Full Time Student & Mum to 3 - Aiming to be free of debt

in Debt Free Diaries
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Hello everyone,

Thank you for taking the time to look at my diary. This is not the first diary that I have done, as I started doing one a while ago before losing motivation due to health problems. My circumstances are now very different, therefore I thought I would start a fresh diary. I am now a full time student although alsoworking as a self employed freelancer. I am married and we have three children, aged 11,3 and almost 1. DH works full time but is looking to retrain, which will give him a better work/life balance

Both myself and my husband have a fair amount of debt and we really need to start getting it sorted out.

I aim to post everyday so that I can keep myself motivated and focused. Hopefully some of you will want to join my on my path to being debt free
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Replies

  • MinnieMousesMummyMinnieMousesMummy Forumite
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    Right, First big step of today made, as diary started and initial post made. Next step to decide on plan of action for today:

    Catch up with emails
    Check bank and move money around
    Phone tax credits regarding letter that has come in
    Do mystery shopping work
    Write 2500 word report for client
    Submit revised invoice to client - there was a dispute over invoice for last month, but I stood my ground and we met in the middle
    Make a shopping list and do an online shop for this week
    Repot the vegetables and plant more seeds
    Clean and tidy the kitchen
    Submit availability to restaurant client
    Sort through Avon paperwork and try to revive round - missed the last couple of books due to lack of motivation
    Find phone number that DH needs and text it to him
    Do some course work (English & Maths)
    Decide on a daily plan of action for the rest of this week

    I think that is enough to be getting sorted out today.
  • edited 21 July 2014 at 12:19PM
    MinnieMousesMummyMinnieMousesMummy Forumite
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    edited 21 July 2014 at 12:19PM
    ok,Thought I would take the next big step and do a soa

    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 3
    Number of cars owned.................... 1
    Monthly Income Details
    Monthly income after tax................ 500
    Partners monthly income after tax....... 1200
    Benefits................................ 1380
    Other income............................ 0
    Total monthly income.................... 3080
    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 580
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 80
    Gas..................................... 0
    Oil..................................... 100
    Water rates............................. 0
    Telephone (land line)................... 50 (this also includes broadband)
    Mobile phone............................ 20 (this is for both me and DH)
    TV Licence.............................. 12
    Satellite/Cable TV...................... 35
    Internet Services....................... 0
    Groceries etc. ......................... 300
    Clothing................................ 0
    Petrol/diesel........................... 270 (DH travels a lot for his work)
    Road tax................................ 12
    Car Insurance........................... 40
    Car maintenance (including MOT)......... 30
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 800
    Other child related expenses............ 100
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 80
    Haircuts................................ 15
    Entertainment........................... 300
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 2924

    Assets
    Cash.................................... 100
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 700
    Other assets............................ 200
    Total Assets............................ 1000

    No Secured nor Hire Purchase Debts
    Unsecured Debts
    Description....................Debt......Monthly...APR
    Bank Loan......................25000.....0.........0
    Catalogue......................434.5.....26.8......0
    Loan...........................40........60........399.7
    Student Loan...................6000......0.........0
    Family.........................1500......0.........0
    Cataglogue 3...................500.......0.........0
    Credit Card....................1500......0.........0
    Catalogue 2....................70........0.........0
    Tax Credit Overpaymen..........1000......0.........0
    Council Tax....................1200......0.........0
    Loan...........................107.......80........44
    Total unsecured debts..........37351.5...166.8.....-

    Monthly Budget Summary
    Total monthly income.................... 3,080
    Expenses (including HP & secured debts). 2,924
    Available for debt repayments........... 156
    Monthly UNsecured debt repayments....... 166.8
    Amount short for making debt repayments. -10.8
    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -37,351.5
    Net Assets.............................. -36,351.5

    OK, I have just run my information through the snowball calculator and it is looking like January 2026 before debt free is finally real life.
  • Tiggy10Tiggy10 Forumite
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    Good luck! you have made a great step with your diary. I too am hoping to post daily for motivation! :)
    Paying it all off in 2017:
    Finance 1- [STRIKE]115[/STRIKE] Paid Jan 2017
    Finance 2- 335
    CC - [STRIKE]2000[/STRIKE]1800
    OD 1 - [STRIKE]2200[/STRIKE] 1850
    OD 2 - 2500
  • MinnieMousesMummyMinnieMousesMummy Forumite
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    Tiggy10 - Thanks for your comment, I think posting daily with give motivation, as it certainly seems to have helped today.
  • killerpeatykillerpeaty Forumite
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    Hi Minnie, are you a Uni student? If you're a Uni student, check out the Access to Learning fund (via your uni's finance department or their advice department). It take into account children and debts. Most of the time it isn't repayable.

    Best of luck with your debt busting journey! Woo!
  • MinnieMousesMummyMinnieMousesMummy Forumite
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    Killerpeaty - I'm not a uni student at the moment, I am at college doing an access course, however I will keep a note of what you said because all going to plan I should be a uni student come September 2015.
  • Entertainment........................... 300

    Yikes. That seems like a lot.
    Savings goal for 2015!

    £12,899.66/£10,000
    £8,487.85/£3,600 - 2014
  • jodles16jodles16 Forumite
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    Car Insurance Carver!
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    Just wanted to say good luck! Especially with your access course!! :rotfl:
    MFW2020 #115 250/3000 J-250
    1% challenge- /1525
    Save 1k in 2020- /3000

    Joining in UberFrugalMonthChallenge set up by the Frugalwoods!
  • MinnieMousesMummyMinnieMousesMummy Forumite
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    Ninth Anniversary 1,000 Posts Combo Breaker
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    Yikes. That seems like a lot.

    The entertainment is horse riding for me and DD and one take away per week, I really need to try and cut back on the take aways
  • MinnieMousesMummyMinnieMousesMummy Forumite
    1.3K Posts
    Ninth Anniversary 1,000 Posts Combo Breaker
    ✭✭✭
    Right, First big step of today made, as diary started and initial post made. Next step to decide on plan of action for today:

    Catch up with emails
    Check bank and move money around
    Phone tax credits regarding letter that has come in
    Do mystery shopping work
    Write 2500 word report for client
    Submit revised invoice to client - there was a dispute over invoice for last month, but I stood my ground and we met in the middle
    Make a shopping list and do an online shop for this week
    Repot the vegetables and plant more seeds
    Clean and tidy the kitchen
    Submit availability to restaurant client
    Sort through Avon paperwork and try to revive round - missed the last couple of books due to lack of motivation
    Find phone number that DH needs and text it to him
    Do some course work (English & Maths)
    Decide on a daily plan of action for the rest of this week

    I think that is enough to be getting sorted out today.

    Yesterday was a very productive day and I managed to get most of my list completed, as well as doing soa and snowball, which was not on my list.

    Carried over jobs:

    Repot the vegetables and plant more seeds
    Clean and tidy the kitchen
    Sort through Avon paperwork and try to revive round - missed the last couple of books due to lack of motivation
    Do some course work (English & Maths)
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