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Single mum to 5, striving for debt free life

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  • Bluegreen143
    Bluegreen143 Posts: 3,703 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 23 February 2022 at 8:06AM
    Prices are definitely higher!

    What does your weekly budget cover? It might help to break it down and track what gets spent in each category (ie I have Food, Household, Treats, Pets, Misc, Petrol, Fun & Family as our discretionary spending categories, then I have pots I allow to build up for things like Christmas, birthdays, holidays, home & garden and Kids expenses (clothes, activities etc)). Then you can better see where any leaks are. I use YNAB app to do this, which you pay for, but there are free apps or you could use a notebook or just your phone notes app. 
    Part time working mum | Married in 2014 | DS born 2015 & DD born 2018

    https://forums.moneysavingexpert.com/discussion/6542225/stopping-the-backsliding-a-family-of-four-no-longer-living-beyond-their-means/p1?new=1

    Consumer debt free!
    Mortgage: -£128,033

    Savings: £6,050
    - Emergency fund £1,515
    - New kitchen £556
    - December £420
    - Holiday £3,427
    - Bills £132

    Total joint pension savings: £55,425
  • mark55man
    mark55man Posts: 8,203 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    well done, that's a good news post and a half, no CC debt (makes it easier to focus on what's left), big prize (say no more), and a sensible readjustment to budget so you don't feel like you're in the wrong when you exceed an unachievable target
    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
  • savingholmes
    savingholmes Posts: 28,953 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Congrats on the debt clearance and the win! Glad you finally got some lemonade...
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £174.8K Equity 32.77%
    2) £3K Net savings after CCs 6/7/25
    3) Mortgage neutral by 06/30 (AVC £22.5K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 28.2/£127.5K target 22;12% updated 6/7
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.6K updated 6/7/25
  • savingholmes
    savingholmes Posts: 28,953 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    That's an encouraging story @hippychick1 thanks for sharing.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £174.8K Equity 32.77%
    2) £3K Net savings after CCs 6/7/25
    3) Mortgage neutral by 06/30 (AVC £22.5K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 28.2/£127.5K target 22;12% updated 6/7
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.6K updated 6/7/25
  • amber03
    amber03 Posts: 1,354 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Photogenic
    Not been on for a while so just catching up with your diary.well done on your £1000 win, so nice to hear of people who win like this.  Hope all is going well with the family and you are enjoying your change in hours.xx
    :j Debtfree and and staying that way.:j3-6 month emergency fund, No.61 £140.00
  • Jill12
    Jill12 Posts: 116 Forumite
    Third Anniversary 100 Posts Name Dropper
    Prices are definitely higher!

    What does your weekly budget cover? It might help to break it down and track what gets spent in each category (ie I have Food, Household, Treats, Pets, Misc, Petrol, Fun & Family as our discretionary spending categories, then I have pots I allow to build up for things like Christmas, birthdays, holidays, home & garden and Kids expenses (clothes, activities etc)). Then you can better see where any leaks are. I use YNAB app to do this, which you pay for, but there are free apps or you could use a notebook or just your phone notes app. 
    I severly lack the ability to be that organised to keep track of my spending so tightly. With weekly amount I can take what I do or dont need with little stress and record keeping. I do realise this means I probably s[end more on crap than I should but as long as I keep to the weekly amount my monthly budget always balances. I appreciate your feedback, thank you x
    debt free £17653.02/ £17653.02, 100% repaid on 31 May 2022, debt free date 25 Dec 2022





  • savingholmes
    savingholmes Posts: 28,953 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    So nice that you have a windfall from your mum to come.

    Great news on the conveyancing side of things - and nice to have holidays to look forward to as well.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £174.8K Equity 32.77%
    2) £3K Net savings after CCs 6/7/25
    3) Mortgage neutral by 06/30 (AVC £22.5K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 28.2/£127.5K target 22;12% updated 6/7
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.6K updated 6/7/25
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