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    • MrsSave
    • By MrsSave 30th Jul 17, 7:22 AM
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    MrsSave
    Mrs S, family life and debt
    • #1
    • 30th Jul 17, 7:22 AM
    Mrs S, family life and debt 30th Jul 17 at 7:22 AM
    This is my 4th diary. I'll link the others in case anyone has absolutely nothing to do and fancies a read!

    Diary 1: MrsS is getting serious http://forums.moneysavingexpert.com/showthread.php?t=5045594

    Diary 2: Debt free before 35 http://forums.moneysavingexpert.com/showthread.php?t=5286098

    Diary 3: A pound stretching maternity
    http://forums.moneysavingexpert.com/showthread.php?t=5495440

    So, who is Mrs S?

    I'm in my mid early 30's and a mum to 2 lovely little boys. My second maternity leave is just coming to an end (sob). I'm a teacher but looking for a career change. I mentioned this career change back in diary 1, but I'm finally doing something about it. I have 2 job interviews next week and I'm still searching and applying for others.

    Debt

    I guess I wouldn't be starting a new diary if I didn't have any debts. Maternity leave and retraining has meant that the debt we had beforehand has increased. Significantly. I'm gutted, but from the retraining side, I just had to do it. Today, our debts stand at:

    Loan: 9,906.30
    Credit Card: 6,480.60

    We also have a mortgage of 92,720.52

    Excluding the mortgage, our current debt figure is 16,386.90. That's massive.

    So what are we doing about it?

    Not adding to it any more, that's to start! The problem is that a lot depends on whether I find work quickly. In an ideal world I will be working by September (even if it's something unrelated to what I actually want to do, as we need a second income).

    Using YNAB. I've used YNAB for a few years now, and love it. It's so clear in showing how much money we actually have, and splitting it between different pots.

    Paying 266.40 towards the loan every month, and around 65-70 towards the card. The card is a very recent balance transfer, so not 100% sure on exact figures yet, but 1% is the minimum balance. I'm not sure whether to stick with the minimum, or a set amount each month. The set amount won't be much higher than the minimum, but obviously won't decrease every month. Possibly 65 per month. That means we will be paying 331.40 towards our debt each month. At this rate it would take 50 months to clear. 4 years, 2 months.

    Budgeting and treats

    I allow treats. They're budgeted for. I would fall flat on my face if we weren't allowed our treats. We do have little breaks away sometimes (not abroad, we haven't been abroad since our honeymoon). We save for them, though and pay with the money we have and not add to the debt. We have the odd takeaway and meal out, we have days out. I treat the boys on their birthdays and Christmas. I have this year started paying into Park for Vouchers in time for Christmas. I've budgeted for that every month.

    We put money into our car pot each month for the MOT and any extras it needs. Our car is 12 years old, and up until recently hasn't needed anything doing to it. A couple of little things are starting to need changing now so I'm hoping we'll have a few more years before the car get sorted too expensive. I do love my car! It's nothing special, not fancy and was cheap to buy with low mileage (we've had the car about 5 years).

    Right, I've probably bored anyone who's reading this enough for a first 'All about me' post.
    YNAB - one of my favourite money saving tools
    Finally debt free (other than the mortgage) - 05/02/18
    Check out my debt free diary 'Mrs S, family life and debt' below:
Page 24
    • MrsSave
    • By MrsSave 13th Feb 18, 6:08 AM
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    MrsSave
    The keys I got cut on Saturday don't work!! Will be going into town today to get that sorted. I am still not feeling 100% and both boys are under the weather now too so really didn't want to spend yesterday traipsing around supermarkets seeing what was cheapest. I got everything I needed in Tesco. The shop came to 49, but did include a couple of bit for the foodbank, and a couple of bits for ds1 for half term which is next week here. I also really fancied salmon for food last night, so got a couple of fillets for us.

    It's mr S's birthday soon, so will be getting something from the boys for him. I've asked him what he wants and he mentioned some trousers he'd seen in Tesco. He could do with more clothes, so I'm more than happy to get them. Plus, they're on offer so will get 2 pairs in different colours.

    I did change Tesco vouchers for red spotted hanky, and the evouchers are in my account. Today I'll book the train tickets for our half term day out.

    Shrove Tuesday today, which makes dinner easy!!
    YNAB - one of my favourite money saving tools
    Finally debt free (other than the mortgage) - 05/02/18
    Check out my debt free diary 'Mrs S, family life and debt' below:
    • MeandO
    • By MeandO 13th Feb 18, 9:23 AM
    • 1,363 Posts
    • 6,679 Thanks
    MeandO
    How annoying about the keys, hope you get it sorted.
    Hope you all feel better soon too, there are so many bugs going round here at the moment.
    From your comment about the reading books, I'm guessing you're in the same part of the world as me! It's a small world.
    Mortgage Feb 2015: 102,000 Mortgage now: 76,900
    2018 OP's: JAN:129.26/100 FEB:287/100 MAR:150/100 APR:157.31/100 MAY:10.14/150
    • MrsSave
    • By MrsSave 14th Feb 18, 9:14 PM
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    • 4,774 Thanks
    MrsSave
    From the Welsh countryside MeandO Far away from any motorway or city! Still plenty of shops nearby, though

    Nsd today. I was given the after school club bill, though, so will be paying that next time ds1 is there. I'm usually home alone on wednesday nights, but it seemed to make more sense me taking ds1 to school (as I'm passing the door almost!) so we gave ds1 the choice of where he wanted to sleep on a Wednesday night. He has decided to stay with me tonight, whilst ds2 is at Mr S'. He may change his mind every week, depending on where he'd rather be so that's 100% fine. It was really nice to spend an hour playing board games with ds1 after ds2 left this afternoon - it's difficult with the youngest toddling about everywhere.

    I've cashed out 5 on Prolific today. I'll put that 5 towards a half term day out next week.

    I've got some friends coming to stay Saturday night. It'll be the first time I see them/speak to them after everything that's happened. I've completely avoided it so far! We're going out for a mela Saturday night, and I'll use the money I have leftover from my birthday/Christmas for it. There won't be much left afterwards!

    I've kind of meal planned for next week - I've done it on the Tesco app, but haven't written anything down yet. I'll get that done by the weekend.
    YNAB - one of my favourite money saving tools
    Finally debt free (other than the mortgage) - 05/02/18
    Check out my debt free diary 'Mrs S, family life and debt' below:
    • MeandO
    • By MeandO 15th Feb 18, 10:25 AM
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    • 6,679 Thanks
    MeandO
    I'm near the coast in the South West, about 10 miles away from the nearest city.

    I bet it was nice to have DS1 and Mummy time. DS and I love our time together now, we are so much closer than before his Dad and I split up. Last night we built lego together and marble runs!

    Enjoy your weekend with friends. xx
    Mortgage Feb 2015: 102,000 Mortgage now: 76,900
    2018 OP's: JAN:129.26/100 FEB:287/100 MAR:150/100 APR:157.31/100 MAY:10.14/150
    • JoJoC
    • By JoJoC 15th Feb 18, 11:21 AM
    • 1,664 Posts
    • 6,062 Thanks
    JoJoC
    With a 5 year old and a 2 year old, i know what it's like to try to get 30 minutes to play a board game with the oldest! Glad you managed some valuable 1-on-1 time without interruptions I'm sure your son loved it!
    CC1: 4601.14/ 5031.14 (10% paid off, 480) | CC2:3407/ 3807 (12% paid off, 450) | Loan: 10,788.72/ 15,000((28% paid off, 4211.28))

    July debt total: 23,838.14 | New debt total: 18,796.86 | Total debt paid: 5,141.28 (22%)
    *My debt busting and savings diary*
    • MrsSave
    • By MrsSave 19th Feb 18, 6:56 AM
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    • 4,774 Thanks
    MrsSave
    It's half term here. I'm working as normal this week which means today and tomorrow off. Both boys are already awake but as our rule is 7am to get up they're both in their bedroom with books/toys. It means I get another 20 minutes of quiet before the madness starts

    There has been a lot of eating out this weekend!! I went out with friends Saturday night for food and a few drinks. I also went out for lunch with the boys and Mr S Saturday, had lunch out with a friend yesterday before one of my friends caught the train home and had a Chinese last night But, I took 50 out of the bank, and spent just that and the money that was already in my purse (just under 10). I think for 3 meals/drinks out and a takeaway that wasn't bad!! I went halves with Mr S for lunch Saturday, so that was 10, lunch yesterday was in wetherspoons, so was 7 including a drink, and a Chinese for 1 was only 8. So around 30-35 was spent Saturday night. Not bad considering, but won't be doing that again for a while!!!

    Out of the 3 friends I went out with, 2 of them mentioned their debts. I knew one of them used credit cards a lot, but she was so flippant with 'I'll pay for food on my credit card, you give me the cash because I've got 20 months to pay it off!'. The other friend has savings so not sure what she's up to!

    I did my food shop yesterday for the week, and it came to 23. I'll probably need a fruit and milk top up at some point, but otherwise a pretty good week. I have so much food in the house already I could probably have a few cheaper weeks. I also filled the car with petrol, but had been given a 10p per litre voucher off from my mum.

    I'm aiming for a not too expensive half term. I bought popcorn/drinks/treats with my food shop last week for me and ds1 to have a movie session whilst ds1 naps today. I haven't decided on the DVD yet, but he has a few he hasn't seen much of, or I'm sure there'll be something on tv I can record for us to watch. I also bought bits with the food shop to make a pizza so we'll do that this afternoon. My mum hasn't been well so I've said we'll pop to see her tomorrow afternoon with some cakes for a mini afternoon tea at hers. Otherwise we may visit the park if it's dry, or play in the garden. I did think about gardening, but it's still freezing from time to time here so I don't want to plant seeds and for them all to die!! We may pop to Wilko to pick up some things, or that will probably be an Easter activity.

    We have got a planned day out on Saturday, just me, ds1 and mr S. We'll go halves on that and I have worked out 60 each should cover the day. I've put my half to one side. We are going on the train as ds1 loves them, and used Tesco vouchers for the tickets. I've also won a free child's meal at TGI Fridays, so will eat there.

    Right, it's 5 to 7. I have 5 minutes before the chaos and madness starts!!!
    YNAB - one of my favourite money saving tools
    Finally debt free (other than the mortgage) - 05/02/18
    Check out my debt free diary 'Mrs S, family life and debt' below:
    • enthusiasticsaver
    • By enthusiasticsaver 19th Feb 18, 8:44 AM
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    enthusiasticsaver
    You sound very organised and disciplined with money now Mrs S. Overpaying your mortgage even only a small amount each month is definitely worth it. Another thing to consider is your pension given you presumably work part time? Overpaying on that at some point will also put you in a good place for retirement. A long way off I know but the earlier you start the better. At least educating yourself early on about how your scheme works and the benefits is a worthwhile task.

    Good that you and Mr S can be civilised to take the kids out together. Makes it so much easier if you can get along.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • MrsSave
    • By MrsSave 19th Feb 18, 1:05 PM
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    • 4,774 Thanks
    MrsSave
    Thanks enthusiastic saver. I pay a higher percentage into my pension than I have to, and due to some error in the past with wages dept in work, they pay 1% more than I do into it from now on. The error didn't effect me as I hadn't started but they decided to bring me in on the same figures as everyone else. I do need to look into it a little more though to see what my predictions are and to decide about my teacher's pension - though will probably leave that where it is.
    YNAB - one of my favourite money saving tools
    Finally debt free (other than the mortgage) - 05/02/18
    Check out my debt free diary 'Mrs S, family life and debt' below:
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 19th Feb 18, 1:13 PM
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    wishingthemortgaheaway
    Oh, if you do look into teacher pension options, I'd be interested to hear your thoughts.
    I've got 13 years contributions to the TPS, but I've not completely decided if I'm totally out of that life yet, or just on an extended career break.
    I do believe, I've got 5 years (well 4 now) during which time I can stay on the same t&cs as when I started teaching, anything after that means I go onto what ever the current t&cs at ewhen I return (I can garuntee they won't be more favourable as those I've had....)
    The 100 payment countdown (each payment = 400) 2018 Starts at 13/100 o/s 34,750.
    Jan 18 14/100 Feb 15/100 March 18/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 1400ish/2,500
    • MrsSave
    • By MrsSave 20th Feb 18, 5:41 AM
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    • 4,774 Thanks
    MrsSave
    Wishing the mortgage away I'll let you know when I've had a good read of tps. It's been on my to-do list for a while though!!

    I've already been awake over an hour. Day 2 of half term so I will seriously regret it later I have small, planned spends today. I just need to pick up some cakes to take to my mum's. I'm going to make a soup at some point today which should last the rest of the week for work lunches.

    I managed to reach the bottom of the laundry basket yesterday (briefly) It does mean the ironing basket is now filling mini jobs today will be wash all towels and prepare soup. Other than that today will be spent at the park and eating cake!!

    I've checked the accounts and ynab this morning. One bill was meant to go out yesterday, but it still hasn't. It is only a little one, but no idea why that's late. Ds2's nursery is going up at the start of April Only by 1 a day, but it adds up (it's gone up so much since my now 4 year old started there as a baby!!!).

    Right, I'm going to attempt another hour of sleep before the boys wake, though not sure I'll be that lucky!!
    YNAB - one of my favourite money saving tools
    Finally debt free (other than the mortgage) - 05/02/18
    Check out my debt free diary 'Mrs S, family life and debt' below:
    • louby40
    • By louby40 20th Feb 18, 7:50 AM
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    • 3,652 Thanks
    louby40
    I'm 11 years away now from retiring and at the point of beginning to keep an eye on my teachers pension.

    Of course everything changed in 2015 regarding teachers pensions so it's worth checking it out.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 20th Feb 18, 8:38 AM
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    wishingthemortgaheaway
    Thanks Mrs S, I think we're going to get an ifa in to look at all these things too. Hubby is self employed, which is always a challenge.
    louby , did it change for everyone or just for new starters? I can remember a coupe of changes that happened, probably 2011/12 ish that were only for new starters.
    The 100 payment countdown (each payment = 400) 2018 Starts at 13/100 o/s 34,750.
    Jan 18 14/100 Feb 15/100 March 18/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 1400ish/2,500
    • enthusiasticsaver
    • By enthusiasticsaver 20th Feb 18, 8:48 AM
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    • 12,412 Thanks
    enthusiasticsaver
    I don't know about the teachers pension scheme as I had a LGPS even though I worked in a University. My role fell under professional services rather than teaching.

    What I do know is that the teachers pension is the same as LGPS in that the benefits are linked to salary rather than contributions. Consequently they have a high value. It may have done as my LGPS did in 2014 and moved to career average rather than final salary. Your administrators should give you annual statements or access to online calculators. Buying added years or putting in AVCs is definitely worth it if you won't have a full pension.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 20th Feb 18, 8:52 AM
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    wishingthemortgaheaway
    That's useful information thank you Enthusiastic,

    Will have a look into it properly soon.
    The 100 payment countdown (each payment = 400) 2018 Starts at 13/100 o/s 34,750.
    Jan 18 14/100 Feb 15/100 March 18/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 1400ish/2,500
    • louby40
    • By louby40 21st Feb 18, 9:44 PM
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    • 3,652 Thanks
    louby40
    Up until 2015 teachers pensions were final salary based. From then on pensions will now be career average salary based.

    So my pension will be a pension of 2 halves from 1996-2015 will be final salary and I can claim that pension at 60. But the second part of my pension I won't beable to draw that until I'm 67 (along with my state pension) so I may have a shortfall for 7 years. This is where I may need to sell my house.

    I need to get advice regarding this. No way I'm teaching until I'm 67!
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 22nd Feb 18, 1:51 AM
    • 1,221 Posts
    • 5,596 Thanks
    wishingthemortgaheaway
    So I'll have 2004-2015 as a final salary based take it at 60 and 2015-2016 as career average (so far). I guess I will have to look at the value of kidneys, lungs and any other organ I can sell then.

    Thanks for the info.
    The 100 payment countdown (each payment = 400) 2018 Starts at 13/100 o/s 34,750.
    Jan 18 14/100 Feb 15/100 March 18/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 1400ish/2,500
    • enthusiasticsaver
    • By enthusiasticsaver 22nd Feb 18, 3:56 AM
    • 6,264 Posts
    • 12,412 Thanks
    enthusiasticsaver
    Up until 2015 teachers pensions were final salary based. From then on pensions will now be career average salary based.

    So my pension will be a pension of 2 halves from 1996-2015 will be final salary and I can claim that pension at 60. But the second part of my pension I won't beable to draw that until I'm 67 (along with my state pension) so I may have a shortfall for 7 years. This is where I may need to sell my house.

    I need to get advice regarding this. No way I'm teaching until I'm 67!
    Originally posted by louby40
    If you buy added years or pay in AVCs you may not need to. Other options to bridge the gap are SIPPs and stocks and shares ISAs. Topping up your teachers pension should be the first port of call generally. Get some quotes for retirement at 60 and post on the pension board as a first step.
    Debt free and mortgage free and early retiree. Living the dream

    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
    • louby40
    • By louby40 22nd Feb 18, 9:43 PM
    • 1,343 Posts
    • 3,652 Thanks
    louby40
    Sorry to hijack your diary Mrs S with pension talk
    • MrsSave
    • By MrsSave 23rd Feb 18, 10:35 AM
    • 1,472 Posts
    • 4,774 Thanks
    MrsSave
    Sorry to hijack your diary Mrs S with pension talk
    Originally posted by louby40
    No worries. I need to read through it all properly!!

    After being off work sick a fortnight ago, I've been back off again this week. I didn't manage to clear what I had before, and now seem to have it all over again. I'm living off a cocktail of tablets and sleep at the moment. To make things slightly more difficult, both boys are now poorly as well. They were supposed to be staying with their dad, but wanted to come home. I of course welcomed them home, and Mr S camped out in ds1's room last night as well!!

    Currently ds2 is in bed, ds1 and MrS are watching the minions and I'm in bed!! We were supposed to have our big half term day out tomorrow, but we're postponing that until next weekend.

    Money wise, I'm keeping an eye on the accounts, but not doing much else at the moment. It's pay day next wednesday so will have to sort March's budget by then.
    YNAB - one of my favourite money saving tools
    Finally debt free (other than the mortgage) - 05/02/18
    Check out my debt free diary 'Mrs S, family life and debt' below:
    • JoJoC
    • By JoJoC 23rd Feb 18, 11:26 AM
    • 1,664 Posts
    • 6,062 Thanks
    JoJoC
    Sorry you're all sick Mrs S, but good that you have the help of Mr S with the kids while you're feeling so bad. Hope you all make a speedy recovery and I'm sure your budget can wait until you feel more up to it.
    CC1: 4601.14/ 5031.14 (10% paid off, 480) | CC2:3407/ 3807 (12% paid off, 450) | Loan: 10,788.72/ 15,000((28% paid off, 4211.28))

    July debt total: 23,838.14 | New debt total: 18,796.86 | Total debt paid: 5,141.28 (22%)
    *My debt busting and savings diary*
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