Reducing Debt - being accountable and taking responsibility

[Deleted User]

I just wanted to chime in - I would have loved to go part time when I had my son but didn't have an option because of our debt. If you can give yourself a financial cushion, I would whole heartedly nudge you away from that option.
Nothing prepares you for how you feel when you've had a child, no matter what you think now.
Would also add that I also thought I could work from home a day or two a week to forego childcare costs - but in reality, that would have been impossible. Looking after a baby is a full time job in itself. If you're planning to get more than an hour's work done on that day, I wouldn't recommend it.
Would also recommend looking at schools around the area you want to move to.

DrSpendLittle

Thanks for your thoughts Moguline Lots to chew over. Funnily enough, in our 'industry' we have quite a few friends and family who have WFH one day a week when they've had kids. It's a bit of a norm :rotfl: But, yes, I take your point. We'd have to look at various options to see how it would realistically work, such as half days in nursery etc etc. We very fortunate that our jobs provide us with great discretion as to what we choose to work on and when, so we're not tied to normal office hours or being seen in the same way some others industries are.

In other news, tonight is payday. Well, at midnight but I'm not sure I'll be staying up to make the £1,000 payment as I've had a few early starts this week and I have a meeting tomorrow morning that I'd like to not be too exhausted in. Lets see whether I can hold my emotions.

Back to back meetings all morning. Going to need coffee!

[Deleted User]

You must be so looking forward to making that payment, so exciting!
Yes, mayne WFH would work for you. My job at the time was very much a "be at your laptop the whole time" thing, I had to respond to clients with a quote within an hour so it was very full on. It might work better in your circumstances.

DrSpendLittle

Yes, super excited to be below £1k in 12 hours time Feel too excited to even write that sentence!

The strangest thing is I don't feel like I've scarified anything. I know my circumstances have been favourable - no kids draining my budget, a financially secure DF, a cheap mortgage and living expenses and a secure and relatively well paid job.

There is something relative to sacrifice though. And I think we all understand and appreciate that as we are all in unique positions and making unique sacrifices to achieve our debt free goals. Someone else 'easy' is another's 'hard'.

Anyway, I'm wittering on whilst eating my lunch :rotfl: but I think the point is that the sacrifices we all make are worth it when you can look back at them from the finish line. So. keep on keeping on.

Right, an afternoon of meetings awaits. Fun times in the ridiculously overheating office! Winter heating + unseasonably warm weather = uncomfortable typing conditions! Must be a health and safety issue surely...

DSL

enthusiasticsaver

Great to be less than £1k debt and one month away from debt freedom tomorrow.

Lots of great perspectives re children, childcare costs and balancing work with motherhood. No one really knows for sure how they will feel after having children but I knew after a few years at home I needed a work outlet as well as looking after kids. My DD is the same and only took the 9 months maternity leave whereas I took a few years out. Mind you she has a 3 year gap between her 2 and I only had 18 months between my daughters. Incidentally lots of people say having twins is easier as they get older as they amuse each other.

The multipliers sound fine and if you have an £85k leeway between what you need and what they will offer maybe you are being a tad over cautious. Not that being over cautious is a fault and I tend to err on the side of caution too. I don't necessarily think that having a larger mortgage necessarily means you will have to defer retirement plans either. A mortgage over 20 years presumably means it will be paid off by 60 and once childcare costs are reduced when the children are in school that gives you scope to overpay your pension. Even small increases each year make a difference.

Interesting to say you don't feel you have sacrificed anything. Your first post says you got into debt through living your DFs lifestyle and poor money management and living beyond your means. Over the last couple of years you have obviously got to grips with that and sacrificed £1000 a month to repay the debt which is a heck of a lot of money. How is your DFs money management skills coming along? I think you are in a great position moving forward though even if you will need a significantly larger mortgage to go for a family sized house. Just continue to budget.

DrSpendLittle

Enthusiastic, I can't figure out what I even spent that 'extra' £1000 a month on - I suspect some of it was high insurances and utilities / broadband deals. And, perhaps I was 'overpaying' DF each month with the random amount I used to give him for my 'share' of the mortgage and bills. I did save us quite a bit by switching up providers. Plus, my salary has gradually gone up over the past 18 months and I now take home £200 a month more than when I started my debt free journey. Every little helps, so they say.

In other news, today was a NSD! And, Ocad0 emailed me a £16 voucher. Winning.

Oops, no it wasn't, I just remembered putting £20 of fuel in the car this morning. D'oh.

My food and fuel budgets are £0 and the only money I have 'left' is in my various sinking funds, plus my union subs and mobile phone bill which will come out overnight. Car is booked in for a service next week, so fingers crossed it doesn't cost too much.

And.... the house is FINALLY on the market. Whoop! Now we just need to sell it very quickly so we can proceed with the new build I've convinced myself we can now afford :rotfl: I've asked the EA (we're selling through the same agents as the developer - the house is in the same area) to ask the developer about inducements and timings. I'm hoping that we can work something out that makes it an even more likely prospect, such as them paying stamp duty. That would mean we go into the property with savings equivalent to 6 months take home pay. But, we'd need some of that to 'furnish and floor'. Anyway, let's see. It may not even work out if we struggle to sell ours (I've asked if the builder would do part ex in that event).

Probably not a NSD tomorrow. I'm only working a half day as I have some errands to run in the afternoon and may be caught out with lunch. We also need some bin bags and a few cleaning products. Exciting times.

T - 2.5 hours to being in the £hundreds

DrSpendLittle

Morning!

Salary is in and I've made a payment of £1,000 to Barcl4ycard. Boom.

Total debt is now £992.64 :T :T

I've cleared 93.26% in 19 months which is the equivalent of £680.13 per month or 29% of my net average monthly take home. It's been manageable. There have been peaks (paying over £1,000 per month) and troughs (paying as little as £200 per month). The average is certainly workable.

Signature has been updated. I recently closed my S/S ISA because I want the money in my current account in case I need to use it for the house move. Hopefully I won't loose any money. In any case, it probably would only be a few £s. I was 'up' by £2 the last time I checked. Once the shares have been sold and my back account credited, I'll amend my signature.

I've a total of £878.42 in savings with a further £88 due in expenses this month, making me oh so nearly debt neutral. So close I can smell it. In fact, if I count the amounts in my sinking funds that won't be used this month (around £100), I probably am technically debt neutral, but I want to keep those funds where they are. Plus, I may need to use them if my car service reveals some hidden and unwelcome financial surprises

Busy day ahead so better crack on!

DSL

wishingthemortgaheaway

29 days. Woooohooooo for you...
'Who knows?.?.?' For the rest of the country.

enthusiasticsaver

Fantastic well done and only 29 days until debt freedom. Hope the house sells quickly too. Exciting year for you.

[Deleted User]

Brilliant, you did so well!!