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    • Stayathomemum36
    • By Stayathomemum36 4th Feb 18, 2:06 PM
    • 44Posts
    • 144Thanks
    Making The Changes and Sticking to it!
    • #1
    • 4th Feb 18, 2:06 PM
    Making The Changes and Sticking to it! 4th Feb 18 at 2:06 PM

    Ive been a lurker on here for a while but have decided that I want to document our journey to allow us to look back on it! We are a family of 4 and due my OH working away for periods of time I became a SAHM to our children ( 4 & 7). Over the last 10 years debt has run up due to bad budgeting, essential home repairs, over spending and we have transferred from 0% to 0% card without actually making a real inroad into the balance.

    I am a savvy shopper when it comes to utilities, insurance, mortgage and I feel that I have these at the best possible level for now. Where we can save money is the Amazon spending, better meal planning and day to day spends. We just fritter money away and it has to stop!

    Since November we've made a real effort and have now had 3 consecutive months where we have not used our overdraft on our main current account despite having some large car repair bills and the dishwasher to replace Do I reduce this over draft facility now? Its £550.

    We had a loan with Santander that was taken out over 2 years to purchase a trailer (for camping), we paid this off 6 months early at the beginning of december (£597). I have also been chipping away at the remaining debts and have paid £818.00 this month due to careful spending and as DH had some extra pay.

    So the remaining debts are as follows
    1. B/Card - £15535 @ 15%
    2. RBS - £6636 @ 12%
    3. MBNA - £6148 @ 0%
    4. Next - £458 @22.9%

    Total: £28,777.74

    Emergency Fund: £366.70
    Holiday Fund: £55.06

    I don't think we can get any transfers to a 0% card just now so I am concentrating on paying the highest rate first which is Next. I have reduced this by almost £200 since Jan.

    We have set up a separate current account with Nationwide to cover food, diesel, clothes etc and my task for this month is to split this up into a budget for the 4 weeks. I have done a meal plan for the full month so this should help with our food shop. At the moment we spend around £230 for the 4 of us (including toiletries and household).

    Will post some more later on but just wanted to say hello and that I've been inspired by reading others diaries! Ive joined the PAD and the £1000 emergency fund challenges too We just need to keep the momentum up.
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    • Drawingaline
    • By Drawingaline 1st Mar 18, 5:57 PM
    • 374 Posts
    • 1,320 Thanks
    Brilliant, well done
    • Stayathomemum36
    • By Stayathomemum36 3rd Mar 18, 3:04 PM
    • 44 Posts
    • 144 Thanks
    Hello March - Goodbye Next!
    Today I called next and reduced the limit on the account right down to £250.00 (It was £500). I haven't bought anything on it for 5 months so was in two minds whether to close it. I also asked them not to automatically increase the amount. Emergency fund has been topped up to £603.00 and I have bought the birthday gifts, dog food etc that we need for the rest of March. I used some money from the emergency fund to be able to pay the home insurance annually. Got a great cover and price via Aviva and Quidco. I put the money back into the emergency fund when OH got paid. Even now I feel that the emergency fund is getting there.

    Just going over the spending from last month and we were spending more on food than I anticipated, not massively but this month I want to look at it even closer.

    The next debt to be tackled is the RBS card with around £6500 balance. Aiming to pay a Direct Debit of £420 and add any payment a day that I can. If we could pay £500 a month to this it would be great. Paying off Next has been a boost.

    Been busy doing things at home, turned my office into a playroom and moved my "office" to under the staircase in the lounge. It has cost us nothing other than time! Love Pintrest!
    Last edited by Stayathomemum36; 03-03-2018 at 3:07 PM.
    PAD 2018 £867 £1k emergency fund chall £607 / £1000. DFD "Making the changes and sticking to it".O/D £550/£0 [STRIKE]Next £636 £0[/STRIKE CC Debt: £29031£28182.10
    • Onebrokelady
    • By Onebrokelady 8th Mar 18, 10:57 PM
    • 258 Posts
    • 669 Thanks
    Well done on the Next debt and the emergency fund,mine is getting there slowly,Im still finding it weird to have savings as Ive never had any before
    I also love Pinterest its so addictive though,I can waste hours looking at stuff on there
    Just keep swimming
    Payment a day challenge = £60.76
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