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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 8:12 PM
    • 713Posts
    • 3,779Thanks
    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 40
    • f0xh0les
    • By f0xh0les 30th Aug 18, 6:53 AM
    • 2,337 Posts
    • 21,260 Thanks
    f0xh0les
    Morning!
    I would not have been able to stop myself paying it down to £1234.56
    Honestly, you should see me at the petrol pump, I am a nightmare....

    Well done, you are storming through this.
    MFW START1/5/16 £118,340 Oct17£109,49 12/17 £108,801/18 £108,39 3/18 £108,50 4/18£108,10 5/18£106,99 6/18£105,99.7/18£105,308/18£103,99 9/18£102,99 10/18£101,999 11/18£101,300 12/18£100,700,1/19 £99,999 2/19 99,500 1/3 £98,9991/4 £98,500 1/5 £97,999 1/6 £97,500 1/7 £96,999.99
    MFW 2019 #65
    L&C Referal code- https://referme.to/GNNHtJo
    • Mumoffourkids
    • By Mumoffourkids 30th Aug 18, 8:43 AM
    • 713 Posts
    • 3,779 Thanks
    Mumoffourkids
    Actually after I wrote that post this morning, I then paid a further £250 off so now it is below £1000!!!

    I am the same at a petrol pump. I hate even going over by a 1p when I get to a round amount.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • beanielou
    • By beanielou 30th Aug 18, 8:50 AM
    • 64,480 Posts
    • 287,548 Thanks
    beanielou
    Get that signature updated
    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.***
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 30th Aug 18, 11:36 AM
    • 2,218 Posts
    • 12,116 Thanks
    wishingthemortgaheaway
    You are doing brilliantly. I can't wait for your post next week.
    Outstanding mortgage: £27,000
    MFW 2019 Challenge Member #28: £800.something/ £2860
    • hugglemonster
    • By hugglemonster 30th Aug 18, 12:28 PM
    • 591 Posts
    • 2,798 Thanks
    hugglemonster
    Fantastic payments well done, you're smashing this debt!

    H x
    Debt:Loan 2 £2200 now £2200 Credit card £2200 now £1990 Car - Purchased £11,518.40 now £4982.64 Barclays loan 3000 now £2219.05 (savings to PIF - £83.55)
    PAID - Computer £646.52, Overdraft 1 £2200 Dad £300
    Emergency fund: £50 General savings: £90 Debt paid 2019 14.03% starting debt 13,111.79 current debt £11.391.69
    • Drawingaline
    • By Drawingaline 31st Aug 18, 7:11 AM
    • 705 Posts
    • 2,389 Thanks
    Drawingaline
    So close!!!
    • Mumoffourkids
    • By Mumoffourkids 31st Aug 18, 7:43 AM
    • 713 Posts
    • 3,779 Thanks
    Mumoffourkids
    Thanks everyone. Signature is updated as I have paid another £367.12 this morning as I had an extra housing benefit payment this month. I have already paid the rent so it went towards the debt.

    Debt is now down to £632.66 which will be paid next Thursday when I get paid.

    This month I have paid £1597.12 off my debt. I have been able to pay this partly because of the extra housing benefit payment and partly because my youngest turned 2 and she now gets 15 hours funding from September. So nursery bill for the two youngest went from £1372 for August to £728 for September and that's with them doing an extra day a week in September!!

    I was hoping to pay an extra £1000 on top of my £680 DMP payment but my eldest was promised money by my dad and by her dad and his parents to buy some clothes for sixth form but none have given it to her, so I have lent her some money until she gets paid next week. She will be getting about £450 next Thursday so can easily pay me the money she owes me if her grandparents don't some through!!

    Right, DD2 is currently making scotch pancakes for breakfast, four of the six kids are up, DD1 will need taking to work later on this morning and then I think the rest of us are going out for the day.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • beanielou
    • By beanielou 31st Aug 18, 8:01 AM
    • 64,480 Posts
    • 287,548 Thanks
    beanielou
    Great totals
    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.***
    • Mumoffourkids
    • By Mumoffourkids 2nd Sep 18, 1:25 PM
    • 713 Posts
    • 3,779 Thanks
    Mumoffourkids
    So I had a little bit of a panic yesterday as I checked my tax credits payments on my app to find that they had taken my 16 year old off my claim despite me telling both tax credits and child benefit that she was staying in school to do A-levels. So I phoned tax credits and they said that they didn't know she was staying in education, so I updated that. They then said it may take a few days to update my tax credits payments.

    I checked yesterday evening and my daughter was back on the claim and my payments had gone up slightly but not to the level they were at before.

    I checked this morning and they have gone up again but still £30 less a week than what I was getting and now I am getting an extra payment on Thursday this week? I don't understand why they do this. This has happened a few times to me now, where my weekly payments go down but I get an extra payment one week.

    I suppose it is good in a way as this month was looking slightly tight as I was preparing to pay off the last of my credit card and I have the first car payment coming out. I have also arranged a payment plan for an overpayment of tax credits which arose when I was with my ex. But with this extra payment I will be fine and then I will save more this month but less in future months.

    I have also set my target of extra money that I would like to get to this month. It includes the remainder to be paid on the puppy we are getting at the end of the month, along with the admin fee for the car, my help to save payment of £50 and my usual £100 extra income target.

    So my total for September is £380!!

    I won't have anything big like my old car scrappage to help this month so I really need to knuckle down and create some income! I have £31.40 of matched betting profit to come in tomorrow or Tuesday so that is a good start and then will hopefully make about £40 a week from that each week. So the extra needs to come from selling stuff and savings on weekly spends!

    Right I am off to make DD3 some hair bows for school before I go and pick the youngest two up from my ex and eldest from work.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Mumoffourkids
    • By Mumoffourkids 3rd Sep 18, 8:38 PM
    • 713 Posts
    • 3,779 Thanks
    Mumoffourkids
    So I have started off the month well today with some extra money earnt towards my September income target.

    I sold some more clothes to Cash 4 clothes, and then also got some more profits from matched betting.

    So my total so far is £47.08/£380.00 12.39%

    I am hoping for another £20 in matched betting profits by the end of the week along with hopefully a saving of £10 from my weekly spending budget.

    Its back to school tomorrow for two of the kids and back to nursery for the two youngest. The two oldest don't go back to school until Wednesday. I am back to work tomorrow so it is all back to routine by Wednesday this week. I am looking forward to it as the kids have been getting out of routine and staying up far too late in the holidays!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Mumoffourkids
    • By Mumoffourkids 6th Sep 18, 9:35 AM
    • 713 Posts
    • 3,779 Thanks
    Mumoffourkids
    So I got my wages paid this morning and an extra tax credit payment and I have made the last payment on my old credits cards!!

    So now I just have my car loan and a tax credit overpayment to pay. The tax credit overpayment is £600 and I have arranged to pay that over 6 months and HMRC seems happy with that. No interest so I am happy to let that one just go.

    So its just the car loan which I will start to make overpayments on next month I think. I am going to phone the finance company tomorrow to confirm how many overpayments I can make and what the penalty is.

    An update on my monthly extra income target as well.

    Extra Income September £96.02/£380 25.27%

    So I am on target for this as well. Next month my target is only £100 so I should make that one easily if I carry on like I have been doing and any extra money made will go to pay off my car loan.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Gettingtherequickly
    • By Gettingtherequickly 6th Sep 18, 12:05 PM
    • 4,032 Posts
    • 17,909 Thanks
    Gettingtherequickly
    Back from holiday & had to see what you are up to! Didn't expect to see that balance this early. Well done!!!!!!!!!
    A smile costs little but creates much
    • apple muncher
    • By apple muncher 6th Sep 18, 12:37 PM
    • 9,034 Posts
    • 69,493 Thanks
    apple muncher
    Congratulations!!
    NST July jogger #5; NSD 7/18; Ex 13/31; remove bagfuls (31)

    Mortgage £15,451 (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???
    • Verbatim
    • By Verbatim 6th Sep 18, 12:58 PM
    • 4,694 Posts
    • 14,491 Thanks
    Verbatim
    Well done on clearing the ccs. If the loan penalises you for overpayments why not let it run and put what would have been overpaid towards your house deposit?
    Hope the children settle back into their routine quickly.
    V out from lurkdom.
    CCs @0% £24k Dec 05 £19,621.41 Au £13400 S 12600 Oct £11,981 £9481 £7500 Nov £7250 D £7100 Jan 6950 F £5800 Mar£5400 May £4830 June £4660 July £4460 Aug £3200, S £900, £0 18/9/07 DFW Nerd 042
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 6th Sep 18, 4:05 PM
    • 2,218 Posts
    • 12,116 Thanks
    wishingthemortgaheaway
    Congratulations. That's fantastic news. Time to save for that house...
    Outstanding mortgage: £27,000
    MFW 2019 Challenge Member #28: £800.something/ £2860
    • Mumoffourkids
    • By Mumoffourkids 6th Sep 18, 6:45 PM
    • 713 Posts
    • 3,779 Thanks
    Mumoffourkids
    Back from holiday & had to see what you are up to! Didn't expect to see that balance this early. Well done!!!!!!!!!
    Originally posted by Gettingtherequickly
    Thanks, hope you had a lovely holiday.

    Congratulations!!
    Originally posted by apple muncher
    Thank you.

    Well done on clearing the ccs. If the loan penalises you for overpayments why not let it run and put what would have been overpaid towards your house deposit?
    Hope the children settle back into their routine quickly.
    V out from lurkdom.
    Originally posted by Verbatim
    Thank you. I am hoping from reading the terms and conditions that they only penalise you if you pay large amounts, which I won't be doing at first. But yes that is a good plan if they do penalise for overpayments. And thank you for de-lurking!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Mumoffourkids
    • By Mumoffourkids 6th Sep 18, 6:47 PM
    • 713 Posts
    • 3,779 Thanks
    Mumoffourkids
    Congratulations. That's fantastic news. Time to save for that house...
    Originally posted by wishingthemortgaheaway
    Thank you and yes definitely. Although first to pay off the holiday at New Year with the kids. A once in a lifetime holiday!!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • beanielou
    • By beanielou 6th Sep 18, 7:26 PM
    • 64,480 Posts
    • 287,548 Thanks
    beanielou
    Great news
    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.***
    • Mumoffourkids
    • By Mumoffourkids 7th Sep 18, 1:05 PM
    • 713 Posts
    • 3,779 Thanks
    Mumoffourkids
    Thanks Beanie.

    So today has been my first day at home by myself with no children since before the summer holidays! I gave myself a little list of things to do which included lots of phoning and cleaning!

    I have done all my list apart from the washing up which I will do next.

    One part of my list was to phone the car finance company to ask about overpayments. No penalties for overpaying and they have given me the bank details to transfer the money to them. They also said that interest is calculated daily so it is in my interest to overpay. So from next month, I am going to add £50 to my monthly target in order to overpay the car loan! I also need to set up my spreadsheet so that I can try and calculate the interest and work out how much my overpayments save on interest.

    I also paid for my home insurance in full today for next year and have confirmed with my landlord that he is happy to renew my contract for another year with no increase in monthly rent!

    I have also cashed out £5.08 from a survey site today and that has hit my bank account already. I am hoping for some more matched betting profits this afternoon. I have £45 profits pending withdrawals hitting my bank account this afternoon.

    So all in all a very good day so far!!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Mumoffourkids
    • By Mumoffourkids 10th Sep 18, 7:22 PM
    • 713 Posts
    • 3,779 Thanks
    Mumoffourkids
    Ok so update after the weekend on my extra income made this month already.

    Extra Income for September £185.93/£380 48.93%

    So that's a good increase. It's mainly from Matched betting profits which I seem to be doing well at. I am going to try and aim for an extra £200 a month from this. I have another £20.90 on its way to me in a cheque as well.

    I only saved £6 in weekly spending last week but that was mainly due to extra petrol spent. I had to take my eldest to a rugby assessment evening as well as the kids going to their dad's for a day at the weekend. I am hoping that this week I should save more than the £6 I saved last week.

    I have also been doing a lot of thinking about my job at the moment and about my life going forward. I do enjoy my job but I have decided that I just don't like working with other people! I get stressed out very easily when other people don't do what they should be doing and I can feel it affecting my life. But I don't know what to do. I don;t know whether to try and set up my own business working from home somehow but I know I can't actually work from home as I will procrastinate until the last possibly minute.

    I want to feel less stressed but I don't want to just sit at home and not work. So I guess I need to have a long hard think about whether there is anything I can do from home that doesn't involve working with other people .
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
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