My New Start

JayneC

Hi everyone,

I've been around for a while but don't post that often, however I've decided I'd like to log my progress now - try and keep motivated n all that:rolleyes:

My story (condensed version:p )
I've just split up with hubby of 23 years (my decision - long sad story!)
He moved out beginning Dec and so finances drastically reduced. Most of debts are in my name and I'm taking responsibilty for paying those, even though some were his originally. Hoping this means I don't have to 'buy him out' of house as debts far outweigh any equity.
We have 5 kids, eldest 2 have now left home so have younger 3 aged 9 (DS2), 15(DD3), 16(DD2) living with me plus bf of DD2 and they are expecting a baby (due Wed next week:eek: ).

Current debt stands at £20,327.59, broken down as follows;

HSBC cc £4920.53 @22.9%

MBNA cc £837.86 @ 22.5%

Northern Rock loan £13915.20 @ 7.9%

HSBC o/d £400.00 (don't know%)

A&L o/d £650.00 (£5monthly charge plus %?)

I'm just about managing min repayments at mo and am about to move some of HSBC balance to MBNA (£3300) as they are offering 0.9% on transfers til Oct 08. I have tried a few times last year to get a 0% card but got refused, so am gonna wait a few months and try again.
I'm ignoring o/ds at mo and concentrating on CCs.
My plan is to continue with min repayments plus if I manage to 'create' extra income - from Car boot sales, e-bay, mystery shopping, etc. Then half goes to debt half goes into savings (for school trips, kids activities, etc) as I have no savings at mo and not budgetted for anything but day to day living costs.
I save £2 coins and 20ps and change under 10p. I'll do same with this - half and half.
I've made a resolution to buy no new clothing/household items this year except kids shoes and underwear (I can buy second hand;) , it's just as much to do with consumerism as saving money really!), so am hoping to be able to make presents for birthdays and stuff (got some knitting needles and wool from freecycle and borrowed pattern books from library, a lot of people got gloves and scarves for Christmas:D )
Anyway this is a really long post so I'll stop now and I'll post my SOA in a minute....
Any comments or advice very welcome,

Thanks

Jayne

JayneC

My SOA

Direct debits, monthly amounts...

Northern Rock loan 281.67
HSBC cc 123.00
MBNA cc 18.85
Mortgage1 540.69
Mortgage2 (LOAN) 135.71
phone/internet/mobile 45.00 (ish)
TV licence 11.37
Gas 31.00
Electric 51.00
Water 30.00 (approx - awaiting new bill)
Life insurance 9.80
buildings insurance 12.13
Council Tax 70.00 (approx - awaiting new bill)
Martial Arts classes (DS2) 55.00
Guitar lessons(DS2) 18.60
Stage School (DD3) 102.67
Air Cadets (DD3) 10.00


TOTAL 1546.43

Income;

wages 1350.00 (approx, varies depending on expenses)
CTC 167.66
CB 120.80

TOTAL 1638.46
(wow I'd actualy thought it was closer than that)

Now weekly;

Petrol 30.00 (approx can be loads more due to work)
Pocket moneyDD3 10.00
Pocket moneyDS2 2.00 (he's only 9!)
Shopping 60.00 (I'm very careful!)

TOTAL 102.00

Income
£70 from ex
£35 board from DD2 and bf (they're on benefits as he's at college full time and she's about to have a baby any day)

TOTAL £105.00

If you're wondering why no car expenses other than petrol, this is because I have a lease car, the cost is deducted from my wages and includes tax, insurance, breakdown and maintenance.

I don't think I can reduce my income any more. I've checked I've got the best deals and do so regularly (I'm a tart;)), so need to up my income.

I plan to do some car boot sales when weather is better, I'm not very good at e-bay, but have sold a few things and books on amazon, also do mystery shopping but live in a very small town so not much work

I'm quite good at crafts so am thinking about making things (probably start with cards) to sell.

Any more ideas very welcome,

Jayne

JayneC

Hi again,

Am I getting boring now...?

There are some things budgetted for that I do not pay every month such as coucil tax and water ('free' months in Feb and Mar) and stage school ('free' months in Dec, April and Aug). Also the CB and CTC is paid 4 weekly so I get an 'extra' month per year.

I will (well this is the plan anyway) use this money towards debt too.

JayneC

Im going to bed now night night everyone ....

neverdespairgirl

Very best of luck, sounds as if you have a tight budget, well sorted out. And any extras, such as ebay etc, will help with the debts.

£10 for pocket money per week sounds a lot, though, if she's 15 couldn't she work part-time, babysitting etc?

Penny2myName

Hi and welcome.
I agree about DD earning her own pocket money, even if not babysitting, there is paper rounds and Saturday jobs. After all you are paying a small fortune out for her stage school. So surely she cant begrudge earning her own spending money.

mum2one

sounds like your doing a wonderful job, the only suggestion I would make is ask if you can have your council tax over 12 months and not the 10 for the next financial yr,

Have you tried any of the survey sites, oe click sites?

U say your good at crafts, if there any chance you could use that talent and make things for family, friends 2 buy odd you for xmas prezzies? x

cantcope

Hi.
Sounds like you are doing a brilliant job so just wanted to wish you GOOD LUCK!!

I agree with joining the survey sites. Can you not get a few of your household to join pigsback? if you all refer each other you'll have a few vouchers in a couple of months.
I used mine for all of my toiletries in boots and only ever bought if they BOGOF. One £10 voucher used to last me a few months that way. But you say you never buy new clothes so while counting every penny you could use them as arcadia vouchers for a deserved treat now and again.


I would also recommend joining the Boots parenting club ready for when the baby arrives. You'll get vouchers etc which will help out, if not you, but your DD2 and her boyfriend.

I wish you well and you will get the support and encouragement you need from these boards. I never thought i could do it but my debt is almost gone.

penguin83

Welcome Jayne - Im not very good with SOA's but I would suggest keeping a spending diary and put absolutely everything in it - you may be surprised what other extras you pay out in a month that you didnt think of - I know I was surprised at the amount I used to spend on magazines!

Congratulations on the imminent arrival of your grandchild as well x x

mummytofour

Can I just say what a hell of a lot of responsibility you have, does that sound odd? Sorry I find at times I just get so over welmed by having kids ( I have 5 too) and managing everything, money, life and so on some days can make one feel so close to the edge. You sound like such a grounded person so strong and focused, well done! I was just thinking is £70 all you are able to get from x? Just you do pretty much have 3 plus a baby too look after.

JayneC

Hi everyone,

Thanks for all the encouragement.
I do pretty much all of your suggestions, I've dicovered I'm pretty resourceful:rolleyes:

I'm signed up to pigsback and have had some vouchers, boots and arcadia and CD wow, which I used to buy presents for Christmas, I also do some surveys but I find them a bit tedious so only do them when I'm in the mood, I've had a little bit back from them. One pays in nectar points which is quite useful, I collect nectar points on petrol too. I've generally used the points to buy presents and clothes from Sainsburys for the kids (sometimes food if I'm really struggling:rolleyes: )

I save tesco clubcard points and am signed up to all the various 'clubs' so get extra points that way too. I'm hoping to have enough to pay for a holiday this year, will probably go to a Haven park if I can get enough.

Also save boots points and am signed up to baby club:p

Re pocket money for my DD, I know what you mean, she did have a paper round but the shop closed down. She struggles with work as she's just so busy! I know that sounds ridiculous but she gets involved in absloutely everything and I just don't want to 'clip her wings' as it were! She goes to stageschool on a Saturday and often does things with Cadets on a Sunday (sports, flying lessons and stuff) and she stays behind at school almost every day for one club or another! And then has cadets 2 eves a week. She doesn't get any extra though and will have use it for spending money if she goes on camps or school trips, she has used it to pay for school trips too!And if she goes to cinema or something with her mates. She is expected to help around the house, looking after the younger one and doing chores too. I just don't want the kids to suffer really...

Re ex paying more. He does have debts of his own too and has had to buy stuff for his new place, pay a deposit and that. He has said that if he can give me more he will but TBH I'm just glad it's over as things were really bad before we split. DD1 owes him some money and he's told her to pay it back to me at £50 a month but she's not very reliable so I'm not depending on that! I'm just wantimg to stay on reasonable terms and feel guity I guess because it was me that asked him to leave.

Anyway I'll stop now, I do go on a bit don't I? Lol