Expecting our first baby - debt free and a house by 2012

J_pink

Hi everybody!

I wanted to start a debt free diary now that we are expecting. It's definitely a chance to start a fresh and work towards something. So...the plan is to clear £10,000 of credit and loan debt as well as buy a house by 2012. I am inviting any mums-to-be to join me, make friends, share ideas and just have a good old whinge about having no money!
Please come and say hello!

The plan of action:
I will be out of work from August - April '11 which will slow down the debt-repayment slightly. But, my plan is to get a new teaching job in April.
Sadly we are going to have to make do renting for now as we sort out our finances, but selling our luxury car and swapping to a little run around should free up £6K. I am eternally grateful for the MA and child benefits I will recieve until I start working again!

Current monthly budget is as follows:
Hubby's income £1400 + £200. My income £1000 going down to £500 in August = £2100 Total income each month
£1400 spent on all bills, loan repayment and rent
£500-£700 towards debt *
Leaves £500 to live off (food etc)
* When baby arrives the debt repayment will be £200 a month

We have already saved £1000 to support buying baby things for when I'm not working. Now just to deal with the sickness...

SkintGypsy

I shall join you J_pink! I am due in May and have been trying to settle our debts before baby comes. Doesn't look like i'll quite make it, but things are certainly going to be easier while i'm off work without such a huge debt to service!

Tip for the sickness- sugar! Apparently MS is due to low blood sugar, so keep eating, if you can stomach it!

Starting early with baby buying will save you loads, as things seem to come up on sale at different times. Didn't get bargains last time we had a baby, but this time I have got some really good deals. Keep your eyes peeled!

Good luck!

J_pink

Well I've made quite a bit of progress since my last post in May:

- Sold the car and cleared 6K of debt
- Bought a run around with cash (sadly this has slowed the house deposit savings)
- Now have £1500 in house deposit
- Cleared further loan debt so total debt now [STRIKE]£18,000 [/STRIKE]to £9,000
- Signed up to sell Avon to pay for myself a few little luxuries

Really looking to start working in April although I'm going to do one day per week in the run up to then, brings in a bit of extra cash and gets me used to leaving baby. I have found a wonderful childminder with gleaming inspection reports, CRB and just a lovely woman! Really puts my mind at rest.

TBH I am going to rely on those tax credits until I'm working, just for a few months as my income is now down to basic MA, like many other mums!

Anybody else saving for a house? Any new mums?
I would love some buddies to support along the way

mumto2beautifulkids

Hello, I'm not expecting or a new mum (I've got 2 kids, 4 and 1) I just wanted to wish you luck. I really want to save to be able to move house, but need to clear debt first (tbh our house is big enough for us, I would just like a spare room to sleep friends and family on visits, also a bigger kitchen).

J_pink

mumto2beautifulkids wrote: »

(tbh our house is big enough for us, I would just like a spare room to sleep friends and family on visits, also a bigger kitchen).

Thanks mum! We all want a nice home and as a woman it is very important to me too. I get very frustrated that I can't afford nice little things around the house and that I can't really decorate because it's a rental but it's amazing what a spring clean and a few ikea bits can do :-) I've just opened a little bank account just for me to put things like Avon earnings, cashback earnings and ebay in so I can treat myself every now and again. Very important methinks!

Kepp

Hi J_Pink!

I'm not having a baby or saving for a house as you know from my diary!

Will subscribe and join you on here though if that's ok!

J_pink

This month is tough - received my basic SMP but forgot my teachers pension and tax gets deducted (that's a further £100! off the pittance £600). Sold a few old mobile phones on ebay though. Should be able to apply for my tax credits and child benefit in 5 weeks once babies here.

This month's mantra will be THRIFTY IS NIFTY :-)

SkintGypsy

Greetings J Pink! We too are scraping by on SMP. All home cooking and frugal activities in our house, but thoroughly enjoying our new arrival. Just got to prise my lazy bottom off the sofa to do some cleaning, but can't quite summon the energy. Hey ho. Maybe in a little while.....