2-4-1 on Babies - Time to Tackle Debt

BetterThanIDeserve

Hi everyone 👋

Recent Dad to twins (can I still say that 15 months down the line?), and if there’s ever a motivator to sort your finances out, it’s that!

Since becoming married, me and my wife prior to the babies have managed to accumulate some debt and it’s time to make a change! 😤

I’m working hard to change my relationship with money as I’ve always been super generous and at times stupid with it.

I used to handle the bills on my own but now have my wife is onboard so it’s a huge relief to both be onbord.

We are following Dave Ramsey’s Baby Steps (adapted for the UK of course), and currently on Baby Step 1, building the £1,000 starter emergency fund before we go full snowball.

We currently have £374.80 against step 1.

Then here’s what we are working with, smallest to largest:

1. Credit Card — £98.00

2. Credit Card — £284.00

3. iPhone — £275.00

4. iPhone — £275.00

5. Wedding Abroad guest cost for close family member — £1,140.00

6. Personal Loan — £6,272.42

7. Car Finance — £11,925.26

Total: £20,269.68

First moves so far:

• Clearing out the house and selling anything we can on Vinted, with every penny going toward the fund/debt.

• Switched the bills account over to a new account for the signing in bonus that will go towards the fund.

We go on holiday this week, however we have budgeted and drew the spending money out in cash so we don’t go overboard and then it’s full speed ahead 🏃🏃‍♀️⏳

Long way to go, but glad to have found this community for the motivation and to update as we go 😊

BetterThanIDeserve

Hi everyone,

It’s been a day of solo parenting while the OH is out with friends and to be honest I’m pretty proud of not spending a penny!

Usually I’d jump in the car and drive to a shopping centre, to get the boys out, I’d go to Nando’s because I was hungry, easy and the boys loved it too. I’d probably walk around, nip into the Works and grab them a few books (although they have MANY) and then fall into the Entertainer and buy a toy for the sake of it, again they have more than enough.

I’d probably go though Starbucks drive through on the way home because I ‘deserved it’.

I did go in the car but I drove them about while they slept, I drove all the way to Tim Hortons and got in the car park, gave my head a shake and turned round, drove home and ate at home.

I might not of put any money away into the emergency fund today but I didn’t dip into it either so it feels like a massive win in its self 🙌

leftatthetrafficlights

Welcome to the boards @BetterThanIDeserve 😁 15 months is still recent in my opinion - especially with twins! 😉

You've made a good start and as you say, it's just as important to not spend as it is to save - every time I don't use the tumble dryer, switch off a light, unplug an appliance, repurpose leftovers etc it's money that isn't being wasted! 😁

Good luck, I'll be cheering you on!

BetterThanIDeserve

https://forums.moneysavingexpert.com/discussion/comment/82126992#Comment_82126992

Thank you very much for the warm welcome!

Haha thank you, there good fun but they certainly keep us on our toes 😂

That’s a good way to look at things and see it as progress in its own right.

the support is appreciated 😁🙌

Blackcats

hello and welcome

Well done for not spending today. I looked after my 4 year old grandchild this week and we had so much fun at the swings with a picnic, we wandered into the library and on our way back we did buy an ice cream. I was going to take them to the farm but rebelled at £19 for an adult and £17 for a child.

Keep plodding away at the emergency fund. The bank account switch bonus will be a good boost when it comes through,

BetterThanIDeserve

Thanks @Blackcats! I’m glad you had a lovely time with your grandchild, family attractions are no joke in terms of prices these days!

For Christmas we are going to ask family instead of toys to look for attractions that include 12 month access included with the ticket for this exact reason 😊

Looking forward to that landing and being able to transfer it into the fund 😁

BetterThanIDeserve

Overall I would tick this weekend off as a success ✅

This weekend the twins both decided to take there first steps on the same day, two days before our holiday 😂

We have needed to buy a few bits this weekend such as petrol that will see us to the airport, back and until pay day at the end of the month, food for the dogs while they are being looked after and now rains for the babies so they don’t knock there teeth out while wangling about…

We managed the above with out tipping into our emergency fund, thanks to a 1idl £5 voucher and £50 that came from family (wife is a dab hand at nails so was a nice top up from doing family nails and my mother in law insisting to pay, which although we don’t ever want to take, it does really help!).

One day to go at work, before our holiday so a nice calm Sunday night.

In the past, the airport was a spending session; We used to spend about £70 / £80 on beers and food at the airport, but we have decided this time that we are going to skip the booze and take some snacks to the airport. I’m really proud of us and that we are tackling this together, it seems so much easier to do this as a team instead of trying to do it in my own (I used to try tackle it by myself so my wife didn’t worry about anything), talking my wife through the numbers pre payday is a huge sigh of relief.

Hope everyone has had a successful weekend and looking forward to the week ahead 🙌

Blackcats

have a wonderful holiday. Well done for avoiding some of those exorbitant airport spends.

I bet the toddling twins look so cute. I think you and their mum will be getting plenty of exercise chasing the boys around 😀

BetterThanIDeserve

https://forums.moneysavingexpert.com/discussion/comment/82127888#Comment_82127888

Thanks @Blackcats, really looking forward to it! We might be biased but I’d have to agree 😂

leftatthetrafficlights

Well done for not spending and for thinking about how to reduce your airport costs! 😁 It's brilliant that you and your wife are both on the same page and working together to change - it's so much easier when you're working towards a joint goal! 😉

Toddling twins is a wonderful and scary prospect!! 😳😂 Have a brilliant holiday! 😁🥳

BetterThanIDeserve

https://forums.moneysavingexpert.com/discussion/comment/82127997#Comment_82127997

Thanks @leftatthetrafficlights eating out has been my biggest spending weakness over the years, so that I’m most proud about.

It really does feel like a massive weight off my shoulders, 2 heads are better than 1 as they say!

You are right, wonder and scary in equal measures 🤪😂 Thank you - OOO is now on ✈️🥳