No Money Mummy to Millionaire Mummy!!

in Debt free diaries
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Pips_MumPips_Mum Forumite
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Hello :wave:

This is my diary to try to help me stay on track financially and get debt free as soon as I possibly can.
I am 39 weeks pregnant with my first baby, very excited but very scared too.:eek:

I am very fortunate that I get 6 months full maternity pay from my employer and I will be getting this until May 2009, after that I will get 13 weeks of SMP and then........ well thats when I get very scared as I will be receiving no income at all.

I have a lovely OH who works hard for his living and manages to bring home not a bad wage. We treat our finances pretty much seperately though as we both have a mortgage to pay, mine due to a messy previous marriage, and we both have debts.
We muddle by with the utilities, bills and groceries for the house we live in together.

My debts stand at around £17,000 as I STUPIDLY got a loan to pay off CCs and then ran up CCs again when OH lost his job earlier in the year and was without work for 3 months.

So my aim for this diary is to basically get better with money :money:

I have already met some lovely, friendly, supportive people on here and have joined the sealed pot challenge (to prevent running up more debt to pay for next Christmas and babys first Birthday), debt free in 2009 (doubt I will be but nice to have an aim) and I have just joined the live off £4000 challenge too.

Right well this is now a HUGE post but I feel better for writing it all down.
I hope other mummys or mummys to be will pop by for a natter and a brew :coffee:
Debt at LBM [strike]£17,544[/strike] :eek: £5700
:TOver £14,000 PAID OFF :T

2020 the year of less - Less debt, less waste, less spending, less stuff, less stress!
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Replies

  • Hi.

    If I could pass on any advice it would be this. Tescos nappies are as good as pampers or huggies and a £1 cheaper. I got sucked in to the advertising and it wasnt til my Ds was 2 that i switched. I could of saved £100 plus for basically a bit of fabric to catch poo and wee! He or she wont care what brand they are, but you will all have lovely memeories of a few days caravan holiday that saving could pay for.....just my 2 pennies worth..

    Good luck and enjoy it all. It's a truely magical time. Feeling ever so slightly clucky!
    LBM 10/08 £12510.74/
  • Pips_MumPips_Mum Forumite
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    Thanks for the tip paybacktime little savings like that will soon add up.
    Its really for nice memories of holidays and days out that I am determined to do this for. I know as long as they feel loved not much else matters, I think Mrs Weasley from Harry Potter will be my role model!!
    Debt at LBM [strike]£17,544[/strike] :eek: £5700
    :TOver £14,000 PAID OFF :T

    2020 the year of less - Less debt, less waste, less spending, less stuff, less stress!
  • clearmydebtsclearmydebts Forumite
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    Hiya,

    I am not a mother or mother to be but wanted to wish you the very best of luck on your journey. You must be so excited about the arrival. One of my friends had a baby this week (5 1/2 weeks early) and it has made me broody!!!
    Total (Aug 19):€58,567 Now:€26,947
    DFD:Nov 22/June 22
    Mortgage: €199,712
    MFD: March 2042/July 2034
  • Hi, I'm a mum of two (2yr old and 2mth) and I absolutely agree with paybacktime about Tesco nappies. I used Pampers with my first for a long time until Tesco had theirs on sale so decided to try, brilliant! Good luck on your journey. I'm also in debt (jointly with OH) and hope to pay back most of it in 2009. And all the best for the labour! You must be sooo excited (about the baby not the labour, lol)
    Official DFW Member no:410
  • Another thing......I know I know I know it will be so tempting to buy little presents when they are little. I spent a fortune on my DS on his first christmas and he was 6 months old. Of course he has no memeory of it whatsoever. Now he is 7 and a half and I am still paying back for some earlier spending. Now he is old enough to realise that I cant afford stuff. So, I suppose what i'm trying to say is, with hindsight, your bump will be your kid forever. Money spent now when they can't appreciate it could be money spent later when they can.
    LBM 10/08 £12510.74/
  • mum2onemum2one Forumite
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    Congratulations on the baby, my dd is 6, but it still feels like yesterday. The good thing is you have got chance to sort ur finnaces out now and work a plan, when I had pregnant, I ended up off work from 6 weeks gone, so dropped from 900pm to 250pm ssp, then 300smp, but thats back in 2002.

    I guess everybody has already told you to sign up to all the baby clubs, as they send samples out, money off coupons, (very useful for Tesco), I found Boots good, as their loyalty scheme is 4p back in £1.00 and they always send vouchers and promos out for their items.

    On the nappy front (sorry), it can be a bit of trial and error, I used pampers nappies, and Huggies pull ups. I personally found Boots own brand nappies to be on the small side, so gave up with them after 1 packet.

    Fully agree with other poster about spending the money, dd 1st xmas she was 3 mths, I ended up spending a fortune, and to be honest I ended up giving a lot away, I dont know about you but with ur 1st, every body comes up with presents and gifts, and to be honest if I did it again, I would put some money in a savings account for them, come in more use for when their older.
    Good luck xx
    xx rip dad... we had our ups and downs but we’re always be family xx
  • Oh and....sorry I'm on a roll tonight! Set up a direct debit for the value of one weeks child benefit into a kids savings account every month. I did that and absolutely amazing how much it adds up to. It will pay for his/her first car/university/school residentials/driving lessons etc etc etc etc Look at this as long term.
    LBM 10/08 £12510.74/
  • Pips_MumPips_Mum Forumite
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    Thanks for the nice words and tips everyone.

    Yes you are completely right paybacktime and mum2one about not spending lots on presents. We discussed not actually getting them a present at Christmas/Birthday but giving them a nice treat in the summer months instead. There are lots of grandparents, family and friends to spoil them with presents so our money could be better spent in other ways.

    5 1/2 weeks early is early clearmydebts I bet that gave them a surprise, I hope they were ready!!

    Be glad when labour part is over mrs-d !! Its just fear of the unkown thats all.
    Debt at LBM [strike]£17,544[/strike] :eek: £5700
    :TOver £14,000 PAID OFF :T

    2020 the year of less - Less debt, less waste, less spending, less stuff, less stress!
  • Hopefully you'll not have long to wait before meeting your new baby :-) I have two dds, one whose 2 and the other is 12 weeks, being a mummy is the best thing ever, although hard work at times too. Will second the advice about nappies, we find asda to be the best of the own brands though we will use whatever happens to be on offer too, if you go to boots just now they're doing a huggies starter kit, which has a pack of nappies, wipes and socks on BOGOF so you get 2 sets for £5 which is a fab saving. Definately sign up for all the baby clubs too, the boots parenting club gives lots of vouchers. If you're able to breastfeeding will save you a fortune too, it can be very hard in the beginning but once you get it sussed it's definately worth it. Look forward to hearing about your new baby :-)
    Total Debt (27th Nov 08) £16,707.03 Now £5,102.72
    Debt Free Date [strike]Nov 2012[/strike] August 2011
  • Another advice I can offer is breast feeding. Apart from being the best thing for your baby it will save you a fortune. It might be hard at first, it took me about 7 wks to get it right, but don't give up. Your health visitor/midwife should tell if there are any support groups in your area. Don't be embarrassed to ask for help even if you need to be shown many time.
    Try not to think about the labour part (easier said then done, I know). You can plan for it or prepare really. Just think about the end result.
    Official DFW Member no:410
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