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  • FIRST POST
    • Mumoffourkids
    • By Mumoffourkids 15th Dec 17, 9:12 PM
    • 646Posts
    • 3,137Thanks
    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 7
    • Mumoffourkids
    • By Mumoffourkids 5th Jan 18, 1:47 PM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    Halfway through the day so though I would check on how my list was going
    - four oldest to school done
    - do lots of washing (probably three loads) two loads done already. Third load will be when oldest gets back from school and brings down her washing
    - dry lots of washing last load in the dryer now
    - sort all dry washing out into whose clothes it is and put away
    - sell littlest pets sold four, need to contact next on the list to see if they want the rest
    - clean Moses basket
    - clean old pushchair
    - go to sports direct to return duplicate pair of rugby boots done, got a credit note which will be used,
    probably on trainers for ds1

    - go and get smallest daughter's feet measured and get her some winter shoes feet measured, she is now a size 3 but still too early for proper walking shoes. But won't be long, so I got her some similar shoes to what she had got but in the next size up, only 3 as well
    - generally tidy and clean the house including bathrooms
    - sort out garage to see if there is anything to sell in there. I think there might be an old tool box which I don't need
    - take some old toys to the charity shop in a bag ready to be taken before school run this afternoon
    - buy new laces for dd2 school shoes

    Still got loads to do then, but youngest is having a nap so I'm going to quickly clean the bathrooms.
    Total debt Dec 2017 23090.83
    Ma7 2018 3691.78 84.01% paid
    Emergency fund 150/600
    Total Savings 1328.05
    • Mumoffourkids
    • By Mumoffourkids 5th Jan 18, 1:48 PM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    Oh and I paid 50 off my target debt! I had forgotten about that even though it's the most important thing!
    Total debt Dec 2017 23090.83
    Ma7 2018 3691.78 84.01% paid
    Emergency fund 150/600
    Total Savings 1328.05
    • camz2017
    • By camz2017 5th Jan 18, 1:51 PM
    • 347 Posts
    • 594 Thanks
    camz2017
    Oh and I paid 50 off my target debt! I had forgotten about that even though it's the most important thing!
    Originally posted by Mumoffourkids
    Big congratulations on that one! I'm a busy bee as well, but less chores, more my choice Maintaining myself takes a lot of time, no idea how you keep up with 6!

    Wish I had a mum like you, my parents just left us to fight and kill ourselves. I did my own laundry and cooked for myself from about the age of 13.
    BC 0/15305.83 MBNA: 0/11231.16 TESCO 0/822.87 LOAN 0/4272.67
    • Mumoffourkids
    • By Mumoffourkids 5th Jan 18, 1:58 PM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    Oh my kids have chores to do, even the 2 year old tidies up after himself most of the time.

    The payment to my target debt was from extra money that I made selling stuff from round the house. It gets rid of stuff and brings in money! I just need to find more to sell.
    Total debt Dec 2017 23090.83
    Ma7 2018 3691.78 84.01% paid
    Emergency fund 150/600
    Total Savings 1328.05
    • camz2017
    • By camz2017 5th Jan 18, 2:17 PM
    • 347 Posts
    • 594 Thanks
    camz2017
    I have just sold a whole bunch of things, surprising what some people pay. Some things have sold for more than I paid for them!?
    BC 0/15305.83 MBNA: 0/11231.16 TESCO 0/822.87 LOAN 0/4272.67
    • Purplemumof2
    • By Purplemumof2 5th Jan 18, 2:21 PM
    • 6,151 Posts
    • 22,621 Thanks
    Purplemumof2
    Hi Mumoffourkids,

    Just caught up on your diary, you're doing great.

    Pmo2
    xx
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: 6200.00 Cap 1: 395.80 BC: 6841.81
    AFD xxx LTW 6/16
    POAMAYC 2018 #041 PD 6288.87/7000
    Savings for Christmas 191.84/365
    20p Savers 2018 2 Savers 2018 50p Savers 2018 SPC 11 2018 #003
    • Mumoffourkids
    • By Mumoffourkids 5th Jan 18, 8:19 PM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    Thanks Pmo2.

    So I hate the time between payment days. I am waiting on Monday which is when I get the next lot of income. I can't wait as I want to pay off my debts and see the totals coming down.

    I think this week I might be able to pay some more on sunday as I still have 30 left in my petrol budget, 40 in my weekly spending budget and 64 left in the food budget. I expect to spend maybe the 14 out of my food budget but the rest I shouldn't have to spend. So do I pay off debt now or on Sunday when I know whether I need to spend them or not?
    Total debt Dec 2017 23090.83
    Ma7 2018 3691.78 84.01% paid
    Emergency fund 150/600
    Total Savings 1328.05
    • camz2017
    • By camz2017 5th Jan 18, 8:21 PM
    • 347 Posts
    • 594 Thanks
    camz2017
    Sunday, play things safe otherwise you might fall short!
    BC 0/15305.83 MBNA: 0/11231.16 TESCO 0/822.87 LOAN 0/4272.67
    • Mumoffourkids
    • By Mumoffourkids 5th Jan 18, 8:31 PM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    I know I should wait but it's so tempting to want to pay off now! I know I won't need any more petrol because I'm not going anywhere in the car at the weekend. Rugby training for small ones tomorrow and match for biggest on Sunday but that's all within walking/cycling distance which all helps with the weight loss!

    Weekly spend budget shouldn't change but I might roll that over to next week to pay for gymnastics class fees.

    So calculating I will probably pay off at least 50 on Sunday but probably more like 80!

    Also got something finishing on eBay on Sunday. It's up to 10.50 already with 9 watchers so am hoping that price will at least double.
    Total debt Dec 2017 23090.83
    Ma7 2018 3691.78 84.01% paid
    Emergency fund 150/600
    Total Savings 1328.05
    • CoffeeCakeYarn
    • By CoffeeCakeYarn 5th Jan 18, 9:46 PM
    • 208 Posts
    • 683 Thanks
    CoffeeCakeYarn
    Smashing it! well done x
    PAY BACK THE FUN SPEND! 38.72/137.67
    MBNA - 2233.51/2385 - 6.35%
    Emergency Fund 26/1000
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 5th Jan 18, 10:49 PM
    • 1,452 Posts
    • 6,858 Thanks
    wishingthemortgaheaway
    Pay a little bit off, Tilly tidy either the debt balance, or the budget pot. It will make you feel like you are doing something, but won't derail you if something crops up.

    Good idea to use the money towards the gymnastics, then you can start putting the money aside so it's ready for the next payment when it's due.
    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
    • Poppypen
    • By Poppypen 5th Jan 18, 11:06 PM
    • 39 Posts
    • 81 Thanks
    Poppypen
    Hey mumoffourkids
    Just popping by to say I think you're doing brilliant. Keep up the good work
    Poppy xx
    • charlies tribe
    • By charlies tribe 5th Jan 18, 11:59 PM
    • 766 Posts
    • 5,603 Thanks
    charlies tribe
    Your doing great! I would probably try to hold on to the money until Sunday so if anything does crop up your not back to needing to use the card. It would come in handy for the gymnastics fees too.
    LBM in April 17 - 7593/33554 (22.6%) paid.
    2018 PAID OFF TARGET 1969/5000 (39.8% paid)
    Mortgage@1 June 18 = 0/76350 Total debt=102311
    SPC #591
    • Mumoffourkids
    • By Mumoffourkids 6th Jan 18, 7:55 AM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    Smashing it! well done x
    Originally posted by CoffeeCakeYarn
    Thanks coffee. It doesn't feel like it sometimes when I look at the state of my house
    Total debt Dec 2017 23090.83
    Ma7 2018 3691.78 84.01% paid
    Emergency fund 150/600
    Total Savings 1328.05
    • Mumoffourkids
    • By Mumoffourkids 6th Jan 18, 7:56 AM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    Pay a little bit off, Tilly tidy either the debt balance, or the budget pot. It will make you feel like you are doing something, but won't derail you if something crops up.

    Good idea to use the money towards the gymnastics, then you can start putting the money aside so it's ready for the next payment when it's due.
    Originally posted by wishingthemortgaheaway
    I hadn't thought of doing a Tilly tidy but I have done that this morning. The debt balance is now down to a round figure and I am pleased I feel like I have done something!
    Total debt Dec 2017 23090.83
    Ma7 2018 3691.78 84.01% paid
    Emergency fund 150/600
    Total Savings 1328.05
    • Mumoffourkids
    • By Mumoffourkids 6th Jan 18, 7:59 AM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    Hey mumoffourkids
    Just popping by to say I think you're doing brilliant. Keep up the good work
    Poppy xx
    Originally posted by Poppypen
    Thanks Poppypen. I am trying really hard and having a diary is really making me think whether I really need to spend money. I was in mother are yesterday looking at pushchairs as I have a stroller but it's only a basic one and really hard to push one handed when I am trying to hold onto my son's hand. I have a double but it's quite large and most of the time my son doesn't go in it. So I was looking for one that is easy to push one handed but can maybe fit a buggy board. To get one and a buggy board would have been about 250 - 300. Well I don't need it that much!
    Total debt Dec 2017 23090.83
    Ma7 2018 3691.78 84.01% paid
    Emergency fund 150/600
    Total Savings 1328.05
    • Mumoffourkids
    • By Mumoffourkids 6th Jan 18, 8:01 AM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    Your doing great! I would probably try to hold on to the money until Sunday so if anything does crop up your not back to needing to use the card. It would come in handy for the gymnastics fees too.
    Originally posted by charlies tribe
    Thanks Charlie's tribe. I have done a small payment this morning just to round the debt down. But yes the extra will come in handy for the gymnastics fees.

    That reminds me I need to message gymnastics and ask if I can pay one lot next week and one the week after.
    Total debt Dec 2017 23090.83
    Ma7 2018 3691.78 84.01% paid
    Emergency fund 150/600
    Total Savings 1328.05
    • Mumoffourkids
    • By Mumoffourkids 6th Jan 18, 8:05 AM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    So today is slightly busy. This morning middle two have rugby training for two hours and I was going to cycle there with them.

    This afternoon DD3 has an eye test as she says she can't read things far away so I am thinking she may need glasses.

    Then I have the usual Saturday chores of tidying and cleaning the house with the kids help of course.
    Total debt Dec 2017 23090.83
    Ma7 2018 3691.78 84.01% paid
    Emergency fund 150/600
    Total Savings 1328.05
    • Mumoffourkids
    • By Mumoffourkids 7th Jan 18, 7:52 AM
    • 646 Posts
    • 3,137 Thanks
    Mumoffourkids
    So yesterday evening I had a bit of a melt down. I don't seem to stop and am always running kids around here, there and everywhere. When I am at home, all I seem to do is chores or be making dinner or lunch. The kids don't do as they are told and I am exhausted most of the time. So yesterday I was looking into a mother's help, someone who can come round two or three evenings after school and help with the kids. I should be able to afford it in the budget and in theory it should free up some of my time!

    In addition, DD3 does need glasses but she has to go back for another eye test on Wednesday. They want to out drops into her eyes to relax them so they can work out her prescription fully. Yesterday they told me as her eyes are so young, they are working hard to focus and it is confusing the matter about what prescription she needs. Luckily her glasses when she gets them will be free as I checked yesterday so no money to have to budget.

    Also I bought DS1 some new school shoes yesterday. He has had the same ones since September not last year but the year before. In September last year, they still looked fine and he wasn't complaining about them being too small so I didn't buy him new ones. Well they have gone downhill and looked a bit scruffy. Turns out he has gone up a whole size but he got new school shoes out of the clothes budget.

    Then when at rugby yesterday I realised that I needed to pay the balance in the rugby tour by next Saturday. I'm not at training next week because the kids are going to their dads and I had forgotten to budget for it, so that had come out of the balance I had left sitting in my general spending account.

    This morning I was checking accounts and don't think I have much to buy today apart from bread and ham for sandwiches tomorrow so I have paid another 45 off the target debt. I have left a little in the spend account for today which if not spent will roll over to next week's food budget.

    eBay item ends tonight so I am hoping that that gets a few more bids and then it's more payments off the debt once that money comes in.

    More rugby again today and the washing machine and tumble dryer will be on overtime today as it's free electricity day!
    Total debt Dec 2017 23090.83
    Ma7 2018 3691.78 84.01% paid
    Emergency fund 150/600
    Total Savings 1328.05
    • charlies tribe
    • By charlies tribe 7th Jan 18, 11:56 AM
    • 766 Posts
    • 5,603 Thanks
    charlies tribe
    Hope your feeling a bit better now. It's hard when things mount up and everything get's on top of you. I've often sat looking at the mess in tears. I've though about a cleaner but don't even let family in most of the time as i'm embarrassed so i know i'd probably just cancel it. Actually would probably be cheaper for me just to drop a few hours at work.

    Have a lovely day.
    LBM in April 17 - 7593/33554 (22.6%) paid.
    2018 PAID OFF TARGET 1969/5000 (39.8% paid)
    Mortgage@1 June 18 = 0/76350 Total debt=102311
    SPC #591
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