Single mum to 5, striving for debt free life

Jill12

Hello lovely people, 

The time has come for me to post and bare all about my life and journey to becoming debt free. I think I need this to help me heal my soul and heart as much as keeping me on track to become debt free. I think I will enjoy reading back on this journey in the months and years to come. I have been paying back debt now for just over two years but took a break 6 months ago as it was consuming every aspect of my life and I found myself struggling to decide if I even really needed milk and bread or could I make do!! So a bit about me..... I am Jill and I am 38. I am a single mum to five wonderful children aged 16, 14, 12, 10 and 8, 4 girls and one boy. I work full time as a nurse and I absolutely adore my job, it keeps me sane and provides us all with a decent lifestyle. I am unsure of the debt amount I owe but I think it is close to £15000 this includes a loan for central heating, a car loan and 2 or 3 buy now pay later items. Interest rates I am unsure about but will also post them once I know them. My debt does not stress me out but it does cause me some anxiety and I would feel a relief it it would just disappear.  I do realise this is unlikely to happen until I apply myself again to over paying. I have read many diaries over the years and always drawn inspiration from other people's success stories and get a warm, fuzzy feeling when I read about other's being successful. I tend to find Christmas an anxiety laden delight with pressure everywhere to sparkle and shine when really for many of us this time of year is full of ridiculous expectations that we really don't want to fulfil! Like dining with adults we dislike or buying present for the sake of buying presents! This year I have broken this anxiety cycle and only bought my kids two presents each and won't be eating with people I dislike!

Its_time

Hello, good luck on your journey we have also recently started debt busting in earnest and one of the things we have done this year is to scale back Christmas to a set amount each of £25, it has reduced the anxiety immensely.  Will be reading along.

CL21

Jill welcome! A great start just posting on here - everyone is so supportive and you’ll get great advice. Sounds like you have a very busy life! I’m a single mum to one and thought I was busy but five plus a full time job! Wow. I’m seriously impressed. 

Look forward to following your journey. I urge you take a hard look at your finances and add everything up that you owe (mine as a shock to the system) as only then can you make a plan. 

Will be cheering you on! 

Jill12

Love to read the replies people send, so thank you Its_time and CL21 xx

I am just about to complete my house renovation so all totals take into account the rest of the expense I have to pay out.

Natwest c/c, £612.18, 12.9%, monthly £50
Paypal, £1844.41, 0% Feb 2022, then 19.9%, monthly £50
Tesco, £943.82, 3.6%, monthly £91.26
Zopa car, £13318.62, 7.8%, monthly £290.79
SCS sofa, £863.99, 0% monthly £143.99

WOW £17653.02................................THAT BE ALOT OF DEBT LOL

However, it does not scare me as I know I am going to be able to pay this off. I now need to come up with a budget that workable. I've seen other post a statement of affairs so perhaps I'll have a bash at that xx

CRANKY40

Well done on resisting the Christmas advertising which would have people believe that buying a mountain of overpriced tat is the way to show that you care about people. 

Good luck with your journey to being debt free. Do you work to a monthly budget or just wing it? 

Jill12

Hello Cranky40,

I am good at budgeting to the penny but it got to the point I was questioning everything and I was becoming ridiculous. My breaking point came about 4 months ago when I could not decide if I needed milk and bread 🤣 and I took a break from debt repayments. I now just allocate a sum each week and that covers the necessities and that is working much better, less stressful and I have a bit more wiggle room when needed xx

Jill12

After adding up the debt I have to admit I am shocked at what I owe!! £17653 is a lot of money..... with the monthly total to debt repayments being £626.04 🤢

Jill12

creditor	outstanding	APR	payment
Natwest c/c	682.18	12.9	50
scs	863.99	0	143.99
tesco	943.82	3.6	91.26
paypal	1844.41	19.9	50
zopa car	13318.62	7.8	290.79

So after taking a good hard look at my budget I am going to commit to overpaying the debt by £1000 each month. I am a massive fan of the snowball method and this has been successful for me in the past. Previously I have repaid around £10000 in 18 months. Since then though I have secured a better paid job. This means I should be debt free in 12 months. I ll be starting the debt repayments as of next payday which will be at the end of December, possibly just before Christmas. Now that will be a lovely Christmas present to have, £1000 less of debt!!

CRANKY40

I budget but I've always built "pocket money" into it. Just a small amount each week so we can have a coffee if we're out or my son can have Maccies now and then, that sort of thing. If there's money left over (there usually is) it just gets paid off my debt at the end of the month but as you say it's good to have that little bit of extra freedom. 

Honeysucklelou2

Hi Jill12,

Happy new diary! I’m a single mum of 8 but only 4 living at home now, so budgeting is a big part of my life! I like your idea of breaking the anxiety cycle of Christmas with the 2 presents each. Might have to use that idea too, thank you.

All the best with the debt busting !

EllaRedRose

Good luck with your journey x