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    • ohshithowdidthathappen
    • By ohshithowdidthathappen 20th Dec 18, 9:56 PM
    • 207Posts
    • 685Thanks
    ohshithowdidthathappen
    *sigh* this may take a while
    • #1
    • 20th Dec 18, 9:56 PM
    *sigh* this may take a while 20th Dec 18 at 9:56 PM
    HI

    I've been using this site for years, although I haven't posted for a while and my account seems to have been lost! However, I've decided to accept that as a clean slate :-)

    I'll post an accurate SOA over the next few days... but the short version is my husband and I have a nice income between us (about £100K) but we have 5 children and a big house to run and we're not good at saving before we spend. We've just done a massive extension on our house and find ourselves in a large amount of debt circa £45000. We can service this debt, but we'd like it gone asap.

    I'm hoping by doing a diary, it'll keep me focussed
Page 4
    • ohshithowdidthathappen
    • By ohshithowdidthathappen 31st Jan 19, 3:15 PM
    • 207 Posts
    • 685 Thanks
    ohshithowdidthathappen
    Thanks for the encouragement both of you :-)

    I’m actually thinking of trying to offer more flexible options... a lot of childminders only do 8-5.30 and charge retainers in holidays, limited flexibility for shift workers etc. The local school’s breakfast club doesn’t open until 8 and shuts at 6 and it’s a bit rubbish. Definite gaps in the market...
    Total unsecured debt: £8500/£45393 81% paid.
    Aiming for DFD of 03/21
    • mark88man
    • By mark88man 31st Jan 19, 3:49 PM
    • 4,155 Posts
    • 10,047 Thanks
    mark88man
    being flexible is always good

    not sure about retainers - if they are what everyone does you would be leaving money on the table not to do that, but it would grate with me
    Things happen for a reason. Often the reason is we are stupid & make bad decisions.
    Weight/Health - Fluctuating - better than I was worse than I should be
    End 18: CC:8K@0% - Car Loan:11K@2.8% - Mort:133K@2.1% = £152K
    Decrease in Total Debt 2016:£13.4K 2017:£8.3K 2018:£20K

    • enthusiasticsaver
    • By enthusiasticsaver 31st Jan 19, 4:14 PM
    • 8,961 Posts
    • 20,811 Thanks
    enthusiasticsaver
    I should think being flexible will make you more attractive. Years ago I used a childminder for my two but mine would not do school holidays as her husband was a teacher. Similarly though she did not charge retainers when we were away on holiday or did not need her as one of us was on leave.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Igamogam
    • By Igamogam 31st Jan 19, 4:57 PM
    • 5,848 Posts
    • 48,346 Thanks
    Igamogam
    Flexibility - great especially for NHS workers which you will have experience of and an insight into.

    Retainers - hated paying them as I am a teacher but when my 2 where in CC I had no option If I had my time again they wouldn't be in CC.....but that is another story!
    Be the change you want to see -with apologies to Gandhi
    In gardens, beauty is a by-product. The main business is sex and death. ~Sam Llewelyn
    'On the internet no one knows you are a cat'
    • ohshithowdidthathappen
    • By ohshithowdidthathappen 1st Feb 19, 12:21 PM
    • 207 Posts
    • 685 Thanks
    ohshithowdidthathappen
    Whenever I've childminded, I've always asked parents to pay in advance and I still charged for their holidays and sickness (but not mine). Retainers in school holidays for teachers always seem unfair... if they're not using the space, I can offer school holiday cover to others, so shouldn't end up out of pocket and if I was a teacher, I think I'd appreciate not paying them.
    I'm registered to look after 3 under 5s, but would only ever have 2. Otherwise, how would I take them out? I'm assuming those that have 3 remain based at home, which doesn't appeal. I'd want to be able to take them to parks, library, NT etc.... not soft play though, my soul dies a little every time I step into one of those places!!
    Total unsecured debt: £8500/£45393 81% paid.
    Aiming for DFD of 03/21
    • ohshithowdidthathappen
    • By ohshithowdidthathappen 1st Feb 19, 12:31 PM
    • 207 Posts
    • 685 Thanks
    ohshithowdidthathappen
    Updated signature... 1.75% paid this month.... not too bad.
    Progress was dented by paying off some of the Christmas hangover (same again next month...) and having to pay my tax return.
    Total unsecured debt: £8500/£45393 81% paid.
    Aiming for DFD of 03/21
    • ohshithowdidthathappen
    • By ohshithowdidthathappen 4th Feb 19, 8:31 PM
    • 207 Posts
    • 685 Thanks
    ohshithowdidthathappen
    Uneventful few days, we're still being pretty good with our spending.
    We chickened out of dry February, oops! But we did 3 alcohol free days last week and aiming for 4 this week.
    Weight loss plateau, mainly because I didn't really watch it, but didn't put any on, so still 4lb off since 1st Jan, which isn't bad.
    I was looking through my payslips and my tax code is wrong, I think because I have 2 PAYE jobs and I'm SE too, it gets messed up sometimes. I'll wait until the end of the tax year to be certain and then look at claiming it back.
    Total unsecured debt: £8500/£45393 81% paid.
    Aiming for DFD of 03/21
    • mark88man
    • By mark88man 4th Feb 19, 8:48 PM
    • 4,155 Posts
    • 10,047 Thanks
    mark88man
    I'm registered to look after 3 under 5s, but would only ever have 2. Otherwise, how would I take them out? I'm assuming those that have 3 remain based at home, which doesn't appeal. I'd want to be able to take them to parks, library, NT etc.... not soft play though, my soul dies a little every time I step into one of those places!!
    Originally posted by ohshithowdidthathappen
    I agree you need one hand per child so unless you are physically gifted that's a limit of 2. I also agree about soft play areas - not my favorite memories of when they were little
    Things happen for a reason. Often the reason is we are stupid & make bad decisions.
    Weight/Health - Fluctuating - better than I was worse than I should be
    End 18: CC:8K@0% - Car Loan:11K@2.8% - Mort:133K@2.1% = £152K
    Decrease in Total Debt 2016:£13.4K 2017:£8.3K 2018:£20K

    • ohshithowdidthathappen
    • By ohshithowdidthathappen 14th Feb 19, 10:37 AM
    • 207 Posts
    • 685 Thanks
    ohshithowdidthathappen
    Iíve been a bit quiet on here, very busy in real life though...

    Have got a bit of a moral dilemma.... I was pursuing the childminding idea and verbally agreed to contracts to fill the spaces I was offering. Now Iíve been offered that promotion at the hospitals that I applied for a few weeks back. Doh!

    Husband and kids like the idea of the childminding as Iíd be around all day, every day. Plus, Iíd feel very bad letting the parents down...
    Promotion would mean less working hours overall and it is considerably better paid than childminding.

    Husband heard about his bonus, heís getting £17k which is amazing, weíve worked it out to be £10.2k after tax/NI. All of it will go straight into debt repayment... parents have said they donít need paying back yet, so weíll put it towards Christmas hangover and the remainder into virgin card. Itíll be in his February pay, so signature will look a bit less dreadful on 1st March when I update it
    Total unsecured debt: £8500/£45393 81% paid.
    Aiming for DFD of 03/21
    • enthusiasticsaver
    • By enthusiasticsaver 14th Feb 19, 11:23 AM
    • 8,961 Posts
    • 20,811 Thanks
    enthusiasticsaver
    Wow fantastic news on bonus. That will make a massive difference. 25% paid off.

    Difficult decision on the job dilemma. Only you can decide though as job satisfaction is important but you have to be able to make enough to live off financially. Yes your children and husband may like you at home more but giving up a well paid career is a big step and may have long term implications for you pension and income wise. You have to do what is right for you as well as your family.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Kittencat
    • By Kittencat 14th Feb 19, 12:09 PM
    • 668 Posts
    • 4,105 Thanks
    Kittencat
    Hi there. What do we call you? Ohshit?

    You are doing great, keep positive!
    • ohshithowdidthathappen
    • By ohshithowdidthathappen 27th Feb 19, 10:55 AM
    • 207 Posts
    • 685 Thanks
    ohshithowdidthathappen
    Bit of a break in updating! Been busy working, sussing out job options etc...

    My husband's bonus was a little less than we were expecting, or the amount he actually got after the tax man took his cut was anyway! Still, it worked out at £9.5k and we put it all into paying off debt apart from a few hundred that we needed to spend on getting the children some new clothes and shoes. I'll update my signature, but debt level now stands at £36220, which sounds a bit less scary

    My other new year targets have been slightly less successful, I'm only averaging 2 days alcohol free a week, which I need to improve. I've only lost 5lbs to, whereas I should be up to more like 10 by now. Oops. I'm getting more active, especially now, with the nicer weather.
    Total unsecured debt: £8500/£45393 81% paid.
    Aiming for DFD of 03/21
    • ohshithowdidthathappen
    • By ohshithowdidthathappen 20th Mar 19, 8:59 PM
    • 207 Posts
    • 685 Thanks
    ohshithowdidthathappen
    I'm being a bit rubbish at updating... I think because day to day, there doesn't seem to be anything worth posting! We're just trundling along...
    I'm on a massive mission at the moment to simplify life though, my brain is always so busy, I'd love to learn to live day by day rather than always trying to be 5 steps ahead of myself
    Money wise, I think I may be due a tax rebate. I need to find out how to get it back though, HMRC website is a bit woolly!
    Total unsecured debt: £8500/£45393 81% paid.
    Aiming for DFD of 03/21
    • ohshithowdidthathappen
    • By ohshithowdidthathappen 11th Apr 19, 8:43 PM
    • 207 Posts
    • 685 Thanks
    ohshithowdidthathappen
    Busy few weeks... we've made the very un-MSE decision to add £30K to our mortgage.
    We went to a broker as our fixed deal is coming to an end and we played around with the figures; by adding the money onto the mortgage, we've added 18 months onto the term and our monthly mortgage payments have gone down by £70! We've been throwing about £700-800 a month at the debts, we'll overpay the new mortgage to get the term back down, but at a more sustainable rate.

    We decided that, for us, aggressive debt repayment was making us feel a bit tired and sad. The whole debt was from our build, so we don't feel bad adding it to the mortgage. We had the house valued and even with the increase, our mortgage is 45% of the value. We've left ourselves with £8.5k unsecured debt that we owe to my husband's dad and we'll pay that off next year with hubby's bonus, if not before.

    I'll stay on here while we do that as it keeps us accountable and we also need to build an emergency fund
    Last edited by ohshithowdidthathappen; 17-06-2019 at 10:08 AM. Reason: Wrong figure
    Total unsecured debt: £8500/£45393 81% paid.
    Aiming for DFD of 03/21
    • mark88man
    • By mark88man 12th Apr 19, 7:05 AM
    • 4,155 Posts
    • 10,047 Thanks
    mark88man
    every debt has an optimum form of funding - sounds like you just optimised yours. its a long haul not a sprint and sometimes a small decrease in ambition results in a large increase in liveability

    I think you made a good call - especially not consolidating everything, only those things that you could trace to the build
    Things happen for a reason. Often the reason is we are stupid & make bad decisions.
    Weight/Health - Fluctuating - better than I was worse than I should be
    End 18: CC:8K@0% - Car Loan:11K@2.8% - Mort:133K@2.1% = £152K
    Decrease in Total Debt 2016:£13.4K 2017:£8.3K 2018:£20K

    • ohshithowdidthathappen
    • By ohshithowdidthathappen 17th Jun 19, 10:18 AM
    • 207 Posts
    • 685 Thanks
    ohshithowdidthathappen
    2 months away, oops.

    So we've been enjoying the feeling of being relatively debt free. We're living within our means and keeping a close eye on our figures.

    We've been decorating on a very tight budget that we've set ourselves and we hope to have finished the basics by the end of year. Time is as much of a barrier as money, it's tricky to decorate around work and 5 children We need to carpet the stairs and landing once all the painting is finished - usually we'd pop it on a card, but we're going to save up instead!

    I decided to take the promotion at work rather than pursue the childminding idea. The main factors were earning potential and being risk adverse to the idea of being self employed. Also, I'm in my early 40s... do I really want to be looking after children for another 20+ years? Nope My youngest starts school in September, so I think that's a nice end to the young child in the house era!

    Over the next month, I've updated my SOA and will post below. I'll give ourselves a mission or two. I do like plans and targets
    Last edited by ohshithowdidthathappen; 17-06-2019 at 10:44 AM. Reason: Typo
    Total unsecured debt: £8500/£45393 81% paid.
    Aiming for DFD of 03/21
    • ohshithowdidthathappen
    • By ohshithowdidthathappen 17th Jun 19, 10:43 AM
    • 207 Posts
    • 685 Thanks
    ohshithowdidthathappen
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 5
    Number of cars owned.................... 2

    Monthly Income Details

    Monthly income after tax................ 1670
    Partners monthly income after tax....... 4400
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 6070


    Monthly Expense Details

    Mortgage................................ 1620
    Secured/HP loan repayments.............. 200
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 228
    Electricity............................. 80
    Gas..................................... 80
    Oil..................................... 0
    Water rates............................. 40
    Telephone (land line)................... 40 includes broadband
    Mobile phone............................ 40 5 x SIM only plans
    TV Licence.............................. 10
    Satellite/Cable TV...................... 10 Now TV and Netflix
    Internet Services....................... 0 included with phone
    Groceries etc. ......................... 700 high! includes booze and toiletries
    Clothing................................ 250 high, but for 7 people
    Petrol/diesel........................... 200
    Road tax................................ 24
    Car Insurance........................... 50
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 300
    Other child related expenses............ 200 pocket money and clubs
    Medical (prescriptions, dentist etc).... 22
    Pet insurance/vet bills................. 30
    Buildings insurance..................... 20
    Contents insurance...................... 16
    Life assurance ......................... 35 recently updated to cover increased mortgage
    Other insurance......................... 25 professional indemnity
    Presents (birthday, christmas etc)...... 200 sounds a lot, but covers Xmas too
    Haircuts................................ 50
    Entertainment........................... 150
    Holiday................................. 200
    Emergency fund.......................... 100
    Boiler cover ........................... 32 only until Dec 2019, cheapest way to get boiler fixed
    Total monthly expenses.................. 4972



    Assets

    Cash.................................... 0
    House value (Gross)..................... 725000
    Shares and bonds........................ 0
    Car(s).................................. 15000 1 car is on finance (HP) other is very old
    Other assets............................ 0
    Total Assets............................ 740000



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 350000...(1620).....1.89
    Hire Purchase (HP) debt ...... 15000....(200)......2.9
    Total secured & HP debts...... 365000....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Folks..........................8500......0........ .0 no minimum - as and when
    Total unsecured debts..........8500......0.........-



    Monthly Budget Summary

    Total monthly income.................... 6,070
    Expenses (including HP & secured debts). 4,972
    Available for debt repayments........... 1,098
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 1,098


    Personal Balance Sheet Summary
    Total assets (things you own)........... 740,000
    Total HP & Secured debt................. -365,000
    Total Unsecured debt.................... -8,500
    Net Assets.............................. 366,500


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Total unsecured debt: £8500/£45393 81% paid.
    Aiming for DFD of 03/21
    • Yellow_mango
    • By Yellow_mango 17th Jun 19, 12:05 PM
    • 366 Posts
    • 627 Thanks
    Yellow_mango
    Just dropping in to say hi! Your journey seems not dissimilar to mine, so Iíll be following with interest!
    • ohshithowdidthathappen
    • By ohshithowdidthathappen 18th Jun 19, 8:43 AM
    • 207 Posts
    • 685 Thanks
    ohshithowdidthathappen
    This is where our money goes..... between now and next July, we have the following school trips to pay for.
    Child 1 trip to Iceland - £1200
    Child 2 trip to France - £350
    Child 2 trip to Spain - £600
    Child 3 residential trip in UK - £450
    We've decided to downgrade our UK summer holiday massively this year, so that it should cost £500 rather than £2k and will put the difference in an account. Will then put £100 a month away into the account, so hopefully should be enough in there to cover
    Child 2 also needs a passport as never been abroad before.
    I'm excited for them all, lovely opportunities for them. Just don't want to get in a pickle paying for it
    Total unsecured debt: £8500/£45393 81% paid.
    Aiming for DFD of 03/21
    • Starmummy
    • By Starmummy 18th Jun 19, 9:28 AM
    • 471 Posts
    • 2,174 Thanks
    Starmummy
    Hi Oh.
    Really enjoyed skimming through your diary. careers and 5 kids with £135k of building work...are you super-humans?

    The more I've done this debt journey thing the more I've come to realise there is no one solution to everyone's issues.

    Wow older kids are expensive. We only have one (DD9) and she costs the best part of £100 a month just on clubs...thankfully no mobile phones and residential school trips just yet.

    Good luck

    SM
    debt consolidated 16/8/18 £10,188.52/£12,618.12 (Total debt at LBM 1st Jan '18 c..£19.5k)
    EF/FIT savings £297.24 Other Savings £463.17 House Deposit £4,337.64/£20,000 21.7%
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