Day 1 - Taking the First Step

Hello! I'm NEW here and I am reaching out hopefully there's some support out there.

I used to be really good with money, I handled all the household finances gave my boyfriend (now husband) a kick up the backside got him out of debt and managed to save a good amount for a house deposit. This was when I worked full time and before children.

Fast forward quite a few years, we have a bigger house, big mortgage 2 kids, I work part time and we have a stupidly high childcare bill, hubby has a loan for home imrprovements and my car and I have run up an overdraft (he doesnt know about), and 2 credit cards (1 he knows about).

I can't tell him about the overdraft or credit card because I don't think he will trust me to run the household finances again and if he does it we would be in even worse position! At least the bills and mortgage get paid!

Maternity leave has hit us hard, me being on reduced money but continuing to have our eldest in childcare and living the same (plus extra coffee dates) lifestyle.

I feel quite alone in all this as I used to be the one friends turned to for financial advice (work in the sector) it wouldnt do my career or relationship good if the extend of my overdraft and credit cards.

Our mortgage is up for renewal in 2023 so my plan is to get rid of the debt by then (hopefully a lot sooner cant stand the minus signs) and start saving to take the little ones to DISNEY :)

Going to take that first step and find out my balances now
Unsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND <3)
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Replies

  • clearmydebtsclearmydebts Forumite
    6.5K Posts
    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
    Forumite
    Hello! I'm NEW here and I am reaching out hopefully there's some support out there.

    I used to be really good with money, I handled all the household finances gave my boyfriend (now husband) a kick up the backside got him out of debt and managed to save a good amount for a house deposit. This was when I worked full time and before children.

    Fast forward quite a few years, we have a bigger house, big mortgage 2 kids, I work part time and we have a stupidly high childcare bill, hubby has a loan for home imrprovements and my car and I have run up an overdraft (he doesnt know about), and 2 credit cards (1 he knows about).

    I can't tell him about the overdraft or credit card because I don't think he will trust me to run the household finances again and if he does it we would be in even worse position! At least the bills and mortgage get paid!

    Maternity leave has hit us hard, me being on reduced money but continuing to have our eldest in childcare and living the same (plus extra coffee dates) lifestyle.

    I feel quite alone in all this as I used to be the one friends turned to for financial advice (work in the sector) it wouldnt do my career or relationship good if the extend of my overdraft and credit cards.

    Our mortgage is up for renewal in 2023 so my plan is to get rid of the debt by then (hopefully a lot sooner cant stand the minus signs) and start saving to take the little ones to DISNEY :)

    Going to take that first step and find out my balances now

    Good luck with your diary!
    Total (Aug 19):€58,567 Now:€26,947
    DFD:Nov 22/June 22
    Mortgage: €199,712
    MFD: March 2042/July 2034
  • DebtFree2023DebtFree2023 Forumite
    36 Posts
    Forumite
    1. Known Credit Card £1075.33
    2. Secret Credit Card £850
    3. Secret Overdraft £3500 (approx)

    That's a lot of secret debt to clear, the known credit card I have agreed to clear in March with my bonus its my debt that built up on maternity so I am not worried about that one.

    The other 2 £850 is interest free until July 2020 and I have realised that I have enough credit limit to do a money transfer 0% interest until July 2020 for my overdraft amount. It's a 4% fee but then at least Im not hiding my balance on the bills account from hubby and then only have 1 secret account. Also it will be easier to see me chipping away at it and can set up a direct debit so it reduces by at least a certain amount each month. Will need to sit down and work out my finances but I think I could pay approx £150-200 a month off it. Maybe sell some stuff on ebay etc, cash in the piggy bank. Etc will definitely be easier to see if I transfer it and its having hubby maybe one day accidently seeing the bills overdraft account thats stressing my out the most.

    Will reduce my overdraft down too so i'm not tempted to get into a pickle again.

    Ok il do it. Soon will only have 2 accounts 1 non secret (will pay off in March with bonus) and 1 non secret that needs a massive push to start clearing down.

    OK IM READY!
    Unsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
    Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
    Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND <3)
  • DebtFree2023DebtFree2023 Forumite
    36 Posts
    Forumite
    How do you get your balances on your signature like that? I need that in my life!
    Unsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
    Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
    Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND <3)
  • clearmydebtsclearmydebts Forumite
    6.5K Posts
    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
    Forumite
    How do you get your balances on your signature like that? I need that in my life!

    If you go into User CP above you can then go into edit signature and add it in there!
    Total (Aug 19):€58,567 Now:€26,947
    DFD:Nov 22/June 22
    Mortgage: €199,712
    MFD: March 2042/July 2034
  • DebtFree2023DebtFree2023 Forumite
    36 Posts
    Forumite
    Sat down last night and worked through my committed expenditure.

    After mortgage and bills have £892.44 left over each month.

    To clear my 4500 secret credit card debt I have set up a £200 a month direct debit to the credit card which will clear the debt in less than 2 years! I was going to attempt to clear more but then when I think about the cost of clothing the kids, keeping them fed and entertained and hubby not cottoning onto the secret credit cards existence I thought I better not stretch myself too much.

    That leaves 692.44 for other expends including petrol. I have a Monzo account so I am going to use that at my spending account reduce my overdraft from 5500 to 1000 for emergencies and only take the monzo card out and about with me.

    I am going to allow myself £150 per week to cover clothes, groceries, day to day spending money, petrol etc and NOT touch any other account.

    I have been a bit rubbish with the kids clothes no one has any winter clothes so I am off to Primark for last blow out (I think I transferred an extra £200 on top of my overdraft from the balance transfer card). Normally a next customer but heading to primark. Hopefully can kit the kids out for a bit on the cheap for the winter and then can get this debt cleared.
    Unsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
    Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
    Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND <3)
  • Hi DebtFree23 - your post could be written by me!

    I work in finances, and I am the person that lots of my friends turn to for financial advice. I also do all the household expenses & got hit hard by mat leave.

    You got this!

    My best bit of advice would be to go through your spending for the last 6 months with a fine-toothed comb. Across all cards & accounts, create a spreadsheet with all the different categories of spending. This massively helped us, because I knew how much I was spending on food/clothes/eating out etc.

    RL xx
    Start point debt £9,956 (Sept 2019)
  • Happy new diary! Nice to have all the secret debt in one place, easier to manage, epecially as it's 0%. It's a shame you have to keep it secret though, it's family debt really and you have a good plan to clear it. Maternity leave is expensive, as is working part time, paying childcare and still having some sort of social life.
    Debt - PP £1.5k, CC £3.3k, car loan £19k. Total = £23.8kNew savings goals: Emergency fund £0/£1000, FFEF £0/£10000
  • DebtFree2023DebtFree2023 Forumite
    36 Posts
    Forumite
    £200 spent on kids clothes purchased everything they should need to get them until Christmas really puddlesuits, wellies school uniform coats jumpers tshirts the works.

    Now thats done, time to crack on with clearing this debt.

    I have set up a direct debit for £200 per month to clear the secret credit card, the known about credit card is on minumum payment (will clear in full with bonus in March) and I have set up a standing order for £150 per week from current account to monzo account which will be my only spending account going forward.

    If i stick to this plan will be debt free in less than 2 years. We plan on going to Disney the summer before my youngest daughter starts school so that will give me just over a year to save for Disney. It is all going to work out!!

    Just waiting for the money transfer to clear in my current account so I can reduce the overdraft from 5500 to something for 'emergencies' perhaps £500?

    My friend has sent me a referral link for a Nationwide account where I get a free £100 so I am going to claim that too. I have a bit of change in the piggy bank and a small amount in an ISA so going to go into town tomorrow and cash those in to get me a head start.

    Once thats done will try and start decluttering the house to get some cash together.

    Feeling a lot more positive today :j
    Unsecret Virgin Credit Card [STRIKE]-925[/STRIKE] -£900 (Reward for clearing, order a passport holiday booked for Summer)
    Nationwide Overdraft [STRIKE]-£643.66[/STRIKE] -£250 (Reward for clearing, Birchbox subscription
    Secret Natwest Credit Card [STRIKE]-£4000[/STRIKE] -£3850 (Reward for clearing, book/save for DISNEYLAND <3)
  • edited 25 September 2019 at 1:10PM
    NonnadilucaNonnadiluca Forumite
    519 Posts
    Seventh Anniversary 500 Posts Name Dropper
    Forumite
    edited 25 September 2019 at 1:10PM
    This might be a rude question, and I'm sure there's a good reason, but why are you paying for child care if you are on maternity leave?
    I appreciate that it's none of my business, so please ignore if you are offended, not my intention.
    Fashion on the ration challenge 2022: 66 + 3.5 from last year = 69.5
    69.5 - 5 = 64.5 - 5 = 59.5
  • AndyjfletAndyjflet Forumite
    463 Posts
    Part of the Furniture 100 Posts Name Dropper
    Forumite
    £200 spent on kids clothes purchased everything they should need to get them until Christmas really puddlesuits, wellies school uniform coats jumpers tshirts the works.

    Now thats done, time to crack on with clearing this debt.

    I have set up a direct debit for £200 per month to clear the secret credit card, the known about credit card is on minumum payment (will clear in full with bonus in March) and I have set up a standing order for £150 per week from current account to monzo account which will be my only spending account going forward.

    If i stick to this plan will be debt free in less than 2 years. We plan on going to Disney the summer before my youngest daughter starts school so that will give me just over a year to save for Disney. It is all going to work out!!

    Just waiting for the money transfer to clear in my current account so I can reduce the overdraft from 5500 to something for 'emergencies' perhaps £500?

    My friend has sent me a referral link for a Nationwide account where I get a free £100 so I am going to claim that too. I have a bit of change in the piggy bank and a small amount in an ISA so going to go into town tomorrow and cash those in to get me a head start.

    Once thats done will try and start decluttering the house to get some cash together.

    Feeling a lot more positive today :j

    HSBC are offering £175 to switch, just completed it myself and waiting for the funds.
    Baby Step 1 - £5896.47 saved for emergency fund STORM MODEBaby Step 2MBNA 0% £6775.50
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