Help please for clueless mum who just inherited 41k

happymum37

dd95 said:

not a personal dig but i would take a forensic look at your finances if you have 2900 coming in each month and only 500 left after bills etc where you mortgage payment is only 440?

House bills, 2 cars to run, all other bills, 2 small kids with all the swimming lessons and school meals to pay for. 

We don't live like flash Harry but I only  just returned to work 3 pay cheques ago.  Prior to that it was 2400 per month coming in.  The past 3 pay cheques we have been having lots of fun for the first time in years,  and have had a few glamping holidays and days out. Normal service has now resumed. 

Your right we should be saving more. I will look at it extremely carefully this month our first normal month since my return

Thank you for the reply and advice

xylophone

Thank you for the advice

Just suggestions!

dd95

i often forget how much kids cost - i have that to come! Never feel pressured to save everything at the expense of enjoying the now - 500 a month is better than nothing and a lot more than most people - invest it wisely, keep it ticking along and watch it grow over the years

happymum37

dd95 said:

i often forget how much kids cost - i have that to come! Never feel pressured to save everything at the expense of enjoying the now - 500 a month is better than nothing and a lot more than most people - invest it wisely, keep it ticking along and watch it grow over the years

 No don't worry that's not what we are about.  We have decided if we use the money towards our mortgage / pension we are using 1k of our Personal savings to get a nice big play frame built.  That will be there for years and years and create lots of memories. 
Don't let the cost out kids ever put you off, they are worth every penny

Thanks for your help and advice

happymum37

Just to let you know we decided to blow 2k on a hand built kids play area for the garden -, we will laugh in the face of lockdown next time!

We paid 10k off the mortgage  - term.

We increased our mortgage monthly payments but only by 50 quid...

We have had some awful family news recently so have left the remainder for now in a savings account Incase i have to give up work and look after the in-laws for a while.  When the situation calms down we will pay off the rest in the mortgage in one lump but for now we need to keep some back. 


Thank you all again for your fab advice x