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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 8:12 PM
    • 710Posts
    • 3,773Thanks
    Mumoffourkids
    Single, six kids and going to be debt free!
    • #1
    • 15th Dec 17, 8:12 PM
    Single, six kids and going to be debt free! 15th Dec 17 at 8:12 PM
    Okay, so I finally decided to face up to my debts and now my income is pretty much stable, I can now budget and work out how much to pay. My soa is below and I believe I have budgeted for everything. I know I have a big surplus but this is only recent and from the new year I want to start paying everything off.

    I know that if I threw everything at the debts that I could be debt free a lot sooner but I can't expect the kids to live like that really.

    So I calculated that if I pay £500 off my debts each month, then I will be debt free in 44 months, so three years and 8 months. However, as my old debts are not currently being paid, I plan on offering them minimal payments at the moment and then save up to offer them full and final settlements so hopefully I can be debt free sooner.

    Next is to find some challenges to join!

    Statement of Affairs and Personal Balance Sheet

    Household Information
    Number of adults in household........... 1
    Number of children in household......... 6
    Number of cars owned.................... 1

    Monthly Income Details
    Monthly income after tax................ 900
    Partners monthly income after tax....... 0
    Benefits................................ 3527.64
    Other income............................ 975
    Total monthly income.................... 5402.64

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 1200
    Management charge (leasehold property).. 0
    Council tax............................. 93
    Electricity............................. 120
    Gas..................................... 10
    Oil..................................... 0
    Water rates............................. 63.54
    Telephone (land line)................... 10
    Mobile phone............................ 51.81
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 39.98
    Internet Services....................... 10
    Groceries etc. ......................... 433.33
    Clothing................................ 100
    Petrol/diesel........................... 260
    Road tax................................ 25.83
    Car Insurance........................... 120
    Car maintenance (including MOT)......... 100
    Car parking............................. 0
    Other travel............................ 10
    Childcare/nursery....................... 1000
    Other child related expenses............ 140
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 7.27
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 150
    Haircuts................................ 0
    Entertainment........................... 303.33
    Holiday................................. 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 4310.46


    Assets
    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 500
    Other assets............................ 0
    Total Assets............................ 500

    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Overdraft......................1000......30....... .0
    Catalogue......................247.......60....... .0
    Catalogue......................593.......35....... .0
    Old debts......................20000.....0.........0
    Tax credits....................410.......0.........0
    Total unsecured debts..........22250.....125.......-


    Monthly Budget Summary
    Total monthly income.................... 5,402.64
    Expenses (including HP & secured debts). 4,310.46
    Available for debt repayments........... 1,092.18
    Monthly UNsecured debt repayments....... 125
    Amount left after debt repayments....... 967.18

    Personal Balance Sheet Summary
    Total assets (things you own)........... 500
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -22,250
    Net Assets.............................. -21,750
Page 43
    • Chrystal
    • By Chrystal 7th Feb 19, 2:21 PM
    • 683 Posts
    • 5,019 Thanks
    Chrystal
    Great to hear from you again, but sorry that you have been having such a bad time. Keep on with the counselling and making time for yourself... you can't see to others needs if you are at rock bottom! ((hugs))
    Having seen a house that would fit your needs you can, hopefully, keep an eye out for similar properties in the future ---- maybe even something better will turn up. XX
    I Believe.....
    That it isn't always enough, to be forgiven by others.
    Sometimes, you have to learn to forgive yourself.
    • joeyjimbles
    • By joeyjimbles 7th Feb 19, 2:34 PM
    • 1,823 Posts
    • 10,006 Thanks
    joeyjimbles
    I'm glad you had a great time at Disney - I don't think you could ever escape it being busy. And I'm glad that you are taking time for yourself - and listening to your moods and body. It must be tough with so many pulls on your time - but good for you.
    And it's lovely to have you back posting again. You've been missed.
    • Seasidegal58
    • By Seasidegal58 8th Feb 19, 7:27 PM
    • 2,933 Posts
    • 18,644 Thanks
    Seasidegal58
    Pleased to see you're posting again and to read that the kids enjoyed their holiday.

    Fingers crossed that a suitable house pops up soon.
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    MONTHS TO RETIREMENT: 23
    My diary: “Paid off the £31,000! BUT- still scrimping!”
    • Alleywoman
    • By Alleywoman 9th Feb 19, 10:04 PM
    • 15 Posts
    • 70 Thanks
    Alleywoman
    Hi MOF
    Have read your full diary and had to post to say how amazing you are to have achieved all you have: holding down a job, looking after your 6 children and house, not to mention managing to pay your debts off.
    It's not surprised you have been feeling down.
    Take time for you, refocus and keep posting.
    I have subscribed and will follow your ongoing journey.

    AW
    • Mumoffourkids
    • By Mumoffourkids 22nd Feb 19, 10:51 AM
    • 710 Posts
    • 3,773 Thanks
    Mumoffourkids
    Thanks for all your lovely words. Well I haven't kept up with posting like I said I would but I am going to try as now I seem to have spare money each month, I am spending it!! This isn't what I wanted to do.

    So I think I need to come back on here regularly and keep posting to keep my spending down. I have a budget of £70 per week for general spending which covers any things the kids need for school, bits and pieces for round the home, bits for me, my gym membership fee and anything else not covered by bills or food shopping or petrol money. This was usually more than enough to cover each week, but now I am taking time out to do stuff for me, it seems to get used up each week. I am now thinking about maybe increasing it by £30 a week and this should cover my little treat of getting my nails done every three weeks and going to a sewing class every two weeks. This is all because I have realised that I need to take time out for me and not just be a mum running the kids round everywhere.

    Also with regard to the house, I am gutted that I didn't get it but I have refocused and replanned. My dad is supposedly going to sell my nan's house this year and will give me some money. I will then save as well to add to the deposit. I have looked a bit further out and decided that there are cheaper houses out there. The area I live is very expensive and to get a house big enough for us would be at least £450,000. But if I went into one of the little villages, this comes down to around £300,000. Such a big difference!!

    Right I am at work today as my colleague is off skiing so I am covering her shift. Not much is going on though so I am bored and browsing the internet because I have to be here in case the phone rings!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • apple muncher
    • By apple muncher 22nd Feb 19, 1:26 PM
    • 8,929 Posts
    • 68,835 Thanks
    apple muncher

    Right I am at work today as my colleague is off skiing so I am covering her shift. Not much is going on though so I am bored and browsing the internet because I have to be here in case the phone rings!
    Originally posted by Mumoffourkids

    But you are being paid to be there - yay!
    NST June ninja #1; NSD 19/16; Ex 19/30; craft (19); remove 3 bagfuls (28)

    Mortgage £16,231 (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295; 01/18 23,143; 01/19: 18.275) MFWDate???
    • Seasidegal58
    • By Seasidegal58 26th Feb 19, 11:53 AM
    • 2,933 Posts
    • 18,644 Thanks
    Seasidegal58
    Thanks for updating mo4k! You have a lot to contend with - more so than a lot of us on here - but I do think that posting regularly will help with the budget - even if you only have time to do it weekly.

    Good idea on house hunting in the outlying villages to keep the cost down.
    x
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    MONTHS TO RETIREMENT: 23
    My diary: “Paid off the £31,000! BUT- still scrimping!”
    • Mumoffourkids
    • By Mumoffourkids 28th Feb 19, 12:32 PM
    • 710 Posts
    • 3,773 Thanks
    Mumoffourkids
    But you are being paid to be there - yay!
    Originally posted by apple muncher
    Yes that is the good thing. We are paid hourly here, so any extra I do, means extra money for me!

    Thanks for updating mo4k! You have a lot to contend with - more so than a lot of us on here - but I do think that posting regularly will help with the budget - even if you only have time to do it weekly.

    Good idea on house hunting in the outlying villages to keep the cost down.
    x
    Originally posted by Seasidegal58
    Yes I do seem to have rather a lot to contend with on a daily basis! I think I need to update weekly, I also need to have play with my spreadsheet. I am trying to get my sewing business off the ground so keep buying supplies but I think I need to take a step back, work out what I can afford to spend and then focus on trying to make sales. Although I think I may have my first customer. My colleague at work wants some cushions made for her Mother in Law so she has asked me to do them.

    Tomorrow, is no work for me, but no sewing class as youngest has a hospital appointment and then her 2 and half year check. I am undecided whether to send her into nursery before the appointment and then back again after the appointment. It would leave me to get some bits done around the house and give me time to play with my spreadsheet.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Baileys Babe
    • By Baileys Babe 7th Mar 19, 7:56 AM
    • 2,501 Posts
    • 12,930 Thanks
    Baileys Babe
    Over the last few days I have read all of your diary.

    You have done brilliantly, paying off your debt and remembering to include treats, holidays and minibreaks so you have things to work towards.

    I was wondering if you have done a new SOA as your financial situation has changed so much?

    Have you set yourself a new batch of goals?
    • Mumoffourkids
    • By Mumoffourkids 7th Mar 19, 9:04 AM
    • 710 Posts
    • 3,773 Thanks
    Mumoffourkids
    Over the last few days I have read all of your diary.

    You have done brilliantly, paying off your debt and remembering to include treats, holidays and minibreaks so you have things to work towards.

    I was wondering if you have done a new SOA as your financial situation has changed so much?

    Have you set yourself a new batch of goals?
    Originally posted by Baileys Babe
    Thank you for reading through everything and thank you for saying I have done brilliantly.

    I haven't done a new SOA but I have a very detailed spreadsheet which lists everything out each month for this year. I then have savings goals for what I want to save up for next. The next thing on my list to pay for is our holiday to Cornwall in May but that will be paid by the end of this month and then I will save the spending money.

    I currently have over £3000 in various savings accounts which is for holidays, holiday childcare, car insurance and maintenance, emergency fund, clothes, christmas and birthday presents. I am still managing to save this each week as I just treat it like a bill.

    I have added some money to my general spending budget to cover sewing items and me getting my nails done every three weeks. This is part of my look after myself new regime as if I don't look after myself and treat myself, I know my mental health will suffer.

    I might post up a new SOA but it really does vary on a monthly basis as most of my money is based on weekly amounts. for example my housing benefit is paid fortnightly on a Friday and in March there are three Fridays so I get three housing benefit payments. Whereas last time in February I only got two. In addition maintenance is paid weekly on a Friday so in March I get 5 lots of maintenance. My nursery fees also vary considerably depending on how many school holidays there are!

    But onto the future, my second youngest starts school this September and my youngest will start the year after. That same year, my eldest will have left school and will be going to university hopefully. So although I won't have nursery fees anymore, my tax credit income will drop, so I am making plans to increase my income for when this happens. I love sewing and have been sewing a lot more recently. I am not planning on changing jobs to increase my hours when all the kids are at school so I have decided that doing my own little sewing business from home is the way forward. I have 18 months to build this up so I am confident I can increase my income in that time.

    I have my first paying job but it looks like I might have some more customers as I have been showing pictures of what I have made to loads of people and they are all really impressed. So fingers crossed I get some more orders and jobs in in the next few weeks.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • apple muncher
    • By apple muncher 7th Mar 19, 1:20 PM
    • 8,929 Posts
    • 68,835 Thanks
    apple muncher
    Go you, you're a money magnet!
    NST June ninja #1; NSD 19/16; Ex 19/30; craft (19); remove 3 bagfuls (28)

    Mortgage £16,231 (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295; 01/18 23,143; 01/19: 18.275) MFWDate???
    • Baileys Babe
    • By Baileys Babe 7th Mar 19, 11:22 PM
    • 2,501 Posts
    • 12,930 Thanks
    Baileys Babe
    Thanks for the update.

    As always you sound very much in control.

    I makes sense to plan to work more once the little ones are in school. I like the idea of you starting your own sewing business, this will give you flexibility to work when you have time, but you will still have the security of an income from your current job.

    I previously had two half time jobs, both of which I enjoyed and were in related fields. On many occasions I was asked by each job if I wanted to increase my hours to full-time and have just the 1 job. I always turned them down as the variety kept it interesting and if there was ever problems with one I knew I would be escaping to the other job in a couple of days at the most.

    I can see why you haven't done a new SOA.
    • Mumoffourkids
    • By Mumoffourkids 28th Mar 19, 8:39 AM
    • 710 Posts
    • 3,773 Thanks
    Mumoffourkids
    So the last few days I have really been struggling especially yesterday. I woke up early with a bit of a bad stomach, then went back to sleep and really struggled to wake up. I decided to take the day off work and basically just slept on the sofa all day. I haven't been motivated to do anything round the house so it is starting to get messy and needs a clean again. I didn't even feel like sewing yesterday. I know that I need to get out of this rut so I have come back to work today but I really don't want to be here and I am still tired. I need to do a little list for today to get me going and then do a slightly bigger one for tomorrow. I don't want to do too much too soon but I do know I need to do something.

    Money saving has been going ok though. I have paid off our holiday to Cornwall this week and next is to save for the spending money. Tomorrow will be a big day of updating my spreadsheet and putting money into savings accounts as it is the last time I get money in this month.

    Right back to do some work although I am really not motivated to do anything at all today!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • beanielou
    • By beanielou 28th Mar 19, 12:46 PM
    • 63,820 Posts
    • 283,200 Thanks
    beanielou
    Keep plodding
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.***
    • Seasidegal58
    • By Seasidegal58 28th Mar 19, 12:47 PM
    • 2,933 Posts
    • 18,644 Thanks
    Seasidegal58
    Awh! Poor you! I hope you'll feel more like your old self soon mo4k.


    Well done on paying off the holiday.
    x
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    MONTHS TO RETIREMENT: 23
    My diary: “Paid off the £31,000! BUT- still scrimping!”
    • brizzlegirl
    • By brizzlegirl 30th Mar 19, 9:45 AM
    • 744 Posts
    • 5,044 Thanks
    brizzlegirl
    Get well soon and take it easy x
    MFW..aiming to pay it off in 2022.. 2019 Savings Rate - Goal 40% 37% May 25% April 54% March ] 2019 Income Goal £301/£750 June Goals: AFDs 4/25 Decluttering 40/80; LSDs 04/10; NSDs xx/05 Exercise in June RT 12k 02/15 12k steps per day pls Aiming to be a true Frugalista!
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