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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 9:12 PM
    • 697Posts
    • 3,616Thanks
    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 33
    • beanielou
    • By beanielou 1st May 18, 10:39 PM
    • 57,478 Posts
    • 235,478 Thanks
    beanielou
    That is awesome.
    I dont know how you do it.
    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
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 2nd May 18, 6:52 AM
    • 1,705 Posts
    • 8,640 Thanks
    wishingthemortgaheaway
    The theme park tickets sound like a good investment especially as your eldest will take some of the others at times. And cars are generally just money pits (mines going in for its mot next week)
    But to pay all that and to still reduce your debt is brilliant. You are nearly there.
    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
    • volcanoshano
    • By volcanoshano 2nd May 18, 8:02 AM
    • 2 Posts
    • 6 Thanks
    volcanoshano
    It's amazing how much we end up spending on presents! I tend to save amazon vouchers earned on swagbucks to spend on presents but always have to use real money as well!
    • Storm89
    • By Storm89 2nd May 18, 1:43 PM
    • 174 Posts
    • 1,389 Thanks
    Storm89
    I second the theme park tickets comment, they'll be fab when the weather is nice . It's local so not much petrol plus like you say they only need to go a few more times and you've got your money back. You're so focussed it's amazing.
    • joeyjimbles
    • By joeyjimbles 2nd May 18, 2:02 PM
    • 1,656 Posts
    • 8,947 Thanks
    joeyjimbles
    As long as you're ok, was just a bit bothered as it's not like you to be away so long.
    Some times we have to spend money and sometimes it's cause it will be better in the long run, and you still managed to pay lots off the debt so it seems to have worked out all round. Well done.
    • Mumoffourkids
    • By Mumoffourkids 2nd May 18, 3:23 PM
    • 697 Posts
    • 3,616 Thanks
    Mumoffourkids
    The theme park tickets sound like a good investment especially as your eldest will take some of the others at times. And cars are generally just money pits (mines going in for its mot next week)
    But to pay all that and to still reduce your debt is brilliant. You are nearly there.
    Originally posted by wishingthemortgaheaway
    Thanks yes and the bonus is that my dad is going to put 100 towards them as two of the kids have birthdays in May. So as soon as that money hits my account which should be later today, I will put half towards debt repayment and half towards holiday fund.

    Yes cars are money pits really. Mine is a 7 seater so although its nearly 13 years old, it has done less than average mileage so it still works fine (fingers crossed). It isn't worth a great deal but to buy a new second hand car would cost a lot and I would probably still have to pay out for it! Good luck with your car's MOT, hopefully it won't be too expensive for you.

    It's amazing how much we end up spending on presents! I tend to save amazon vouchers earned on swagbucks to spend on presents but always have to use real money as well!
    Originally posted by volcanoshano
    I have had a few amazon vouchers to use for birthday presents but generally I have the money saved for their presents in a present fund so I haven't had to find the extra money this month. MY present fund gets 150 per month as I do have six kids to pay out for, but that will also include parties or days outs, presents for their friends as well and will include christmas. I will have some left over as I do tend to buy bargains throughout the year when I see things on offer.

    I second the theme park tickets comment, they'll be fab when the weather is nice . It's local so not much petrol plus like you say they only need to go a few more times and you've got your money back. You're so focussed it's amazing.
    Originally posted by Storm89
    Yes the weather this last weekend wasn't that great but the eldest still went both Saturday and Sunday with her friends. Its even cheaper to go on the train than waste petrol and pay for parking I think. It cost me 7.15 return for me and all the kids to go on the train and the train station is only a two minute walk from my house. That's because I have a friends and family railcard so its probably cheaper to go by train than drive and pay for parking all day! Thanks, I try to be focused, at the moment, I just want to buy a house but know I'm not ready to do that yet. I just hope my dream house doesn't come up when I'm not ready!
    Total debt Dec 2017 23090.83
    SEP 2018 0 100% paid
    Emergency fund 257.38/600
    Total Savings 1672.07
    • Mumoffourkids
    • By Mumoffourkids 2nd May 18, 3:24 PM
    • 697 Posts
    • 3,616 Thanks
    Mumoffourkids
    As long as you're ok, was just a bit bothered as it's not like you to be away so long.
    Some times we have to spend money and sometimes it's cause it will be better in the long run, and you still managed to pay lots off the debt so it seems to have worked out all round. Well done.
    Originally posted by joeyjimbles
    I know I'm usually posting every day or at least every two days. I think it all got me a bit down the spending of money on the car and then I felt like I was being a bit frivolous with the theme park tickets but it will be fine. And yes I still paid nearly 1000 off the debt this month. I am hoping to pay off 1100 next month as well, although I might have to push the earning of extra money so I can try and get into the 3's next month!
    Total debt Dec 2017 23090.83
    SEP 2018 0 100% paid
    Emergency fund 257.38/600
    Total Savings 1672.07
    • Mumoffourkids
    • By Mumoffourkids 3rd May 18, 10:29 AM
    • 697 Posts
    • 3,616 Thanks
    Mumoffourkids
    So I shouldn't have said anything about my car as driving to work this morning it came up with battery charging fault and when I got to work, it now won't start again! So cue phone call to breakdown cover and they are picking it up and taking it to my local garage. I have also phoned the garage who said it sounds like an alternator problem and they are going to try and fix it before tomorrow lunchtime as that is when we go away. Just in case, I am going to look into prices for hire cars in case it isn't fixed! What a nightmare!
    Total debt Dec 2017 23090.83
    SEP 2018 0 100% paid
    Emergency fund 257.38/600
    Total Savings 1672.07
    • beanielou
    • By beanielou 3rd May 18, 3:31 PM
    • 57,478 Posts
    • 235,478 Thanks
    beanielou
    Hope your car is mended soon.
    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
    • Storm89
    • By Storm89 3rd May 18, 6:57 PM
    • 174 Posts
    • 1,389 Thanks
    Storm89
    Hopefully the car is fixed quickly. Don't look at any houses on the market until you're in a position to move. I'm terrible always looking online and I've also set my heart on that new build haha.
    • Mumoffourkids
    • By Mumoffourkids 8th May 18, 10:02 PM
    • 697 Posts
    • 3,616 Thanks
    Mumoffourkids
    Thank you all for your wishes of the car being fixed quickly. It was indeed fixed quickly and we went away for the weekend. It was a fantastic weekend but I kind of took my eye off the ball with regard to money. I didn't spend too much on the weekend, just a bit on ice creams for the kids.

    This evening I have reconciled my spreadsheet and I am back on track. The car needing to be fixed has put me back on my plans for debt repayment this month, so I need to motivate myself to make some extra money!

    But today I have been catching up with washing and tidying the house and that will be the same for tomorrow and Thursday. Friday and this weekend I can then focus on making some extra money!

    Right I need to go to sleep as another early start in the morning but I will be back on tomorrow to list what I want to get done this weekend!
    Total debt Dec 2017 23090.83
    SEP 2018 0 100% paid
    Emergency fund 257.38/600
    Total Savings 1672.07
    • Storm89
    • By Storm89 9th May 18, 10:24 AM
    • 174 Posts
    • 1,389 Thanks
    Storm89
    Glad you've had a lovely weekend. The weather has been perfect hasn't it. Look forward to seeing your plans.
    • beanielou
    • By beanielou 9th May 18, 11:17 AM
    • 57,478 Posts
    • 235,478 Thanks
    beanielou
    Good news on the car
    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 10th May 18, 9:59 AM
    • 697 Posts
    • 3,616 Thanks
    Mumoffourkids
    Thanks for the messages and it was good news about the car.

    Well it has been another couple of busy days and I am at work again today but this is the last day until Tuesday now. So this weekend I will be catching up on loads of jobs and sorting the house out.

    So list of things to do this weekend:
    - Tip run
    - Sort out sheets and duvet covers and put away nicely
    - Cut the grass (front and back)
    - Weed the borders and pots
    - Weed the front path and back path
    - Reply to tax credit letter
    - Sort CV for DD1
    - Do letter for nursery
    - Tidy middle floor of house
    - Clean bathrooms
    - Tidy garage
    - List more items for sale on FB
    - Send off phone to CEX
    - Chase Ex's repayment from HMRC
    - Sort out kids clothes and see if they need anymore clothes for holiday

    Right I think that's it. At least two of the kids will be going to their dad's Saturday until Sunday and the two youngest will go to my ex on Sunday for the day so I should be able to get a load done. I need to find time for myself to relax as well as I can feel myself getting tired.
    Total debt Dec 2017 23090.83
    SEP 2018 0 100% paid
    Emergency fund 257.38/600
    Total Savings 1672.07
    • beanielou
    • By beanielou 10th May 18, 10:21 AM
    • 57,478 Posts
    • 235,478 Thanks
    beanielou
    Hope that you can find time for yourself too.
    That is some list
    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 10th May 18, 10:29 AM
    • 697 Posts
    • 3,616 Thanks
    Mumoffourkids
    Hope that you can find time for yourself too.
    That is some list
    Originally posted by beanielou
    Thanks beanie, I do like to challenge myself!! To be fair some bits will be done quite quickly and I am at home tomorrow with the little ones so I will try and do some of the list tomorrow like the sheet and the paperwork type ones.

    My gardens are quite small so cutting the grass should be a half hour job at most.

    I might even do a couple of the bits today whilst I am at work if I get my work done quickly enough!!
    Total debt Dec 2017 23090.83
    SEP 2018 0 100% paid
    Emergency fund 257.38/600
    Total Savings 1672.07
    • Mumoffourkids
    • By Mumoffourkids 11th May 18, 5:48 PM
    • 697 Posts
    • 3,616 Thanks
    Mumoffourkids
    So I have done a few bits off the list today so it leaves me with less to do tomorrow and Sunday!

    - Tip run
    - Sort out sheets and duvet covers and put away nicely
    - Cut the grass (front and back)
    - Weed the borders and pots
    - Weed the front path and back path
    - Reply to tax credit letter - started a reply online, I need to scan or photograph my documents next
    - Sort CV for DD1
    - Do letter for nursery
    - Tidy middle floor of house - Done a bit but more needs to be done on the landing and in the bathroom
    - Clean bathrooms - cleaned one!
    - Tidy garage
    - List more items for sale on FB
    - Send off phone to CEX
    - Chase Ex's repayment from HMRC
    - Sort out kids clothes and see if they need anymore clothes for holiday

    I will do the letter to nursery later this evening and then I might bag up some of the rubbish in the garden tonight. I also have to wrap DD1's presents as she is 16 tomorrow!
    Total debt Dec 2017 23090.83
    SEP 2018 0 100% paid
    Emergency fund 257.38/600
    Total Savings 1672.07
    • Mumoffourkids
    • By Mumoffourkids 12th May 18, 8:18 PM
    • 697 Posts
    • 3,616 Thanks
    Mumoffourkids
    So today I have done a bit more but this afternoon I was shattered and just fell asleep!

    - Tip run
    - Sort out sheets and duvet covers and put away nicely
    - Cut the grass (front and back)
    - Weed the borders and pots
    - Weed the front path and back path
    - Reply to tax credit letter - started a reply online, I need to scan or photograph my documents next
    - Sort CV for DD1
    - Do letter for nursery
    - Tidy middle floor of house - Done and hoovered
    - Clean bathrooms - cleaned two now, only one left to do
    - Tidy garage
    - List more items for sale on FB
    - Send off phone to CEX
    - Chase Ex's repayment from HMRC
    - Sort out kids clothes and see if they need anymore clothes for holiday

    So tomorrow I will tidy and clean the top floor of the house and will try and do the weeding as the weather has been too horrible today to be outside gardening. I also need to do a tip run tomorrow as I keep putting that off!

    In non money saving news I have been having a down day, I have no idea why, just feeling sorry for myself. I know in my head that I don't want my ex back but I can't seem to make my heart feel the same. It's so hard and for some reason this afternoon I felt so lonely. I need something to distract me and housework just doesn't do that lol.

    Right enough of the depressing talk, I need to give myself a kick up the bum!
    Total debt Dec 2017 23090.83
    SEP 2018 0 100% paid
    Emergency fund 257.38/600
    Total Savings 1672.07
    • beanielou
    • By beanielou 12th May 18, 8:32 PM
    • 57,478 Posts
    • 235,478 Thanks
    beanielou
    You know that just happens sometimes.
    Even further down the line it just happens.
    I have been on my own a long time & I am ok with saying that just someti,mes I wish there was someone just for me.
    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
    • f0xh0les
    • By f0xh0les 13th May 18, 9:13 AM
    • 1,808 Posts
    • 15,401 Thanks
    f0xh0les
    It is the sunshine, and all that bare flesh that does it.

    Exes tend to be exes for a reason.

    Keeping a man has costs -monetarily or emotionally.

    Hope you feel cheerier this morning. Sorry you are feeling lonely.

    You need to sort you out before going down that path.
    MFW START DATE May 16 118,340 : Oct17 - 109,495.00Dec17 108,800Jan 18 108,392.98 March 18 108,504.72April 108,099May 106,999June 105,999.99July 105,300.00
    Aug 103,999.99
    Sep 102,999.99 October 101,999.99
    NEXT GOAL is sub 100k before 2019Mortgage-free wannabe 2018 #65
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