Queen Bee fighting for her Hive!

Queen_of_the_Hive
Queen_of_the_Hive Posts: 1,008
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edited 16 February 2020 at 7:31AM in Debt free diaries
In my head I had written this post many times but not yet have I been brave enough to get pen to paper and go for it.

I'm Queen Bee aka a nearly 40 yr old mum of two boys whose had quite a stressful couple of years. I seperated from my husband early last year, moved house twice and finally settled in my current place with my new partner.

Financially I've hit a really bad place, having been partially living on my credit card I've amassed a yukky 8k debt and its currently growing every month! I work part time at the weekends so don't pay childcare and then look after Young Bees 1 & 2 during the week. Young Bee 1 goes to school and Young Bee 2 starts school nursery in September so this I'm hoping is my time to turn the tables on my fortunes.

My current part time job isn't inspiring at all but has kept me ticking over, so my immediate focus is getting work with more hours during the week and keeping my weekend job while i get back on my feet.

I need to invest in me - I haven't done a lot of that and its well overdue. I've put so much of myself into my kids but not looked after me Its time to do little bits and pieces for me. I need to loose some weight and get fitter.

When I left the family home, I also left my house with a mortgage. When I finally get my divorce settlement I want to be in a position to buy another home - for that I need to be debt free, building up a bigger deposit etc so that financially I can stand on my own two feet which currently I'm not able to do.

I'll post details of debt and stuff in the next diary entry but this is a good start. :hello:

Edit: February 2020, debt at my worst was £10,569.02 :(
Thanks for reading.
2024 financial goals & challenges

1). Mortgage (started Jan 2024) £122400 / £122400. Overpayment total: £0

2). #7 Save 1p a day challenge 2024 £10/£780

3). £1610/£3000 in Investment ISA (21/50 investments)

4). Increase cash savings & saving pots

5). Keep debt to a minimum.

Favourite quote: 'Life is like a box of chocolates, you never know what you're gunna get!' Forrest Gump
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Comments

  • beanielou
    beanielou Posts: 89,260
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    Happy shiny new diary :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,258
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    Welcome to the forum. There is always a solution to a debt problem and hopefully things will start to look up for you soon. How long before you get your divorce settlement or is your ex being difficult?

    What I would say is living off credit will not work and cause you more problems so I would stop using the cards. Are you claiming all the benefits you are entitled to?

    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.
    Link to soa: https://www.lemonfool.co.uk/financecalculators/soa.php

    #1 1p savings challenge 2024 £78.75/£671.61
    #1 Save £12k in 2024 £2000/ £12000
  • Hi thanks for your replies :)

    My kids have gone away for the week with their dad so I'm feeling a bit glum. They will have an awesome time though and chuffed for them.. I'm having my own budget mini break with my boyfriend in the UK too so something nice to look forward to.

    Well I have worked out the guts of my debt and its just shy of 9k, mainly on 0% credit cards and an overdraft but I have one which I am paying interest on which I am trying to reduce with priority. My major problem is I am just not earning enough each month to cover what I need - food, bills, kids activities etc. Job hunting is my big task which I am working on but as I am changing industries and starting again trying to resurrect a career its not going to happen overnight and I am hoping this diary keeps me going for the long haul.

    So this month I am making a huge effort to stick to my monthly £350 spending budget. This has to cover all my spending so food, travel, items to buy, clothes etc. I fail at this figure pretty much every month. Anyway a good spot on the very own MSE today about the Lidl £5 off voucher for food shop spends of £25 and over. I walked the ten minutes to my local tube station and picked up the paper. Next week I only need a few small items with us all being away for most of the week so will definitely make use of this offer. I have also been running the fridge and freezer down - again its an easy win.
    2024 financial goals & challenges

    1). Mortgage (started Jan 2024) £122400 / £122400. Overpayment total: £0

    2). #7 Save 1p a day challenge 2024 £10/£780

    3). £1610/£3000 in Investment ISA (21/50 investments)

    4). Increase cash savings & saving pots

    5). Keep debt to a minimum.

    Favourite quote: 'Life is like a box of chocolates, you never know what you're gunna get!' Forrest Gump
  • Welcome to the forum. There is always a solution to a debt problem and hopefully things will start to look up for you soon. How long before you get your divorce settlement or is your ex being difficult?

    What I would say is living off credit will not work and cause you more problems so I would stop using the cards. Are you claiming all the benefits you are entitled to?

    Hi Enthusiastic - its a bit complicated with ex. We are still good friends and share care of the kids in an informal way. Due to circumstances with his job neither of us are pursuing the divorce route at the moment but in the next year or so I think this will happen as our situations change. We've both had our challenges with work, he has had redundancy and I gave up my career to bring up the kids. I've not looked into benefits route, I'm going to seek some independent advice first as we decided the kids technically live with my exH as he is still in the house as he is a good earner. I couldn't afford to keep the house - we live in London and it just wasn't going to happen sadly. And yes I couldn't agree more with you re living on credit cards. I definitely didn't want to live like this but my options were limited due to circumstances and now my circumstances are changing for the better I'm now trying to turn the ship around.
    2024 financial goals & challenges

    1). Mortgage (started Jan 2024) £122400 / £122400. Overpayment total: £0

    2). #7 Save 1p a day challenge 2024 £10/£780

    3). £1610/£3000 in Investment ISA (21/50 investments)

    4). Increase cash savings & saving pots

    5). Keep debt to a minimum.

    Favourite quote: 'Life is like a box of chocolates, you never know what you're gunna get!' Forrest Gump
  • System
    System Posts: 178,068
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    In regards to fitness and weight loss, don’t bother with any diet plans.

    Simply download ‘MyFitnessPal’ and track what you eat, fill in your data and work it out from there.

    Easy, no BS and exercise light to start off with depending on your current level of fitness.

    Good luck
  • clearmydebts
    clearmydebts Posts: 6,485
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    Wishing you the best of luck!
    Total (Aug 19):€58,567 Now:€26,947
    DFD:Nov 22/June 22
    Mortgage: €199,712
    MFD: March 2042/July 2034
  • zcrat41
    zcrat41 Posts: 1,726
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    Good luck. It's so hard to find time to look after yourself with kids isn't it.
  • savingholmes
    savingholmes Posts: 26,821
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    Good luck on your journey
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF)
    2) Mortgage neutral by June 2030 AVC £7,613/£127,466 AVC target 5.97%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
  • Happy sunny bank holiday monday! :):)

    Well today is day 3 with no kids and apart from my wobble on friday night I am doing ok. I spoke to them on the phone on saturday morning which was nice and I am hoping to speak to them today fingers crossed!

    This weekend was nice, I work weekends and unexpectedly ended up at the pub afterwork with the gang saturday and sunday! Of course I did not budget for the beer spend but was worth it. I'm going to have to tighten the belt somewhere else instead.. Currently have £118.66 to last me 18 days / £6.59 p/day :eek::eek::shocked: Definitely need some no spend days!

    Today I'm going to just enjoy the day. My partner who normally works monday nights has the day off which is great. I want to do a bit of studying, the bathrooms need cleaning and a bit of admin but generally taking it easy.
    2024 financial goals & challenges

    1). Mortgage (started Jan 2024) £122400 / £122400. Overpayment total: £0

    2). #7 Save 1p a day challenge 2024 £10/£780

    3). £1610/£3000 in Investment ISA (21/50 investments)

    4). Increase cash savings & saving pots

    5). Keep debt to a minimum.

    Favourite quote: 'Life is like a box of chocolates, you never know what you're gunna get!' Forrest Gump
  • mark55man
    mark55man Posts: 7,845
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    good luck - love a new diary :-) - as you have realised the thing to do when you get in a hole is to stop digging - both recognising you have an issue (light bulb moment) and stabilising the situation are signs of real progress

    just to add the sooner you start with benefits the sooner they will kick in and mainly they start from day of application. its really worth checking with the CAB its one of the main things they do. or ask a simple question on the benefits board here explaining your circumstances and people will come and help. I did this for my DS2. You do get some judgmental types but mostly you get sound realistic advice
    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
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