Third-Life Crisis

efes_shareholder

Thats Brilliant news - glad he didnt get shafted for his hard work

Kitten868

Woohoo! So pleased for you. Is that the FIL all paid off and gone?

Goingroundincircles

Oh hi, it's been a while. I am currently sat here with an 11 week old baby asleep on my chest! I do not know where the time has gone and it's odd to think that the last time I posted I was days away from meeting my son.

So, the last few months have been a bit of a rollercoaster. 3 months in and I feel like it's time to get back on the MSE bandwagon. SO much has happened, most of it very un-MS but probably to be expected with a newborn. In the whirlwind we did what we needed to at the time. With that in mind, here is our current SOA:

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1848
Partners monthly income after tax....... 3200
Benefits................................ 88
Other income............................ 0
Total monthly income.................... 5136

Monthly Expense Details
Mortgage................................ 403
Secured/HP loan repayments.............. 388
Rent.................................... 420
Management charge (leasehold property).. 0
Council tax............................. 167
Electricity............................. 49
Gas..................................... 0
Oil..................................... 0
Water rates............................. 23
Telephone (land line)................... 0
Mobile phone............................ 76
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 56
Groceries etc. ......................... 200
Clothing................................ 0
Petrol/diesel........................... 250
Road tax................................ 20
Car Insurance........................... 117
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 60
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 13
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 388
Materials............................... 40
Pet food................................ 40
Bank charge............................. 20
Total monthly expenses.................. 3028


Assets
Cash.................................... 0
House value (Gross)..................... 128000
Shares and bonds........................ 0
Car(s).................................. 40000
Other assets............................ 0
Total Assets............................ 168000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 76000....(403)......0
Hire Purchase (HP) debt ...... 18236....(388)......0
Total secured & HP debts...... 94236.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds cc......................2074......90........26
Halifax cc.....................2178......35........24
Barclaycard 1..................5953......142.......19
Parent loan 2..................1700......100.......0
Parent loan 1..................970.......100.......0
Tesco loan.....................6500......400.......0
Sainsburys loan................6144......322.......0
MBNA 5.........................3374......40........0
MBNA 4.........................2682......33........0
MBNA 3.........................4647......140.......26
MBNA 2.........................3058......105.......28
MBNA 1.........................5661......165.......24
Barclaycard 2..................9147......230.......19
Total unsecured debts..........54088.....1902......-


Monthly Budget Summary
Total monthly income.................... 5,136
Expenses (including HP & secured debts). 3,028
Available for debt repayments........... 2,108
Monthly UNsecured debt repayments....... 1,902
Amount left after debt repayments....... 206

Personal Balance Sheet Summary
Total assets (things you own)........... 168,000
Total HP & Secured debt................. -94,236
Total Unsecured debt.................... -54,088
Net Assets.............................. 19,676

Our current debt total is just over £54000, so on a positive note it has continued to reduce nicely over the last few months. The tricky bit is navigating the next year or so of maternity leave and going back to work - possibly part time...

Honeysucklelou2

Many congratulations on the birth of your son. Enjoy this precious time as it passes so quickly, even though it doesn't feel like it when you're in the midst of sleepless nights!

BabyStepper

Hello

I've just read your diary from beginning to end and didn't want to read and run. Congratulations on the safe arrival of your baby boy! Wonderful news!

I also wanted to say that your story of becoming solvent and getting a handle on your debt has been one of the most dramatic I have read on here. I agreed with those who advised a dmp at the start, but you have managed to turn this round beautifully, so much so that you coped with the crisis of the unpaid invoices. Without your savings pots who knows what would have happend?

You are working a miracle and with your little one here now there is even more incentive to sort it all out. Enjoy your maternity leave. I've subscribed.

Goingroundincircles

Thank you both, The time is flying by!

BabyStepper, I don't feel like we're managing any better but you're right - we've muddled through a lot of ups and downs recently! We've opened a savings account for LO one and have started squirrelling away the money he's given in the hope of setting him off on the right path.

Debt decreased again last month, now £53,000. Wondering if it's possible to get it under £50,000 by the end of the year.

There's a possibility of OH going PAYE in the new year which has it's pros and cons. I think in our current situation the pros outweigh the cons so we'll see what happens there.

We have made a list of things we'd like to spend money on including christmas, van repairs, new carpets and a holiday. So we're juggling the savings/debt repayments to try to manage both.

Aiming to start checking in more often but who knew babies were such hard work!!

Goingroundincircles

Well where do I start?

After another big invoice not being paid in December, due to another contractor going into administration, my husband is now in an employed role. Less money but more security.

We no longer have any credit card or loan debt. We were able to pay all of this off with some inheritance money. So just parental loans and HP car left.

We are about to move house. The mortgage is slightly more per month but we have outgrown where we are now and where we are moving to could easily be a ‘forever home’.

I’m on my last month of no pay maternity leave. I go back to work in September but the next months are fully paid thanks to accrued leave. So then things will return to a new kind of normal. I’m looking forward to a fresh start and a new budget!

And I never want to see a credit card ever again.

enthusiasticsaver

I wondered what had happened to you. Lots of positives in that the credit cards and loans have gone. You have probably learnt a lot over the last few years of how high debt can make you feel. I wish you all the best in your new home and hope you stay in budget. More security in income is good too.