From here to maternity... Trying to be debt free

LittleBit_2

I thought I would start a diary on here, as I find it helps to keep an eye on my spending when I write it all down...

I'm LittleBit. I'm 29 and live with my hubby and our 2 boys who are 1 and 2 years old. I am also 10 weeks pregnant (which was a HUGE shock!). We have some debt which I would like to try and clear (or at least have a good go) before I go on maternity leave, which will hopefully be around the end of April. Also, it looks like I won't be returning to work, as it doesn't make financial sense to have 3 children in childcare and only be left with £50 a week from my wage.

I need to really cut down our spending, especially on food, and treats for the boys, so we can get used to living on one wage...

Will post my SOA in a bit.

LittleBit_2

Ok, so we owe....

1k to MIL
approx 4k on credit card.

EEK that's more than I thought actually. Well looks like we won't be able to get all that paid off before I finish work, but we can definitely make in roads with it, and not add to it...

LittleBit_2

Right SOA

INCOMING
Hubbys wage £1485
My wage £1050 (approx)
Child Benefit £134.80
CTC £40.32

TOTAL INCOMING £2710.12

OUTGOING
Mortgage £683.30
Council Tax £115
Childcare £600
Life Insurance £8
Mobile Phones £48
Landline & Broadband £17.50
Pet Insurance £29.35
Tax and MOT £25
Credit Card £50 (just over min payment)
TV License £12.30
Groceries £200
Diesel £140
Gas and Elec £80
Water £44
Holiday £40
Birthdays £15
Xmas £25
Car Maintenance £20
Kids Bank Accs £20
Car Ins £40
Bike ins £10
Entertainment/Days Out £120
Clothes/haircuts £50

TOTAL OUTGOINGS £2392.45

LittleBit_2

I couldn't work out how to change the title of my other diary (it was rubbish) so have started a new thread.

LittleBit_2

k, so we owe....

1k to MIL
approx 4k on credit card.

EEK that's more than I thought actually. Well looks like we won't be able to get all that paid off before I finish work, but we can definitely make in roads with it, and not add to it...

LittleBit_2

Some other points to note.

Obviously if I leave work we will no longer have to pay the £600 a month childcare, so there will be approx a £500 a month shortfall from what we earn now. We would get a little bit extra CB, and £40 a month extra CTC due to having an under 1 year old.
Hubby currently has some of his wage taken straight out and put into a Sharesave plan - think it's £90. I can't remember how long this plan is for, but when it clears we should be able to chuck it at our debt.
Also some of his wage goes towards childcare vouchers at the moment, so when he's not paying for these vouchers I think he will earn about £600(ish) a month.

fermi

LittleBit wrote: »

I couldn't work out how to change the title of my other diary (it was rubbish) so have started a new thread.

Sorted, and merged.

LittleBit_2

So today I have spent £1.84 on a loaf of bread and 3 chocolate bars. I need to go and do the food shop later though. I'm going to have to take the kids and hubby with me too, as both me and hubby have tons to do tonight so we can't do it this evening, and we can't do it online as Mr Ms doesn't deliver.
I've written a shopping list, so hopefully I shouldn't go over budget. I think we will get the boys' tea there - we have nothing in! Hubby and I can have a cuppa there and then we will eat our tea when the boys are in bed.

traycee

Congratulation on the new baby and in facing up to your debts.

You will be able to get lots help and pointers here.

Staying home with 3 children under 4 will be hard work, so make sure you have a good support network in place and perhaps you could start looking at things like your local playgroups, and parent toddler groups so that you ensure you can get out and about a bit.

You say you are spending £120pm on entertainment and days out

As an example I went online to the local council's website and looked up all the parks in our area and we alternated which ones we visited.

Is there a nice attraction, mini theme or animal park near you? Check if they sell an annual ticket for unlimited visits. Would your children's grand parents consider buying them/the whole family an annual pass for their christmas present?

You don't mention where the CC debt is and what rate you are paying also are you paying MIL interest?

LittleBit_2

Thanks.

There are some good attractions nearby, but I'm not sure which of them have yearly passes. It's a great idea though. I bought a yearly pass for a local park near us. It's one where you have to pay £3 to park, but the pass for the whole year was only £15 and I got the price of the first visit back too
Yes I know staying at home with 3 under 4 will be hard work, but I just can't justify leaving them with someone else all day for £200 extra a month. We have a local Children's Centre near us which is great, and has lots of things going on, so we should be able to keep occupied. Also my DS1 will start pre-school in April, so by the time number 3 is here he will be going to school for 3hrs every morning.

LittleBit_2

Morning

We did the shop last night and it came to £47. Also spent £12 on tea for us all. I shouldn't have bought it for me and hubby, but it was getting late and we were starving! Shopping was slightly over budget, but we got some stocking fillers for DS1 too, and we don't tend to go shopping every week, it's more like every week and a half to 2 weeks, so I think we might be ok to stay within budget for the month.

I'm at work now, just checking the internet banking before I actually start. Thought I was being good this morning by bringing milk and cereal to have for my breakfast, but I forgot my cereal!!

Should be a really LSD today, just have to get some breakfast for me and hubby (he works at the same place as me) so that will be about 70p and then we have nothing else to buy.