What would you do ?

tan3076

Hi im new to this site but not to money problems i hope i have posted in the right place. My husband had a small building firm which went BR in 2007 due to people not paying us. We had borrowed money on the house to finish a big job that we never got paid for. Now the mortgage has come out of the low payment period and gone up by £800 p/m. I could up my hours at work and after paying all the bills would have minimum of £1500p/m to live on. Do you think this would be ok? At least until the int rates go up. What would you do? Thanks in advance for any advice.

Conrad

tan, what is your question?

I think your'e asking what we would do if our outgoings increased? If so, no one could answer such a question as there a million variables and we all live differenmt lives.

Maybe be a little clearer so I can get a handle and try help you better. Cheers.

tan3076

Sorry Conrad i understand there are many variables what i meant was our outgoings are increasing by £500 p/m and i could increase my hours at work to cover most of this but then if interest rates start rising we will start to struggle. So what i would like to ask is would you keep going or allow the bank to take the house now rather than in another 5 years or so when it might be too expensive to pay. We will have at east £1500 after all the bills are paid and have 3 kids. Do you think this is enough for a family of 5 in the current economy? I hope this makes sense i have so much in my head at the minute .
Thanks again.

McKneff

Worry about the interest rate if it happens.

Why worry about things that only might happen.

£1500 is way enough to live on if you budget accordingly. Some families have much less than this before the bills. Its a fortune to some.

Just do everything you can to keep a roof over your heads, its all you can do.

Is your OH working. How old are the children.

Southend1

OP you could feed and clothe an army on £1500 a month after bills, let alone a family of 5!! If you are struggling why not post a statement of affairs to get advice from other forum users on where you could cut back or save money?

tan3076

Thanks this is what i thought too just wanted some other opinions. I have been reading through a thread about how much people spend in the month after bills and it is very interesting. Very pleased i have come across this forum.
Thanks again x.

originalmiscellany

Well said Southend1 - An SOA
http://www.makesenseofcards.com/soacalchelp.html
will help identify where money is spent and possible savings currently.

It's amazing how simple downgrades, e.g. not upgrading a phone and going to PAYG can save £30 a month = £360 a year or losing sky can be upwards of £50 a month. (I admit you would have some expenses on a PAYG or a lower sky package but you get the idea).