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  • FIRST POST
    • SWSEGirl
    • By SWSEGirl 1st Feb 17, 7:32 AM
    • 12Posts
    • 5Thanks
    SWSEGirl
    Debt free before starting a family
    • #1
    • 1st Feb 17, 7:32 AM
    Debt free before starting a family 1st Feb 17 at 7:32 AM
    So I'm in my early 30's - married for 2 years and thinking about starting a family. For context I bought a flat last year with my husband & now have a sizeabke London mortgage, which I can't realistically shift much quicker than I already am.

    Having lived in London now for a decade I am still paying the residual costs of those early, low paid expensive years - my debt isnt huge, but I have taken a very slack attitude to my finances...refusing to check my bank balance if I think it will be low & continuing to spend frivolously! I once didnt check it for 2 years I am also an olympic fritterer!

    My current debt is as follows:

    £4350 barclaycard - interest free for another 20 months
    £1350 Student Loan

    My outgoings are roughly £1200 (excluding food) a month & I take home £2601. I try to put £500 in savings but that leaves me with £900 - so I'm annoyed at myself for always sitting in my overdraft come payday.

    I realise the above figures aren't terrifying, I'm lucky & I'm in a much better position than I was a few years ago - but I would really like to clear them if we are going to have a baby & save a year of my salary post tax & the thought of childcare costs & salary decreases associated with pt work if we have a baby does terrify me!

    I've finally taken control in January - meal planning, cancelling unnecessary direct debits & aiming for 3 NSD's a week. Christmas was depressingly expensive - I've got into the terrible habit of buying presents for all family - children of cousin's, my sister in laws parents - it is ridiculous! Having just bought a flat we have spent a lot of money furnishing it & there is still some way to go - there always seems to be something to spend money on

    I thought this diary might help incentivise me to save & pay off my debts quicker (& stay out of my overdraft) - I dont know whether to clear them asap or take advantage of the full interest free period. If i have any money left in my bank account before payday I'm tempted to throw that money at the credit card. Any advice bery welcome!
Page 1
    • Bobarella
    • By Bobarella 1st Feb 17, 7:15 PM
    • 10,476 Posts
    • 69,554 Thanks
    Bobarella
    • #2
    • 1st Feb 17, 7:15 PM
    • #2
    • 1st Feb 17, 7:15 PM
    Good luck with your goals SWSEGirl I'm another in London and feel your pain.
    " Your vibe attracts your tribe"

    Debt neutral 27/03/17 from £40k in the hole 2012.
    Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
    RYSAW17 £1900 2016 £2,535.16 2015 £1027.20
    • SWSEGirl
    • By SWSEGirl 1st Feb 17, 8:07 PM
    • 12 Posts
    • 5 Thanks
    SWSEGirl
    • #3
    • 1st Feb 17, 8:07 PM
    What a day...
    • #3
    • 1st Feb 17, 8:07 PM
    After forgetting my packed lunch & getting stuck in travel chaos I bought a coffee & cake at breakfast - so not a great day spend wise

    But more shockingly I've discovered that I'm very likely to lose my job of 8 yrs in the near future. I suddenly feel like I'm spinning & all my good intentions will be fruitless if I just need to stay afloat. The worst thing is that starting a family now seems to be a pipe dream, I'm just gutted & quite scared now.
    • Bobarella
    • By Bobarella 1st Feb 17, 8:41 PM
    • 10,476 Posts
    • 69,554 Thanks
    Bobarella
    • #4
    • 1st Feb 17, 8:41 PM
    • #4
    • 1st Feb 17, 8:41 PM
    What a horrible shock. How likely is likely?
    " Your vibe attracts your tribe"

    Debt neutral 27/03/17 from £40k in the hole 2012.
    Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
    RYSAW17 £1900 2016 £2,535.16 2015 £1027.20
    • SWSEGirl
    • By SWSEGirl 1st Feb 17, 8:45 PM
    • 12 Posts
    • 5 Thanks
    SWSEGirl
    • #5
    • 1st Feb 17, 8:45 PM
    • #5
    • 1st Feb 17, 8:45 PM
    Hi Bobarella, thank you for your reply! After a few tears (and a large glass of wine!) Im trying to get my head around this. I'd say an 75% chance. Basically the information was let slip in a very insensitive way, so I dont know where I dtand at the moment.

    I know it's more important than ever to be responsible with my money - but I suddenly feel like 'what's the point?'
    • DCFC79
    • By DCFC79 1st Feb 17, 9:00 PM
    • 30,118 Posts
    • 19,058 Thanks
    DCFC79
    • #6
    • 1st Feb 17, 9:00 PM
    • #6
    • 1st Feb 17, 9:00 PM
    The point is that you want to start a family.

    Start looking for something new job wise.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Bobarella
    • By Bobarella 1st Feb 17, 11:10 PM
    • 10,476 Posts
    • 69,554 Thanks
    Bobarella
    • #7
    • 1st Feb 17, 11:10 PM
    • #7
    • 1st Feb 17, 11:10 PM
    You've had a nasty shock. Try to get a good night's rest. You may start to have more thoughts on how to tackle things in the morning.
    " Your vibe attracts your tribe"

    Debt neutral 27/03/17 from £40k in the hole 2012.
    Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
    RYSAW17 £1900 2016 £2,535.16 2015 £1027.20
    • SWSEGirl
    • By SWSEGirl 3rd Feb 17, 6:19 PM
    • 12 Posts
    • 5 Thanks
    SWSEGirl
    • #8
    • 3rd Feb 17, 6:19 PM
    • #8
    • 3rd Feb 17, 6:19 PM
    So I've managed 4 NSD's this week & last, so much better than I usually am. I'm being far more considered about what we eat & wasting much less! Meal planning is clearly the way forward.

    Still no news on my job, so feeling very anxious - but I must carry on as normal & try to save as much as possible.

    Weirdly I seem to be £100 worse off than I was on Monday - despite not being able to tell why from my bank transactions, I'm a bit baffled!

    Onwards to a cheap weekend
    • ChasingSunshine
    • By ChasingSunshine 3rd Feb 17, 6:56 PM
    • 100 Posts
    • 857 Thanks
    ChasingSunshine
    • #9
    • 3rd Feb 17, 6:56 PM
    • #9
    • 3rd Feb 17, 6:56 PM
    I feel your pain about cost of living in London, always so depressing to talk to friends in the rest of the country about cost of things! Sorry to hear about the uncertainty about your job hope you get some more concrete news soon and can start to plan properly.
    • chanie
    • By chanie 3rd Feb 17, 8:30 PM
    • 1,636 Posts
    • 8,016 Thanks
    chanie
    I'm going to play devils advocate here and suggest you think about starting a family sooner rather than later. I work in HR and a number of our staff have had fertility problems. Luckily, the majority have gone on to have children, but age is a huge factor. Your disposable income means you could pay off the majority of your debts within a few months if you really put your mind to it. Plus, you'd have a few months to save up for your maternity leave.

    Being made redundant could be a blessing. You may be entitled to Maternity Allowance which is roughly the same as SMP, plus it could be a good opportunity to do something different career wise.

    I'm a fellow Londoner and its really hard raising a family when you rely on two incomes, but the sacrifice is worth it.
    2017 challenge to save £800
    Savings on purchases £761.68
    My spending diary - Spend Less, Live More
    http://forums.moneysavingexpert.com/showthread.php?t=4327401ht
    • Bobarella
    • By Bobarella 4th Feb 17, 12:00 AM
    • 10,476 Posts
    • 69,554 Thanks
    Bobarella
    So I've managed 4 NSD's this week & last, so much better than I usually am. I'm being far more considered about what we eat & wasting much less! Meal planning is clearly the way forward.

    Still no news on my job, so feeling very anxious - but I must carry on as normal & try to save as much as possible.

    Weirdly I seem to be £100 worse off than I was on Monday - despite not being able to tell why from my bank transactions, I'm a bit baffled!

    Onwards to a cheap weekend
    Originally posted by SWSEGirl
    Really hope you get some clarification on the situation very soon.

    Odd about the £100. Could it be something like a once a year subscription about to come out, so the account knows before you do?
    " Your vibe attracts your tribe"

    Debt neutral 27/03/17 from £40k in the hole 2012.
    Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
    RYSAW17 £1900 2016 £2,535.16 2015 £1027.20
    • SWSEGirl
    • By SWSEGirl 12th Oct 17, 1:09 PM
    • 12 Posts
    • 5 Thanks
    SWSEGirl
    So a very delayed update!

    My credit card debt now stands at £2420 - I've managed to pay off £1930 since February.

    Having thought I had paid off my student loan - the lovely SLC have since told me I owe £171 which is a bummer - but that will (almost) certainly be my final payment, hurrah!

    Since first posting in February my husband and I have managed to save almost £10,000 and start to make small OP's on our mortgage. I am hoping that by this time next year there will be a mini SWSE in the mix - and we'll have managed to save an additional £9,000 - £10,000 towards maternity leave &, more importantly I'll be debt free! I know I have been rubbish at posting here and my debt free journey looks pretty unimpressive next to other peoples' - but the reality is that I moved to London £30,000 in debt 9 years ago - this debt has fluctuated over that time. I'm now proud to be a homeowner (albeit with a massive mortgage) - and to be £2420 off being totally debt free (minus mortgage obviously).

    There are definitely times over the course of these 9 years where I could have been more financially savvy - I didn't check my bank balance for 2 years!!!!! And there are times I still need to rein in my spending. But overall I am happy with what I've achieved, and now determined to build myself a more financially stable future.
    • littlemissbudgetqueen
    • By littlemissbudgetqueen 12th Oct 17, 5:49 PM
    • 29 Posts
    • 35 Thanks
    littlemissbudgetqueen
    Well done on doing so well with saving since the start of the year - you definitely should be proud and that will be a great nest egg to have for maternity leave!
    Car Loan: £14,000 - PAID ,Credit Cards:£5252.00 / £5154.49 Prof. Study Loan:£5642.16/ £8660.00,Argos Card:£312.95/£372.95, Mortgage:£66,277.00 (approx.) /House value£125,000.00
    Goals:
    £350.00
    /£20,000 Savings (ASAP - Sept 2019 at latest)
    LISA: £150.00 NS&I: £200.00

    Weight Loss: 0lb / 30lb
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