We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Staying Debt Free despite huge income drop
Options
cheerio61
Posts: 6 Forumite
Hi, was previously on here as igaveupnowimback but couldn't get signed in so had to create new account.
Have had to change jobs - first time in my life was in a relatively well paid job - but have had to go for one with less hours - so will only manage to cover outgoings and probably need to apply for Universal Credit too. Looking forward to the work but not the loss of income. CANNOT go back to having debts, ever. Need to be on here to keep me right. Don't know if this is the right place? Thanks for reading.
Have had to change jobs - first time in my life was in a relatively well paid job - but have had to go for one with less hours - so will only manage to cover outgoings and probably need to apply for Universal Credit too. Looking forward to the work but not the loss of income. CANNOT go back to having debts, ever. Need to be on here to keep me right. Don't know if this is the right place? Thanks for reading.
2
Comments
-
Welcome back Cheerio. It's a very good goal to have. I still need to get there....Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £3K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £22.5K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 28.2/£127.5K target 22;12% updated 6/7
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.6K updated 6/7/251 -
Welcome! This resonates personally as due to furlough along with SWMBO being able to find employment our finances have taken a shock. UC goes into SWMBO's account, she has a standing order for the total value of her half of mortgage/bills and I send back the difference. Going from everybody covering themselves nicely to having to cover more personally with a smaller pot is a shock I don't like to stick on anybody. Good luck! We're here for you.
Mortgage free by 33 - (21/07/22 - 32 years and a bit...)
Most DIY problems can be solved by a combination of spanner, pliers, screwdriver, Allan key and a blade. (Hold it, twist it, cut it!) Very occasionally industrial language, a hammer and an adhesive may need to be added to the mix. (Curse it, hit it, patch it!)1 -
Hi again! Am looking at utilities, looking to cut gas/elec and tv/broadband/call costs. Have checked MSE cheap energy club and considering a few. My current dual fuel supplier has a package with broadband & phone line rental included - which would only leave TV separate. Confused by all the variables on this. Maybe best posting on the utilities forum but wanted check anyone any thoughts on what they've done? Thanks0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards