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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 9:12 PM
    • 618Posts
    • 2,969Thanks
    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 34
    • beanielou
    • By beanielou 13th May 18, 11:55 AM
    • 54,069 Posts
    • 214,370 Thanks
    beanielou
    Have a lovely Sunday
    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.
    • Mumoffourkids
    • By Mumoffourkids 14th May 18, 10:14 PM
    • 618 Posts
    • 2,969 Thanks
    Mumoffourkids
    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.
    Originally posted by beanielou
    I think it was just I was feeling down. I know I am far better off being by myself at the moment, but it is hard sometimes.

    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.
    Originally posted by f0xh0les
    I will try and sort myself out first. I know that most of the time I am happy being by myself and having a man interrupt my routine would be awful.

    So the list got carried over to today but I did get some more bits done.
    - 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 - all cleaned now
    - 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 today I got quite a bit done. I not only sorted through and decided what clothes the kids needed, I also went and got most things as well. So that should be all the clothes needed for our holiday in less than two weeks!

    The house is tidier, not amazing but definitely getting there. The garage is tidier and I think once I am back from holiday, I will carry on sorting out more bits to sell.

    In good news, one of DD1's birthday presents went missing. UPS tried to deliver a while ago but didn't leave a card and delivered to a local shop. I thought I hadn't received it so I went onto tracker and found it had been delivered to this shop. The first time I could make it there, it turns out it had been picked up again the day before. So I phone UPS and they say they would rearrange delivery. I was a bit confused as to whether they would deliver to me or the shop. Nothing came to me so I went to the shop, and it wasn't there either. So in my busy life, I completely forgot and then remembered last Friday, so I tracked it again and it was saying it was being held at the depot for instructions. I called UPS and they admitted that they had lost my parcel and didn't know where it was. I phoned the online shop and they phoned UPS. Because the items I had bought were in the sale, there weren't any left. So I got a refund for the items and I was going to try and find something different. The parcel then turned up and UPS phoned me to say they would deliver that evening. So I got the items for free!! I am very impressed.

    Sorry that turned out to be quite a long story there but the upshot is that I am better off by 78 and my daughter still has the present!

    Right most things are ready for the morning so I am off to bed now.
    Total debt Dec 2017 23090.83
    Ma7 2018 4621.78 79.98% paid
    Emergency fund 100/600
    Total Savings 1258.62
    • beanielou
    • By beanielou 14th May 18, 10:28 PM
    • 54,069 Posts
    • 214,370 Thanks
    beanielou
    Good news on the present in the end.
    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.
    • Mumoffourkids
    • By Mumoffourkids 16th May 18, 9:57 PM
    • 618 Posts
    • 2,969 Thanks
    Mumoffourkids
    Yes very good news on the present. So I put half back into present fund and half into holiday savings fund.

    So yesterday was a bad day as the state of the house was getting me down and I was shattered. Today has been better as I have managed to get the downstairs tidy and clean. The kids helped as well which was good.

    No money saving news to update on, really busy at work and could do with working another day to try and catch up. Also I only have tomorrow and next week to get loads done as we then go on holiday a week on Saturday for a week. I am really looking forward to going away as I really need a break. I'm going to try and plan things to do each day on holiday although we will probably spend a lot of time swimming in the pool and at the beach!
    Total debt Dec 2017 23090.83
    Ma7 2018 4621.78 79.98% paid
    Emergency fund 100/600
    Total Savings 1258.62
    • beanielou
    • By beanielou 16th May 18, 10:08 PM
    • 54,069 Posts
    • 214,370 Thanks
    beanielou
    Not long til your holidays
    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.
    • Mumoffourkids
    • By Mumoffourkids 18th May 18, 1:27 PM
    • 618 Posts
    • 2,969 Thanks
    Mumoffourkids
    Ok so not been on for a couple of days but have been mega busy at work. And then been running around after kids in the evening.

    But today has been good. Eldest is off school as she doesn't have any exams but she cracked the screen of her new phone a couple of weeks ago. Well she didn't do it, one of her friends did but no one owned up to who did it. I haven't had chance to sort anything out and it was still working well until last night it was. Then the screen just went black. So today we researched getting the screen fixed. Apple wanted 180 to fix it but I found some reviews on FB for a local shop who did it today while we waited for 60. Very happy with that and I now have a very grateful teenager who will do what I want for a while!

    Then I have been looking at getting a new car stereo as my CD player doesn't work in there and I wanted to get one with bluetooth. Found one on Amazon for 20 which came today. Me and my daughter managed to get the old one out and the new one in and fitted properly. Just needed to buy an aerial antenna adaptor for 5 from Halfords and it all works! Who needs a man when you can do things like this yourself. I know it was more of a want than a need but the money has come out of my car fund and for 25 I don't think that's too bad at all.

    Spending the afternoon trying to get my songs from itunes on the kids laptop onto my phone so I can then play them in the car. Will be very useful on the long drive down to Cornwall for our holidays!
    Total debt Dec 2017 23090.83
    Ma7 2018 4621.78 79.98% paid
    Emergency fund 100/600
    Total Savings 1258.62
    • beanielou
    • By beanielou 18th May 18, 5:44 PM
    • 54,069 Posts
    • 214,370 Thanks
    beanielou
    Good news on your DD's phone.
    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.
    • Mumoffourkids
    • By Mumoffourkids 19th May 18, 8:52 AM
    • 618 Posts
    • 2,969 Thanks
    Mumoffourkids
    Thanks Beanie.

    So I have just updated my signature as I just paid another amount off my debt. I got a letter this morning which both of my outstanding debts are now managed by Cabot. I'm now in the 4's which is amazing but just need to work out how to increase income a bit in order to pay down a bit quicker.

    Whilst on the cabot site this morning, it does have an option to submit a full and final settlement so now I am thinking about maybe trying that for one of the debts after my holiday next week. I'm not sure how this will affect my credit file though.

    In other news, going to try and take the kids out this afternoon and use our theme park passes as it is going to be a lovely day.

    I hope everyone else is going to enjoy their days.
    Total debt Dec 2017 23090.83
    Ma7 2018 4621.78 79.98% paid
    Emergency fund 100/600
    Total Savings 1258.62
    • beanielou
    • By beanielou 19th May 18, 11:10 AM
    • 54,069 Posts
    • 214,370 Thanks
    beanielou
    Your totala are awesome
    Enjoy your day
    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.
    • Storm89
    • By Storm89 20th May 18, 9:55 AM
    • 495 Posts
    • 870 Thanks
    Storm89
    Fabulous! Hope you enjoyed the theme park
    • beanielou
    • By beanielou 20th May 18, 11:36 AM
    • 54,069 Posts
    • 214,370 Thanks
    beanielou
    Hope you had a good day.
    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.
    • Mumoffourkids
    • By Mumoffourkids 22nd May 18, 11:40 AM
    • 618 Posts
    • 2,969 Thanks
    Mumoffourkids
    Well where on earth did that weekend go. It went past far too quickly and I am now back at work. I spent far too much money and haven't updated my spreadsheet to reflect the money spent. Some will come from the house fund and some from the clothes fund as I bought some sewing patterns to make the kids some clothes! I managed a dress for the smallest and half a jumpsuit for the 8 year old yesterday. This evening I hope to finish the jumpsuit and start on a jumpsuit for the 12 year old. Having the sewing machine out again is a lovely way to spend the evening rather than sitting on my phone so I hope to do more of that and keep making the kids some clothes.

    I still need to look into selling the load of stuff I have on the top landing as I have been really slack with that recently. But this Saturday we go on holiday so that will have to take a back seat until we come back.

    I have however, booked the two smallest into nursery on a Friday so I will have the day to myself to catch up on housework, gardening and selling stuff. I may have to go into a work maybe once a month but that's extra money which is good news.

    Right best get back to work as I need to get everything done this week before I go away!
    Total debt Dec 2017 23090.83
    Ma7 2018 4621.78 79.98% paid
    Emergency fund 100/600
    Total Savings 1258.62
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