Dreading this year

ruggedtoast

jackie_w wrote: »

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.

Not exactly destitute then. Why dont you look into getting a job yourself, you'd have less time for worrying then.

mitchaa

Jackie, i believe a lot of your fear will be down to the media scaremongering, they are painting a picture and many people are getting sucked into it all. Turn on the news and it's there, log onto the internet and its there.

Yesterday was prime example, splattered all over the news was the ''fact'' that we were ALL back at 2004 house price levels:rolleyes:
Now, the unsuspecting and those that dont do any research may get caught into this and automatically assume everything is doom and gloom and because they bought their house back in 2005 must now be in negative equity. Many areas will be at 2004, but many areas will still be at 2005/2006 and 2007 levels.

You noticed your food bill getting any cheaper recently? What about the price of your fuel? Any furniture, electrical items that you are buying or have bought, what about a new or used car? If you are on a tracker mortgage what about that? How about clothes, there are a few fashion chains going to the wall and offering their stock at 50% off etc

This is not meant the wrong way but for some, there will be many people enjoying this experience as everything is getting cheap.

Those that are in secure jobs so many millions will be taking advantage of this 'recession' Self employment has its advantages but in times like this it has severe disadvantages.

As long as you can afford your mortgage and put food on the table you'll pull through

It's not as bad as they state, really it is not.

I still do not personally know of 1 individual who has lost their job due to this recession, but saying that, i seen my local woolworths empty yesterday. That's about as bad as it has got so far, for me anyway.

cocktail

jackie,
a lot of people are or would be in the same boat as u soon.
the most sensible thing u have have done is to have savings.
u should explore the tracker rates out there--obviously factoring in the cost of moving mortgage. the rates are low at the moment and may stay that way for atleast another year or 2, then thay will rise. U may not gain much by moving mortgage.

JonnyBravo

jackie_w wrote: »

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.

Not very silly.... just mildly panicked!

Hopefully this makes you realise that things will have to get very bad before you are in any serious trouble.

It's good that you're thinking of things early though.
Go to the DFW board and do an SOA (Statement of Affairs).... loads of people will show you how over there. It's basically a budget which shows what you've got coming in, what goes out, and therefore the difference and from that you can start to see where you can trim your budget to make savings. It's used lots on that board as that's where people usually get into trouble, ie spend more than they earn for extended periods of time, but it's a useful tool for ayone's budget.
Ask them on that board and they'll give you loads of hugs and advice... or post it on here and just get advice.

1echidna

Worry is about perceived risk and can be a catalyst for consideration of change to eliminate or reduce risk. This is healthy worry. Worry when there is nothing that can be done or is unproductive can be unhealthy particularly if it is leading to loss of sleep. My suggestion would be to find something diverting from that worry. Perhaps getting back to work will in itself help together with something else diverting in your spare time?

jackie_w

ruggedtoast wrote: »

Not exactly destitute then. Why dont you look into getting a job yourself, you'd have less time for worrying then.

I work for my husband at the moment, but this is something I will be looking into. My old employer asked me to go back to work, and I was seriously considering it but when they told me the terms, working hours and pay etc, I was having to pay for childcare, and my own wages wouldnt have covered it, I was having to add money to the wages I would have been getting just to cover the childcare. the days they wanted me to work, my Mum couldnt cover (she looks after the kids on the days I work for my husband). I wouldnt qualify for tax credits to help pay for the childcare because of what my husband earns.

Jackie

jackie_w

JonnyBravo wrote: »

It's good that you're thinking of things early though.
Go to the DFW board and do an SOA (Statement of Affairs).... loads of people will show you how over there. It's basically a budget which shows what you've got coming in, what goes out, and therefore the difference and from that you can start to see where you can trim your budget to make savings. It's used lots on that board as that's where people usually get into trouble, ie spend more than they earn for extended periods of time, but it's a useful tool for ayone's budget.
Ask them on that board and they'll give you loads of hugs and advice... or post it on here and just get advice.

Hi again Jonny,

I was going to do that, but, i dont have any debt except my mortgage. i do have sky, which I could cut down on, but, I dont have any loans, or credit cards that I owe money on. ive joined the grocery challenge, so will be trying to cut back on grocery shopping.

with regards to my husbands job, we are very lucky in that him and his business partner are very ambitious, they wont go down without a fight. Their company dont owe anyone any money, so they have no debt.

Will things really get as bad as people say?

Jackie

PasturesNew

So you're wealthy, have huuuge savings, are desired by other employers, are in a loving relationship and are worried ....

Oh hell, I'm really doomed!!!

Limana68

Hi Jackie
I wish that I had just your worries to be honest. You really have no idea , at least you have your savings. be thankful you have your health!!

Sorry to be blunt, but please count your blessings, who knows what the future will bring. Enjoy life when you can.

Li

Cleaver

jackie_w wrote: »

Hi again Jonny,

I was going to do that, but, i dont have any debt except my mortgage. i do have sky, which I could cut down on, but, I dont have any loans, or credit cards that I owe money on. ive joined the grocery challenge, so will be trying to cut back on grocery shopping.

with regards to my husbands job, we are very lucky in that him and his business partner are very ambitious, they wont go down without a fight. Their company dont owe anyone any money, so they have no debt.

Will things really get as bad as people say?

Jackie

IMHO, what you see in the media is averages, worst-case scenarios, statistics, articles with an angle to them. I'm not saying any of them aren't true, but your sitiuation is a unique one and no particular scary news story is completely 100% relevent to you.

From what I've read you're in as good a financial situation as you could realisitically hope to be, and will be in much better shape than the vast majority of joe public. Others have said this too. Remember that some on this forum are probably the most pessimistic people on the planet (I've heard rumours that some are stock piling food in preparation for social armageddon...) so take what you read on here with a pinch of salt (as you should reading anything authored by people you don't know with no sources).

Your specific question 'will things be as bad as people say?' depends on the averages thing again. There will be some people who, sadly, will lose their job and home over the next 12 months who will feel that this recession was truly dreadful (which, of course, it was for them) whereas others will experience very little and wouldn't even notice it was happening without the media.

And lastly, without trying to sound pious, if things get really bad for you just remember that you could be living in Darfur. I'm not saying that in a patronising way, it just always help to remember that the idea of hardship for the average person in the UK is not even on the same scale of hardship felt by people in certain other countries around the world. If you have your health and basic shelter, food etc. then be thankful and get on with life.