Busting debt with a boy plus twins

Danidebtfree Forumite Posts: 3
First Post
So it's been one of those months which has been a complete whirlwind with a seven year old and twin two year olds. Everything got so busy and then, all of a sudden, we were broke. I kept enough money in the account for the car payment, but had no choice but to use credit card to cover food. It was the rock bottom and I don't want to live like this anymore. 

Between me and my OH, we have a fair bit of debt. 

23k on a personal loan
3.3k on credit card 
1.2k on car one 
13k on car two
.2k Overdraft 1 
2k overdraft 2 

It stops now. 

Long story short, we tried for baby 2 just before COVID and ended up with twins. Wouldn't change them for the world, but they are expensive .

I retrained as a teacher, which has seen my wage increase 9k from my previous job, but our childcare works out to my wage some months. 

With this month being the summer holidays with no child care to cover, what I get that I haven't budgeted being for core expenses is going in my "float" account. This will mean we will be able to cover the childcare between now and December.

From January, the twins will be eligible for 30 hours childcare which will see our childcare bill reduce by more than half. 

I am then going to use this money to snowball our debt. 

I am also due an inheritance soon, and although it won't cover everything, it will really help and then we can aim to be debt free for the first time in a long time. 


  • SaverRate
    SaverRate Forumite Posts: 857
    Fourth Anniversary 500 Posts Name Dropper
    If you do an Statement of Affairs we can see if theres anything you can cut down on/save yourself money on to go towards your debt 


    You will need to select format to MSE 
    FTB - April 2020 
  • Danidebtfree
    Danidebtfree Forumite Posts: 3
    First Post
    Thanks for the above, I'll check it out! 

    In the first step of making things more comfortable for us to pay our debts I've actually just taken a Saturday job with an estate agents, which I start tomorrow. So that will give us an extra £350 post tax per month. Hugely helpful! 
  • enthusiasticsaver
    enthusiasticsaver Forumite, Ambassador Posts: 14,733
    Tenth Anniversary 10,000 Posts Name Dropper I've been Money Tipped!
    Goodness twins as well as a seven year old.  That sounds hard work and expensive so it will be massively helpful when the free hours kick in.  Good that you are a teacher so school holidays mostly covered too. 

    I would tackle those overdrafts first.  They tend to be the most expensive type of borrowing. 

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  • Danidebtfree
    Danidebtfree Forumite Posts: 3
    First Post
    Thank you, this was my thought too. It'll be lovely when the account doesn't show as negative as soon as the mortgage goes out! 
  • NeverendingDMP
    NeverendingDMP Forumite Posts: 1,570
    Fifth Anniversary 1,000 Posts Name Dropper
    Mum of three children here, all a few years older than yours now. I have a Singleton then three year gap till twins. The childcare costs hit you full on don't they. We are only just recovering. It will definitely ease when you get the three year funding and you might feel you then earn something whilst at work :wink:  good luck with it all and excellent news on having a term time job it will save you a fortune in holiday clubs as they get older!
    Jan 18 Joint debts 35,213 - July 23 just under 19kMortgage Jan 18- 77224 July 23- just under 70k
  • beanielou
    beanielou Forumite, Ambassador Posts: 86,611
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Another vote to get rid of the OD's first.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.Lou~ Debt free Wanabe No 55 DF 03/03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free February 2021**** "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.***Fall down seven times,stand up eight*** ~~Japanese proverb.It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***Weight loss. ** 2 stone 7 lbs.***
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