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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 9:12 PM
    • 651Posts
    • 3,351Thanks
    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 32
    • Mumoffourkids
    • By Mumoffourkids 13th Apr 18, 8:26 PM
    • 651 Posts
    • 3,351 Thanks
    Mumoffourkids
    So today has indeed been a lazy day. But I think it was needed. I did however help my son tidy up his bedroom and gave it a hoover. We also sorted out a couple of toy boxes. He is supposed to be sorting out a few more bits, but I reckon he has gone to sleep now. But the room is looking a lot better now.

    I have also done a couple of loads of washing today and tried to dry them but still need to do probably another load tomorrow.

    Prolific has been good lately. I cashed out £5.37 today and am already up to £7.85 with £1.88 pending. So will cash out Tuesday with whatever is on there and hopefully will get a few more studies on there over the weekend and next week!

    I also found some more stuff in the loft to sell. So that will be going on FB tonight. I had a bad night's sleep last night so I think it might be an early night tonight as have got my PT session this morning.
    Total debt Dec 2017 £23090.83
    Jul 2018 £2279.78 90.13% paid
    Emergency fund £218.57/£600
    Total Savings £2006.60
    • Mumoffourkids
    • By Mumoffourkids 14th Apr 18, 7:51 PM
    • 651 Posts
    • 3,351 Thanks
    Mumoffourkids
    This morning I tidied and hoovered the middle floor and both sets of stairs. I think that will always be my Saturday job to do that. I think then I need to find a day to clean the bathrooms, that might be my Friday job!

    This afternoon was sunny so I went out in the garden, cut the grass, did some weeding and also got a load of washing dry on the line.

    So all in all a very productive day.

    In money spending, got some chips from the chip shop to go with the roast chicken but I am still under my food budget for the week. I will do a count up as I only have tomorrow left and only need some milk I think and a baguette for tomorrow's dinner.

    Tomorrow the girls are playing rugby so I need to make sure everyone's bags are ready tonight as the younger kids are going to my ex's for the day.

    Right best get up and do some tidying downstairs as it is a bit of a mess seeing as I have been concentrating on upstairs and outside today!
    Total debt Dec 2017 £23090.83
    Jul 2018 £2279.78 90.13% paid
    Emergency fund £218.57/£600
    Total Savings £2006.60
    • Storm89
    • By Storm89 15th Apr 18, 7:57 AM
    • 174 Posts
    • 1,352 Thanks
    Storm89
    Glad you've had a couple productive days. The weather really helps doesn't it, loads of people were out in their gardens yesterday doing their garden jobs. Feels like spring clean weather lol
    • Mumoffourkids
    • By Mumoffourkids 15th Apr 18, 8:25 PM
    • 651 Posts
    • 3,351 Thanks
    Mumoffourkids
    Yes Storm it was lovely getting outside and doing the garden. It needed a good tidy up really. But now that the weeds have gone, I have gaps in the borders! I need to fill them with some flowers but I don't want to spend the money!

    So today has been spent mainly ferrying kids around and standing out in the cold watching my two oldest girls play rugby. It was a bit of a drive but they both played well and enjoyed themselves. The other kids were with my ex so I didn't have to worry about them getting bored today.

    I have also just updated my spreadsheet and I have managed to save about £55 this week from my spending money. This is amazing and I have transferred half to holiday savings and half to house deposit. Its a new week tomorrow but I don't expect to save as much next week as I am out next Saturday so will end up using my money for that I should think.

    Right I need to think of a list to do for tomorrow and the week really, so here goes:

    - List 10 more things on FB/Ebay
    - Sort out paperwork and file
    - Go through paperwork that needs something doing with it and sort
    - Drop car into garage on Friday
    - Drop kids at their dad's saturday morning
    - Clean bathrooms
    - Exercise three times this week
    - Keep on top of washing including washing muddy rugby clothes from today!
    - Sort out small unit in garage with toys in to find more stuff to sell
    - Big unit going to charity on Friday
    - Sort out wooden unit in conservatory and move upstairs
    - Take old sofa to the tip on Saturday

    Right I think that's enough, going to put some washing on now and then go to bed as I am shattered and need to get up early for the school run tomorrow morning.
    Total debt Dec 2017 £23090.83
    Jul 2018 £2279.78 90.13% paid
    Emergency fund £218.57/£600
    Total Savings £2006.60
    • JoJoC
    • By JoJoC 16th Apr 18, 11:18 AM
    • 1,128 Posts
    • 6,866 Thanks
    JoJoC
    Sounds like a productive week ahead and well done on saving the £55! That's a great saving!
    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 16th Apr 18, 9:46 PM
    • 651 Posts
    • 3,351 Thanks
    Mumoffourkids
    Sounds like a productive week ahead and well done on saving the £55! That's a great saving!
    Originally posted by JoJoC
    Thanks JoJo, I am hoping it is going to be a productive week and that weekly saving is not going to happen again this week as I am out Saturday night for the first time in about a year!

    So this week's list has gone ok today. I don't feel like I have stopped today but I haven't crossed many things off my list.

    - List 10 more things on FB/Ebay
    - Sort out paperwork and file
    - Go through paperwork that needs something doing with it and sort
    - Drop car into garage on Friday
    - Drop kids at their dad's saturday morning
    - Clean bathrooms
    - Exercise three times this week
    - Keep on top of washing including washing muddy rugby clothes from today!
    - Sort out small unit in garage with toys in to find more stuff to sell
    - Big unit going to charity on Friday
    - Sort out wooden unit in conservatory and move upstairs
    - Take old sofa to the tip on Saturday

    Ok so not much crossed off but I have got all the washing done and dried on the line today. I have also made sure the kids have put their clothes away and that their rooms are tidy.

    And in good news I have checked my next tax credit payments online and it looks like I am getting an extra one this week and then the future payments will go down slightly, but this extra payment will mean that I can pay off an extra £500 off the debt this month and also put an extra £500 into savings for the holiday this month. So very good news indeed!

    I need to pull my finger out and get a few more bits for DD3 for her birthday which is in two weeks! I did how ever buy some bits for DS2 for Christmas yesterday. I know it is early but I found some cars for sale that he loves and they were cheap so I got them and he will be over the moon at Christmas.

    Right I am off to work out my spreadsheet a bit more and look for birthday presents.
    Total debt Dec 2017 £23090.83
    Jul 2018 £2279.78 90.13% paid
    Emergency fund £218.57/£600
    Total Savings £2006.60
    • Storm89
    • By Storm89 17th Apr 18, 9:50 AM
    • 174 Posts
    • 1,352 Thanks
    Storm89
    Get you buying for Christmas already. Good luck birthday present hunting. £500 debt £500 holiday is brilliant !
    • Mumoffourkids
    • By Mumoffourkids 18th Apr 18, 3:06 PM
    • 651 Posts
    • 3,351 Thanks
    Mumoffourkids
    Thanks Storm. I do try to pick up bits throughout the year and I know my son will loves these cars. He is car mad!

    DD3 I think I am halfway there for getting her birthday presents but I know what I am getting her for her other bits. She wanted a Smiggle bag and lunchbox so I will get her those and then maybe some bead making activity and then she will be done. Unless I see a few little bits for her.

    So today in money saving news I have received my PPI payout into my bank account so that is the rest of the spending money for the May holiday sorted and I have also bought the Eurotunnel tickets for the December trip. Then the remainder has been put into the passport fund as I still have five passports to get!!

    I have also changed my mind about paying £500 off the debt, I have decided to pay £768.10 off the debt as that will mean I am down to £5000 owed at the end of this month and then the remainder can go into the holiday fund towards the hotel or passports.

    I have also opened a Help to save account account which I didn't even know about. I found it when I was on HMRC site looking at my tax credits payments. Apparently if you get working tax credits you can open a savings account and pay up to £50 a month into it for up to four years and at the end of the second year and the fourth year, you get a bonus instead of interest. The bonus is equal to the highest balance you have had in the two years, so if you pay the full amount of £50 per month in every month and don't take out any money, you would get £600 bonus after the second year. I reckon I can find £50 per month so today I have opened it and paid in my first £50. I think I can use it for a house deposit or if I buy a house before two or four years, use it for something else!
    Total debt Dec 2017 £23090.83
    Jul 2018 £2279.78 90.13% paid
    Emergency fund £218.57/£600
    Total Savings £2006.60
    • Mumoffourkids
    • By Mumoffourkids 19th Apr 18, 9:17 PM
    • 651 Posts
    • 3,351 Thanks
    Mumoffourkids
    Update on this week's list!

    - List 10 more things on FB/Ebay
    - Sort out paperwork and file
    - Go through paperwork that needs something doing with it and sort
    - Drop car into garage on Friday
    - Drop kids at their dad's saturday morning
    - Clean bathrooms
    - Exercise three times this week - done two lots already, going Saturday morning and hopefully Sunday as well!
    - Keep on top of washing including washing muddy rugby clothes from today!
    - Sort out small unit in garage with toys in to find more stuff to sell
    - Big unit going to charity on Friday
    - Sort out wooden unit in conservatory and move upstairs
    - Take old sofa to the tip on Saturday


    So not much extra crossed out but the last three days I have been at work. Tomorrow will be a lot more crossed off and I also intend on doing some planting in the garden with the youngest two. I bought some bedding plants, lettuces, tomato plants, strawberry plants and spinach plants. I have also got a load of seeds so we will plant them tomorrow. I am looking forward to spending some time out in the garden with the youngest two.

    Also need to do a bit of tidying and cleaning tomorrow but I will do that in the afternoon when the youngest has her nap.

    Right off to bed for me as early start tomorrow dropping the car off at the garage before the school run!
    Total debt Dec 2017 £23090.83
    Jul 2018 £2279.78 90.13% paid
    Emergency fund £218.57/£600
    Total Savings £2006.60
    • Mumoffourkids
    • By Mumoffourkids 20th Apr 18, 9:50 PM
    • 651 Posts
    • 3,351 Thanks
    Mumoffourkids
    So today started off well and then went downhill and now my plans for the weekend have changed!

    - List 10 more things on FB/Ebay
    - Sort out paperwork and file
    - Go through paperwork that needs something doing with it and sort
    - Drop car into garage on Friday
    - Drop kids at their dad's saturday morning - not happening now
    - Clean bathrooms
    - Exercise three times this week - done two lots already, going Saturday morning, won't be going Sunday now but still going tomorrow morning
    - Keep on top of washing including washing muddy rugby clothes from today!
    - Sort out small unit in garage with toys in to find more stuff to sell
    - Big unit going to charity on Friday - not gone, but will hopefully be going next Friday instead
    - Sort out wooden unit in conservatory and move upstairs
    - Take old sofa to the tip on Saturday - won't be going this weekend now.

    So today I managed to drop the car at the garage, got home and got the kids to school. Then I did some planting in the garden with the youngest two taking regular breaks as it was a little hot! We have planted tomatoes, strawberries, cucumber and lettuce. Also planted some sweet pea seeds and hopefully they will grow.

    Then I got the news that my car had slightly more wrong with it than I thought so it wasn't fixed today but will be fixed on Monday. This means that the kids won't be going to their dad's this weekend! And I won't be going to the tip! So those two will be postponed until next weekend. Luckily I have nothing else on this weekend that needs the car and I will have it back for Tuesday when I go to work next. Its also going to cost a bit more than I expected but I should have enough to cover in my car pot and my contingency fund.

    Then as the kids were going to be here this weekend, I decided to get the swimming pool out so they could play in that for the weekend. Everyone was playing well and then when I asked the 7 year old to do some tidying, she started acting up. So the evening hasn't ended well but hopefully we will still have a good weekend!

    I have some more flowers to plant, some seeds to plant and some spinach plants to plant out. I might have to have a look round for some more pots though. But I am determined to enjoy the sunshine this weekend and do a little bit of tidying!

    I hope everyone else has been enjoying the lovely weather.
    Total debt Dec 2017 £23090.83
    Jul 2018 £2279.78 90.13% paid
    Emergency fund £218.57/£600
    Total Savings £2006.60
    • beanielou
    • By beanielou 20th Apr 18, 10:13 PM
    • 56,239 Posts
    • 227,384 Thanks
    beanielou
    You seem to have paid an amazing amount off in a short time
    Havent read all 32 pages but well done!
    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. MFW 2018. No 144
    • Mumoffourkids
    • By Mumoffourkids 21st Apr 18, 6:38 AM
    • 651 Posts
    • 3,351 Thanks
    Mumoffourkids
    Thanks beanie. I have had a bit of luck along the way but I am determined the debt will all be paid off by September now!

    So todayís as I donít have a car!
    - go to gym this morning (friend is giving me a lift)
    - plant remaining bedding plants in borders and trellis
    - plant spinach plants
    - plant tomato seeds and lettuce seeds
    - tidy up garage and bag up rubbish ready for tip run
    - tidy and clean conservatory
    - tidy kids bedrooms
    - change sheets on kids beds
    - hoover stairs and bedrooms
    - wash sheets and whites and colours
    - post two eBay parcels
    - list ten things on eBay/fb
    - sort out small cupboard in garage
    - out tools in plastic box
    - pay cheque in at bank

    Right I think thatís enough. I will get the kids to help as well!
    Total debt Dec 2017 £23090.83
    Jul 2018 £2279.78 90.13% paid
    Emergency fund £218.57/£600
    Total Savings £2006.60
    • RhiBi
    • By RhiBi 21st Apr 18, 9:21 AM
    • 591 Posts
    • 1,736 Thanks
    RhiBi
    I think it's amazing how much debt you've cleared in such a short time, you're my inspiration! Xx
    Virtual Sealed Pot 2018 #7 £173.69/£250
    • Storm89
    • By Storm89 1st May 18, 9:35 AM
    • 174 Posts
    • 1,352 Thanks
    Storm89
    Shame about the swimming pool drama the other week - that's what kids are like isn't it haha. You are doing so well with everything. I love your little lists and the fact that you've paid off so much already .
    • joeyjimbles
    • By joeyjimbles 1st May 18, 11:18 AM
    • 1,625 Posts
    • 8,780 Thanks
    joeyjimbles
    You ok over there? Seems like a little while since you posted. Hope all is good.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 1st May 18, 5:55 PM
    • 1,583 Posts
    • 7,788 Thanks
    wishingthemortgaheaway
    I'm thinking the same thing.... hope you are ok.
    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
    • beanielou
    • By beanielou 1st May 18, 6:09 PM
    • 56,239 Posts
    • 227,384 Thanks
    beanielou
    Hope all is well in your world.
    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. MFW 2018. No 144
    • Mumoffourkids
    • By Mumoffourkids 1st May 18, 10:00 PM
    • 651 Posts
    • 3,351 Thanks
    Mumoffourkids
    Thanks everyone for making sure I have been ok. Yes all is well but had a bit of a spendthrift time which isnít good. Also been really busy in real life and one of the kids has been playing up a lot. But anyway I am back now and will hopefully post a bit more frequently.

    So what have I spent, well the car ended up being about £523 but that should be it for a while (fingers crossed). Luckily I had £300 in car fund and the remainder care from my emergency fund, which although I hated using it I suppose itís why I have one. I shouldnít need to pay out anything for the car fund now until October do I should be able to build up a nice pot by then.

    Then as I didnít have a car for the weekend, the kids stayed at home instead of going to their dads, so the eldest suggested a day out to our local mini theme park. Instead of just paying for the day, I decided to get the kids annual passes, so that was another £500 spent, but they have already been three times, so only need to go another four times and they will have got their money back. My eldest even took the kids by herself apart from the youngest got the afternoon to give me a break.

    Last week I seemed to use more petrol than normal as seemed to have to drive the kids around everywhere. So I didnít save that much but still saved a little bit.

    This weekend we are away again on another rugby tour but will be minimal spending money as all food is provided in the price of the weekend, just hoping it stays dry as we are camping.

    So even though I had to spend more than I wanted on the car and I bought annual passes, I still managed to pay an extra £500 off my debt and save £250 into holiday fund so I am happy and I know we will get the use out of the passes as they also have soft play for when it is bad weather.

    So debt is now down to £5268.12 but emergency fund has taken a hit and birthday savings have taken a hit as two of the kids have their birthday this month. But I feel so much more in control with my finances and I know that before I had my lightbulb moment if my car had needed work, I would have had to go into my overdraft, but this time I havenít so thatís a massive win and a big step forward!

    Right must go to sleep as itís one of the kids birthdays tomorrow so I reckon she will be up early in the morning to open her presents.
    Total debt Dec 2017 £23090.83
    Jul 2018 £2279.78 90.13% paid
    Emergency fund £218.57/£600
    Total Savings £2006.60
    • beanielou
    • By beanielou 1st May 18, 10:11 PM
    • 56,239 Posts
    • 227,384 Thanks
    beanielou
    Nearly in the 4's
    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. MFW 2018. No 144
    • Mumoffourkids
    • By Mumoffourkids 1st May 18, 10:29 PM
    • 651 Posts
    • 3,351 Thanks
    Mumoffourkids
    I know, I was hoping to have got into the 4's this month but car and annual passes put paid to that. As soon as I get paid on Thursday, another £680 will be going off the debt!

    Then at the end of the month, another £400 will be paid off the debt, so that's £1080 off the debt this month which I am very pleased about. Next month won't be as good though as nursery fees will be higher for July!

    This is unless I make some extra money this month or next month. I need to work on that in the next couple of months as I seem to have slowed down in the last few weeks.
    Total debt Dec 2017 £23090.83
    Jul 2018 £2279.78 90.13% paid
    Emergency fund £218.57/£600
    Total Savings £2006.60
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