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  • FIRST POST
    • Mumof31987
    • By Mumof31987 23rd Feb 18, 8:48 PM
    • 42Posts
    • 58Thanks
    Mumof31987
    New here, starting on my debt free journey
    • #1
    • 23rd Feb 18, 8:48 PM
    New here, starting on my debt free journey 23rd Feb 18 at 8:48 PM
    Hello i decided to start a little diary to keep up with any progress i have been making with managing debt. Even if noone reads its still quite good to see it written down.
    I am married with 3 young children aged 1,3 &4. My kids are all still very little and it has slowly put us into debt with me being off work and needing to get a bigger car combined with buying our own house and getting married.
    my husband is working full time and i work 20 hours per week in the evenings (and any weekend overtime i can find) so im lucky that we pay 0 childcare costs.
    Its difficult to work out what we fully owe as tbh i dont 100% know what debt my husband has. Although we share money i just make sure mine is paid and he does the same but il try and get it roughly anyway.


    Household Information
    Number of adults in household........... 2
    Number of children in household......... 3
    Number of cars owned.................... 1

    Monthly Income Details
    Monthly income after tax................650
    Partners monthly income after tax....... 2000
    Benefits................................ 190
    Other income............................ 0
    Total monthly income.................... 2840

    Monthly Expense Details
    Mortgage................................ 490
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax.............................149
    Electricity............................. 80
    Gas..................................... 55
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 40 & 45
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 55
    Internet Services....................... 10
    Groceries etc. ......................... 280
    Clothing................................ 20
    Petrol/diesel........................... 100
    Road tax................................ 0
    Car Insurance........................... 47
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 75
    Medical (prescriptions, dentist etc).... 30
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 40
    Contents insurance...................... 0
    Life assurance ......................... 50
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 25
    Haircuts................................ 20
    Entertainment........................... 100
    Holiday................................. 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 1773


    Assets
    Cash.................................... 0
    House value (Gross)..................... 155,000
    Shares and bonds........................
    Car(s).................................. 13,000
    Other assets............................ 0
    Total Assets............................ 0
    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Overdraft......................0......0... .0
    Credit card .....................2500.....50....... .0
    Credit card 2 ................1650.....100..... .0
    Tesco loan ..........8500......... 207......0
    Car ..........13000 ..... 257 .....0.........0
    Total unecured debts.........25650...... pm - 614


    Monthly Budget Summary
    Total monthly income.................... 2840
    Expenses (including HP & secured debts)... 1773
    Available for debt repayments...........1067
    Monthly UNsecured debt repayments....... 614
    Amount left after debt repayments....... 453




    I thinm i have probably done the loans wrong as they are secure.
    I work out my money ENTIRELY different to that though, basically by husband gives me £650 i earn £650ish and get child benefit of £190 = £1490

    I then pay around £700 bills myself and i am left with £790 for - £100 elec £100 petrol £250-300 food, £50 bdays/xmas savings and the rest gets spent on kids things with the occasional nightout/haircut thrown in every few months.


    I basically just want this debt gone so we can actually have some cash left at the end of each month to save! I feel like im constantly scrounging at the end of the month and iv finally decided im going to get rid of one credit card ASAP and then work towards the other one.
    Iv no issue with the tesco loan or car payments il pay them off just as im meant to but not anymore.
Page 3
    • Mumoffourkids
    • By Mumoffourkids 4th Mar 18, 3:34 PM
    • 618 Posts
    • 2,968 Thanks
    Mumoffourkids
    Sounds like you got a lot done this weekend! I need to get off here and get some stuff done!
    Total debt Dec 2017 £23090.83
    Ma7 2018 £4621.78 79.98% paid
    Emergency fund £100/£600
    Total Savings £1258.62
    • Mumof31987
    • By Mumof31987 4th Mar 18, 3:54 PM
    • 42 Posts
    • 58 Thanks
    Mumof31987
    Thanks i had quite alot of decluttering id wanted to get done il maybe write it here for the week ahead.
    -bath toys, chuck or clean as making black stuff in the bath
    - properly bleach down the bath and tiles overnight
    - declutter kitchen
    - attempt to clean up our bedroom (always last room i can be bothered doing)
    - clean out the area beside back door. See if anything needs put to the tip.
    • Mumof31987
    • By Mumof31987 5th Mar 18, 10:32 AM
    • 42 Posts
    • 58 Thanks
    Mumof31987
    This morning i went to toys r us as it is closing down. Wasnt too great there wasnt really much left but i found a make up set i though DD would like, just a young one. Even with 60% off it was still £15!!! Did not but it.
    I spent £4.07 but just tat really (my kids do love tat) so thats all put aeay in the birthday cupboard.
    havent been too productive with my 1 child time. Iv done 2 loads of washing though so im now completely caught up on washing, ironing and putting it all away. Wont last long in this house!!
    Our snow is melting and its starting to rain quite a bit
    • Mumof31987
    • By Mumof31987 5th Mar 18, 5:37 PM
    • 42 Posts
    • 58 Thanks
    Mumof31987
    £1090 left with 3 weeks and 2 days until payday. There is £70 of DD left to come off.
    I need to pay the kids snack fees of £20, football and dancing for the term at the end of the month (£80ish)
    3 weekly foodshops until then and think il need £60 more petrol and £10 more electric leaving - £625 if we cant live on that ghere is something very seriously wrong with us. Id hope with that we can have a nice month plus buy the passports
    • Mumof31987
    • By Mumof31987 6th Mar 18, 12:34 PM
    • 42 Posts
    • 58 Thanks
    Mumof31987
    Totally off topic and possibly TMI but DH got another letter in saying he still has live sperm after having a vasectomy in August. Its getting frustrating now he just has to send another sample but theres only a 2 hour window so last time he had to take a day off work to get the sample in, not sure what he will do this time maybe his work will let him take his lunch early. If its still not worked after this sample im taking that as some sort of sign!
    • enthusiasticsaver
    • By enthusiasticsaver 6th Mar 18, 5:28 PM
    • 6,394 Posts
    • 13,133 Thanks
    enthusiasticsaver
    You seem to be getting better at knowing where your money is going.

    Ideally you need some savings in an emergency fund.

    Tackle the most expensive card first.

    Maybe start to get the kids and you and DH out of the habit of having frequent treats until the debt is gone.

    I think you need to look at your electricity. If it is a top up meter that is the most expensive way of paying for it. Why are you not paying by monthly DD?
    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
    • Mumof31987
    • By Mumof31987 7th Mar 18, 5:23 PM
    • 42 Posts
    • 58 Thanks
    Mumof31987
    Hi, with the electric it was a metre when we moved in and we were just lazy and never cjanged it. Is it quite a noticeable difference changing? If so i should probably do this then! I soend between £2 - £2.50 on it per day!
    • Mumof31987
    • By Mumof31987 7th Mar 18, 5:42 PM
    • 42 Posts
    • 58 Thanks
    Mumof31987
    Today ae had some sun finally!! So i took the kids to a bigger park that has an animal corner and paid £5 to get in. I was happy with this as we havnt had a day out in awhile and we ended up at the park for almost 3 hours. I was also happy with myself that i took a packed lunch for everyone and didnt cave when the kids asked for kinder eggs at the cafe!
    • enthusiasticsaver
    • By enthusiasticsaver 7th Mar 18, 5:47 PM
    • 6,394 Posts
    • 13,133 Thanks
    enthusiasticsaver
    Hi, with the electric it was a metre when we moved in and we were just lazy and never cjanged it. Is it quite a noticeable difference changing? If so i should probably do this then! I soend between £2 - £2.50 on it per day!
    Originally posted by Mumof31987
    Speak to your electricity provider. It is the most expensive way of providing electricity. That is around £60 to £75 a month you are paying.
    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
    • Mumof31987
    • By Mumof31987 8th Mar 18, 4:51 PM
    • 42 Posts
    • 58 Thanks
    Mumof31987
    Iv worked out in 3 years my loan and car payment will be paid off and i will be £443 richer per month!
    Normally wed put the car back and get a brand new one and start all over again. There is 2 years left in the car and at the end we will owe £4000ish i cant remember exactly. If we include how much i pay on credit cards aswell then il be £587 richer per month. If thats not motivation i dont know what is!
    • enthusiasticsaver
    • By enthusiasticsaver 8th Mar 18, 4:59 PM
    • 6,394 Posts
    • 13,133 Thanks
    enthusiasticsaver
    i think that is what motivates most people. Some people have an ideological aversion to debt but most of us don't want to be paying for stuff we have already bought on credit and want the money in our payslips to be ours to spend or save rather than being paid to a bank or credit card company. Brand new cars depreciate dreadfully. I have had two brand new cars in my life (luckily not bought on credit, other than interest free) but won't do it again. One that is one or two years old is much more cost efficient.
    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
    • Mumof31987
    • By Mumof31987 8th Mar 18, 5:17 PM
    • 42 Posts
    • 58 Thanks
    Mumof31987
    Unless this car goes downhill which i hope it doesnt we are planning to keep it. Iv never had a car more than 5 years old but id rather have more money so i cant have it all!!
    I remember when we set up the payments it was about £230pm and i asked if we could pay £200 and pay more at the end. She said no as the debt would be more than the car would be worth. Think that shows you something that in 4 years it would be sooo much less than when we bought it. It is a good idea in theory but im avoiding doing it again at all costs, aslong as iv a running car i really dont care what it looks like
    • Mumoffourkids
    • By Mumoffourkids 8th Mar 18, 8:04 PM
    • 618 Posts
    • 2,968 Thanks
    Mumoffourkids
    Iíve had a few brand new cars. The last one I had lasted 11 years and had done 200000 miles! The car I have now is 12 and half years old and has done 124000 miles. It works, it doesnít look pretty but it gets me from a to b and itís mine!
    Total debt Dec 2017 £23090.83
    Ma7 2018 £4621.78 79.98% paid
    Emergency fund £100/£600
    Total Savings £1258.62
    • Mumof31987
    • By Mumof31987 9th Mar 18, 6:56 PM
    • 42 Posts
    • 58 Thanks
    Mumof31987
    Wow thats brilliant how well it lasted!! I think im more worried about MOTS and problems arising but even then its still a hell of a lot cheaper than paying the finance payment each month.

    Not been the best spends day iv had.
    Had a £30 Mac voucher so went in to get make up and the woman did my make up and i ended up buying a bronzer and foundation which came to £50. I had a £30 voucher so payed £20 and hubby said he will put it in for my mothers day pressie as least its something i like.
    I then went in New look and there was a £40 dress down to £13 and i had a 20% off voucher so was £10.40
    I also went to a cafe and spent £2.10 but in my defense it is a charity cafe that you pay per minute so i got quite alot for £2.10.
    Anyway im still happy with what i got even if it did cost when im trying not to spend. Least i feel more appreciative of things!
    • Mumof31987
    • By Mumof31987 15th Mar 18, 8:56 AM
    • 42 Posts
    • 58 Thanks
    Mumof31987
    This weekend we werent the best. We got the kids new trainers (essential others too small) then went to b&m store for wrapping paper and ended up getting some bits and bobs (although all came to £9) then had a mcdonalds for lunch which was £15.
    I then ended uo getting mothers day cards and wine for £13 for the 2 mums.
    On the plus i did overtime on sunday which was double time.

    I also managed to get my weeks food shopping for £33 at aldi. Only 1 meat so not much in the way of meals but lots of fruit, yoghurts, snacks and lunches.
    So we are now down to £440 plus i get £190 child benefit on monday. We are still doing so well compared to a typical month.
    I think i will get the passports and then save away whatever else is left rather than pay towards credit cards. Think we will feel more motivated if we see we are getting some sort of savings.
    • enthusiasticsaver
    • By enthusiasticsaver 15th Mar 18, 9:03 AM
    • 6,394 Posts
    • 13,133 Thanks
    enthusiasticsaver
    Savings for emergencies are just as important as paying down debt. That way you are not tempted to use a credit card and increasing the debt back up again.
    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
    • Mumof31987
    • By Mumof31987 28th Mar 18, 9:10 PM
    • 42 Posts
    • 58 Thanks
    Mumof31987
    Hello not been on in a bit.
    Payday tomorrow and just refelcting back on how i dont this week.
    I felt after the first 2 weeks or so i got a bit bored of it and slid back to old ways but not quite as bad!
    I think to save this from happening im going to take spending money out in cash and try and do an envelope system as i feel a bit of money to buy bits and bobs or i fall off the wagon completely.

    So we ended the month with £12. BUT i got 2 passports, changed £200 into euros and got £100 of holiday clothes for the kids which were very much needed and that is them all kitted out for holiday and summer.

    Now i need help please. I need talked down.
    We booked alcudia for the 5 of us last year and got what i thought was a great deal of £1215 for half board for a week.
    Anyway today i was on thomsons and for £600 more we can go to Florida. Id only have to pay a small fee and could change it.

    Now talk me down, its a brilliant price for a family of 5 to florida. The flights are excellent and i would LOVEEEEE to go.

    BUT realistically i dont just need the £600 i need theme park tickets, spending money. Help!!!
    • Mumof31987
    • By Mumof31987 28th Mar 18, 10:42 PM
    • 42 Posts
    • 58 Thanks
    Mumof31987
    Also forgot to mention DH has taken out a £7500 credit card that is 0% for 2 years. He has transferred his 4,000 onto that and closed his old one. We are now away to transfer my £1650 one onto that too. Just hoping he doesnt use the rest!!
    That will mean we have just the 2 credit cards both 0% which feels alot less scary. I will continue to keep paying him the £100 id normally pay the bank
    • Mumof31987
    • By Mumof31987 26th Apr 18, 1:03 PM
    • 42 Posts
    • 58 Thanks
    Mumof31987
    Hello, been spending quite alot so need to come back here again. I think with kids being off for Easter I wasnt really watching money, going for lots of days out, ice creams etc. I'd also bought stuff that we will use but hadn't really planned out. Got the kids a new table and chairs and storage unit. Really good and useful and happy I did buy them but haven't been sticking to any budget which isn't good.
    Payday Fri so time to start fresh again.
    Renewed car insurance and house insurance and only got the same as last year but I managed to get it lower than what they were asking. I feel we are actually not bad with money at the moment I don't feel like I'm drowning at all but do think I want to have savings and the only way to do that is to be more sensible.

    We go on holiday in 9 days!!! Kids have all the clothes they need and I'm really happy with everything I got. primark have such good deals on shoes, £3 for nice sandals and trainers etc. I spent £80 in primark on myself which is alot for me but I got 4 evening outfits, 4 pairs of shoes and felt really good afterwards!!
    Hmm not much else really. Daughter has
    Started another dance class so £8 instead of £3 and will need to buy the clothes for that. The joys! She really enjoys it though so things like that I am happy to pay for.
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