Jumping aboard!

downsizer3

Hi everyone,
A little about myself as I climb aboard the mortgage free train!!
I'm a single mum of one and have spent the last year and a half trying to get life back on track. I split from my ex nearly two years ago and sold our heavily mortgaged house, rented a while and have recently bought a smaller property in an effort to make life less hairy :eek:. My ex had a ( hidden) gambling problem and massive debts so its been a shock to have found myself in a bad financial situation after being careful all my working life.
I think I pretty much have things back under control and have just moved my credit card debt of £1500 ( removal companies bills mainly) to a 0% deal for 18 months so I can pay that off. I'm overpaying my mortgage too by about £72pm ( thanks for the overpayment calculator) so have reduced my term from 15 to 10 years with that alone. All the figures are below and I'm hoping to keep nibbling away at that until I can afford a wee house extension and start all over again!!

Here's the facts;
Mortgage £33,000 (about 10% of value)
Int rate 2.99% flexible
Income £2300pm, no maintenance payments
Self employed and things looking rocky!!
Savings - £1300 ( rainy day fund)
Pension - no contributions for about 4 years.
Gas / elec - £54 pm
Council tax £162pm ( 10 months so I have two months off)
Tel / broad - £24.50ish
House / contents - £27.35
Life Cover - £19.22
My insurance against illness etc - £73.52
TV - £12.43
Childcare - £800pm.
Aiming to pay £200pm off credit card.

I'm left with about £600pm - food / clothing etc and manage to spend it all quite easily!! Food bills alone seem to eat up a lot as my daughter is young at eats lunch and dinner at home with her carer.

I'm seriously concerned about my business as work is almost non existant and am currently aiming to get rid of card debt ASAP and build in as much bunce in mortgage payments as poss in case the worst happens and I'm out of work for a while.

Anyway - this is just me joining in and hoping to cutback a bit more so I can improve my situation ( whilst I still have a business at least). Its been a long and lonely path so far but any advice or tips would be gratefully recieved!!

PS - do any of you still manage pension contributions whilst trying to become MF?

Phelpsie001

Good luck!!

I am in full time employment so my pension is automatically deducted and have my employer contributions, so I can't help there sorry =(

Your childcare costs are huuuge =O

downsizer3

I know - my daughter is only 4 and so needs collected from school at 12pm and looked after for the rest of the day, then there are the school holidays.............no help from ex and my folks are older so I'm completly alone here. I'm happy to pay for that level of care whilst I need to but when she's older its after school clubs which will reduce my outgoings significantly!! Its almost cheaper not to work full time so if it all goes wrong here, I may look for mornings only work - who knows?
Company pensions - oh the envy...........;)

gratefulforhelp_2

Welcome and good luck.

dimbo61

Build up your emergency savings once you have cleared the CC debt and hope things get better.
Once your daughter is at school you should be able to reduce the childcare costs
Good Luck

downsizer3

Thanks guys!
Its the first of the month and I'm already wondering where it all goes! I have to say I've noticed a massive difference in food shopping costs - ouch every time I go :eek:
My Pinot Grigio habit will have to take a backseat ( no bad thing for the waistline or wallet) and so the benefits will start rolling in - a new slimline, debt and mortgage free laydeeeeee!
My one luxury is and will always be my 6 weekly hair sesh ( gotta cover those grey hairs!!) although when it gets tight it may be a DIY job.
So £200 off the card this month - not bad eh? Only £1300 to go.....:T Here's hoping it gets easier!!

downsizer3

Caw - just looking about at other threads and worked out my daily interest.
£33000 at 2.99% = £2.70 per day!!!! 'struth!

Quite right about bumping my savings up - gotta be done. If it all went pearshaped I could survive on £1000pm so my savings are woefully inadequate. This is great for focussing isn't it?
Think those pension contributions will have to wait ( and no mention of my age - argh!)

downsizer3

My SOA ( I hope!)

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1800
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 542.06
Total monthly income.................... 2342.06
Monthly Expense Details
Mortgage................................ 300
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 162
Electricity............................. 25
Gas..................................... 29
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 24.5
Mobile phone............................ 0
TV Licence.............................. 12.37
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 15
Other travel............................ 0
Childcare/nursery....................... 800
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 5
Buildings insurance..................... 27.35
Contents insurance...................... 0
Life assurance ......................... 19.22
Other insurance......................... 73.52
Presents (birthday, christmas etc)...... 5
Haircuts................................ 35
Entertainment........................... 10
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1892.96

Assets
Cash.................................... 1300
House value (Gross)..................... 320000
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 329300

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 33000....(300)......2.99
Total secured & HP debts...... 33000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................1510......25........0%
Total unsecured debts..........1510......25........-

Monthly Budget Summary
Total monthly income.................... 2,342.06
Expenses (including HP & secured debts). 1,892.96
Available for debt repayments........... 449.1
Monthly UNsecured debt repayments....... 25
Amount left after debt repayments....... 424.1
Personal Balance Sheet Summary
Total assets (things you own)........... 329,300
Total HP & Secured debt................. -33,000
Total Unsecured debt.................... -1,510
Net Assets.............................. 294,790

downsizer3

Gah. An attempt to sell off loads of baby stuff at a sale was thwarted by another sale nearby and so I didn't do as well as expected. Only £38 but hey ho.
An ebaying frenzy will start tomorrow as my daughter has outgrown loads of stuff. I ebay most and sell at sales too. Manage to make an extra £100 here and there - all in the right direction.
In the wrong direction we have the new gate going in this week ( saving and having just moved house are polar opposites as you inevitably have wee things to sort out). This is for security though so must be done and the money is in the bank to pay for it so all is good there.
My new 0% card haven't been in touch yet about balance transfer - no idea how long that takes but would feel better if it hurried up! Thinking of accruing interest is like watching your gas meter going round.......
Hey ho. Just about to dig out daughters old winter stuff to see what still fits and what is ebayable.....camera at the ready!

downsizer3

Does anyone know where I could get my hands on an overpayment spreadsheet? tried googling it but only seem to get graphs?
Thanks!!

downsizer3

Wohooooo! I'm a one starred money saving convert - not a newbie! Whoop whoop!