Dreading this year

jackie_w

Hi,

Is anyone else dreading this year cos of the recession? I am, and I cant stop worrying about it at all.
I know there is nothing I can do about it.

Hubbie is self employed, work is very very quiet, we go back to work tomorrow, and TBH I dont think there is going to be that much to do. Im lucky in that we have savings which would last us for quite a while, but, I still worry about loosing my home. I do have a large mortgage, the value of my house means nothing to me because its my home, i dont plan to move, but, with the savings I have, I have I could technically reduce my mortgage down by almost half.

Whenever I read anything on this forum, on the internet, newspapers or watch the news, it just all seems to be about doom and gloom, there is no light at the end of the tunnel.

Im afraid im one of these pessemistic people, glass is always half empty and never half full. Im having trouble sleeping because Im worrying about it, and at the stroke of midnight into the new year, I just felt like crying because im dreading 2009 so much.

Am i being really silly worrying like this, and is anyone else like this?

Anyway, if youve got this far reading this thanks very much, just needed to vent cos my hubbie is fed up listening to me:o .

Jackie

amcluesent

>is anyone else like this<

Yep. For 12 months (in 2002) I had no income beyond interest on savings, so am somewhat prepared for very, very frugal times. The problem is with devaluation of £ and inflation and rising tax, Clown is making me poorer very, very quickly and there's very little I can do.

Cat695

if your savings aren't earning more than what the interest is on your mortgage then why haven't you paid off more of your mortgage


or changed your mortgage to a offset type mortgage?

your just chucking it away!

mvengemvenge

jackie_w wrote: »

Hi,

Is anyone else dreading this year cos of the recession? I am, and I cant stop worrying about it at all.
I know there is nothing I can do about it.

Hubbie is self employed, work is very very quiet, we go back to work tomorrow, and TBH I dont think there is going to be that much to do. Im lucky in that we have savings which would last us for quite a while, but, I still worry about loosing my home. I do have a large mortgage, the value of my house means nothing to me because its my home, i dont plan to move, but, with the savings I have, I have I could technically reduce my mortgage down by almost half.

Whenever I read anything on this forum, on the internet, newspapers or watch the news, it just all seems to be about doom and gloom, there is no light at the end of the tunnel.

Im afraid im one of these pessemistic people, glass is always half empty and never half full. Im having trouble sleeping because Im worrying about it, and at the stroke of midnight into the new year, I just felt like crying because im dreading 2009 so much.

Am i being really silly worrying like this, and is anyone else like this?

Anyway, if youve got this far reading this thanks very much, just needed to vent cos my hubbie is fed up listening to me:o .

Jackie

My initial thoughts are that at least you have some savings to buy you time. Could your hubby do the same work but for someone else?

Swipe

If you have a big cushion of savings, as you say, then I wouldn't worry too much. I know things seem bad but you'll survive, if the worst come to the worst you can take any job on offer to cover the bills and help support depletion of your savings.

jackie_w

Cat695 wrote: »

if your savings aren't earning more than what the interest is on your mortgage then why haven't you paid off more of your mortgage


or changed your mortgage to a offset type mortgage?

your just chucking it away!

Hi Cat,

We are in a fixed rate just now, it doesnt end until July 2012. My husband is looking into seeing how much we will be charged if we change to another deal.

Kez100

Yes, I do feel like that but I won't let the b*****rs get me down. Just have to go back to work and fight for it. I am also self employed. I intend to watch my prices and give service like never before. That is all I can do and, if truth be told, it's only what I think I have done before but now I will make it my number one priority and make absolutely sure I do.

Thing is, this is all too big for any of us to solve individually. It can wear us down but where did worry ever get us? I am expecting to have to work twice as hard for every penny but work I will and - if I fail - it won't be for want of trying.

jackie_w

mvengemvenge wrote: »

My initial thoughts are that at least you have some savings to buy you time. Could your hubby do the same work but for someone else?

my husband runs the business with his business partner, so they have said if the worse comes to the worse they would go and work for someone else.

JonnyBravo

Cat695 wrote: »

if your savings aren't earning more than what the interest is on your mortgage then why haven't you paid off more of your mortgage


or changed your mortgage to a offset type mortgage?

your just chucking it away!

That would be a very silly thing to do if hubby is struggling to bring in the money he once did.... or there's a chance of that in the near future.

If they put all their savings against their mortgage what do you suggest they use to cover themselves in the event of jobloss?

Much better to maximise your return on your savings (possibly through an offset mortgage as in your second more sensible idea) and to have it as a cushion, a mini insurance policy if you will.

Jackie - how many months will your savings cover your mortgage for? I'm guessing more than a couple of years? I'm not saying you're safe but there will be plenty who'd want to be in your boat rather than theirs. The fact you're thinking about it now suggests you're fairly sensible.
Take a look at your budget. Trim it where you can etc. Go to the DFW and old-style boards both of which contain great money saving experts.

jackie_w

JonnyBravo wrote: »

Jackie - how many months will your savings cover your mortgage for? I'm guessing more than a couple of years? I'm not saying you're safe but there will be plenty who'd want to be in your boat rather than theirs. The fact you're thinking about it now suggests you're fairly sensible.
Take a look at your budget. Trim it where you can etc. Go to the DFW and old-style boards both of which contain great money saving experts.

Jonny, my savings would cover my mortgage for approx 3 years. When i look at it like that theres a part of me that says im being very silly, but, I cant help it.

sandiep

The way to look at it is that as hubby is self employed your destiny is at least in your own hands. One thing that this recession has taught us so far, is that you can have the best paid job, with the oldest most sucessful companies in the world, and 20 years service behind you, and you're still not assured that you'll have a job on Monday.

At least being self employed you can make your own decisions, driven by your own assessments, you're not dependent upon a board of directors further up the chain, making decision based on share option values.

So, don't bury your head, keep it high, pay attention to the local market, pay close attention to your marketing to see what is bringing in the jobs, and what isn't paying its way. Do a good job, get lots of recommendations, and don't take anything for granted.

Good luck.

Self employed have a lot more flexibility than both the big firms and the employed, and i think that a lot of this year is going to be about flexibility.