For my baby J

trixie888

As the title goes, I am doing this - for my baby J. Cold and rainy outside, the heating helps to make him sleep soundly in his cot. While he's sleeping, crouching and snoring - let me start this diary.

DFW - The Road to Recovery

I am a single mom - by default. I am still with my boyfriend but we live in a separate house - due to a several reasons. I have a live-in nanny who takes care of our baby because I am working full time. BF helps by paying half of the nanny expenses.

I don't remember having a savings in my entire life. When I started my career, it has always been associated to credit cards. Having credits was manageable before until I had baby J - credits has been alarming and stressing me out.

Today, Tuesday Sep 10, 2013, 8 days before my birthday - my gift for this year is to free myself from debts or atleast start clean my debts and start savings.


Current Credit Standing:
Bank 1
LOAN: $16,737.42 - salary deduction;
$6,200.73 - Credit card


Bank 2
€1,357.07 - Credit card, paid full on each month
€0 - Overdraft is 1000 and will be used to pay rent this end of the month

Cash Loans
€2,066.77 - Loan money from my brother
€2,346.67 - Payment for the Nanny's tax by the end of this year

===============
Current Cash on Hand:
€1,653,33 - Current cash on hand for nanny's tax payment

kittiej

Hi Trixie

Having a little one can really focus your mind and give you the oomph to make a fresh start financially.

So what's your debt busting strategy?

Best wishes kj.

trixie888

You are right Kittiej.. my little one is my inspiration for this.

Thanks for asking about the strategy, i just realized that I need to think about that but for now this is on top of my priority because it deals with the government.

GOAL: I need to complete the €4,000 budget for payment of the nanny's taxes.

Where to get the money:
- still to collect €2,000 from BF for the nanny monthly payment
- 346.67 my share for this payment.
- €€€ maintain the monthly pay the nanny each month

I need to do my SOA soon as I don't know where to get those money now...

kittiej

Yes post up your SOA to see where you can economise.

trixie888

Just too hard to understand this...

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Total monthly income.................... 3996.67[/b]

Monthly Expense Details
Mortgage................................ 360
Rent.................................... 795
Electricity/Gas......................... 150
Water rates............................. 13
Mobile phone............................ 0 - company mobile
Internet Services....................... 60
Groceries etc. ......................... 600 - target 400
Clothing................................ 50 - 0 shopping for now until December
Petrol/diesel........................... 100
Car Insurance........................... 32.5
Car maintenance (including MOT)......... 25
Car parking............................. 30 - need to get long term parking which will cost 60 for 6 mos.
Childcare/nursery....................... 500
Medical (prescriptions, dentist etc).... 39 - 100 euros budget last payment for the end of Sep.
Other insurance......................... 0 - travel insurance for my son
Presents (birthday, christmas etc)...... 50
Haircuts................................ 4
Entertainment........................... 80- to lower atleast to 50
Holiday................................. 80- used or better yet, save before going on holiday
Emergency fund.......................... 0 - atleast save 50 per month
For my Mom and other Bills.............. 100
Total monthly expenses.................. 3068.5


Assets
Cash.................................... 0
House value (Gross)..................... 35000
Car(s).................................. 2500
Other assets............................ 1000
Total Assets............................ 38500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 12614.2..(360)......0
Total secured & HP debts...... 12614.2...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card 1..................5275.56...400.......0
Credit Card 2..................1357.07...1357......0
Sibling Loan...................2066.67...0.........0
Total unsecured debts..........8699.3....1757......-


Monthly Budget Summary
Total monthly income.................... 3,996.67
Expenses (including HP & secured debts). 3,068.5
Available for debt repayments........... 928.17
Monthly UNsecured debt repayments....... 1,757
Amount short for making debt repayments. -828.83

Personal Balance Sheet Summary
Total assets (things you own)........... 38,500
Total HP & Secured debt................. -12,614.2
Total Unsecured debt.................... -8,699.3
Net Assets.............................. 17,186.5

trixie888

Current Salary Distribution:

Bank 1
€1000 = $1,300,00 (this amount is auto debited from my monthly salary)

Credits on this bank:
$16,737.42 - loan salary deduction;
$6,200.73 - Credit card (VISA)

Payables:
$358.69 - Loan (auto debit).
$119.53 - Loan Charges (auto debit).
$400.00 - Monthly payment for VISA credit card.
$200.00 - For my mom and utilities payment for my house back home.
$1,078.22

Balance:
$221.78 - I am going to try hard not to withdraw this amount.

========================

Bank 2
€2,996.67 - My "living allowance".
0 - I have 1K euro overdraft (well utilized)

200 - Savings for my son account.

Fixed Bills in Euros: TOTAL €1,518
--795 - rented apartment
--150 - Gas & Electricity
--13 - Water
--60 - Internet/TV cable
--500 - Nanny pay (+500 - BF share)

Operational: TOTAL: €1,739
--600 - Groceries, baby food, nappies
--39 - dentist (this will end this month but will pay but will be paying 100+ for last check)
--100 - i call this entertainment (dine with BF or friends/colleagues)
--1,000(+/-) - Credit card average use monthly. Breakdown uses are for car fuel, shopping, itunes, travels, sometimes groceries, etcetera

~Chameleon~

What country do you live in? It's going to be hard for people to make sense of the various currencies involved and the cost of living outside of the UK.

trixie888

~Chameleon~ wrote: »

What country do you live in? It's going to be hard for people to make sense of the various currencies involved and the cost of living outside of the UK.

I am currently living in The Netherlands. It would be harder for me to convert it to GBP as it is confuses me a lot. I am trying to convert them all to Euros.

kittiej

So the house 'back home' - where is this? Is this a different country again?

OK so you have 2 bank accounts, your salary is paid into 1 account and the 1000 euro is transferred over.

Do you have any other money coming into the household because you have a large shortfall for debt payments.

Sorry it's a bit confusing with the different currencies.

trixie888

kittiej wrote: »

So the house 'back home' - where is this? Is this a different country again?

OK so you have 2 bank accounts, your salary is paid into 1 account and the 1000 euro is transferred over.

Do you have any other money coming into the household because you have a large shortfall for debt payments.

Sorry it's a bit confusing with the different currencies.

Confusing huh?!

I am an expat working here in The Netherlands. I bought and build a house back home - Philippines. House wasn't done full yet but livable. Bank 1 is for the loan and sending money for the utilities and the rest goes to my ailing mother. Most of the time, I used excess money here to. I withdrew it.

You are right, 1 salary distributed to two bank account. 1 account to pay the loan and for back home expenses plus for the care of my mother. Whatever is left is supposed to be my "living allowance". I used to worked - until I had a partner and a baby. The world just turns upside down.:(

I have no other means income. My salary is all that I have.

I am trying to figure out how to BUDGET while pay my debts.

kittiej

Please bear with me Trixie because I'm finding it a bit difficult to unravel.

So you are back at work after maternity leave?

Do your figures include any contributions from your partner?

I think we are going to have a few issues like grocery costs, internet providers and medical costs etc because we can't compare them against the UK for you.

The Bank 1 money is non-negotiable and I admire you for supporting your mother as people over here don't tend to do this anymore for their families.