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

MinnieMousesMummy

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

MinnieMousesMummy

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.

MinnieMousesMummy

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.

Tiggy10

Good luck! you have made a great step with your diary. I too am hoping to post daily for motivation!

MinnieMousesMummy

Tiggy10 - Thanks for your comment, I think posting daily with give motivation, as it certainly seems to have helped today.

killerpeaty

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!

MinnieMousesMummy

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.

GenerationRent

MinnieMousesMummy wrote:

Entertainment........................... 300

Yikes. That seems like a lot.

jodles16

Just wanted to say good luck! Especially with your access course!! :rotfl:

MinnieMousesMummy

GenerationRent wrote: »

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

MinnieMousesMummy

MinnieMousesMummy wrote: »

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)