am i addicted????

lynzpower

Sc,

the thing is darling, you havent really accounted for everything. If the boiler blows up, where will the money come from? If the car breaks down,where is the money to deal with it. Youve accounted for the servicing of the car, but not parking, or any parts and labour over and above the service that are predictable in that they care bound to happen at some point. What happens when the nursery puts thier prices up, or the gas bill goes up, or the council tax goes up, all pretty likely to happen again as theyve been doing recently. This will eat into your spare 114 ( which at the end of the day really isnt a great deal at all) leaving you less over time. You havent factored in toys & books for your kids, while altohugh they probably have what they need now, theri needs will change over time.

WHat worries me is this budget is for the next 25 years, and any ideas about overpaying your mortgage will have to be put to rest, as there really doesnt seem to be any leverage in your budget at all for that. Also your budget makes no reference to holidays, or daytrips really, and although many of us are sble to go without for a year or three, is your house going to be worth going without for 25 years.

Just my opinion, but I worry when you move in you are going to be literally stuffed for money.

Hug xx

Chell

second_chance wrote:

at least but isnt that ok if ive accounted for everything????i know its not going to be at all easy but its not impossible is it?????????????????my heads exploding i really thought this would be ok.

What about taking your DD on holiday? Where will you find that money from? As a parent I want my DD/DS to have loads of experiences. Sadly we are skint right now and things like days out/holidays aren't happening right now. We just took our house off of the market as we thought twice and just can't afford to move.

calleyw

Ummm Just nitpicking here:

lotto :£16

I hope that is an oversight and you forgot to take it out. As we have already discussed you can't afford it.

toiletries :£20 what is included in that. You must drink bubble bath and shower gel as well as toothpaste and face cream. The stuff I buy last at least a couple of months.

I reckon you can get this down to about £10-15 a month.

I do agree with the Lynzpower. You are going to be in the slog for min of 25 years. And that is if you don't have another baby or the boiler blows up or the car does not need replacing.

So you would rather take out a £177K mortgage that includes your debt. Rather than stay in a smaller place that needs a new central heating and would cost £6K. Which you would have had in a year if you had cut back and taken the extra you would have pay on the new mortgage. That is is of course without paying off your debts. But you would have way lower bills. But you see what I mean.

We will not give up on you. But I am very worried for both you and your husband. As from a personal point of view I would never even think about doing what you are going to be doing. I mean we never moved until after my MIL had died as we left some money to offset the mortgage with. As we could not afford a mortgage on one wage. And for us moneywise it is cheaper to buy than rent for us.

When you say you signing do you me exchange of contracts. If so I believe you can pull out any time up to then.

Both you and your husband are going to have take on extra shifts and second jobs no if ands or buts. As there is no or little lee way in your budget. And what happens if either of you is out work even for a few weeks.

All the best.

Yours


Calley

second_chance

really am thinking hard now hope you can understand that i am not trying to be stubborn or not listen to you all im just going to have a little cry and a think .......... realistically is there anything else you can suggest to reducce outgoings and how much leeway do you think i need each month?im sure im about to have a stroke and i cant even have a glass of wine as ive cut that out to save money... yes i should have withdrawn the lotto .i t is for my daughter i want to do this so that she can be brought up in a nice area and go to a good school..i dont know why im so stupid in money matters i am responsible in all other ways......................................

calleyw

second_chance wrote:

really am thinking hard now hope you can understand that i am not trying to be stubborn or not listen to you all im just going to have a little cry and a think .......... realistically is there anything else you can suggest to reducce outgoings and how much leeway do you think i need each month?im sure im about to have a stroke and i cant even have a glass of wine as ive cut that out to save money... yes i should have withdrawn the lotto .i t is for my daughter i want to do this so that she can be brought up in a nice area and go to a good school..i dont know why im so stupid in money matters i am responsible in all other ways......................................

Oh secondchance (sorry don't know your real name),

You have a lot going on in you head at the moment. And I am sure that everyone on this board understands why you are moving. Better school, nicer area.

I know you think we are being horrible to you. We are trying to use tough love.

But the truth be known you really can't afford it with stretching yourself to the limit. You know in your heart or hearts you can see it too.

But as your daughter is so young another few years in the same house would not be so bad. It would mean you really work on getting the mortgage down and pay off your debts.

And houses prices may well have come down allowing you to buy a much nice house in a cheaper area.

But if you are not careful both you and your husband are going to be working yourself in to the ground. To pay off this mortgage and be able to have a life.

If you can and you have sunshine. Why not go for a walk and clear your head.

As has been said before you are NOT stupid. Money skills need to learnt and it is something that we are not taught and have to learn. Which means we don't always have the skills that we need.

Take it easy.


Yours


Calley

jobbingmusician

Here's a summary.

You want to move to a nicer, more convenient area.

You can JUST afford this, assuming you don't have any catastrophes and the interest rate on your mortgage doesn't go up. (We need to know more about this, by the way. Is it a special introductory offer? Is it a good rate?)

You can't face pulling out of the move, and rather hope that someone else will make that decision for you, by breaking the chain.

You know that you can't afford to have another child now, but hope that you will be able to sometime soon (have I got this bit right?)

I do sympathise. Re-reading the above it does seem to me you probably shouldn't sign the contract, but in your situation I know I would be tempted to muddle through too. You're in the sort of situation where you are at risk of feeling big regrets whichever decision you make.

The avenue you haven't explored, but are sort of exploring in this thread, is what your future career is going to look like. If you are going to become a more senior nurse in a couple of years, and your husband is likely to progress too, it puts a different aspect on things as your finances will start to pick up.

Is part of your reluctance to pull out of moving the fact that you haven't discussed this with your partner? What does he think about all this? Has he seen this thread?

The DFW is always here to support you!

lynzpower

Second chance,

Let it all out. I think "lightbulb moments" are allways shocking dont be too hard on yourself, please. It is not a crime to want the best for your kids, its human nature.

You might be able to make small cutbacks further here and there, but to be honest, as you are going to be in for a long slog, i think youd have to be superwoman ( & superfamily) to be able to put up with such a treatless lifestyle for such a long time.

What concerns me, is that what could happen is that you get there, get skinter, and then out come the credit cards to pay for essentials, for example, really , you need to be paying in more to savings, dental and your pension especially towards the end of your working lives.

Lynz
x

david_hellier

If you like being addicted to things, find an addiction that makes you feel good. Become addicted to saving.

in*the*red_6

jobbingmusician wrote:

Here's a summary.

You want to move to a nicer, more convenient area.

You can JUST afford this, assuming you don't have any catastrophes and the interest rate on your mortgage doesn't go up.

Yes this is a very good point that hadn't been mentioned before, just as we moved interest rates went up 5 times.

lynzpower

I think OP said that shes looking at a 10 year fixed rate...