Our SOA - trying to stay out of more debt!

chocolatelover93

Sox77 wrote: »

Hi chocolatelover93, you are quite right about the lottery. It's ridiculous, every month I tell myself I'm not doing it and then I think what if... I will definitely have to work on that one!


Re our car, funny thing is we never wanted a new car but at the time did not have enough money for a second hand one - we need a seven-seater... so got a new one. Unfortunately it's been used as a work horse for our DIY etc and been crashed into more than one bollard (not me honest... well not all me) so we wouldn't get back even what we owe on it


The entertainment this year covered a new computer so is abnormally high but love your idea about the jar, thanks will definitely do that! Oh and the buying in bulk and cooking, I'm a shocking cook and hubby used to do it all so I struggle with it and never know quite what to buy so need to pull my socks up!


Thanks again, Sox xx

Your welcome

My old car was the same!! I'm sure they wern't all mine, I think people just liked hitting my car!! haha

Have a look on Youtube at batch cooking or freezer cooking that's quite good I will quite often make a spag bol and put the leftovers in the fridge for my lunch the next day or freeze it for another meal and it could even be made into a chili My parents have a Booker's card so we go in there now and then to stock up on things like loo roll, eggs, cheese etc. Approved food is a good website for food, I've not ordered off there yet but my friend has and said it's really good

Good luck with everything xx

[Deleted User]

When does the 0% expire on the Credit Card?

sleepless_saver

Sox77 wrote: »

Actually no we haven’t, our life insurance only covers us for £40,000 and that was £673 per year for 10 years!!! It was the cheapest I could fine, I think our ages must be counting against us, DH is 43 and I'm 38, and upping it to a larger pay out pushed it up hugely... that said the house would go back to mum and dad if something happened to both of us (it would come with four children though which might present an issue )... but I see your point entirely, I just don't know if I can afford to up the payout amount. I will look into it again though.

Have you had a look at Cavendish as a broker for term life assurance - we used them and the costs were a lot less than you are paying.

If the worst happened and you both died without insurance to cover the mortgage then it sounds like your children would inherit the small amount of equity in the house and your parents would have to force its sale as the only way of recovering the money they lent you.

(If you haven't made wills, that would be well worth getting sorted too.)

peaceandfreedom

sleepless_saver wrote: »

Have you had a look at Cavendish as a broker for term life assurance - we used them and the costs were a lot less than you are paying.

If the worst happened and you both died without insurance to cover the mortgage then it sounds like your children would inherit the small amount of equity in the house and your parents would have to force its sale as the only way of recovering the money they lent you.

(If you haven't made wills, that would be well worth getting sorted too.)

I agree - it is a concern that you do not have adequate life insurance to cover the mortgage or your children's needs. If one of you dies, the other would really struggle to keep up mortgage repayments while trying to raise your children. If you both died, things would be pretty bleak financially for your children and your parents (obviously pretty bleak in other ways as well but money concerns are something you can mitigate).

Sorry to harp on about this but making wills is important as well. So is thinking about who would be your children's legal guardians if they are orphaned. Where would they live, who would look after them? It's not something we parents ever want to think about but you must for your children's sake and your own peace of mind.

FBaby

Your expenditure looks reasonable for your current income the issue is whether you can sustain it. What is the additional income from? Is it sustainable? Have you worked out how much you will lose our in tax credits? I think it would be callable to redo your soa on what you believe will be your income next year.

Vikipollard

Sox77 wrote: »

Actually no we haven’t, our life insurance only covers us for £40,000 and that was £673 per year for 10 years!!! It was the cheapest I could fine, I think our ages must be counting against us, DH is 43 and I'm 38, and upping it to a larger pay out pushed it up hugely... that said the house would go back to mum and dad if something happened to both of us (it would come with four children though which might present an issue )... but I see your point entirely, I just don't know if I can afford to up the payout amount. I will look into it again though.

OH was 50 and me 48 when we took out our life insurance (last year) which is £150,000 for 43.35 a month and I thought that was a bit high! Ours is through Aviva - did you try them when you were looking?

Jonesy88

Could you review your mortgage arrangments with mum and dad? We have a similar amount outstanding and pay over £400 less pm.

brizzledfw

Sox.. Saw you on the MF in 4 thread and as you have a similar millstone round your neck to me :eek: wanted to say hi? Do you have a diary? They are great for maintaining motivation!!

Have a great MSE weekend

Brizzle