Onwards and upwards.....again!

mintymoneysaver · 5 September 2013 at 9:56AM

I have been here twice before, but situsations change so here I am back again!
I am a seperated mum, still living in the family home with two teenage girls, one 19 and just going back to a local Uni but living at home, the other at sixth form college.
I can pay my bills, I manage okay, but I have just let my finances slip away from me, and I need to get myself back on track again.

So new term, new start!

I currently owe £1500 to my mum for a car loan that she gave me. This is my top priority.
I also have two Barclaycard cards, one owing £3750 at 0% for the next 24 months, and one just transferred today with £600 at 0% interest till October 2015. I know that I'm fortunate to have them at 0% and it's given me a bit of breathing space, but I do want them cleared ASAP.

I work 3 days a week as a teacher, but I also have the option of quite a few extra hours, so from now to Christmas, apart from this week I am already booked in for 4 day weeks at least. This is obviously a great help, and an added bonus. In thory I should have about £500 spare once I've paid all my household bills/ food/petrol but it never seems to work like that!

As far as I can tell I have my bills all down as low as possible, although I may put a SOA up at some point, as even little everyday savings would help. My ex pays maintenance, though obviously this will disappear over the next few years, and I also need to think at some point early on next year of buying him out of the house, hence the need to get rid of the debt. If I weren't paying back £100 a month to my mum and the minimum to the cards then I could plough it into a remortgage.

So my aim is to work as much as possible, enter as many competitions as possible, get back onto ebay, and pay my mum off first, then the smaller Barclaycard, and then the bigger one, wwhile trying not to use my 'everyday, pay it off each month' credit card at all!

DEBT sept 2013: £1500 (MUM)
£600 (barclaycard)
£3750 (barclaycard 2)

mintymoneysaver · 5 September 2013 at 10:16AM

I'd also like to build up a little savings pot too, while the debts are on 0% so I'll add that on too!

DEBT Sept 2013: £1500 (MUM)
£600 (barclaycard)
£3750 (barclaycard 2)

SAVINGS Sept 2013: £0

suebgriseum · 5 September 2013 at 2:12PM

Not been on the forum for a while.

I immediately thought why are you working part time ?

Looking at the age of children, ie; not young, full time work is a easy way to pay down the debt.

Maybe then go back to part time wish we all could !

Or consider tutoring(if there is suitable call for your subject matter?)
which would give you more per hour .

Good luck, it does all chip away slowly but you can speed the process up a bit.:)

mintymoneysaver · 5 September 2013 at 4:43PM

I would agree, but when you're at the top of the teaching scale, no other school wants you unless you are prepared to take on extra responsibility, and there are currently no opportunities at my own school. The extra hours often equate to almost full time anyway, and I have taken on a managerial responsibility in the last year which has added a bit to the pot.

mintymoneysaver · 5 September 2013 at 9:06PM

First step back, 5 items on ebay. I've decided any small amounts that I make from stuff like that will go straight off the smaller Barclaycard. Paying my mum will come from extra hours worked.

DreamerHelen · 6 September 2013 at 4:16AM

I just wanted to pop my head in and say Well Done for facing up to your Debts....thats a good thing and you'll get there...I have every faith in you....

mintymoneysaver · 9 September 2013 at 5:07PM

Poo! Forgot I had only paid the minimum balance off my NEXT card last month, so had £94 owing on it. I've just paid it now though, as cash situation wasn't too bad, so that's no nasty surprises next month!

Ebay items should make me at least £30 hopefully, so will pay that off the Barclaycard on Sunday as soon as it clears.

mintymoneysaver · 2 November 2013 at 2:33PM

Well I haven't been much good at updating this! Although I have been chipping away at the actual amounts...

Have paid my mum back £300, so only £1200 owing there, and will aim to pay £200 for the next 6 months and that will be gone.

Barclaycards are both getting the minimum paid off them, which is about £120 a month, and I did add a small card to them too so the balances have gone up slightly.I would like to try and get a bit of savings behind me and pay off the smaller one. I have managed not to build up any more credit card useage though, and am trying to pay cash for everything. Daughter's birthday is this month, but will be able to buy her present out of money I have. Christmas will be fine, as will be getting a lovely big chunk of overtime at the end of November which will pay for Christmas and more, and then will also get an equal chunk at the end of December which ( if I plan it correctly ) can be used to edefinitely pay off the smaller Barclaycard, and be the start of my savings/ holidays.

Ex and I have agreed we will get divorced come March when we will have been separated two years. I should be able to easily get a remortgage to buy him out, and as long as I work two extra days a month ( currently working at least 4/6 and no sign of that stopping) I would be able to pay the extra on a mortgage without even noticing. Even if work at my own school dried up, i could always do supply.

I will get there, I just need to plan and economise!

DEBT Sept 2013: £1500/£1200 (MUM)
£609 (barclaycard)
£4175 (barclaycard 2)

SAVINGS Sept 2013: £0