Pay off mortgage and start having fun!

Moneyfordreams

urrghh… people

newgirly

I’m trying not to get to grumpy about things but sometimes it s a struggle! 

I took back some n@xt sale bits today as the couriers I’ve booked in repeatedly never arrive, no queue anywhere though so very quick. Visited the in-laws for the first time in the garden, she has been cutting her sons friends hair 🤦🏼‍♀️ they are both high risk (the in-laws) but it’s ok as she hasn’t been out at all. I despair, I think I need to place a ban on lockdown moaning before everyone is sick of it 😆

As it’s the 28th and only a couple of day’s before july’s budget starts we should new month with a clean slate and not having dipped into the grocery budget early for the first time in months 😁

themadvix

Well done on the budgeting! 

I think lockdown moaning is allowed ... but this just sums it all up 😡🤯🤬🤦🏼‍♀️🤦🏼‍♀️🤦🏼‍♀️!!!!

newgirly

😆 indeed! 

newgirly

So we have now a better idea of what the work situation may be, dh has still not managed even a phone call with either boss or owner, just an email making him part time (with huge paycut) and getting rid of ds2 and I, cutting short furlough ☹️

Trying to work out a detailed emergency plan as to the least risky next move financially, who knows how long this would be viable for anyway for the business as dh does a large chunk of the manufacturing too. Difficult times! I’m already in emergency mode, looking for work is very disheartening right now, no surprise really.

I’m think the best move would be to take a loan out if possible  -under £20k to clear the factory mortgage along with the offset, premium bonds , cruise savings etc. that way we would be factory mortgage clear in three months time and can use the rent money. It’s possible I could borrow it from my parents if we can’t get a loan but I’d rather not. 

The part time wage will cover the bills, food, petrol, small Xmas savings, small personal spends budget, mortgage interest and car/home insurance pot. The rent when available will clear the loan and then the home mortgage (with perhaps a little more to live on too). 

I think it could be achievable but that’s dependant on many factors so it could all come down like a house of cards 😱 

So for the moment I’m concentrating on rearranging the finances and tweaking the budget again, we still have a £500 pm food and petrol budget so I feel like there could be room for big savings there as with all my free time I can cook everything from scratch, plus I won’t be driving to work. (I can’t contemplate selling Geraldine just yet 😱) There are so many people so much worse off, but it’s still sad as I had so many plans for us to see things now the kids are older and it’s moving further away again. Got a bit upset yesterday but am feeling like it’s a challenge today! Best friend is about to find out and dad knows as we needed advice on the rent situation. That makes it easier as sometimes it can be tricky making excuses for saying no to things. 

South_coast

Oh NG, sorry to hear your news. What do you think the likelihood will be of getting a loan given your reduced household income (not wanting to sound mean, just being devil's advocate)? Also, is the factory rent definitely guaranteed to keep coming in? Is there a chance they would default if the business is struggling? 

Battening down the hatches is definitely the right thing to do. Your friends and family will understand, it sounds like you all have a great relationship. Increasing income has to be a real focus too though - if there's not much work around, could you look into selling some other unused things? I'm thinking clothes and maybe even the hot tub if you can move it? 

newgirly

Hi sc, thanks 🙂 don’t know about the loan yet, I would think it’s within possibility still but will check it out later today. The rent is a five year no get out each way, but if they go under we could take the equipment and sell it I guess in a roundabout way. Gaps are an issue but part of my dads business is managing commercial units and he seems to think it would be together easy as even during the virus there will be downsizing looking for a smaller unit. Still risky! 

Am already eyeing up what I can sell online 😆 annoyingly the post office a few doors up has just shut, so it means a drive to town and expensive parking charges each time. As for the hot tub, the shed was built around it so we would have to knock it down (plus it’s old and temperamental) and current thinking is we should move all the garage junk to the shed and stop paying the council rent on it. Stumbling blocks to this are: I cannot cross the threshold as it has the biggest spiders living there ever and I’m waiting for dh to tackle it but he’s rather stressed at the moment and it could tip him over the edge 🙄 need to get ds2 on board as he’s our best bet! 

XSpender

So sorry to hear your news. It’s good that DH reduced wage and the unit rent will cover the bills and the mortgage etc.  I think its amazing that you already feed everyone on less than £500!

Moneyfordreams

Ahh NG that's awful news. But belt tightening and planning will see you through. As SC said your family around you will support you. x

greent

Ahhh - sorry to hear the rubbish news  

With regards to posting things which sell, have you considered using a courier service? Often marginally cheaper than PO, tracking is built into the price and they will collect for a few pence more or often drop offs are at local shops/ garages - and you can link it up to flebay account and it imports the details in if you use parcel2go  x