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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 9:12 PM
    • 702Posts
    • 3,662Thanks
    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 39
    • Mumoffourkids
    • By Mumoffourkids 6th Aug 18, 11:00 AM
    • 702 Posts
    • 3,662 Thanks
    Mumoffourkids
    Thanks Beanie, it was a very happy day yesterday. My new car is lovely. Now just to pay for it. It means moving house may have to be a year later than planned but it is still going to happen.

    So I have worked out what I need to make extra this month in order to pay for the extra childcare, put back into the contingency fund what I had to borrow for the new car and generally make sure I have enough money in order to pay the extra £1000 off my debts which I had planned this month. The total comes to £419.40. If I don't make this then I just pay less to my debts but I really want to get as close to this figure as possible. Some of it will come from the old car including a road tax refund.

    So I'm going to track on here.

    Extra Income needed August 2018 £12.50/£419.40

    I already have £12.50 from my monthly bank reward and I saved £9.50 from last week's general spending. I plan on photographing and listing loads of bits for sale this week and also getting rid of the old car will help even if it is only for scrap!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • beanielou
    • By beanielou 6th Aug 18, 11:15 AM
    • 58,756 Posts
    • 243,636 Thanks
    beanielou
    You can do it
    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. ***Be the difference.***
    • Mumoffourkids
    • By Mumoffourkids 7th Aug 18, 6:07 PM
    • 702 Posts
    • 3,662 Thanks
    Mumoffourkids
    Thanks Beanie.

    So today I have cashed out £8.18 from PA. I also rounded it up from my general spending to £10. Then I got one of my youngest!!!8217;s birthday presents at the weekend but I used £30 worth of nectar points, so today I decided to transfer £15 from my present fund to my current account as I have saved more than that by buying using the nectar points.

    So total of money made so far is £37.50/£419.40
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Mumoffourkids
    • By Mumoffourkids 9th Aug 18, 9:48 PM
    • 702 Posts
    • 3,662 Thanks
    Mumoffourkids
    So not much money making happening today but one good thing did happen. I forgot that the holiday club the kids go to do a loyalty scheme. I hadn't got their cards stamped until today but luckily the manager at the camp knows me quite well so backstamped the cards to Easter. So it turns out that I have a £10 credit for two of the children to come off their summer childcare bill. Then one is only 5 stamps away from a free day and the other is only four stamps away from a free day. They should get that by the end of the summer so that is another £40 saved. So overall £60 saved off their childcare bill and £60 off my extras target for the month.

    Although in bad news, I had completely forgotten about a gymnastics workshop I had booked DD2 and DD3 into today. So that was £50 that I hadn't budgeted for and £50 extra I have to find this month!

    So overall I am £10 up but I could have been more up but I am not going to dwell on it.

    So updated target is £37.50/£409.40 9.16% achieved
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Mumoffourkids
    • By Mumoffourkids 10th Aug 18, 9:44 PM
    • 702 Posts
    • 3,662 Thanks
    Mumoffourkids
    So today my old car got picked up and the money will be going into my bank tomorrow. They were trying to reschedule until Monday but I kicked up a fuss as it had been booked in since last Monday. In addition, I only have one parking space and so my new car was parked out on the road but you have to move cars between 10 and 11 on a weekday morning as otherwise you could get a parking ticket. So I parked the old car on the drive as I knew I would be at work three days.

    I was a little bit sad to see it go as it has served me well, but the new car is lovely.

    We are also doing a move round on rooms again! I miss having my own space, so we have decided to move DD2 and DD4 into the top loft room. DD1 will stay in her room. DS1, DD3 and DS2 will then go into the big room on the middle floor with the triple bunk bed. This also means moving clothes, toys, and furniture! But it does mean that I will get the small room. It's not big enough for me to sleep in so I will remain sleeping on the sofa bed downstairs, but does mean I can have my clothes in there, I am going to get a cheap desk from Ikea and will have my sewing machine and bits in there. I am also going to move my bookcase in there with my books and photos. It will be my space away from the kids, even if it is tiny!! I just need to work out when I can get the desk as I want to decorate it first. There are some holes that need filling first and then the walls need painting. I might get a load of photo frames and print out pictures of the kids to put up on the wall as well.

    Three of the kids go away tomorrow evening with their dad so I will have time to get my little room ready. I want to make it a nice space to retreat to where I can relax. I really need some space saving furniture which doubles up as other bits but I can't afford that. Must go researching I think!!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • beanielou
    • By beanielou 10th Aug 18, 9:50 PM
    • 58,756 Posts
    • 243,636 Thanks
    beanielou
    Great that you are going to have your own space
    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. ***Be the difference.***
    • Mumoffourkids
    • By Mumoffourkids 13th Aug 18, 7:54 AM
    • 702 Posts
    • 3,662 Thanks
    Mumoffourkids
    So I started on clearing the small room over the weekend along with moving five of the children's stuff to new rooms! The small room is almost clear, just the bed to remove and the bits under the bed. Then I can start decorating it. I'm only going to paint it white as I have loads of white paint but I will get some blue accessories. I already have some blue cushions so they will go on my new chair once I have got one. I have also ordered a new desk which will arrive this week. I already have a couple of floating shelves which aren't being used so I will put them up on the wall for storage. I have it all thought out and I only need a chair, storage unit from Ikea for some of my clothes and then I want to put some pictures of the kids up on the wall.

    In other news DS2 I think has cracked potty training during the day. He cracked it at nursery a few weeks ago but at home just wasn't getting it. Well we have had three days at home and he only had one accident on the first day. So I am so proud of him and I am glad I waited until he was ready. DD4 is not yet 2 and she has a potty as well and whenever my son sits on his, she sits on hers. Its a bit hit and miss with her at the moment but she has done a couple of wees on the potty. I won't push her just let her do it at her own pace but the savings in nappies once they are only wearing them at night will be amazing!

    In money saving news, the money for my old car arrived into my bank so the target for extra money needed this month is doing really well. I didn't manage to save any on the weekly spending this week but I will hopefully this week as three of the kids have gone to their dad's this week so my food bill should be a lot lower.

    Extra money needed for August £239.50/£409.40 58.5%

    Today is clearing the rest of the small room and filling the holes in the walls. I am hoping to do that this morning and get the first coat of paint on the walls. Then I need to clean the bathrooms and take DD1 to work with a stop at Makro on the way.

    I also really need to start photographing and listing some bits for sale. They have all been going up in a big pile on the top landing so that is a mess and needs sorting out!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Honeysucklelou2
    • By Honeysucklelou2 13th Aug 18, 8:18 AM
    • 1,233 Posts
    • 5,903 Thanks
    Honeysucklelou2
    Welll done on the potty training...I am just setting out on that task with the youngest.
    paydbx #93 £929.08/£8,000.
    Loan £17k - paid off in Aug 2017. Home improvement loans £3342 March 2017. £2994 in Aug 18
    • Mumoffourkids
    • By Mumoffourkids 13th Aug 18, 12:35 PM
    • 702 Posts
    • 3,662 Thanks
    Mumoffourkids
    Thanks and good luck with potty training your youngest. I am hoping my youngest just copies and almost teaches herself. I am really glad I waited with my son though until he was ready. He is 3 and half so completely ready and now trained. Even if I put a pull up on him, he still goes for a wee on the potty.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Mumoffourkids
    • By Mumoffourkids 13th Aug 18, 12:37 PM
    • 702 Posts
    • 3,662 Thanks
    Mumoffourkids
    Forgot to say that this morning I have already cleaned all three bathrooms. It is definitely getting quicker to clean them now I do it twice a week. I have also done a Makro run for work and dropped DD1 off there. Me and the youngest two got back home and have had lunch so I suppose I had better get clearing the small room again and moving toys around again.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • f0xh0les
    • By f0xh0les 14th Aug 18, 8:10 AM
    • 1,957 Posts
    • 17,074 Thanks
    f0xh0les
    Well done on the potty training!
    This time of year is great for it, as laundry dries so quickly on the line that any accidents are less stressful and do not leave you with a mountain of wet clothes.

    Hope you get 'your space' sorted. You need space too, but I completely understand the kids' spaces come first. I would be the same.
    MFW STARTMay 16 £118,340 : Oct17 - £109,49Dec17 £108,80Jan 18 £108,39 Mar18 £108,50 Apr£108,10May£106,99Jun105,99.Jul105,30 Aug£103,99 Sep£102,999 Oct£101,999 Nov£101,300
    £100, 896.17 sub £100k by 2019Mortgage-free wannabe 2018 #65
    Referal code- https://doblotto.com/r/1f87a3
    • hugglemonster
    • By hugglemonster 15th Aug 18, 7:18 PM
    • 471 Posts
    • 2,060 Thanks
    hugglemonster
    Great news that you're going to have your own space in the house, a little sanctuary!

    Good luck with the potty training, we didn't potty train our 2 but had a smaller toilet seat to put on the usual seat and a little plastic step so they could reach. I can't remember how long it took them but they adjusted well and I don't think they had many accidents.

    H x
    Debt:Overdraft 2 £2400 Credit card £2200 now £1580 Car - Purchased £11,518.40 now £6334.12 Barclays loan 3000 now £2673.96 Dad £300
    PAID - Computer £646.52, Overdraft 1 £2200
    Emergency fund: £10 General savings: £10
    • Mumoffourkids
    • By Mumoffourkids 19th Aug 18, 8:02 PM
    • 702 Posts
    • 3,662 Thanks
    Mumoffourkids
    Well done on the potty training!
    This time of year is great for it, as laundry dries so quickly on the line that any accidents are less stressful and do not leave you with a mountain of wet clothes.

    Hope you get 'your space' sorted. You need space too, but I completely understand the kids' spaces come first. I would be the same.
    Originally posted by f0xh0les
    Thanks Foxholes. I have decided I do need a little space that is just my own, even if I don't sleep in it. I need space to put my books and put my photos and bits and pieces up.

    Great news that you're going to have your own space in the house, a little sanctuary!

    Good luck with the potty training, we didn't potty train our 2 but had a smaller toilet seat to put on the usual seat and a little plastic step so they could reach. I can't remember how long it took them but they adjusted well and I don't think they had many accidents.

    H x
    Originally posted by hugglemonster
    Thanks Huggle, yes its great I have my own little space. And it means I can get my dining table back for the kids to eat dinner at without my sewing stuff all over it.

    So my little room is all up and ready. I didn't manage to decorate it last week but my new desk is in and up, I have my bookcase with my books in and I have transferred all my sewing stuff and sorted out all my fabrics. I am also going to leave my laptop up in my room so I can use my desk to work on my laptop as well as do some sewing.

    I still need to decorate, put a couple of shelves up on the walls and put some photos of the kids up. I have really high ceilings, so my storage can go quite high really, but then I would have to put stuff up high that I didn't need very often as I'm only short!

    In money saving news, I have managed to save £40 from this week's general spending, partly due to the fact that three of the kids were at their dad's all week last week and partly because myself and my oldest daughter were working a lot and therefore eating at work! So we didn't use hardly any of the food I bought the week before either. So this week's food shop is tiny as well!!

    I have also started Matched betting as I think my extra income streams are going to run out soon and my plan is that I make an extra £100 per month! So far I have been doing it 5 days and have made £37.08 profit so far. This was using £100 to start off with and I still have the £100. This £100 came from my contingency fund and so I can still access it if I have an emergency. I am hoping to make at least £100 per month if not more doing this.

    And in other news, we have decided to rescue a dog. I know I don't seem to make my life easy! This has cost me £50 deposit so I have added that to my income to find this month. My car tax refund has come in though so my current total is as follows:

    Total additional income to be made August - £325.71/£459.40 70.90%!!!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Mumoffourkids
    • By Mumoffourkids 24th Aug 18, 7:20 AM
    • 702 Posts
    • 3,662 Thanks
    Mumoffourkids
    So I have been a bit quiet but this week has been busy with DD1 getting exam results which she did really well with, and DD4's birthday today.

    We went out for a meal last night to celebrate the exam results and celebrate DD4's birthday a day early (this means we won't have our usual birthday takeaway tonight!). The meal cost just under £60 for 8 of us which included drinks and puddings so I was happy with that.

    Extra income from matched betting is now up to £60 with another possible £15 coming in today. I am very pleased with this and I am hoping that it is something I can continue each month.

    I still need to photograph and sell all our old stuff. I really can't face doing a car boot so selling online somehow it has to be.

    I have done a little sewing and have been making hair bows for the girls out of ribbon. They have been going down really well so I got some more ribbon and will make some that match their school uniform. They are really quick and easy to sew so I get really satisfied when I finish one.

    Right I had better get up and see if the children are awake. Plans for this weekend are to tidy up today, maybe take the kids out and use their annual passes and then hopefully start decorating my room tomorrow.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • beanielou
    • By beanielou 24th Aug 18, 7:18 PM
    • 58,756 Posts
    • 243,636 Thanks
    beanielou
    Sounds like the meal was very
    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. ***Be the difference.***
    • apple muncher
    • By apple muncher 24th Aug 18, 7:24 PM
    • 8,044 Posts
    • 61,293 Thanks
    apple muncher
    Well done to dd1 on her results . Does she know what she wants to carry on studying, and where?
    NST December in the TARDIS #1; NSD 6/15; Shlder Ex 6/21 ; craft 2(261); remove (669)
    2018 Pay off: £4641; 2
    018 sell £98.10; WLOSW 3/10

    Mortgage £18,634 (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295; 01/18 23,143) MFWDate Dec 2018
    • Mumoffourkids
    • By Mumoffourkids 24th Aug 18, 8:38 PM
    • 702 Posts
    • 3,662 Thanks
    Mumoffourkids
    Sounds like the meal was very
    Originally posted by beanielou
    It was very money saving and did two celebrations at the same time. The adults meals were two for £10.79 and the kids got a drink and pudding with their meals.

    Well done to dd1 on her results . Does she know what she wants to carry on studying, and where?
    Originally posted by apple muncher
    Thanks Apple, she is going to stay at her current school and do A-levels in Biology, Physics and Chemistry and then do an A-Level in French in her own time as she is fluent in French. So not an easy option and a lot of work to do!
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • Mumoffourkids
    • By Mumoffourkids 25th Aug 18, 6:35 PM
    • 702 Posts
    • 3,662 Thanks
    Mumoffourkids
    So update on money needed to save in August as I have saved some from my weekly budget this week and still going to save some more I think as my spending budget doesn't reset until tomorrow but I still have £17.06 left out of that one.

    So updated totals are £365.71/£459.40 79.61%

    But I have matched betting profits of £64.77 to come in on Tuesday so I will be a lot closer to my total come Tuesday. I have until Friday to complete and I am sure I will do it.

    I have already worked out the extra income I want to try and achieve in September as well. The amount is lower than August but I think some of it may come from my wages as I have worked more hours than I expected.

    I still haven't managed to list any items for sale yet though so this total has come purely from other sources.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
    • beanielou
    • By beanielou 25th Aug 18, 9:26 PM
    • 58,756 Posts
    • 243,636 Thanks
    beanielou
    Great totals.
    So you are only (!!) looking for another 30 quid or so for this month
    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. ***Be the difference.***
    • Mumoffourkids
    • By Mumoffourkids 30th Aug 18, 6:40 AM
    • 702 Posts
    • 3,662 Thanks
    Mumoffourkids
    Yes Beanie and now I am down to £16.67 to get before tomorrow. I saved an additional £14 from my weekly spends last week. In theory I should be able to save that £16.67 from this week's spends so I have nearly completed my mini challenge for the month.

    Total extra needed - £450.73/£467.40 96.43%

    I have around £26 profit from matched betting due to come in as well, but not sure if that will arrive today or tomorrow.

    I have also updated my signature and I am down to £1249.78 debt. This is only my old debt that had been hanging around for ages and doesn't include the finance on the new car. As soon as the old debt is gone (Next Thursday!!!) I will update my signature to include the car finance as I am hoping to pay that off a lot quicker than the five years the loan is over! Next Friday I need to phone the finance company and ask how I overpay and the details etc.

    I haven't sold anything yet but I did list some shoes on FB but no interest. I might try and list them on ebay later on tonight to see if they go on there. Most are kids shoes and have hardly been used.
    Total debt Dec 2017 £23090.83
    SEP 2018 £0 100% paid
    Emergency fund £257.38/£600
    Total Savings £1672.07
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