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One income family of four - can we get ahead even after pay cuts?
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Sounds like your home is enough for you all so I agree just keep overpaying the mortgage and get debt free as soon as you can then hopefully you'll be in a good position when your kids are older to help them out financially*Dad loan - £5300 - £7200
*Virgin Credit Card - £3552.50 - £0
*Natwest - £1828.35 -£0.00
Barclaycard - £2315.25 - £0.00
Creation Finance - £960.32 £840
*Total debt - £8040/£11641.17*
Savings
*Savings Buffer - £100/£1500
*Emergency Fund - £1500/£1500
New diary- https://forums.moneysavingexpert.com/discussion/6474943/the-three-cs-coffee-clothes-credit-cards/4 -
Congratulations. I also think Red being around at home for the first few weeks is going to be helpful whilst you get back into a work routine.
You've got really sensible plans for the 2nd income too.4 -
Congratulations on the job3
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Thanks everyone!Ok rough budget... if I’m starting within a couple of weeks I should get paid in Feb (mid month payday at this employer) which is exciting🤞🏼 obviously won’t have childcare costs to start so will save any extra, need to look at the tax free childcare once we have a childminder lined up.
So as noted, think usual monthly income will be at least £3,000 after childcare costs. Have split as follows:
NEEDS £1,400Mortgage £421
Council tax £155
Life & home ins £35
Gas & electricity £105
Internet, TV licence & subscriptions £34
Housekeeping (food, petrol etc) £500 - this is deliberately generous and higher than we currently spend, to allow in case we spend a bit more on food when I’m working. I will skim any money left and add to savings at the end of each month.
POTS
Home maintenance £75
Annual car bills & maintenance £75
WANTS £850Red - £350 inc his phone
Me - £150 inc my phone
Kids - will keep the child benefit (£140 four weekly) separate for kids clothes, activities and pocket money, so won’t take this from our salaries
POTS
Holidays £100
Christmas & birthdays £150
Car replacement £100
SAVINGS £750
Help to save £100
Lifetime ISA £50
Long term £600 (start with emergency fund and once funded, move onto mortgage)Part time working mum | Married in 2014 | DS born 2015 & DD born 2018
https://forums.moneysavingexpert.com/discussion/6542225/stopping-the-backsliding-a-family-of-four-no-longer-living-beyond-their-means/p1?new=1
Consumer debt free!
Mortgage: -£128,033
Savings: £6,050
- Emergency fund £1,515
- New kitchen £556
- December £420
- Holiday £3,427
- Bills £132
Total joint pension savings: £55,4255 -
Congratulations @Bluegreen143 that is wonderful news.
Red being around as you return to work is a blessing in disguise.
Good luck to the four of you as you start the next chapter of your lives.Fashion on a ration 2025 0/66 coupons spent
79.5 coupons rolled over 4/75.5 coupons spent - using for secondhand purchases
One income, home educating family2 -
Well done on a tough decision.
Obviously some good negotiating skills on your part to fine tune the hours to something that works well for you.
Its obviously a skilled role too so even if only 12m, the experience on your CV should make a vast difference for any future plans.
Seems like it was 'meant to be' , especially with dad being home to help with the transition.5 -
Thanks everyone for all your well wishes.
I was going to work from the dining table if the kids would be in childcare but as they will be home that’s not going to work - it’s an open plan layout in my kitchen/diner/living room and not a huge space either. I floated the idea of putting the kids in the same room so I could steal Bambi’s room as an office (something we’ve always considered anyway as Monkey would like to share). However Red worries it will affect their sleep as occasionally Bambi still wakes crying in the night and I go in at 11 to get her to do a quick pee in the potty (we stopped using nappies at night a couple of weeks ago). And Monkey sometimes plays quietly in his room after his bedtime which we are ok with. So he’s suggested moving furniture about in our room a bit to accommodate a very small desk.I looked at the smallest IKEA desk (£40) but Red objected to it being white and not real wood so he’s now making me a desk from driftwood he picked up a while ago and using copper pipe for the legs, of which he has masses. So free or almost free (he may need screws etc) for a much nicer piece of furniture, a good result 😆 and my manager has said I can go to the office to pick up a chair at some point too.Do need to buy a couple of work appropriate tops but the good thing about working from home is being comfy in leggings and slippers underneath! Should save a fortune on work trousers, shoes, jackets etc. She’s confirmed it’s fully home based even after lockdown unless I need to go in occasionally for a meeting. Monkey has yet again put holes in his wellies so I’ll order those and a couple of tops today. May treat myself to a new notebook too and some nice pens, I have an Amazon voucher from Christmas though 🙂Part time working mum | Married in 2014 | DS born 2015 & DD born 2018
https://forums.moneysavingexpert.com/discussion/6542225/stopping-the-backsliding-a-family-of-four-no-longer-living-beyond-their-means/p1?new=1
Consumer debt free!
Mortgage: -£128,033
Savings: £6,050
- Emergency fund £1,515
- New kitchen £556
- December £420
- Holiday £3,427
- Bills £132
Total joint pension savings: £55,4254 -
I would much rather have a desk made by Red than a mass produced one.Fashion on a ration 2025 0/66 coupons spent
79.5 coupons rolled over 4/75.5 coupons spent - using for secondhand purchases
One income, home educating family3 -
Well done on the job. Would love to see pic of desk, sounds just up my street. You all sound a lovely familyCarolbee4
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Congratulations on the job, do please for you! And nice that Red is furloughed to begin with as should make the start easier and give you time to sort out childminder etc. Really nice to have some positive news with everything as it is at the moment.Mortgage December 2023: TBC
Credit card debt (extension cost) Dec 2023: £9786
Fashion on the Ration 2024: 0/66 coupons
He said not 'Thou shalt not be tempested, thou shalt not be travailed, thou shalt not be dis-eased'; but he said, 'Thou shalt not be overcome.' Julian of Norwich3
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