Full Time Student & Mum to 3 - Aiming to be free of debt

in Debt Free Diaries
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  • MinnieMousesMummyMinnieMousesMummy Forumite
    1.3K Posts
    Ninth Anniversary 1,000 Posts Combo Breaker
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    Thank you to everyone who has been given supportive comment on my diary.

    My plan of action for today:
    Catch up with emails
    Do mystery shopping work
    Work at clients office 12-3
    Sort through and clean fridge
    Do 3 loads of laundry
    Check through Mr A order - scan and put away
    Do an inventory of the cupboards and freezers
    Do some of ironing pile
    Update survey spreadsheet and claim anything that is due
    Do freelance work that is in for today
    Tidy office area
    Contact client to see what work I need to do this weekend
  • have you told the council that you are a full time student?? think you may get something off your council tax.
  • Mara_uk7Mara_uk7 Forumite
    1.2K Posts
    Seventh Anniversary Debt-free and Proud!
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    Soa .. too much on entertainment, and no buildings or contents insurance ? Can your OH claim back on his works mileage ?
    Its just a bad day, Not a bad life .. :cool:
  • joedenisejoedenise Forumite
    13.6K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    ok,Thought I would take the next big step and do a soa

    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 3
    Number of cars owned.................... 1
    Monthly Income Details
    Monthly income after tax................ 500
    Partners monthly income after tax....... 1200
    Benefits................................ 1380
    Other income............................ 0
    Total monthly income.................... 3080
    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 580
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 80
    Gas..................................... 0
    Oil..................................... 100
    Water rates............................. 0
    Telephone (land line)................... 50 (this also includes broadband)This is high - I can only get BT and I pay £23 per month (pay rental annually upfront)
    Mobile phone............................ 20 (this is for both me and DH)
    TV Licence.............................. 12
    Satellite/Cable TV...................... 35 Go freeview/freesat
    Internet Services....................... 0
    Groceries etc. ......................... 300
    Clothing................................ 0 Need something here, especially with 3 children
    Petrol/diesel........................... 270 (DH travels a lot for his work)
    Road tax................................ 12
    Car Insurance........................... 40
    Car maintenance (including MOT)......... 30
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 800
    Other child related expenses............ 100
    Medical (prescriptions, dentist etc).... 0Need something here
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0Need something here
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)......80 Seems high
    Haircuts................................ 15
    Entertainment........................... 300 Too high, needs cutting back
    Holiday................................. 0
    Emergency fund.......................... 0Need something here
    Total monthly expenses.................. 2924

    Assets
    Cash.................................... 100
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 700
    Other assets............................ 200
    Total Assets............................ 1000

    No Secured nor Hire Purchase Debts
    Unsecured Debts
    Description....................Debt......Monthly...APR
    Bank Loan......................25000.....0.........0
    Catalogue......................434.5.....26.8......0
    Loan...........................40........60........399.7?
    Student Loan...................6000......0.........0
    Family.........................1500......0.........0
    Cataglogue 3...................500.......0.........0
    Credit Card....................1500......0.........0
    Catalogue 2....................70........0.........0
    Tax Credit Overpaymen..........1000......0.........0
    Council Tax....................1200......0.........0
    Loan...........................107.......80........44
    Total unsecured debts..........37351.5...166.8.....-
    Need to include interest rates.
    Monthly Budget Summary
    Total monthly income.................... 3,080
    Expenses (including HP & secured debts). 2,924
    Available for debt repayments........... 156
    Monthly UNsecured debt repayments....... 166.8
    Amount short for making debt repayments. -10.8
    Personal Balance Sheet Summary
    Total assets (things you own)........... 1,000
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -37,351.5
    Net Assets.............................. -36,351.5

    OK, I have just run my information through the snowball calculator and it is looking like January 2026 before debt free is finally real life.

    I've added some comments to your SOA. Some things seem to be very high, others you need to allow something for.

    Denise
  • killerpeatykillerpeaty Forumite
    2.2K Posts
    Part of the Furniture 1,000 Posts Name Dropper
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    Sorry to sound like a broken record, but had a quick google, you might still have a chance to get the access to learning fund. https://www.gov.uk/extra-money-pay-university/university-and-college-hardship-funds
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