DMP - or My Brave New World 20 September 2015 at 1:10PM in Debt free diaries 15 replies 1.2K views

Triangle

As the title says - I'm at the start of a very scary journey!

A bit of background if I may: I first joined MSE back in 2008 when I was googling 'wedding ideas on a budget'. We were in debt then thanks to buying our house in 2007 and going very, very silly. In fact even more debt then we are now! I digress: I made a half hearted attempt at DFW-ness then but wedding planning was foolishly more exciting (although I'm proud to say we didn't get in anymore debt over the wedding, all paid for from savings). That was in 2009 and a few weeks later I returned to university to complete an MA. By 2010 I was back on these boards and in 2011 full time employment.

Again being rather reckless given the finances, we decided to start a family ASAP and the pregnancy boards were much more absorbing than DFW. I was very lucky as from those board a FB group started and I have made some wonderful, wonderful friends (if anyone recognises my username from there - hello! And also busted - I haven't really discussed my DMP with many people) Munchkin one arrived in 2012 and munchkin two very shortly after in 2013. I returned to work part time in 2014.

Fast forward to a couple of months ago when finally at long last a lightbulb moment occurred. Whilst we had never missed a payment, things were getting too much. Our repayments were too high (a stupid consolidation loan last September whish we couldn't really afford) and we were continually living off credit. After reading so much on here I contacted Stepchnage who were AMAZING. After three months of token payments our DMP officially started this month.

So that's it. A brave new world. I'm terrified - I have a thorough
new budget, a husband who is fully on board and motivation even if our DFD is years away. But it feels like such a big step. Gulp. Here goes!

Tx

macpumpkin

Good luck lovely, I think with children potty training early helps as you save money on nappies also you sound like a smart cookie so maybe try going on a game show as the winnings are tax free. x

Pippilongstocking

Hugs and goodluck! Have you done a recent budget/SOA you might find that helpful to see where the land lies.

Good good good luck!!! I for one have my fingers crossed for you xx

Triangle

Thanks macpumpkin - unfortunately the phrase 'potty training' is akin to a swear word in this house at the moment. Really struggling with munchkin one (just turned three) - apparently going in your pants is far more exciting. Sigh.

Pippi - Please tell me you are the same pip who has a fondness for gardening and food stockpiling in the wild Scottish highlands?! I used to post on your diary years ago

Nothing exciting to add today - had a great day at work, really loving my job at the moment. No spends today too

macpumpkin

Can I suggest chocolate buttons for the potty training? - I know I don't agree with it either but it does work especially if they are poo resistant and of the girl variety! x

Triangle

As we approach the end of the month I thought I might indulge in some musings about this brave new world we have entered.

The year ahead (i.e the first year of our DMP) already seems like such a challenge. I have recently secured a promotion in work and an increase in my hours from 16 to 24. I love my job and the fact that my new work pattern includes 4 flexi hours (meaning I will work exactly half the week, spend the other half with the munchkins and do an evening at home) makes me feel very lucky indeed. However there is a downside - we will be loosing our CTC (which we would have done anyway in April with all the cuts) and our nursery fees are increasing substationally. All this means that despite a very healthy pay rise, we will actually be around £50 month worst off.

Of course, remaining positive is the key. This time next year munchkin one will start school and our nursery fees will decrease by approximately £400! We will then be able to throw much more at the DMP - and I must rejoin the work pension scheme then too. (Quick note to self - also need to look into childcare vouchers)

As well as getting to grips with the new budget - I get a lot of pleasure from planning and list making so quite looking forward to it! - I've been planning "summer 2016 events." In a nutshell, there are six 'things' I want to put money aside for. Only one of these is essential (an additional nursery payment in August) so if I can't make the savings, then the events/things don't happen. This is whole new territory for me; previously we would have put it on credit with the mindset 'well we deserve it'. No more! Another reason why a DMP was the right decision for us. I'm rambling - I've worked out I would like £1400 for these things. A massive target to be attempted by selling, money left over from certain areas in the budget every month and other moneymaking schemes which I can get my hands on.

In addition to this is the need to build up an emergency fund of £1000 - obviously much more important! Both of these aims are in my signature and will be updated accordingly.

Right that's enough talking to myself for one day! Best foot forward and all that.

Tx

Triangle

A new month - and our second DMP payment sent. Many, many more to go but small steps and all that jazz.

Plan for October - stick to that budget and get it ingrained into our brains. Waiting for CTC to get back to us with our nil award so will need to contact Stepchange and sadly reduce monthly payment - but it will not be forever.

I'm going to whisper this - secretly I would love to be able to shave at least two years of the initial date of May 2024

In other news - day 3 of Stoptober and it feels blooming good! My 100000th attempt but our finances and, much more importantly, my munchkins keep me going. Fingers crossed!

Triangle

Forgot to add: October is also the momth I seriously get my comp on! I love entering the competitions on the MSE comping thread but have been seriously lax this year. My aim is to comp every day in October and Novemeber - enter all the ones I like the sound of. It would be amazing to win something for Christmas especially as this is the first year we haven't got credit 'just in case'. It feels so good to have that destructive pattern taken away from us!

beanielou

All sounding good

Triangle

Exciting news for me - first Christmas present bought today! :santa2:

It's a proper bargain too - an absolutely beautiful dolls house with lots of furniture. Just £20 from ebay!! Perfect for my neice and within (just!) the present limit for immediate family members.

It's the first Christmas with a really strict budget - and I will do it!

Triangle

£400 in the Emergency Fund today! :j:j

I'm so pleased, DH recently changed his vehicle and this was the amount left over - straight to the EF rather than frittering it away!

I've just done all my monthly budgeting too, moving money into the various online saving pots I have.

And have got a few more items to put on ebay to add to my 'Summer 2016' funds