I'm new and on the road

Starting this thread as a way to encourage myself to keep on going, if it's out there for people to read then surely I have to stick to it.

Me and my husband have been together 18 years this year, we have 3 children, we've had many financial problems over the years, mostly due to being irresponsible and I'll health, last year we were almost debt free, then we ended up getting a car on finance, then a loan to pay for my husband to do his Class 2 license as well as too many one off purchases and then this time last year our world was turned upside down when our 6 month old nephew came to live with us. In the last 18 months we've managed to turn £4k of debt into £14,617. 
We would like to buy our council house so we can extend, but with our current debt it's just not possible.
So my mission is to cut down our expenses and pay off our debts quicker.
Today's plan is to get everything written down, income, outgoings, debts and try to come up with some meal plans, as our £100 weekly shopping budget as managed to turn into £150+.
Enough is enough, let's do this!



Replies

  • Honeysucklelou2Honeysucklelou2 Forumite
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    Good luck with the debt busting.
    paydbx2023 #36 £420/4300 . 2023 savings challenge £10/£2000 EF £204. Savings 2 £000
  • charlotte1988charlotte1988 Forumite
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    Good luck on your journey to becoming debt free :)
    PAYDBX 2022 #8 £135.62 / £7500
  • MalMonroeMalMonroe Forumite
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    Good luck! You sound like lovely people, taking on a 6 month old as well as having your own children is no small thing. You deserve the best of everything! You can do this.  :)
    From the Forum Rules : "it is up to you to investigate, check and check again before you make any decisions or take any action based on information you glean from our community. Remember, don't rely on what you are reading. Verify it and protect yourself. You are responsible for any action you consequently take. Always be friendly, kind and respectful." Bullying/harassment not tolerated.
  • flipflopfloflipflopflo Forumite
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    Good luck with your debt busting. Getting it written down is frightening but i find it helps concentrate the mind. I have a little note book that I have written on each double page across the top the name of the debt, the debt amount, any account numbers and when the DD/SO goes out. 
    Then I have a column for date, column for amount paid off and column for new total. So when the DD/SOs go out I mark it and then I have a couple that I am hammering with any spare money  I can get so write them down as I go as well.
    I also do the same with any savings and at the end of the book there is debt and savings page where I have the total of each so I can see them going down/up. I know a lot of people prefer spreadsheets but I like being able to write it down and have the book with me. Which ever way you do it it’s a very useful tool for concentrating the mind. 
    I’ve also started surveys to get extra pennies to put towards the debt. If you want to look I have a diary on here. 
  • mark55manmark55man Forumite, Ambassador
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    Good luck - don't know what basis your nephew is living with you, but I hope someone is covering some of the costs for you.  You should ask on the benefits board if there is any help or allowances available
    I think I saw you in an ice-cream parlour/Drinking milk shakes cold & long/Smiling & waving & looking so fine
    2022 Achievements: Mortgage Neutral, Net Debt Free, EF filled, Retirement Planned, More Unfit, Heavier
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  • WhatsupbuttercupWhatsupbuttercup Forumite
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    Good luck with your debt busting. Getting it written down is frightening but i find it helps concentrate the mind. I have a little note book that I have written on each double page across the top the name of the debt, the debt amount, any account numbers and when the DD/SO goes out. 
    Then I have a column for date, column for amount paid off and column for new total. So when the DD/SOs go out I mark it and then I have a couple that I am hammering with any spare money  I can get so write them down as I go as well.
    I also do the same with any savings and at the end of the book there is debt and savings page where I have the total of each so I can see them going down/up. I know a lot of people prefer spreadsheets but I like being able to write it down and have the book with me. Which ever way you do it it’s a very useful tool for concentrating the mind. 
    I’ve also started surveys to get extra pennies to put towards the debt. If you want to look I have a diary on here. 
    Thank you I much prefer to have things written down too, i have a  weekly planner where I make a note of all incomings and outgoings so we know what's what but I think I need to add to that and to get organised and get it all down.

  • WhatsupbuttercupWhatsupbuttercup Forumite
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    mark55man said:
    Good luck - don't know what basis your nephew is living with you, but I hope someone is covering some of the costs for you.  You should ask on the benefits board if there is any help or allowances available
    We are fostering him at the moment as Kinship Carers, we do get a weekly allowance to cover all his needs and they also purchase any big items he may need (cot etc) we have been very lucky and have an amazing Supervising Social Worker. We will be going for Special guardianship order next month and have managed to get the Local Authority to agree to funding till he is 18, although I'm not sure if it's means tested or not, still waiting to hear back.
  • flipflopfloflipflopflo Forumite
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    mark55man said:
    Good luck - don't know what basis your nephew is living with you, but I hope someone is covering some of the costs for you.  You should ask on the benefits board if there is any help or allowances available
    We are fostering him at the moment as Kinship Carers, we do get a weekly allowance to cover all his needs and they also purchase any big items he may need (cot etc) we have been very lucky and have an amazing Supervising Social Worker. We will be going for Special guardianship order next month and have managed to get the Local Authority to agree to funding till he is 18, although I'm not sure if it's means tested or not, still waiting to hear back.
    Can I just say you are amazing. I hope it all works out for you all x
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