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Doing it backwards

Hi everyone

I've lurked on this forum on/off for ages but feel the time has come to get more involved. I had my LBM about 2 years ago with debts totalling £50k and have since managed to get this down to £35k (joint with hubby), but its not going as fast as it should.

We've no decided we want to move house next year, as living in a 3 bed house with 4 kids is a squeeze! Only problem is we have a loan which costs £397 a month which means we can't afford a bigger mortgage, so our plan is to blast this in 12 months, then put our house on the market. Annoyingly we can only overpay in full, so we're having to save this in an Isa, then pay it off in a lump once we're there. In theory it'll take a while to sell, dying which time we can work on the cc's too.

Quick intro to us

Adults x 2
Kids x 4 all under 6
My income job 1 £18k job 2 variable approx £4.5k
Hubby's income £31k
Total debts £35k
Mortgage £96k (house value £120k+)

I'd love any tip and support to egg us on our way, the move will improve our lives massively (3 boys in 1 room= carnage!) and in the longer term paying off all our unsecured debts will give us all a better future

Outnumbered xxx
Saving to pay off AA loan £4,553/£10,000

AA joint loan £13,132 - £11,900 redemption figure

Virgin £9,591; Virgin £4,111; Barclaycard £629; Nationwide £4,180; Nationwide £1,300; Tesco £600
«1345

Comments

  • I'm not sure how to add a signature, so here are our stats:

    My overdraft £1700
    Hubby's overdraft £250
    AA Loan £13,132 (redemption figure £11,934 today)
    My Virgin CC £9,591
    Hubby's Virgin CC £4,112
    Hubby's Barclaycard £629
    Hubby's Nationwide CC £4,180
    My Nationwide £1,317
    My Tesco CC £600

    Total £35,510
    Saving to pay off AA loan £4,553/£10,000

    AA joint loan £13,132 - £11,900 redemption figure

    Virgin £9,591; Virgin £4,111; Barclaycard £629; Nationwide £4,180; Nationwide £1,300; Tesco £600
  • Good luck Outnumbered! We have 2 kids in a 2 bedroom & that's bad enough!

    Do you have free childcare? Or work round your hubby's shifts?

    Will you have to sell up & rent or will your mtg co. lend you more money? Could you extend your current house?

    Xxx
    MBNA = £4,000 / Next = £925 (approx. tbc on 19/8)
    Tesco = £2,910.11 / Smile overdraft = £500
    Bank of Scotland = £2,782.83
  • I'm still on maternity leave from job 1 but when I go back in 6 weeks my mum will have the kids which is a godsend. This will also see my pay going up significantly which will all help :j Job 2 is evenings and weekend whilst hubby is home.

    Good money saving day today, I've se a budget of £200 a week at the moment for everything including fuel. This breaks down to £20 fuel each for hubby an I (hubby will get this back in expenses and I get expenses from job 2), then £20 cash a day for all spends, and £20 slush fund a week. Anything left a the end is saved.

    So today I spent £14 on lunch out for me and all 4 kids with a friend, with free soft play included. We do this once a week in the hols which is a lot for lunch but not too bad including soft play x 3. They then joined in an activity for £1 each with juice, fruit and biscuits included. We found a free parking spot (normally £2) so total = £17. I spent the other £3 in Aldi on fruit and crisps after a free trip to the dentists! (Root canal and crown for free!)

    Tea was shepherds pie and Yorkshire puddings from yesterday's budget (cost £5)

    Lots of eBay items ended late last night totalling £104 which will be added straight into the savings. And hubby did an unexpected night shift last night earning £95 after tax which can also be added to the savings on payday (25th)

    So all in all a good day. Hoping for a NSD tomorrow as we're at my parents for tea, then I'm working job 2 at night - fingers crossed!

    Outnumbered xx
    Saving to pay off AA loan £4,553/£10,000

    AA joint loan £13,132 - £11,900 redemption figure

    Virgin £9,591; Virgin £4,111; Barclaycard £629; Nationwide £4,180; Nationwide £1,300; Tesco £600
  • Well my NSD didn't happen, but it was pretty low and I should be able eek today's budget out til tomorrow so I'll still be £20 up for the week. Today's spends we're all on food, £1.20 on a can of pop at work tonight and 3 packs of crisps for the boys' picnic lunch tomorrow then £6 in Sainsburys to top up the fruit/squash/crumpets for tomorrow (all basics). I also bought a bottle of coke and some kettle chips which are my vices, only £2 but at 10% of our budget I need to cut these down!!!

    I also discovered my cash tins were a bit low on change for job 2 tonight so had to top those up.

    Total for today £15.50 leaving me £4.50 for tomorrow. Tomorrow's plans are a picnic in the play park (already bought) followed by a surestart activity that's 50p per child, then tea at mums, so aiming to come in under the £4.50, and leave tomorrow's budget untouched.

    Hubby is likely to work again tonight which I'm really annoyed about as I get no sleep, but at least the money will go towards our savings. Also listed another 2 items on eBay to end at the weekend, and relisted what didn't sell last weekend. Fingers crossed!

    Now I'm off to work out a signature!

    Outnumbered xx
    Saving to pay off AA loan £4,553/£10,000

    AA joint loan £13,132 - £11,900 redemption figure

    Virgin £9,591; Virgin £4,111; Barclaycard £629; Nationwide £4,180; Nationwide £1,300; Tesco £600
  • Testing my sig...
    Saving to pay off AA loan £4,553/£10,000

    AA joint loan £13,132 - £11,900 redemption figure

    Virgin £9,591; Virgin £4,111; Barclaycard £629; Nationwide £4,180; Nationwide £1,300; Tesco £600
  • Hi outnumbered, thought I would say hello, as I've just ready your diary.

    Good luck with the debt busting, I'm sure you'll get there! We also want to move house, but want to be debt free before we do it too. There just never seems to be enough money coming in to do everything that needs done, as well as overpaying the debts!

    Will subscribe to your diary and keep up to date on your progress.

    Mrs S x
    1st Jan 2014 £20,600 / 1st Jan 2015 £15,572.90
    **Feeling Hopeful that 2015 will be our Debt Free Year**
  • Mara_uk7
    Mara_uk7 Posts: 1,219 Forumite
    Seventh Anniversary Debt-free and Proud!
    And it worked ! Well done you :)
    Its just a bad day, Not a bad life .. :cool:
  • Today's challenge, finding 3 pirate costumes for little/no money! I've found a free pirate day on tomorrow to keep the kids busy but I have 2 very old pirate costumes for 3 boys. So far I've unearthed 2 pirate tops and one striped t shirt, 2 eye patches and I have 2 pirate hats which I need to unearth too. Time for a trip to the £1 shop in search of a third one I think! Wish me luck...
    Saving to pay off AA loan £4,553/£10,000

    AA joint loan £13,132 - £11,900 redemption figure

    Virgin £9,591; Virgin £4,111; Barclaycard £629; Nationwide £4,180; Nationwide £1,300; Tesco £600
  • Woo hoo I managed our low spend day today and we've finished the week with £7.71 to spare :0)

    Paid an extra £10 into our Savings account today and an online transfer went in with closing interest from another account totalling £23.47. So now our savings stand at £4,220 exactly, I can't wait to get over the £5k mark, hopefully by Christmas!

    Off to enrol with Love Film for some extra cashback, and that will trigger hubby's referral money for me too so its a double bonus :0)

    On another plus side, I'm losing weight whilst moneysaving as I'm trying to eat less so food lasts longer! 3lbs off in a week!

    Outnumbered x
    Saving to pay off AA loan £4,553/£10,000

    AA joint loan £13,132 - £11,900 redemption figure

    Virgin £9,591; Virgin £4,111; Barclaycard £629; Nationwide £4,180; Nationwide £1,300; Tesco £600
  • Well today we have well and truly used up every penny of our £20 a day budget, but not gone over :j its been a day of swimming lessons (£3 parking), birthday party (£4 for youngest to get in plus £3 refreshments) and now looking forward to a chinese 'fake away' at home once the kids are asleep (£10 including a few extra groceries). We've even pushed the boat out and got a bottle of Rose cava with our Nectar points! Saturdays are the hardest day as we're all here and feel like we deserve a treat, plus Sat night has always been 'date night', so if we can do this on budget the rest will be a breeze!

    Today's discovery has been stuffing mix, only 25p in Sainsburys and it made our boring chicken sandwiches into a real treat for lunch. Will be doing that again!

    Tonight I'm glad we have no hope of babysitters, as we couldn't afford a night out anyway, so we will enjoy 'date night' MSE style! I will even take a peek at eBay and search out local car boots!

    Outnumbered xx
    Saving to pay off AA loan £4,553/£10,000

    AA joint loan £13,132 - £11,900 redemption figure

    Virgin £9,591; Virgin £4,111; Barclaycard £629; Nationwide £4,180; Nationwide £1,300; Tesco £600
This discussion has been closed.
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