The Six Year Plan - my Savings diary

mf78

mgdavid wrote: »

children are for life, not just until uni.
think about it.
maybe when you are old / infirm / ill they won't want to know, and who could blame them?

To be fair, the OP mentioned just wanting their own space again, not that she was going to disown her children. She said she still intended to help them out in other ways. Having a good family relationship so your kids hopefully still look after you when you're old and mad is more about what you give them. In my experience, family members get on much better when they're not living under each others feet anyway

pennyforthepot

mgdavid wrote: »

children are for life, not just until uni.
think about it.
maybe when you are old / infirm / ill they won't want to know, and who could blame them?

I understand what you are saying and I am fully prepared to support them in any way that is required. I have been a stay at home mum for 15 years now and my children mean the world to me but I believe, personally, it would be more beneficial to them if I could support them financially once at university and in turn give them the independence i suspect they would prefer. They also have the option of going to stay at their fathers (or mothers with respect of my step son) - which he is happy to for them to do. We all have our own ways of living our lives - and for me neither option is the right or wrong one.

atush

Well, see there you go. you have two other adults to help out with them. I am still on my first marriage so it is just the two of us helping them, and only the one roof to shelter under.

Last year the OH spent working away, and we had a two bed place there, big enough for all 3 to visit. We ate what we wanted when we wanted, and ate out a lot. We hung out with adult friends, went to happy hours etc. WE really enjoyed it, so I can see the appeal lol. We've also taken our first 3 holiday's/short breaks without them.

But we will probably do it 2 years after our last leaves uni, not starts Uni. Could be as early as 4 years away. Like you, looking forwards to it.

bsms1147

I don't get where your income is coming from currently, and how much of it there is.

mystic_trev

So you've sold your house, but have substantial Investments in 'the market' If you intend buying a small house in London in six years time, now might not be the right time to be going short on Property.Why not (say) take £100 - 150k out of your 'Investment fund' and 50/50 with a BTL Mortgage, particularly with interest rates so low. It'll also give you some additional income.IMHO

pennyforthepot

mystic_trev wrote: »

So you've sold your house, but have substantial Investments in 'the market' If you intend buying a small house in London in six years time, now might not be the right time to be going short on Property.Why not (say) take £100 - 150k out of your 'Investment fund' and 50/50 with a BTL Mortgage, particularly with interest rates so low. It'll also give you some additional income.IMHO

This is one of the options I am considering. Two factors are holding me back. Firstly the income that I am receiving from my investments pays for the monthly rental for the property I am living in and secondly, I am currently earning an excellent return on my investments, not guaranteed to continue I know but I would like another year before I make any decisions so I can monitor both the housing market in London and the performance of my fund. Definitely worth considering though.

pennyforthepot

bsms1147 wrote: »

I don't get where your income is coming from currently, and how much of it there is.

My income comes from a couple of sources:

An investment fund set up from the sale of my home two years ago currently valued at just under £500,000 which covers my monthly rental of £3000 if I need to use it.

I am a director in the company that my husband and I own and although I do not pay myself a salary I get paid dividends at the end of the financial year.This combined with my maintenance from my ex husband comes to around £4500 a month.

racing_blue

pennyforthepot wrote: »

Goal:to save £250,000 by 30/09/2019 to buy a flat in London

As you already have about £600k, why not snap up that flat now? It could bring you 1) diversification & 2) pleasure.

ViolaLass

mgdavid wrote: »

children are for life, not just until uni.
think about it.
maybe when you are old / infirm / ill they won't want to know, and who could blame them?

This idea that the OP must keep a bedroom free in her house for each child for the rest of their lives in case they want it is ridiculous. Supporting your child is much more complex than keeping a room available for them and not doing it doesn't mean you're neglecting them.

atush

racing_blue wrote: »

As you already have about £600k, why not snap up that flat now? It could bring you 1) diversification & 2) pleasure.

I have to say there is some sense in this, in that prices are rising quite strongly in London now.

But would you have enough income to cover that very expensive rent?