting with getting rid of the old spare freezer which I have realised is costing us a fortune to run before we moved home it was quite a drive to the supermarket so we used to go monthly and stock up the extra freezer was used. now we have most supermarkets within a 5 min drive and one in walking distance so we dont need it.

    banking I don't want to swap my main account but i'm not getting any benefits with it so I have opened a second account at the moment it pays £5/£10 a month if I meet all the conditions once I get used to running it I'm going to switch it to hopefully get some free cash.

    income I am a full time parent (husband works full time) childcare is a major problem so going out to work at the moment isn't an option. however I make a small income from commission from a direct selling company ( ding dong **** calling) which I work hard to increase as I go. I have recently took on some more streets so can hopefully increase my customer base again this year more customers = more income.

    plans for the rest of this month make meal plans to reduce food costs to a minimum, find things to sell on e*ay, don't be tempted to buy things because they are a good deal unless they are needed, plan ahead for birthdays throughout the year.

    thats it for now onwards and upwards
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 27th Jan 18, 5:50 PM
    • 588 Posts
    • 1,823 Thanks
    moneysavingfamilycomp
    • #3
    • 27th Jan 18, 5:50 PM
    • #3
    • 27th Jan 18, 5:50 PM
    update 1

    gas/elec old freezer disconnected need to clean it out then offer it on f*cebook its not good enough to sell but does work so if someone wants it it will save me a trip to the tip. We have worked out it was costing us between 50p and £1 a day to run

    banking waiting till feb to start using new account as it was going to be tight to get any benefits for jan gives me time to organise things properly.

    income managed to make £86 this time which will go straight to CC1 will sort it next week as its going through new account.

    family time took the 2 little ones swimming today packed snacks and drinks in the swimming bags and we have a discount card which our local council runs so £7.20 for 2 adults and 2 kids.

    Food managed to get a few yellow sticker items to put in freezer to make meals with next week.

    impulse feeling very proud with this managed to stop myself buying anything I looked at
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 27th Jan 18, 6:07 PM
    • 588 Posts
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    moneysavingfamilycomp
    • #4
    • 27th Jan 18, 6:07 PM
    • #4
    • 27th Jan 18, 6:07 PM
    thought I better add SOA this is my personal income DH income covers mortgage and associated ins. his car costs, some of the food shopping and any extras we may need.

    monthly income £700.68 not including any extra I make form commission
    outgoing DD 297.51
    christmas fund 40
    food 240
    diesel 50
    school 40
    cc min payment 25
    total £692.51

    excess a month £8.17
    Last edited by moneysavingfamilycomp; 30-01-2018 at 3:11 PM.
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 29th Jan 18, 10:46 AM
    • 588 Posts
    • 1,823 Thanks
    moneysavingfamilycomp
    • #5
    • 29th Jan 18, 10:46 AM
    • #5
    • 29th Jan 18, 10:46 AM
    Feeling a bit low today but trying to keep positive

    went to help DS1 who has just moved house yesterday an hours drive away so quite a bit spent in diesel but packed a packed lunch for me hubby and kids so nothing spent there and called at parents in law on way home. was lovely to see DS1 as I don't see him often enough and I miss him.

    didn't get chance to cook sunday lunch so putting chicken in slow cooker for tonight and the leftovers will be made into wraps for tea tomorrow night which means should be no food spends for a couple of days.

    need to put some effort in to try and get some new customers for my little business this week and hopefully increase my commission.

    I get 'paid' tax credits weekly which makes budgeting for the month hard so once all this months direct debits have come out I'm going to divide my income/direct debits by 4 and remove the extra into my other account each week this way I should be able to budget better for food etc without worrying about not having enough left in account.

    long rambling post so I better get some work done now.
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 29th Jan 18, 8:31 PM
    • 588 Posts
    • 1,823 Thanks
    moneysavingfamilycomp
    • #6
    • 29th Jan 18, 8:31 PM
    • #6
    • 29th Jan 18, 8:31 PM
    trying to decide whether i'm better off to start paying off the holiday and keep paying minimum on CC which is at 0% or pay off more on CC then get another 0% spending card to put holiday amount on. I think the first option is more sensible but will mean I cant clear the big debt as quickly.
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
    • beanielou
    • By beanielou 29th Jan 18, 9:50 PM
    • 50,686 Posts
    • 194,129 Thanks
    beanielou
    • #7
    • 29th Jan 18, 9:50 PM
    • #7
    • 29th Jan 18, 9:50 PM
    HAppy shiny new diary
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 30th Jan 18, 1:14 PM
    • 588 Posts
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    moneysavingfamilycomp
    • #8
    • 30th Jan 18, 1:14 PM
    • #8
    • 30th Jan 18, 1:14 PM
    Thank you beanielou i've been lurking for years but this is the year I take action.
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
    • TeddsyBear
    • By TeddsyBear 30th Jan 18, 1:20 PM
    • 10 Posts
    • 21 Thanks
    TeddsyBear
    • #9
    • 30th Jan 18, 1:20 PM
    • #9
    • 30th Jan 18, 1:20 PM
    Hi!! good luck with your diary. I have relatively small debts but small income means they impact a great deal too! Keep going :-)
    DEBT
    Jan 18 / £5236.56
    Feb 18 / £4918.29

    • moneysavingfamilycomp
    • By moneysavingfamilycomp 30th Jan 18, 1:32 PM
    • 588 Posts
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    moneysavingfamilycomp
    todays update

    income I've covered 2 new streets today so will hopefully manage to gain some new customers. I've also restarted swagbucks I havent been on for ages but i'm nearly up to a £5 voucher. I usually go for amazon vouchers but if I get paypal credit it can go directly to debt payment. every little bit helps.

    food tonights tea is leftover chicken from last night made into wraps so no food spends.

    plans for the month didnt get the meal plans done and found stuff for ebay but not listed it yet . I did manage not to buy anything unnecessary and got a little present in boots 75% off sale to put away for a birthday later in the year

    I think i'm going to try and pay off holiday first and keep paying minimum on CC at least that way I don't need to worry about getting another 0% deal.
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
    • enthusiasticsaver
    • By enthusiasticsaver 30th Jan 18, 1:54 PM
    • 5,707 Posts
    • 11,310 Thanks
    enthusiasticsaver
    Do you not maintain joint finances with your OH if you are a SAHM or is that £700 from him? Is he not paying for the holiday if he is the only one earning?

    I cannot see how much you are paying to the cards on your soa. Are the payments included in that £337.51?

    What is the interest rate on the card you are now not clearing to pay the holiday instead?

    How are you even going to meet minimums with only £33 spare each month or are you relying on your commission to pay it?

    The debt is relatively small at £1465 so long as you don't add to it but I would imagine the minimums would be minimum of around £30 and then if there is interest on it it will take more than 4 years to clear unless you are paying more than £30.

    What is the plan? Your youngest is now school age so can you not find a part time job?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 30th Jan 18, 3:06 PM
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    moneysavingfamilycomp
    hi entusiastic saver
    OH is on just above minimum wage and has a long commute he has been applying for other jobs since we moved to get something nearer but hasn't managed yet as a result his travel costs are high. When we were both working we split things and we have kept things similar.
    His wage covers the mortgage payments and the life insurance etc associated with it. his car costs as his job is not on a bus/train route. he gives me some towards food shopping and pays for the kids school trips etc. He pays for the petrol and drives when we go on holiday and the food as we go self catering and any admission to places we visit. He will also give me any spare he has towards the actual cost if he can. He is only left with a very small amount of pocket money each month which he uses on days out as a family he doesnt go out to the pub etc.

    My money ( the £700) is made up of tax credits and family allowance. I don't count commission in that as its not guaranteed. the outgoings are all utility bills including £40 a month into the christmas fund I have all ways saved through park vouchers but this year i'm putting cash aside instead to give me more flexability. It doesnt include CC payment

    The CC is a long 0% card with £25 minimum payment I try to use my commission each month to pay that off and any extra I can find. i'll add that to soa.

    I have looked extensively into part time jobs but as I have no help with childcare other than OH school holidays/ childhood illnesses etc would cause a real problem and the cost of a child minder for the 2 of them would more or less wipe out any money I could make which is why I started with direct selling I can fit that around the kids and take them with me if necessary.

    The plan is to clear the debt then build up an emergency fund as the debt was built up due to car repair costs and a boiler break down without having any savings to cover it.
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 1st Feb 18, 10:33 PM
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    moneysavingfamilycomp
    Today was the start of the new plan

    started using new bank account and going to keep original one as a bills account to help me budget. so paid in AVN money £390 and £4 from top cashback need to pay in £500 this month so should manage that. set up the 2 direct debits to come out and then paid AVN account £303 leaving me with £91 in account £39.50 needed to cover direct debits (including CC min £25) which means I have £50 to pay to hol.

    nearly got £5 from swagbucks but frustratingly no surveys completed last night so i'll have to try again tonight.
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 3rd Feb 18, 7:13 PM
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    moneysavingfamilycomp
    the realisation of how much cash I have is finally starting to sink in. Ive realised that in the past ive paid off large chunks of debt each month in relation to my income which makes me feel good then hit a big spend such as MOT and put that on card as Ive had no money upfront to pay it. That stops now. It's been quite depressing really but made me even more determined to clear debt so that I at least can start putting money aside for bigger costs. I was walking around town today thinking I have no money to spend

    todays update

    family time cinema trip to see coco £10 family ticket paid for by DH plus 2 free kids popcorn for filling out a survey.

    essential buy DS really needed another coat the one he is wearing for school which was originally bought from a CS the zip has broke. I managed to fix it by cutting the top reattaching the zipper and sewing it. Found one today in CS was trying it on him as wasn't sure it would fit it looked a bit big and the lovely lady assistant said i'm reducing clothes at the minute give it here. She reduced it from £4 down to £2. I was so grateful

    income managed to get some orders from the new street and going to try another one this week so fingers crossed. I also have to spend a bit of time knocking on doors as someone has put cash in the brochure they left for me but no order or contact details luckily I keep records of the houses I collect brochures from so I'm hoping I can discover who's it is.

    money is going to be super tight till next thursday (basically I have none) so i'm going to have to get creative with meal plans and hope I dont need diesel
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 5th Feb 18, 10:12 PM
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    moneysavingfamilycomp
    well I did need diesel only put £10 in which will hopefully last a few days especially if I can get organised on time on a morning to walk the kids to school.

    family time we went for a walk yesterday morning 2 very muddy but happy kids and 1 soggy dog we had planned a visit to a lego exhibition at a local museum for the afternoon when we got there we were told it was £5 per person admission to the exhibition this wasn't listed anywhere on the advertising £20 for an hour looking at lego models was just not happening so we paid £5 for the family ticket to just the museum which gives 1 yrs unlimited admission. the kids had just as much fun.

    good deedoffered the old freezer for free and had a very nice and very grateful young man come and collect it today. It felt good to be able to help someone else

    income still havent managed to track down who the cash belongs to but have managed to eliminate a few so down to a couple of posibilities. hopefully I can find out soon. I also managed to get brochures out to another street so fingers crossed for more orders.

    meals are getting more bizzare as I use up what we have in
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 8th Feb 18, 1:17 PM
    • 588 Posts
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    moneysavingfamilycomp
    First day of new budget as first weekly payment has gone in. cleared the small amount I had gone into overdraft (£7) then after leaving enough in to cover a quarter of the months direct debits I have transfered £45 into new account. This is what I have for the next 7 days. I do need to do a shop today as we have been living off kitchen cupboard/freezer stocks for a few days so not much left in but I have written a list so can hopefully keep spends to a minimum. I also need washing liquid or we will have no clean clothes

    Debt payments £50 off holiday I had this last week but was waiting in case of emergency till other money went in bank.

    income a few new orders from the new streets so should make approx £60 once expenses have come out. and almost managed to get £10 on swagbucks. I now have 2 mini swagbuckers who love shouting out random words to put in the search and win 'points' and playing the games oh and I managed to find who the £6 belonged to

    plans for the month the main plan for this month is to get going with the new budget. but also no unnecessary spending. and find cheap ways to celebrate valentines with DH ( cant afford the usual gifts / night out ) and also keep the kids entertained over half term.
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 9th Feb 18, 4:49 PM
    • 588 Posts
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    moneysavingfamilycomp
    todays update

    food had to do shop yesterday but managed to keep it to £32 which leaves me with £13 till next thursday it's going to be a challenge especially with school hols but i'm ready to take it on.

    NSD today was a nsd

    DIY managed to fit the draught excluder brush thing that we bought ages ago to the bottom of DS bedroom door. there was a massive gap of at least an inch where it has obviously once been cut to go over a carpet there was laminate down when we bought the house which we have left and the room has 2 outside walls so is cold. i'm hoping this will help keep it warmer for him.

    income received an online order to add so should now make about £70 after expenses this time. everthing will be delivered and payment received by next friday. managed a couple of surveys on swagbucks nearly at £10 paypal.
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
    • Mumoffourkids
    • By Mumoffourkids 9th Feb 18, 6:33 PM
    • 436 Posts
    • 1,834 Thanks
    Mumoffourkids
    Hi, you sound really focused and you have a plan.

    I also get my tax credits weekly as well as my child benefit. What I do is I have spread my direct debits out throughout the month. Then out of my weekly money, I pay the direct debits for that week, along with allocating an amount for weekly food, petrol, breakfast club, pocket money and general spending. I also put money aside weekly into my savings accounts for things like presents, holiday, car etc.

    Then with my wages and maintenance that I get monthly, these pay my larger bills of rent and childcare.

    It is hard sometimes to manage money coming in at different times of the month but this seems to work for me.
    Total debt Dec 2017 £23090.83
    Feb 2018 £6955.3669.88% paid
    Emergency fund £400/£600
    Total Savings £1125.79
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 11th Feb 18, 11:04 AM
    • 588 Posts
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    moneysavingfamilycomp
    Thanks mumoffourkids I agree ordinary monthly budgeting doesnt work when your money comes in weekly its harder to keep track. I've opened a second account so I have now divided my direct debits by 4 and I am leaving this amount in original account and transferring the leftover into new account to cover food etc. most of my direct debits come out on the 1st so there will be enough in to cover them by end of month. Its a long term plan which will hopefully help me keep debt free and build up some savings once the debt is paid.
    Last edited by moneysavingfamilycomp; 11-02-2018 at 4:56 PM.
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
    • moneysavingfamilycomp
    • By moneysavingfamilycomp 11th Feb 18, 11:10 AM
    • 588 Posts
    • 1,823 Thanks
    moneysavingfamilycomp
    update for today

    NSD yesterday was another NSD as we went to visit family

    food will need to do a small top up shop today but will keep it to a minimum.

    family time visiting family yesterday the kids always get spoilt . today we are taking them to a local park to ride bikes ( provided it doesnt snow ) i'll take drinks and snacks with us.
    i find a cup of tea can solve most problems
    but alcohol solves them all
    first blue baby moneysaver 09/05/1993
    pink baby moneysaver born 30/07/2011
    blue baby moneysaver born 28/09/2012
    debt to pay : cc 1050 holiday : 557.42
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