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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 9:12 PM
    • 701Posts
    • 3,644Thanks
    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 37
    • Spendless
    • By Spendless 29th Jun 18, 7:37 PM
    • 20,427 Posts
    • 33,967 Thanks
    Spendless
    woohoo, £42 or more accurately £41.79 and the debt is in the £2Ks.
    • Mumoffourkids
    • By Mumoffourkids 29th Jun 18, 9:31 PM
    • 701 Posts
    • 3,644 Thanks
    Mumoffourkids
    I know and I am gutted because last week I overspent by £43 and I was so annoyed that I overspent! I could have been in the £2ks by now!

    Although I have some good news, we had a power cut Wednesday night. The power went off at 9.30pm and I was getting text updates all night but the power wasn't restored by the time I left for work. I got back from work and I had to go over to the men digging up the road to get them to put my power back on. So I put in a complaint as I had to chase and I had to phone to get updates when they should have been updating me.

    I had the customer service team phone me this morning and they said I wouldn't be entitled to compensation as my power was back on after 11 hours 44 minutes but the engineer had put the wrong address!! So the customer care team phoned me and they listened and said I was entitled to the £75 compensation as my power was off for more than 12 hours. Then the guy said he was going to up my compensation to £100 as I had had a nightmare. Result!! £50 is going off my debt and £50 is going to my Help to Save account.

    I was worried I wasn't going to be able to pay any extra off my debt or pay anything to my Help to Save account but this has helped and has made me determined to try and make some more extra money next month.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • f0xh0les
    • By f0xh0les 30th Jun 18, 8:23 AM
    • 1,870 Posts
    • 16,077 Thanks
    f0xh0les
    Don't beat yourself up over £41.79.

    I am quite excited about you reaching the 20's. Funny isn't it. I am really happy for you.
    MFW START DATE May 16 £118,340 : Oct17 - £109,495.00Dec17 £108,800Jan 18 £108,392.98 Mar 18 £108,504.72Apr £108,099May £106,999Jun 105,999.Jul 105,300Aug £103,999 Sept £102,999 Oct 101,999November £101,300.00
    NEXT GOAL is sub £100k before 2019Mortgage-free wannabe 2018 #65
    • beanielou
    • By beanielou 30th Jun 18, 10:56 AM
    • 57,965 Posts
    • 238,408 Thanks
    beanielou
    That is an amazing amout off the debt.
    Pay that £41.&9 off the debt~~you know you want too & you will be in the £2's
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 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
    • beanielou
    • By beanielou 30th Jun 18, 10:57 AM
    • 57,965 Posts
    • 238,408 Thanks
    beanielou
    Oh, just seen the post on the compensation~~go you
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 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 6th Jul 18, 2:16 PM
    • 701 Posts
    • 3,644 Thanks
    Mumoffourkids
    Thanks both. Well now I am in the £2's!! I got paid yesterday so I allocate my wages to the DD's and to my debt repayment. So I paid £680 off my debts yesterday and they are now down to £2361.78!! One debt is down to just £381.62! Once the compensation is in, that will be down to £331.62. I am going to try and make an extra £31.62 this month so I can get that down to £300 and then it will be cleared on 3rd August which is the next time I get paid!

    I am doing much better with my weekly money this week. The last couple of weeks there has been so much extra school stuff to pay for along with my eldest's prom. I have overspent the last couple of weeks which has eaten into the savings I can put away towards the holiday at New Year. But then I haven't made much extra money as life has been so busy. I am hoping that after the next two weeks, things should calm down a bit as the kids will be off school and I should be able to save a bit from my weekly money.

    Right I need to do a bit of housework before going to collect the kids from school.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Drawingaline
    • By Drawingaline 6th Jul 18, 9:59 PM
    • 501 Posts
    • 1,641 Thanks
    Drawingaline
    Omg end of year school stuff is ridiculous! I have a school category in ynab which I like to keep £30 in for trips etc. Well I have probably had to spend £100 this last month on trips, supplies (how my son has done the whole of Yr 8 without a calculator and now has to have one two weeks before the end of term I don't know!) and this is before the amount of money I need to find for uniforms and shoes or next year.

    Four pairs of school shoes, bye bye £200
    • Mumoffourkids
    • By Mumoffourkids 6th Jul 18, 10:13 PM
    • 701 Posts
    • 3,644 Thanks
    Mumoffourkids
    I know what you mean about school uniforms and school shoes. My eldest is probably going to go to the local grammar school for her a-levels and they have a proper uniform which I will need to buy along with school clothes for the next three. I do try and pick up items in my local charity shop for the middle two which saves a bit but shoes are very expensive. I think there is a Clarkís outlet near me somewhere do I might try and go there in the holidays to get the kids school shoes to try and save a bit of money!

    I am going to have to have a look at my clothes savings and try not to spend anything now until the uniforms and shoes are got for next year!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • f0xh0les
    • By f0xh0les 7th Jul 18, 9:09 AM
    • 1,870 Posts
    • 16,077 Thanks
    f0xh0les
    I know what you mean about school shoes - but as my youngest 3 all play football at breaktime, they are now in the cheapest of zone of shoes, that I replace every 6 weeks as they totally trash every pair, whatever the cost, in that time. The pain of paying out 'proper money' for a pair of shoes to have the sole hanging off one within a month is awful.
    One of the teachers pulled me aside after some school event and said ' I fee! so sorry for you!' when I asked her why she told me sat in assembly and watched DS1 peeling the top coating of his shoes off and knowing I would have a new pair for him before the first half term of the year was even over.

    That was when I jumped ship to cheapy ones.
    Not to mention the scooters when they were in reception - trashed shoes within days!

    Cant wait to get them all into DM boots like normal people.

    As mine have been good at school this year, next week my eldest 2 are of to Alt0n T0wers and Dreyt0n Man0r that the school is allowing me to pay for - cheers for that! £80 down the drain and a 7.15 am drop off on two different days. Marvellous!

    Fabulous news about the debt busting. Do you have a provisional debt free date yet? Now you have had a few unexpected incomings I bet it is not too far away now.
    Last edited by f0xh0les; 07-07-2018 at 9:12 AM.
    MFW START DATE May 16 £118,340 : Oct17 - £109,495.00Dec17 £108,800Jan 18 £108,392.98 Mar 18 £108,504.72Apr £108,099May £106,999Jun 105,999.Jul 105,300Aug £103,999 Sept £102,999 Oct 101,999November £101,300.00
    NEXT GOAL is sub £100k before 2019Mortgage-free wannabe 2018 #65
    • Drawingaline
    • By Drawingaline 7th Jul 18, 9:40 AM
    • 501 Posts
    • 1,641 Thanks
    Drawingaline
    I have tried the cheap option for shoes and Ave been doing it for my eldest son as his feet have been growing so quickly. But the little twos have lasted all year. Although the smallest will take his off to use as missiles.......

    The girl has kickers and they are fantastic, she has had a new pair every year and we get them from amazon so much cheaper.

    I have a midnight pick up when the girl goes to London to see the Lion King. Husband can't drive so it always me that does these esrly/late ones!

    The girls school have decided o change their uniform for no reason. She is going into yr10and we bought her new last year to last, am very annoyed tbh. Luckily the smallest two are still at primary so cheap from the supermarket. The boy is going into Yr9 (Different school to the girl) so needs a new blazer and trousers.

    It just seems never-ending!
    • Mumoffourkids
    • By Mumoffourkids 12th Jul 18, 10:33 AM
    • 701 Posts
    • 3,644 Thanks
    Mumoffourkids
    That's very helpful that you get Kickers from Amazon as they are cheaper. I hadn't even thought about trying Amazon for Kickers as my eldest wanted some last year and I told her they were too expensive. My son's school shoes from Clarks lasted well over a year last time and the ones he has now still look new and he has had them for 6 months. But I'm definitely going to look at Kickers on Amazon for the girls!

    So today in money saving news I have just phoned up as I still haven't received my compensation for the power cut I had over 2 weeks ago. It turns out it was sent to a different address so now I am due a further £30 as I haven't received my compensation within 10 working days! So that is going straight off the target debt and will bring it down to near enough £300 but I will find the remaining amount to bring it to £300 and then when I get paid on 3rd August it will be gone. Then I will have only the one debt left to pay which will be gone in August!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 12th Jul 18, 2:57 PM
    • 1,740 Posts
    • 8,833 Thanks
    wishingthemortgaheaway
    So so so close......
    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 16th Jul 18, 6:11 AM
    • 701 Posts
    • 3,644 Thanks
    Mumoffourkids
    I know. I am so close and I was just feeling like I was getting somewhere and then yesterday my car breaks down again. I think it might be the clutch again! I have had two new clothes in the last two years. I only had to pay for the first one but I used a garage I was recommended and I have had nothing but trouble. I now use a completely different garage who I trust far more but if it is the clutch again then I really don!!!8217;t know what to do. I was only thinking the other day that I just need the car to last six months to a year and then I will have saved enough to buy a new one. Not brand new but new to me and newer than the one I have which is 13 years old. The problem I have is that I really need at least a seven seater car and they don!!!8217;t come cheap. I suppose I!!!8217;ll have to see what the garage says today and then make a decision but it looks as though I will be using public transport this week!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • enthusiasticsaver
    • By enthusiasticsaver 16th Jul 18, 7:43 AM
    • 7,277 Posts
    • 15,950 Thanks
    enthusiasticsaver
    Wonderful you have nearly cleared the debt but pain about the car.
    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
    • Mumoffourkids
    • By Mumoffourkids 16th Jul 18, 9:15 AM
    • 701 Posts
    • 3,644 Thanks
    Mumoffourkids
    Wonderful you have nearly cleared the debt but pain about the car.
    Originally posted by enthusiasticsaver
    I know. I got my compensation cheque today so £80 was going off my debt knowing that when I get paid on 3rd August, I could pay one debt off completely. I am now trying to decide what to do about my car. I will add up what I have in savings today and see what I can do. Fingers crossed it can be fixed and isnít too expensive and then once I have paid the debt, I will be saving hard for a new car!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Mumoffourkids
    • By Mumoffourkids 16th Jul 18, 2:10 PM
    • 701 Posts
    • 3,644 Thanks
    Mumoffourkids
    So good news, car can be fixed and isnít too expensive. I have enough in my car savings to fix it easily. And I will still be left with some savings in the car fund. So next step after debt is paid off is to save for a newer car. It will mean my dream of owning my own home will take a little longer but thatís life. At least my car can be fixed!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Drawingaline
    • By Drawingaline 16th Jul 18, 4:37 PM
    • 501 Posts
    • 1,641 Thanks
    Drawingaline
    Fab news about the car.
    • beanielou
    • By beanielou 16th Jul 18, 6:13 PM
    • 57,965 Posts
    • 238,408 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 12 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 17th Jul 18, 8:10 AM
    • 701 Posts
    • 3,644 Thanks
    Mumoffourkids
    Thanks, car will be fixed today but just for today I am having to get the train to take smallest two to nursery, then get train back home and drop middle two at breakfast club and now on train to get to work. I am sweating already!

    Last night though I updated my spreadsheet and even though I have t paid the compensation cheque in yet, I paid £82 off my target debt, leaving just £299.62 to pay on 3rd August. Then one debt is completely gone! I just have the one credit card to pay which I will concentrate my efforts on next.

    I have also been about two of my debts which the bank have decided not to chase. They are still showing in my credit file and even though nothing is happening with them, they are still showing. I have been thinking about making a really low full and final offer to them I. The hope that they then show as partially satisfied. This is only once my other debts are paid off. I suppose I can only ask and they can only say no, but if they arenít chasing the debts anymore I presume that partially satisfied will look better on my credit file than just outstanding.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Mumoffourkids
    • By Mumoffourkids 18th Jul 18, 4:52 PM
    • 701 Posts
    • 3,644 Thanks
    Mumoffourkids
    So another good thing happened today. After my breakdown on Sunday I emailed my breakdown assistance to claim back my taxi fare home and I also asked for some compensation as the service I received was awful. I wasn't updated on what was going on and I thought well why not ask.

    So today I got an email to say I will be getting the £30 back plus £50 as compensation!

    So that will be going off my last debt I think. Its another £50 I didn't think I had so it's a bonus, I might put half towards my debt and half towards our Disneyland Paris holiday.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
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