Mortgage free vs lifestyle for kids???

cha97michelle

I personally have had 2 good years at paying lup sums off the mortgage, paying the maximum of 5% a year that we can. Now we are expecting our first baby, and i have been a bit cross with myself to now that i haven't managed to pay any off this year because i've been buying stuff for the baby.

I think when the little one is here, i will still be trying to pay chunks off the mortgage, although it may have to be catowens little and often route rather than the big chunks i'm used to.

I want to give my child experiences, and part of that can only happen like you say with travelling, and seeing new things. I'm also going to be hugely concious of the fact that the average cost of university in 18 years time is going to be approcimately £35000.

Rather than go on the same type of hols, like spanish beach hols, i think i may just spend time visiting family/friends, and then have some bigger hols like australia, america when the child is a bit older and will remember the experience.

It all depends on what you value as a parent. My parents priority was providing us with clothes/jewellery as they wanted us to have nice things to keep. (spoiled when some rotter stole all of our jewellery though) My DH's parents showed the advantage of university and travel. I am often slightly envious of these experiences.

I guess what i am trying to say in an extremely long winded way is that while they are young i will scrimp to pay some off the mortgage, and then as they get older my priority will be to spend on things for them to experience.

I don't want to be left in 18 years though with a huge mortgage still to pay off, and no chance of helping out with uni/learning to drive/first house/marriage etc. Plus, i don't want to work till i am 80 to be able to afford to retire.

Good luck in coming to your own decision of what you are comfortable with.

Michelle,x

gentlepurr

hi looneyleo,

i had the same problem. still do for that matter! i am a single mum with a 13yr old son.

my personal opinion is that you cannot put a price on what experiences shape your childs future. i am hell bent on paying my mortgage off asap, but not at the expense of holidays, and quality things in my childs life, and after all, love costs nothing, but experiences often do. so, i try to have a balance, and save £130 per month into a holiday fund, pay as much of the remainder into the mortgage as possible. its all about balance imho.

also, my son is growing up to understand that life can be fun, but it is also a balance of getting your (personal) priorites right.

good luck!

xx

Dead_Eye_Jones

Its a balance isnt it? Recall our very own MS MArtins comments on the pay off ya mortgage program? He said he disliked the pay it off at any cost approach iirc.

Set aside money for a holiday but dont go crazy, just ensure you get good value for money, look out for the deals, follow the advice on this site.

I too am a saver by nature, but I still buy what I want - I just ensure my wants are adjusted to a practical level and dont waste money on things I dont need, or buy designer goods when there are cheap alternatives, or get suckered into buying things I dont need (like a phone that does anything more than make/answer calls!).

GL!

nearlyrich

We didn't sacrifice holidays to become MF, we always went somewhere each summer for 2 weeks, we also had weekends with relatives in various parts of the country so we didn't feel deprived. What we did was put up with things like the carpets and curtains left in the house by the previous owners for ages so we didn't have to borrow to replace them, they were OK but not really my taste. And I only got my dream kitchen 2 years ago after we had saved for it rather than borrow on the mortgage.

I think you have to make a decision about what you want out of life, £880 is a lot of money to pay every month and it's amazing how easy it is to save once you lose that huge DD. I am supporting my two through uni so it's like having a mortgage for fees etc but I'm planning what I can do when they finish uni in 2 years time.

GardenMillie

I would pay the money off the mortgage. It's unlikely that children of 1 and 3 will remember the holiday - in years to come. We never had holidays abroad until I was working and could pay for it myself. I had a happy and fulfilled childhood.

I think teaching children the value of money and about budgeting particularly as they grow older is invaluable. Look at the number of people on MSE who are struggling with major debts.

It sounds as if you have a good balance already and give the children your time.:T

Spendless

Personally I'd have the holiday.:p If your eldest is 3 then within a year or two s/he is going to be at full-time school and you are going to be left having to take your hols when the prices are expensive :rolleyes: . I'd make the most of having the cheaper holidays now.

sturgeon62

I am a recent convert to MSE and have made two overpayments so far with the help of a mortgage pig, not very much but it will certainly help and makes me feel really positive, the money I save is money I would have spent on something else, like packed lunch to work instead of paying for lunch in the canteen, the kids dinner money is going in as its school holidays, money I find around the house, kids are 14 and 16 and hate small change..silver and brass! the washing machine often spits out coins, money saved from a takeaway the list goes on.
In a round about way I'm saying still enjoy what you want, you can do both but in smaller measures.

hornetgirl

Definitely have the holiday. You can start/stop making mortgage overpayments at any time, you don't have to do everything now. If you want to feel that you are making a start, if you can manage it just round up your monthly payments by £10 for now, it will ultimately make a difference. Then review the situation at regular intervals/as your circumstances change.

looneyleo

Well guys...thank you:beer:

Your words have been very helpful and supportive. Have been thinking hard about it overnight and talked to OH and we have both agreed we would like to go on holiday.:T :T

This is mostly because the money saved has largely come through OH giving up smoking and he feels he needs the holiday as something to look forward too (and keep him motivated) and his treat to the family for the years he has wasted money on cigarettes. I couldn't argue with that...

I have also decided to make some small overpayments on the mortgage in the meantime, any dividends from my business will be paid off the mortgage without hesitation and I'm going to get a mortgage pig (a cheap one from a car boot of course!)

cha97michelle, university is frightening isn't it? We are saving all the child benefit money for our children's future education (plus birthday money etc). I am hoping the mortgage will be paid by then and we will have equity in the house so it will probably be the time to sell the house and downsize and live off the equity as we approach retirement. Many years away yet though.

I think I will need to focus on doing things a bit at a time, not trying too hard and thank my lucky stars that I am in the fortunate position of no debt, savings available and a family I love dearly.

Cheers everyone...looneyleo

Shona_3

My parents took me and my brothers to disneyland twice. I was 2 the first time then 7 the second. I remember exactly 2 things... squashed toads on the streets and it being so hot I couldn't sleep! After that we spent all hols in Uk, visiting family, going to the islands eg Shetland. So many fab memories of british beaches, learning to catch fish, learning not to kill them when you throw them back in (!), sandcastle competitions, skiing in scotland, swimming in lochs and paddling around in my Grandpas inflatable canoe....
Don't worry too much about the kids at this stage, they won't care where they are... take a holiday that you adults are going to enjoy and remember and come home from refreshed and full of beans (not literally). xxx