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student-mum

Hi everyone. I am new on the forum. this is my first ever post but I have been lurking for a while

where to start its just been one thing after another this year
last year I managed to clear £2500 or just under of debt in around 4 months

currently I have about the same amount of debt but for some reason no matter how much I try to clear it ... it just increases again.
we have no savings and recently DP's hours were cut at work meaning even with the addition of benefits we are not living within our means and this has to change
we have hope for the future DP is hopefully (if he gets a place) starting college in September along side working at his current job
I am starting a degree with open university in October so if all goes well the future will hopefully be bright but the present isn't so bright not financially anyway
we have 2 children. they are our world ... and if there Is any reason to sort our selves out financially its for them

the first thing I need to do is keep track of our spends.
I also have lots of stuff that can be sold so can hopefully make a few extra pennies there
and generally hope to cut costs as much as possible
DC1 has 2 parties from school to attend in july so need to think of some cheap present ideas 1 is a boy and then 2 girls are having a join party so need 3 presents
we also have a holiday in sept already paid for but need spending money (the sun holiday deals)

our current debt is a credit card and catalogue ..I finally cleared my other catalogues a few months ago but I need the rest of my debt gone ASAP so here I am .. my journey begins



Current Debt totals as of 22/06/2014

catalogue all on BNPL (Breakdown below) total £869
£130 0% interest free period ends 18/07/2014
£295 0% interest free period ends 7/11/2014
£444 0% interest free period ends 17/5/2015


Credit card (currently 9.9%) £1100


Total Debt : £1969.00 (22/06/14)


my plan for this week :
1. cut up credit card
2. meal plan and do shopping list for the week
3. list 5 items a day for sale 5x7=35 items at least by next sunday
4. have some No Spent Days
5. keep a log of spending on here
6. make a financial spreadsheet to help me keep on track
7. take note of ideas from MSE
8. join some challenges
9. no buying from the shop on the school run unless we NEED it
10. chip away at the debt as much as possible


LEAVE BANK CARDS/PURSE AT HOME!

student-mum

our income is around £1330 in total after rent and council tax


this is just an estimate for now but here is my plan :


£300 P/m on direct debits and bills
£720 p/m on debt
£200 p/m on food
£110 on other i.e. savings, school trips, clothes etc. etc.


I am going to use this as I guide for the next month if I can stick to it I will be debt free in 3 months or thereabouts

student-mum

spends from 22/06/2014 - 31/07/2014 Total £


week one 22/06 - 29/06/14 £

student-mum

My challenges for June
make £10 a day challenge = aim £90
aim for at least 4 no spend days out of the 9 left in June
I have also requested to join the frugal living challenge
stick to budget !!!


Pay off £180 of debt (not including any money i make in the nest 9 days or any money i can transfer out of the bank if there is any:eek:)

student-mum

savings goals for 2014
holiday spending money food and fuel £600/£0
Christmas £600/£0
summer holiday fund £200/£0
emergency pot £1000/£0


long term savings goals for once debt is clear (this is mainly for motivation to get the debt cleared)
(£450 over the next 13years)

DC1 savings £10,000 (over the next 14 years) = £60 p/m
DC2 savings £10,000 (over the next 20 years) = £42 p/m
house deposit and legal fees fund £50,000 (over the next 12 years) = £348 p/m

student-mum-2

after countless times of trying to log in and failing because my password was wrong apparently ... (tried numerous ones) I have re signed up and this time I have wrote it down so hopefully it shouldn't be a problem again


today we are going to see my dad later.
I have 1 load of washing to peg out (its a nice day and I need to learn to not use my tumble dryer all the time)
1 item has sold on eBay so I need to package that and send it tomorrow




I know my budget from last night seems a bit unrealistic but its not a long term I've just pulled the purse strings as tight as possible to get the debt paid asap


I need to list for sale:
old pushchair
old fire
baby swing
changing unit
and sort and list the stuff in storage


I also hope so start using my sewing machine a lot more !


I need to get both the children some summer clothes too ... I came across some vouchers I have this morning so hoping they are in date to cover some of the cost


just ordered some clothes for myself from new look with one of the gift cards I found, couldn't get anything for the boys as they don't sell boys clothes lol


also just doing an order with next hoping one of my FB friends will refer me as a friend so I can get a code for £20 off a £50 spend (someone is going to refer me woohoo) will be doing a next order for the boys when the code comes through hopefully that will be free too by using said code above and my vouchers I found earlier today

student-mum-2

ok so I checked the bank and was presently surprised for once we have money left over in our account


so a quick update/breakdown


Current Debt totals as of 22/06/2014

catalogue all on BNPL (Breakdown below) total £869
£130 0% interest free period ends 18/07/2014 PAID 22/06/14
£295 0% interest free period ends 7/11/2014
£444 0% interest free period ends 17/5/2015


Credit card (currently 9.9%) £956.91 actual (22/06/2014)
new balance (28/06/2014) £859


Total Debt : £1825.91 (22/06/14)
Total Debt : £1598.00 (28/06/14)

plus £20 of clothes at new look foe £0 (used a gift card and no postage cost as have done click and collect)

student-mum-2

tbh I don't understand other than the obvious of over spending how twice we have managed to get into debt. I always try to be as money saving as possible and this is the main reason for keeping this diary to keep us on track. a lot of it is unexpected bills etc and mainly comes down to have no emergency fund to fall back on so as soon as the credit card is clear (because I am currently being charged interest) I am going to start saving into an emergency fund for those unexpected bills etc. so hopefully we wont end up back in debt


a quick summery of today :
went to see both sets of parents
got £20 worth of clothes from new look without having to spend a penny myself
paid £130 off catalogue
paid £60 off credit card
found our holiday savings tin which I had put in a safe place a few months ago and forgot where I had put it which has £140 in so have £140 towards holiday spends
I have an eye test this Friday but so I don't have to pay extortionate high street prices for frames I have found a site online - recommended by a few fb friends
I pegged my washing on the line instead of using the tumble
DP spent £20 :eek: on milk etc.



£300 P/m on direct debits and bills
£720 p/m on debt - £190
£200 p/m on food - £20
£110 on other i.e. savings, school trips, clothes etc. etc.

student-mum-2

plan for monday:
DP to fix fence out the front
walk to school and back
Post parcel
take boys to the park
need to get some baby formula and do a small food shop (will do food shop online
start an excel spreadsheet to help me keep on track with finances
do laundry - do not use tumble dryer
see if its possible to make another payment to credit card
LIST 10 THINGS FOR SALE

hoping for a NSD weds Thursday and Friday

kittycatfan

Hi welcome , sounds like your doing really well so far keep it up

student-mum-2

Thankyou kittycatfan.


hi to everyone who sees this diary. please don't be shy. hope you are all well and having a nice day.


plan for monday:
DP to fix fence out the front - DONE and lawn mowed too
walk to school and back - DONE
Post parcel - DONE
take boys to the park
need to get some baby formula and do a small food shop (will do food shop online) FOOD SHOP DONE
start an excel spreadsheet to help me keep on track with finances - done
do laundry - do not use tumble dryer - DONE
see if its possible to make another payment to credit card - hoping this might be doable tonight if not will see if it can be done towards the end of the week
LIST 10 THINGS FOR SALE - in progress

hoping for a NSD weds Thursday and Friday