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Working towards debt0free in 7 years
Comments
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I'm absolutely not sitting in judgement here and I've little experience of these things but it strikes me that Dad is not contributing a great deal. Is this because he just doesn't have much to give? Just an observation, there is probably a valid reason.
A couple of practical suggestions in the meantime:
1. I'd ditch the sky package. The most you need is internet - no need for landline or basic now TV.
2. As soon as you can move to £5 sim only on those mobiles. That's about the cheapest SIM only package you can get and it will do the job.
3. Your car insurance seems a little high? I pay half that for two cars but of course there are variables that go into the calculation. Worth a market check.
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Hello TheAble and thanks for your reply.
The boys Dad does not particularly contribute a lot as he knows my family will pick up the slack, could he offer more child support?... probably but he wont, he is currently in a council rent situation with his new partner and would quite frankly enjoy the thought of me having to sell the home we brought together and renting and I believe this is why he contributes as little as he can get away with.
1. I also have thought about ditching the nowtv package as we don't even use the home phone but I thought I had to pay for the phone line in order to access the internet?
2. none of the phones are tied in to a deal so I could look in to a sim only deal and it is on my agenda today, Its important I have unlimited Texts and the boys have a good chunk of internet as this is how the communicate with their friends and myself when they are out.
3. My car insurance is a good deal as it also has breakdown cover and this was the cheapest I could get, I am due again in May so fingers crossed with another years of no claims and another year of driving under my belt, this will go down.
I have managed to make some savings and these are in places of entertainment, so that makes me want to keep the tv package as we do use alot of tv platforms, i should also add that the tv package also consists of the netflix subscription which I cant cancel as i pay for netflix which my siblings share and then we use their, prime, discovery, disney, and spotify. Below is an update of where I have managed to cut some costs saving me some money.
Just a quick update-
After doing my SOA and realising there were areas I could cut back on, I have managed to have £300 per month to go towards my debts. This is much better then the original £38 myself and stepchange had come up with.
I've managed this by
-Cutting out pocket money, my sister has offered to cover this instead.- £65 saved
-My house insurance was actually only £11.60 and not the £27 I thought it was saving me £15.40
-Boys school meals will be covered by Dad when they are back -saving me £32.50
- as I have renovated my house I have set aside £12 a month instead of £33, this will cover things like paint. saving me £21 pm
total savings- £133.90
- wages are actually £1306 per month an extra £28 per month
-Tax credits have increased to £199 per week an extra £91 pm
total extra per month £119
meaning I am up by £252
I also have a little money set aside and have asked my Nan if she would gift me some money so I can get out of my energy arreas... this will allow me to move and I would potentially be saving around £30-45 per month.
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I would have thought he could contribute more - it does seem rather disproportionate. Uniforms, activities and once a week school lunches - say £200/month ish on average? It's not much for three boys. If he'd been contributing more you may not have ended up with quite so much debt.
You do need a line for broadband yes but the going rate for line and broadband combined is around £20/month nowadays so there's a potential saving to be made when you're out of contract.0 -
I agree with @TheAble in relation to the children’s father. I have friends who deal with CSA and I know typically they receive and pay 200-250 per month per child, are payments made through CSA or is it a private arrangement?0
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Look at the CSA calculator and make an educated guess if you would get more going through them than you would now.
Definitely get cheap sim only deals, there are so many around and the saving does add up.LBM Debt Total : £48,326.50
Pay All Your Debt Off By Xmas 2023 - #50 £1,495.29 / £12,000.00
Saving For Christmas 2023 - £1 a day challenge - #6 £100/£1095.000 -
Mum2Boys_2 said:
Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1[b]
Monthly Income Details[/b]
Monthly income after tax................ 1306
Partners monthly income after tax....... 0
Benefits................................ 1074.45
Other income............................ 216[b] is this a fixed monthly amount?
Total monthly income.................... 2596.45[/b][b]
Monthly Expense Details[/b]
Mortgage................................ 421
Secured/HP loan repayments.............. 545
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 94 are you currently paying this over 12 months or 10?
Electricity............................. 75
Investigate, query and switch if comparative deal better
Gas..................................... 75
Same as above, think you’re on the case
Oil..................................... 0
Water rates............................. 38
There are things you can do here but not sure how far you are prepared to go with this? Like getting kids to time eachother in shower (limit to 5mins each for example)
Telephone (land line)................... 0
Mobile phone............................ 65
Establish Individual requirements and then look at sim only deals that meet those requirements. Can you shave £5 off each tariff?
TV Licence.............................. 0
Do you pay this in full annually?
Satellite/Cable TV...................... 54.98
The hardest thing for your kids will be to cut back on things like this but it IS necessary. From experience, you don’t necessarily need to cancel altogether, a phone call to your providers explaining the difficulties you have faced due to COVID-19 will surely get you a better deal / discount. I’ve seen up to 50% saved with sky in some instances.
Internet Services....................... 0
Groceries etc. ......................... 303.33
Where do you primarily shop? Do you go to ‘convenience stores’ at all? Reducing your food bill is entirely possible and you won’t need to compromise too much
Clothing................................ 15
Unless there is a guaranteed future foreseen purchase that cannot be avoided, do away with this.
Petrol/diesel........................... 80
If you have no choice to spend this, are you able to benefit from filling up by club card points / nectar points and combine with your trip to the shop as to not make a separate journey for it?
Road tax................................ 1.67
Car Insurance........................... 50
Car maintenance (including MOT)......... 35
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 203.67
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 13
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Again, depending on how far you want to go with your get out of debt plan and joe understanding friends/family are, I would consider slashing this by half and just allow for your kids.
Haircuts................................ 15
Entertainment........................... 45
Can you do without any of this? Board games? Outside activities? Home made things? Book reading, cards, internet quizzes etc
Holiday................................. 0
Emergency fund.......................... 10[b]
Total monthly expenses.................. 2216.65[/b]
[b]
Assets[/b]
Cash.................................... 0
House value (Gross)..................... 198000
Shares and bonds........................ 0
Car(s).................................. 2300
Other assets............................ 0[b]
Total Assets............................ 200300[/b]
[b]
Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 0........(421)......0
Secured Debt.................. 0........(375)......0
Hire Purchase (HP) debt ...... 0........(170)......0[b]
How long does this have left? What’s the total balance remaining?
Total secured & HP debts...... 0.........-.........- [/b]
[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
halifax overdraft..............2610......0.........0
halifax credit card............4238......0.........0
barclays credit card...........2587......0.........0
studio ........................750.......0.........0
nationwide loan................2590......0.........0
halifax loan...................9189......0.........0
Littlewoods ...................2613......0.........0
vanquis credit card............979.......0.........0[b]
Total unsecured debts..........25556.....0.........- [/b]
Interest rates (APR’s etc?) understand your debts and those most damaging with interest,
[b]
Monthly Budget Summary[/b]
Total monthly income.................... 2,596.45
Expenses (including HP & secured debts). 2,216.65
Available for debt repayments........... 379.8
Monthly UNsecured debt repayments....... 0[b]
Amount left after debt repayments....... 379.8[/b]
[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 200,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -25,556[b]
Net Assets.............................. 174,744[/b
How far are you looking to go with this as I have plenty of ideas speaking from experienceIf you believe you can, you will. If you believe you can't, you won't.
Secured/Unsecured loans x 1
Credit Cards x 8 (total limit £55,050)
Creation FS Retail Account x 1
Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
0% Overdraft x 1 (£0 / £250)
Mortgage Outstanding - £137,707.00 (Payment 13/360)
Total Debt = £7,400 (0%APR) @ £100pm - Stoozing1 -
I have gone through CSA and they boys Dad should actually be paying £27 a week according to them, he is self-employed and i doubt he is claiming all of his earnings. He does sometimes split the school uniform with me but if not then my family helps, he does pay for their football and basketball as i refused and let him know that i couldn't afford this.MrFrugalFever said:Mum2Boys_2 said:Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1[b]
Monthly Income Details[/b]
Monthly income after tax................ 1306
Partners monthly income after tax....... 0
Benefits................................ 1074.45
Other income............................ 216[b] is this a fixed monthly amount? Child Support.
Total monthly income.................... 2596.45[/b][b]
Monthly Expense Details[/b]
Mortgage................................ 421
Secured/HP loan repayments.............. 545
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 94 are you currently paying this over 12 months or 10? 12 months.
Electricity............................. 75
Investigate, query and switch if comparative deal better- I plan to attempt to pay the debt so I can switch and save £30-£45 per month.
Gas..................................... 75
Same as above, think you’re on the case
Oil..................................... 0
Water rates............................. 38
There are things you can do here but not sure how far you are prepared to go with this? Like getting kids to time eachother in shower (limit to 5mins each for example) - this is an unlimited amount rather then a water meter which comes in handy especially in the summer.
Telephone (land line)................... 0
Mobile phone............................ 65
Establish Individual requirements and then look at sim only deals that meet those requirements. Can you shave £5 off each tariff?- i've had a look and I think i could save £20-£30 a month here.
TV Licence.............................. 0
Do you pay this in full annually? this should actually say £13.17 sorry.
Satellite/Cable TV...................... 54.98
The hardest thing for your kids will be to cut back on things like this but it IS necessary. From experience, you don’t necessarily need to cancel altogether, a phone call to your providers explaining the difficulties you have faced due to COVID-19 will surely get you a better deal / discount. I’ve seen up to 50% saved with sky in some instances.- I will call now tv and see if i can slash this, i am reluctant to get rid of this as i intend on cutting out our entertainment in favor of movie nights etc. I also share this with my siblings as we use their netflix, prime, spotify etc.
Internet Services....................... 0
Groceries etc. ......................... 303.33
Where do you primarily shop? Do you go to ‘convenience stores’ at all? Reducing your food bill is entirely possible and you won’t need to compromise too much- I shop at Aldi and plan my meals a week in advance , I thought £70 for myself and 3 boys was pretty good, im dairy intolerant so use different milk and my boys at 13,12 and 9.
Clothing................................ 15
Unless there is a guaranteed future foreseen purchase that cannot be avoided, do away with this.-the boys are growing and my older 2 are the same size, however I shouldn't need to purchase for my youngest.
Petrol/diesel........................... 80
If you have no choice to spend this, are you able to benefit from filling up by club card points / nectar points and combine with your trip to the shop as to not make a separate journey for it?- this is a minimised amount already, I walk in to town and only really use my car for work and collecting my children from their dads once a week, admittedly I am not using that at the moment during Covid but I want to keep it for the sake of being realistic.
Road tax................................ 1.67
Car Insurance........................... 50
Car maintenance (including MOT)......... 35
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 203.67
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 13
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 12
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Again, depending on how far you want to go with your get out of debt plan and joe understanding friends/family are, I would consider slashing this by half and just allow for your kids. -I have considered cutting this again as it is still quite sizable, i tend to buy the boys trainers and clothes for christmas as they have bikes.
Haircuts................................ 15
Entertainment........................... 45
Can you do without any of this? Board games? Outside activities? Home made things? Book reading, cards, internet quizzes etc - I have halved this amount, i thought £10 roughly a week for treats such as baking goods, and maybe snacks and asda deli pizzas for a movie night, I could most often still make this through my £70 a week but then i could possibly put this amount aside for a rainy day.
Holiday................................. 0
Emergency fund.......................... 10[b]
Total monthly expenses.................. 2216.65[/b]
[b]
Assets[/b]
Cash.................................... 0
House value (Gross)..................... 198000
Shares and bonds........................ 0
Car(s).................................. 2300
Other assets............................ 0[b]
Total Assets............................ 200300[/b]
[b]
Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 0........(421)......0
Secured Debt.................. 0........(375)......0
Hire Purchase (HP) debt ...... 0........(170)......0[b]
How long does this have left? What’s the total balance remaining? this will be complete in Feb 2022. I have no intention of getting a new car, im not fussed about those sorts of things. its a good reliable car and i love how cheap it is to run.
Total secured & HP debts...... 0.........-.........- [/b]
[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
halifax overdraft..............2610......0.........0
halifax credit card............4238......0.........0
barclays credit card...........2587......0.........0
studio ........................750.......0.........0
nationwide loan................2590......0.........0
halifax loan...................9189......0.........0
Littlewoods ...................2613......0.........0
vanquis credit card............979.......0.........0[b]
Total unsecured debts..........25556.....0.........- [/b]
Interest rates (APR’s etc?) understand your debts and those most damaging with interest, I am unsure of the interest at the moment as they are not charging it, Stepchange are going to put forward a "token payment plan" whilst we look at my alternative options.
[b]
Monthly Budget Summary[/b]
Total monthly income.................... 2,596.45
Expenses (including HP & secured debts). 2,216.65
Available for debt repayments........... 379.8
Monthly UNsecured debt repayments....... 0[b]
Amount left after debt repayments....... 379.8[/b]
[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 200,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -25,556[b]
Net Assets.............................. 174,744[/b
How far are you looking to go with this as I have plenty of ideas speaking from experience
I am currently looking at Sim deals, any one heard or used SMARTY?0 -
I think you need your clothing budget with 3 kids. My 15yo shot up to 6' 2" with size 12 feet. He's in no way brand oriented and happy with Primark but it cost to keep buying trainers.0
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Hi mum2, it sounds like by laying it all out bare, you’ve been able to clearly understand and analyse each point, already you’re finding ways to cut £10 here and £5 there which is fantastic. Every pound and penny will count, it’s a bit of a marathon rather than a sprint but does get easier to adjust to a newer way of life.I cannot advise on SMARTY but I have an O2 sim only with unlimited minutes, texts and 100gb of data for a negotiated £18pm.
i actually don’t have broadband anymore and haven’t had a TV license since October 2019 as I only use Netflix, RakutenTV and non-live/non-catchup TV. I use my mobile data and personal hotspot as my ‘broadband’, it has an operating speed of between 8-10mbps and is more than sufficient to stream a high definition movie on Netflix and chat away on WhatsApp / facebook for example. Wouldn’t necessarily be suited to running multiple devices or playing big internet games though.
who is your current phone provider? I have been with o2 for about 15 years so I had discussed my levell of loyalty with them to negotiate a competitive price.If you believe you can, you will. If you believe you can't, you won't.
Secured/Unsecured loans x 1
Credit Cards x 8 (total limit £55,050)
Creation FS Retail Account x 1
Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
0% Overdraft x 1 (£0 / £250)
Mortgage Outstanding - £137,707.00 (Payment 13/360)
Total Debt = £7,400 (0%APR) @ £100pm - Stoozing0 -
I am currently with o2 and have been with them for a similar amount of time, I have the 4 contracts with them (pay monthly ones) so I think I could haggle this 2
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