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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 9:12 PM
    • 646Posts
    • 3,137Thanks
    Mumoffourkids
    Single, six kids and going to be debt free!
    • #1
    • 15th Dec 17, 9:12 PM
    Single, six kids and going to be debt free! 15th Dec 17 at 9:12 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 25
    • Mumoffourkids
    • By Mumoffourkids 5th Mar 18, 11:23 AM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    So almost lunchtime, going to see how much I have got done today so far
    • Get middle two kids to school for 8.30 Done
    • Weigh in day Done - wasn't good!
    • Get some ink for printer
    • Photograph insurance letters
    • Email insurance letters
    • Phone insurance company
    • Stock up on mail bags from B & M Done
    • Package up and post two ebay sales
    • List old Ou books on ebay
    • Clean bathrooms
    • Go through stuff that was sorted out and list for sale
    • Iron school clothes Done
    • Washing mountain
    • Amend Asda order
    • Check bank and update spreadsheet Done
    • Put together Ikea unit

    Also need to match socks, but I might get the kids to do that when they get back from school this afternoon!
    Total debt Dec 2017 £23090.83
    Ma7 2018 £3691.78 84.01% paid
    Emergency fund £150/£600
    Total Savings £1328.05
    • JoJoC
    • By JoJoC 5th Mar 18, 1:51 PM
    • 1,837 Posts
    • 6,821 Thanks
    JoJoC
    Doing well so far - definitely leave the socks for the kids to do! Even get the little ones to match them up as a little game then if they need help putting them together get one of the older ones to help. My two love matching socks up.
    CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))

    July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
    *My debt busting and savings diary*
    • Mumoffourkids
    • By Mumoffourkids 5th Mar 18, 6:10 PM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    So almost the end of the day and I haven't finished the list!
    • Get middle two kids to school for 8.30 Done
    • Weigh in day Done - wasn't good!
    • Get some ink for printer Ordered online from Amazon as Office Depot shop has closed down!
    • Photograph insurance letters
    • Email insurance letters
    • Phone insurance company
    • Stock up on mail bags from B & M Done
    • Package up and post two ebay sales Done and done five more that ended today as well
    • List old Ou books on ebay
    • Clean bathrooms Cleaned one
    • Go through stuff that was sorted out and list for sale
    • Iron school clothes Done
    • Washing mountain
    • Amend Asda order Done
    • Check bank and update spreadsheet Done
    • Put together Ikea unit

    Matching socks will be done soon as will some more washing!
    Total debt Dec 2017 £23090.83
    Ma7 2018 £3691.78 84.01% paid
    Emergency fund £150/£600
    Total Savings £1328.05
    • Mumoffourkids
    • By Mumoffourkids 6th Mar 18, 6:30 PM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    So the holiday is all saved for now, well apart from spending money. But that will be saved soon. I sold a few more bits on ebay yesterday and all of that money has been going towards the payment for the holiday as it has to be paid by 26th March.

    Next up will be spending money for the holiday and adding £100 extra to my bank account each month. In my long term plan I have estimated £100 extra from either making extra money or making savings on my weekly budget. This month I have been saving everything extra towards the holiday but from now on, I will split the extra money I have between current account and holiday spending money. Once I have reached the £100 in my current account, then I may split half and half between my ISA which I am going to use as my house deposit fund and holiday spending money!

    Got to list more on ebay tonight really to keep the momentum going but another FB sale is going tomorrow night. A wooden dolls house that I bought a few years ago from ebay for 99p and I have sold it for £15!

    In addition I have £10 voucher balance on Amazon from a weekly survey I did about one of the kid's tv watching habits. That was easy as he basically watches the same programs all the time! Then I am at £19.42 with £1.70 on PA and on 9873 points on Shopprize. The amazon vouchers I am going to save up and use for the kids birthday presents. Next birthday is the beginning of May so I have a while to save up for that one.

    Anyway, must do some washing up and sort out the kids for tomorrow. Then I will be listing more things!!
    Total debt Dec 2017 £23090.83
    Ma7 2018 £3691.78 84.01% paid
    Emergency fund £150/£600
    Total Savings £1328.05
    • brizzledfw
    • By brizzledfw 8th Mar 18, 10:23 PM
    • 7,275 Posts
    • 35,710 Thanks
    brizzledfw
    Amazing how useful the Bay can be... when it works its fab, just when things have to go for far less than they should its irritating.

    Have a good Friday
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 60 items before 31.03.18 9/60 ** LSDs Target 10 for March 03/10 **AFDs 10/15 ** Sales/TCB Target 2018 £25/£500 NSDs Target 10 for March 02/10 Trying to be a Frugalista
    • Mumoffourkids
    • By Mumoffourkids 9th Mar 18, 6:11 AM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    I know it is very useful. According to the overview on there, I have sold about £350 in the last couple of months. That is mostly stuff I had just lying around the house! This reminds me a few bits didn't sell so I need to adjust the title a bit and relist them today. In addition I have more bits to go on there so I need to get cracking as I only have one item for sale on there at the moment.

    So I haven't updated for a few days because it has been manic at work, then been rushing around at home and haven't had chance to do much apart from get kids to school and nursery, go to work and sort dinner out. I'm not at work today so I will be able to sort the house out a bit and get listing items for sale.

    So list for today
    • Get kids to school and remember money for mothers day gift shop
    • Scan and email insurance documents over
    • Phone insurance company
    • Get quote for car insurance on comparison sites
    • Relist items that didn't sell
    • Contact charity about taking car seats
    • List some more new bits on FB and ebay
    • Clean bathrooms
    • Check bank and update spreadsheet
    • Transfer some money to ISA
    • Check work emails
    • Do one hour of work on costings
    • Washing mountain
    • Washing up mountain
    • Put ikea unit together

    I'll probably remember more stuff later on
    Total debt Dec 2017 £23090.83
    Ma7 2018 £3691.78 84.01% paid
    Emergency fund £150/£600
    Total Savings £1328.05
    • Mumoffourkids
    • By Mumoffourkids 9th Mar 18, 12:34 PM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    So as it is lunchtime, just going to see how I am doing on my list:
    • Get kids to school and remember money for mothers day gift shop Done and remembered
    • Scan and email insurance documents over
    • Phone insurance company
    • Get quote for car insurance on comparison sites
    • Relist items that didn't sell Relisted
    • Contact charity about taking car seats Done and they take them
    • List some more new bits on FB and ebay
    • Clean bathrooms
    • Check bank and update spreadsheet Done
    • Transfer some money to ISA Done
    • Check work emails Done
    • Do one hour of work on costings
    • Washing mountain One load on, one load in dryer, next load will be going on in a minute
    • Washing up mountain Done two thirds, last lot to do in a minute
    • Put ikea unit together

    Also need to match socks, kids didn't do it the other night, phone HMRC re tax code and tidy the living room now the youngest two are both having a nap. They decided to get every single toy out that they own for some reason this morning! I might even go through some of the toy boxes and chuck out any broken toys whilst they are asleep. I spoke to my friend and she might be taking some of the toys I have had up for sale off me. She gives me clothes for my youngest for nothing, so I will give her some of the toys that the kids no longer play with. She is a childminder so is always looking for new toys. Right had lunch so best crack on with another 15 minutes of doing stuff.
    Total debt Dec 2017 £23090.83
    Ma7 2018 £3691.78 84.01% paid
    Emergency fund £150/£600
    Total Savings £1328.05
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 9th Mar 18, 12:54 PM
    • 1,466 Posts
    • 6,996 Thanks
    wishingthemortgaheaway
    That's great you've found a charity for the car seats, are they a national charity?

    We will be looking to get rid of ours at some point.
    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 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
    • Mumoffourkids
    • By Mumoffourkids 9th Mar 18, 1:07 PM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    No its a local charity called Growbaby. They take baby stuff, clothes, pushchairs and kids clothes and then give them to people who desperately need the stuff such as women who have fled domestic violence. I got given a load of stuff when I had my second youngest so I really want to give back somehow. I have already donated my old pushchair, the moses basket, a load of sleeping bags and baby towels. I don't mind giving to a charity like that as I know they will make sure the stuff goes to someone who desperately needs it.
    Total debt Dec 2017 £23090.83
    Ma7 2018 £3691.78 84.01% paid
    Emergency fund £150/£600
    Total Savings £1328.05
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 9th Mar 18, 1:12 PM
    • 1,466 Posts
    • 6,996 Thanks
    wishingthemortgaheaway
    Absolutely, me too.
    I'll have a look and see if we have something similar locally (I'm sure we do)
    The other people I thought I'd approach was the fostering agencies, but I don't know whether they would only be able to take new car seats.

    We'll see. At the moment we're not using the baby seat, but we are using the base with the group 1 seat, so I'd prefer to wait until I can pass the whole system on (especially as it's all the new isize, extended rear facing stuff)
    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 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
    • Mumoffourkids
    • By Mumoffourkids 9th Mar 18, 3:01 PM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    Kids will be home soon and I have ground to a halt with my list!
    • Get kids to school and remember money for mothers day gift shop Done and remembered
    • Scan and email insurance documents over Not done
    • Phone insurance company Not done
    • Get quote for car insurance on comparison sites Got quotes, my current insurance company were not going to be able to beat the quote, so I have gone with a different company and paid in full for the year from my car savings
    • Relist items that didn't sell Relisted
    • Contact charity about taking car seats Done and they take them
    • List some more new bits on FB and ebay Not done yet - I need to go through my list and work out what to list next
    • Clean bathrooms Done one and half done the other one. I will finish when the kids get back as they can watch the little two for me for ten minutes
    • Check bank and update spreadsheet Done
    • Transfer some money to ISA Done
    • Check work emails Done
    • Do one hour of work on costings
    • Washing mountain Two loads done, two loads dried in tumble drier. Will dry the rest this evening. Got to get eldest to bring down her washing!
    • Washing up mountain All Done
    • Put ikea unit together Not done but I had a feeling I was probably going to do that one tomorrow

    Phoned HMRC re tax code and I might actually get a refund. They had me down as self employed until 2015. I actually moved to France 2007 so stopped being self employed then. I have submitted a form and they will check all years and I might get some money back

    Not matched socks or tidied up the living room though. But feel like I have got a lot done today!
    Last edited by Mumoffourkids; 09-03-2018 at 4:44 PM.
    Total debt Dec 2017 £23090.83
    Ma7 2018 £3691.78 84.01% paid
    Emergency fund £150/£600
    Total Savings £1328.05
    • Mumoffourkids
    • By Mumoffourkids 9th Mar 18, 3:43 PM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    ARRRGGGHHH Got a return request from an ebay buyer. I stated in the description that I hadn't tested it and it could be working or could not be working. They have said it is not working and as I put the condition as used I have to refund them. I have said if you didn't read the full description where I openly stated that I wasn't sure if it was working or not, its not my fault. I was doing so well with ebay but I am determined to fight this as I stated I hadn't tested it and it might be working and might not be working.
    Total debt Dec 2017 £23090.83
    Ma7 2018 £3691.78 84.01% paid
    Emergency fund £150/£600
    Total Savings £1328.05
    • Seasidegal58
    • By Seasidegal58 11th Mar 18, 11:15 AM
    • 1,980 Posts
    • 12,242 Thanks
    Seasidegal58
    Happy Mother's Day mo4k! I hope you are thoroughly spoilt by your brood - but as they all sound lovely I'm sure they will,

    As always I'm in awe of all you do - and the money situation is going so well too ( eBay will sort itself out). Well done you!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 20/05/2018: £646.59
    MONTHS TO RETIREMENT: 35!
    My diary: “Paid off the £31,0000! BUT- still scrimping!”
    • Mumoffourkids
    • By Mumoffourkids 12th Mar 18, 10:50 AM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    Thanks SeasideGal. My kids did spoil me a little bit but in different ways. We had a lovely day and I am so happy with my not so little family. Also I hope the Ebay issue does resolve itself. I suppose if I have to refund then I will but only after I have argued my case with ebay.

    It was a bit of a manic day yesterday. I had booked a party for three of the kids back in December and didn't realise the day I had booked was Mother's Day. So off we went yesterday morning to the local soft play. We had exclusive hire for an hour before the public were let in and the kids thoroughly enjoyed themselves. Then we got home and I got my Mother's Day presents from the kids. My 12 year old hadn't had chance to get me anything but she helped around the house, made lunch for everyone and made chocolate chip brownies. The oldest was ill in the morning so in the evening when she felt better she sorted out the dinner and cleared up afterwards. All in all was a good day and the kids didn't fight much at all which is a bit of a first!

    So today got loads to do again.
    • Check bank and update spreadsheet, reset weekly budgets
    • Iron school clothes
    • Washing up mountain
    • Put food delivery away
    • Clean bathroom that didn't get cleaned last week
    • Put one load of washing on
    • Sort out youngest clothes and put the new stuff away
    • Sort out my clothes
    • Put sheets away

    Things to do this week
    • List 15 things on ebay/FB
    • Drink 2 litres of water a day
    • Exercise three x 30 minutes at home

    Right better get on, will do 15 minutes of tidying, then 15 minutes of relaxing. I do this for about an hour and half an most stuff gets done downstairs whilst I keep an eye on the little ones.
    Last edited by Mumoffourkids; 12-03-2018 at 6:54 PM. Reason: Spelling!
    Total debt Dec 2017 £23090.83
    Ma7 2018 £3691.78 84.01% paid
    Emergency fund £150/£600
    Total Savings £1328.05
    • Mumoffourkids
    • By Mumoffourkids 12th Mar 18, 6:57 PM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    So today has gone quite well on the list:
    • Check bank and update spreadsheet, reset weekly budgets Done
    • Iron school clothes Done
    • Washing up mountain Done, although 12 year has just made a load more washing up by making fudge and cookies
    • Put food delivery away Done with the help of two small ones
    • Clean bathroom that didn't get cleaned last week Done
    • Put one load of washing on Done two loads
    • Sort out youngest clothes and put the new stuff away Done apart from the hanging stuff which I will do in a minute
    • Sort out my clothes Not done
    • Put sheets away Done

    Things to do this week
    • List 15 things on ebay/FB
    • Drink 2 litres of water a day
    • Exercise three x 30 minutes at home

    Right need to get on and list some items on ebay and FB this evening.
    Total debt Dec 2017 £23090.83
    Ma7 2018 £3691.78 84.01% paid
    Emergency fund £150/£600
    Total Savings £1328.05
    • Mumoffourkids
    • By Mumoffourkids 14th Mar 18, 4:45 PM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    So not updated for a few days as been manic busy at work and running around after the kids. I am still money saving though, still keeping in budget and trying not to spend any money!

    I am still waiting on two PPI claims which I should hear by next Saturday. Also waiting on whether I am due a national insurance refund as HMRC had me down as self employed when I wasn't. Apparently I have been sent a reply so I shall receive something through the post very soon.

    Work is very busy and I will have to do some work from home probably over the next few days. Its just finding the time to fit it in somehow.

    I also need to find time to fit in some exercise and also do some listing on ebay and FB. I have slowed down and need to get going again to keep the momentum going on selling items and clearing the house out!

    Right I've got ten minutes before I go to collect the youngest two from nursery so I will go and sort out my clothes as I have some more ready to take to the cash for clothes place.
    Total debt Dec 2017 £23090.83
    Ma7 2018 £3691.78 84.01% paid
    Emergency fund £150/£600
    Total Savings £1328.05
    • Mumoffourkids
    • By Mumoffourkids 14th Mar 18, 7:51 PM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    So I may have just booked to go to Disneyland Paris for New Year!

    I only paid £10 deposit for the hotel and it looks amazing. I will have to pay the balance by 16th December which gives me enough time to save up. I have also researched the cost of the tickets to the park and the eurotunnel cost so I am happy with how much I have to pay. This will make up some of the kids Christmas present so the deposit has come from the Christmas fund. I'll also need to get passports for me and some of the kids but I am happy that I can cover this cost.

    I know I should have waited until I am debt free but my eldest will be too old to go in a year or two so I wanted to go this year and I know I will have paid my debts off by October this year at the latest and this will be an amazing treat for the kids, especially as the oldest five are at their dads for Christmas Eve and Christmas Day this year.

    So excited, am off to update my spreadsheet for additional savings goals now!
    Total debt Dec 2017 £23090.83
    Ma7 2018 £3691.78 84.01% paid
    Emergency fund £150/£600
    Total Savings £1328.05
    • Seasidegal58
    • By Seasidegal58 14th Mar 18, 8:13 PM
    • 1,980 Posts
    • 12,242 Thanks
    Seasidegal58
    You researched well on the holiday and have a plan so enjoy! The kids will love it!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 20/05/2018: £646.59
    MONTHS TO RETIREMENT: 35!
    My diary: “Paid off the £31,0000! BUT- still scrimping!”
    • HoneyBee83
    • By HoneyBee83 15th Mar 18, 10:14 AM
    • 355 Posts
    • 3,564 Thanks
    HoneyBee83
    Ooooo Disneyland!
    How wonderful! You'll all love it and what a time to be going...Very Jealous
    Emergency Savings #73 = £1,500/£2,000
    House Savings = £14,000/£20,000 + £600 Furniture
    Xmas 2018=£60/£300 Australia =£0.00/6000
    • JoJoC
    • By JoJoC 15th Mar 18, 11:01 AM
    • 1,837 Posts
    • 6,821 Thanks
    JoJoC
    That holiday sounds amazing! Well done on getting it for a price that you are happy to pay and having it all mapped out! I'd love to go to Disney with my two - maybe in the next couple of years as they're a bit young to appreciate it at the moment. I remember going when I was about 14 and still loved it!

    Reading what you said about slowing down and losing momentum struck a chord with me - it's not that I'm slowing down, it's just that I have so much going on that I'm shutting down in other areas and it's having the same effect. I'm losing momentum! Let me know how you get it back if you figure it out
    CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))

    July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
    *My debt busting and savings diary*
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