Need to be debt free to have a baby :)

turtlemoose

Title says it all really!

Absolutely need to get rid of our debt, I get statutory maternity pay so will have very little income (and then no income) while I'm off, so the debt HAS to be gone before baby arrives. OH doesn't want any more children after he turns 40, so that's my deadline! April 2016.

I started really focussing on our debt (rather than min payments) in March 2014, where our starting balance was £13783.78 - and two mortgages in my name.

Now the current outstanding non-mortgage debt is £10463.59.

I've got a nerdy spreadsheet with all my figures, and I do all our household budgeting. I aim for this diary to be somewhere for me to check in on a regular basis, to be motivated by my progress, and get some tips and solidarity reading other diaries.

The OH has just had 3.5 weeks off work sick, SSP only, due to a broken foot. That's going to hit us hard this payday


Debts and monthly payments:

Personal loan - min payment £187.76 (50 months remaining)
Credit card - £2386.25 balance at 0% until May 2016, currently paying £26.24 a month
HMRC - £50 a month, interest free, 23 months remaining


I OP as much as I can every month, this figure varies but is as much as I can spare, plus any extra I make from selling, surveys etc.

turtlemoose

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1.5
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1580
Partners monthly income after tax....... 940
Benefits................................ 82
Other income............................ 358
Total monthly income.................... 2960

Monthly Expense Details
Mortgage................................ 600
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 97
Electricity............................. 40
Gas..................................... 45
Oil..................................... 0
Water rates............................. 20.83
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 12.12
Satellite/Cable TV...................... 71.23
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 2.5
Car Insurance........................... 59
Car maintenance (including MOT)......... 60
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 740
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 6
Contents insurance...................... 6
Life assurance ......................... 10.84
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 50
Emergency fund.......................... 0
OH driving.............................. 50
Merlin Passes........................... 21
Lottery................................. 18
Total monthly expenses.................. 2239.52


Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 120
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 124120


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 102000...(600)......4.89
Total secured & HP debts...... 102000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
HMRC...........................1150......50........0
Credit Card....................2386.25...26.24.....0
Personal Loan..................7140.15...187.7.....4.9
Total unsecured debts..........10676.4...263.94....-


Monthly Budget Summary
Total monthly income.................... 2,960
Expenses (including HP & secured debts). 2,239.52
Available for debt repayments........... 720.48
Monthly UNsecured debt repayments....... 263.94
Amount left after debt repayments....... 456.54

Personal Balance Sheet Summary
Total assets (things you own)........... 124,120
Total HP & Secured debt................. -102,000
Total Unsecured debt.................... -10,676.4
Net Assets.............................. 11,443.6

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

mary_hinge

:hello:

turtlemoose wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1.5
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1580
Partners monthly income after tax....... 940
Benefits................................ 82
Other income............................ 358
Total monthly income.................... 2960

Monthly Expense Details
Mortgage................................ 600
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 97
Electricity............................. 40
Gas..................................... 45
Oil..................................... 0
Water rates............................. 20.83
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 12.12
Satellite/Cable TV...................... 71.23 ouch!
Internet Services....................... 0
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 0do you need something here?
Road tax................................ 2.5
Car Insurance........................... 59
Car maintenance (including MOT)......... 60
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 740 :eek: do you get childcare vouchers to help?
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 0 never?
Pet insurance/vet bills................. 0
Buildings insurance..................... 6
Contents insurance...................... 6
Life assurance ......................... 10.84
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0 never?
Entertainment........................... 0 never?
Holiday................................. 50
Emergency fund.......................... 0 with 2 mortgages you need something here
OH driving.............................. 50 how long until he can take his test?
Merlin Passes........................... 21 :j we have these also
Lottery................................. 18 could you play less?
Total monthly expenses.................. 2239.52


Assets
Cash.................................... 0
House value (Gross)..................... 120000
Shares and bonds........................ 120
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 124120


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 102000...(600)......4.89
Total secured & HP debts...... 102000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
HMRC...........................1150......50........0
Credit Card....................2386.25...26.24.....0
Personal Loan..................7140.15...187.7.....4.9
Total unsecured debts..........10676.4...263.94....-


Monthly Budget Summary
Total monthly income.................... 2,960
Expenses (including HP & secured debts). 2,239.52
Available for debt repayments........... 720.48
Monthly UNsecured debt repayments....... 263.94
Amount left after debt repayments....... 456.54 do you have this left each month?

Personal Balance Sheet Summary
Total assets (things you own)........... 124,120
Total HP & Secured debt................. -102,000
Total Unsecured debt.................... -10,676.4
Net Assets.............................. 11,443.6

Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Just a few comments to think about...... Good Luck!

Jonesy88

happy new diary and good luck!

I'm really broody too atm but waiting to get into a better financial situation (maybe 2015 for us).

turtlemoose

The satellite/cable tv price (£71.23) is our phone/internet/tv plus netflix. OH and I go out maybe 4 times a year if we are lucky. So the TV service and super fast broadband are just not something we are willing to compromise on. Well actually, we did cut it back already - it was £95 a month!

Diesel - I have a fuel card through work, so the cost here is already taken out of my tax. We sometimes go over the personal mile limit and have to put a bit in but that would come out of personal spends money.

Nursery - the £243 in vouchers is included in the "other income" section.

Medical - rare but comes from personal spends if needed

Haircuts - again personal spends

Entertainment - well the tv/internet is that really, again plus personal spends

OH driving - he's a few months off his test yet! hopefully by the end of the year.

Lottery - we've already halved it

Amount left after debt repayments: yes we do - I log our joint account spends very closely, we've paid off £3320.19 in 5 months, an average of £450 a month overpaid on top of min payments

I should have mentioned really, we do each have our own money that is ours to do with as we wish - I haven't included that money in these calculations, I've only included what we actually put in to the joint account each month.

Emergency fund: house #1 has a tenant in it (I'm an accidental landlord, but all above board, consent to let, do self assessment etc) and has finally started to turn a profit. It pays it's own mortgage, tax, some aside for an emergency pot (currently £1500) and it also gives £115 income in to the joint account (listed above in the extra income bit along with the childcare vouchers)

House #2 where we live, we don't have an emergency fund. If something drastic happened tomorrow we would probably borrow from DS' savings (£1k) BUT I agree we do need to start putting something away. I'll have a reshuffle.

We are actually considering not bothering with the Merlin Passes next year. We had them before and used them loads, then renewed for this year and have done Sealife once and Alton Towers 4 times... that's it... so we may take a break from them next year. If we do decide to do that, the money that has been put aside for that will go on the personal loan as an OP.