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Budgetting for cost of repairs
Comments
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Rainy day fund? Three months salary is a good amount.
That is going to take us quite awhile to save up!!Now buying our second house:
Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19
FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/21030 -
Ciderarmy1987 wrote: »3 months joint salary is LOADS with that we could afford a new car, cooker and washing machine and still have plenty of change left over!
Gayleanne has a point tho, if you are used to a decent income and live in a larger home you get used to a certain standard and it's tough to live on, say, ESA or JSA (~£70 a week) or even just one salary. More so if you are suddenly thrown into that situation at a point where you want all the conveniences - you can't imagine not having a car and ready meals/ take aways when you are back and forth visiting the hospital every day, or you just feel like death warmed up for weeks on end.
You can get away with having far less in savings if you have credit cards with a zero balance but healthy limit on. Personally I couldn't trust myself not to $$$$$ and decorate my new place from top to bottom on the never never, but you may well be more sensible.
Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
Ciderarmy1987 wrote: »That is going to take us quite awhile to save up!!
That's ok. Think of it asa target.
We didn't have that much for ages.
These days we could survive a couple of years with no income0 -
Ok thanks for all the comments so we need to aim to save up 3 x monthly salary.
as well as putting away around £150 a month to go towards repairs.Now buying our second house:
Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19
FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/21030 -
Just thought about this again, surely it is best to say put 200 into an account each much and just get it to build up as much as possible- maybe put overtime etc into this as well and then use this whenever we need to pay for big things.
Is this a bad idea?Now buying our second house:
Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19
FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/21030 -
Ciderarmy1987 wrote: »Just thought about this again, surely it is best to say put 200 into an account each much and just get it to build up as much as possible- maybe put overtime etc into this as well and then use this whenever we need to pay for big things.
Is this a bad idea?
Start with three months mortgage payments and insurance premiums on day one and build up to three months salary in total, if you want to build up more go for it. You might find there comes a point where it's worth overpaying your mortgage instead, because this saves on mortgage interest and means you cannot blow all the money on a holiday.
IMO the ideal is to be mortgage free, I am and it's lovely.
Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
Start with three months mortgage payments and insurance premiums on day one and build up to three months salary in total, if you want to build up more go for it. You might find there comes a point where it's worth overpaying your mortgage instead, because this saves on mortgage interest and means you cannot blow all the money on a holiday.
IMO the ideal is to be mortgage free, I am and it's lovely.
Ok that makes sense, is what were thinking of doing but we weren't planning to have such a huge rainy day fund.
Do you think it makes much difference that we are both teachers and have pretty good sick pay cover if we get ill and are both young, 25 and 28Now buying our second house:
Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19
FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/21030 -
Ciderarmy1987 wrote: »Ok that makes sense, is what were thinking of doing but we weren't planning to have such a huge rainy day fund.
Do you think it makes much difference that we are both teachers and have pretty good sick pay cover if we get ill and are both young, 25 and 28
Many of my relatives are teachers (all but one retired). Definitely helps a lot: just try to think of all possible scenarios, one getting totally unfairly sacked or an unplanned pregnancy and long term sick baby say. You know what your sick pay covers, does it cover children? Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
Many of my relatives are teachers (all but one retired). Definitely helps a lot: just try to think of all possible scenarios, one getting totally unfairly sacked or an unplanned pregnancy and long term sick baby say. You know what your sick pay covers, does it cover children?
Thanks, gives us plenty more to think about.Now buying our second house:
Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19
FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/21030 -
Is just really hard for us to know what kind of things to budget for as we have very little experience of all this.
Hopefully if we maintain the house well and have accidental cover on our buildings insurance we shouldn't ever have to pay for unexpected expensive things in the houseNow buying our second house:
Accepted offer 16/12/18. Offer accepted 26/1/19. Buyer pulled out 4/2/19. Accepted new offer 13/2/19
FTB: Offer accepted 23/2/2013 Mortgage application 28/2/2013 Valuation: 4/3/2013 Valuation ok 15/3/2013 Mortgage Offer 21/3/2013 Exchange 10/4/2013 Completion 26/4/21030
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