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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 9:12 PM
    • 650Posts
    • 3,350Thanks
    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
    • 650 Posts
    • 3,350 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
    Jul 2018 2279.78 90.13% paid
    Emergency fund 218.57/600
    Total Savings 2006.60
    • beanielou
    • By beanielou 6th Aug 18, 11:15 AM
    • 56,188 Posts
    • 227,161 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 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 7th Aug 18, 6:07 PM
    • 650 Posts
    • 3,350 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
    Jul 2018 2279.78 90.13% paid
    Emergency fund 218.57/600
    Total Savings 2006.60
    • Mumoffourkids
    • By Mumoffourkids 9th Aug 18, 9:48 PM
    • 650 Posts
    • 3,350 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
    Jul 2018 2279.78 90.13% paid
    Emergency fund 218.57/600
    Total Savings 2006.60
    • Mumoffourkids
    • By Mumoffourkids 10th Aug 18, 9:44 PM
    • 650 Posts
    • 3,350 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
    Jul 2018 2279.78 90.13% paid
    Emergency fund 218.57/600
    Total Savings 2006.60
    • beanielou
    • By beanielou 10th Aug 18, 9:50 PM
    • 56,188 Posts
    • 227,161 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 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 13th Aug 18, 7:54 AM
    • 650 Posts
    • 3,350 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
    Jul 2018 2279.78 90.13% paid
    Emergency fund 218.57/600
    Total Savings 2006.60
    • Honeysucklelou2
    • By Honeysucklelou2 13th Aug 18, 8:18 AM
    • 984 Posts
    • 4,094 Thanks
    Honeysucklelou2
    Welll done on the potty training...I am just setting out on that task with the youngest.
    paydbx #93 784.50/8,000.
    Loan 17k - paid off in Aug 2017. Home improvement loans 3342 March 2017. 3123 in Jan 18
    • Mumoffourkids
    • By Mumoffourkids 13th Aug 18, 12:35 PM
    • 650 Posts
    • 3,350 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
    Jul 2018 2279.78 90.13% paid
    Emergency fund 218.57/600
    Total Savings 2006.60
    • Mumoffourkids
    • By Mumoffourkids 13th Aug 18, 12:37 PM
    • 650 Posts
    • 3,350 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
    Jul 2018 2279.78 90.13% paid
    Emergency fund 218.57/600
    Total Savings 2006.60
    • f0xh0les
    • By f0xh0les 14th Aug 18, 8:10 AM
    • 1,590 Posts
    • 13,126 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 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
    August 103,999.99

    NEXT GOAL is sub 100k before 2019Mortgage-free wannabe 2018 #65
    • hugglemonster
    • By hugglemonster 15th Aug 18, 7:18 PM
    • 399 Posts
    • 1,771 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 1900 Credit card 2200 now 1395 Car - Purchased 11,518.40 now 6909.04 Barclays loan 3000 now 2925.36 Dad 300
    PAID - Computer 646.52, Overdraft 1 2200
    Emergency fund: 0 General savings: 0
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