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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/
  • Spendless
    Spendless Posts: 24,677 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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. 
  • Congratulations on the job
  • 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
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    One
     income, home educating family 
  • Bluegreen143
    Bluegreen143 Posts: 3,704 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 15 January 2021 at 11:15AM
    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: £55,425
  • 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 family 
  • carolbee
    carolbee Posts: 1,808 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Well done on the job. Would love to see pic of desk, sounds just up my street. You all sound a lovely family 
    Carolbee
  • MagicCat
    MagicCat Posts: 390 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    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 Norwich
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