Learning to walk before I run

Suffolk_lass

Yes, congratulations from here too. Lovely news for you all 

maggiem

Congratulations Ed 👏👏👏

Cornish_mum

Congratulations that’s lovely news!

edinburgher

Thanks all - it's lovely news and it's nice to know who I'm talking to DD is also very excited, I don't think she would necessarily have been quite so excited if it had been a boy. She gets on great with boys too, but she is very much in her "girly girl" phase and I think this is absolutely the best outcome at this point. Mrs E has already come up with another cracking name (classy, a little old fashioned without being your 90 year old gran and fairly unusual without being daft). I'm not admitting it yet, but she has an annoying habit of picking great names and this is a strong possible...

We got our boosters during the week and despite feeling somewhat exhausted, no real ill effects for me. Mrs E was hit a bit harder again and was off work for a day or two.

On the finances front, we're ready for Christmas with all gifts bought (although the "Presents" budget may contribute to a Christmas eve takeaway for visiting parents).

We have also requested the additional borrowing offered by the bank (£60k). The form was posted last Sunday and sent with a second class stamp. No sign of the monies yet, but I have no idea what to expect really? It was just a single form to be posted to the bank's main address. I suppose that I had expected that it would be pretty much instant, as everything has already been ticked at their end. Then again, I suppose they have to issue a new schedule of payments, amend the DD etc. so it might take a bit longer, particularly at this time of year?

The architect continues to be a PITA doing exactly what I didn't want him to do. We're getting emails every couple of days about additional considerations for our eventual contractors, small technical/specification details about parts of the proposed build. It's as much use as a chocolate teapot to me, as a) I'm not a builder b) it's the Council who needs to see this stuff, not us and c) like all poor communicators, he never makes it clear whether or not a response or action is expected on my part. I've just taken to filing anything and if he actually needs a response, he can send a follow up email or call me. This is why I asked him to send in everything at once in a complete submission!

On the extension front, we've pretty much reconciled ourselves to the fact that we can't afford to do all of it at once. We can easily afford to do the loft and perhaps a few smaller jobs, but the extended kitchen/diner/shower room/utility will need to be stage 2 when we remortgage in 24 months. To that end, we'll try and find any builder who isn't a serial killer and can fit in the loft before the baby comes along and will hang onto the rest for now, continuing to save. Hopefully with the improved home value and equity from having a 4th bedroom we'll be able to borrow a little more in 2023, consolidate that + current savings + savings over the next 24 months and then finish the house. After that there will be no more borrowing, I'll be 40 and it will be time to screw the nut in terms of eventually retiring. Fingers crossed, eh?Our income protection insurance is now up and running and I'll be contacting the broker again as soon as we complete our additional borrowing so that we can sort out our life insurance. It turns out that Mrs E is probably under insured, as her job doesn't offer the survivor's or children's pensions that mine does.

I've also taken a long hard look at Mrs E's work pension and basically the investment strategy was askew as I was trying to imitate a Vanguard fund where the data about the proportions of equities/bonds and geographical regions of investment is by no means clearly available. To try and remedy this, I've just switched to matching LifeStrategy 80% Equity. It's an easier fund of funds to clone and as the exit strategy for that particular pension is partial transfer to Vanguard SIPP every time it reaches £10k, this approach will do. All switches went through quickly and paperwork has been received.Only other financial things that I can think of is that I've been very well behaved with eB@y (£300 in a month before postage and fees) and used this and a little windfall money (cashback) for spendy Christmas things, as opposed to borrowing or robbing other budget lines. I'm under no illusion that 2022 will prove challenging for us (a lot to do), but our discipline is slowly listing in the right direction.

Watty1

congratulations

Suffolk_lass

Are you planning to do a year end review and tally to show your debt reduction, net worth, savings added, big life events etc?(not asking like your boss would, just a few people are doing this...)

edinburgher

@Suffolk_lass - I wouldn't think so - too many things up in the air.

Once additional borrowing finalised our debt will be sharply up. Net worth definitely up by quite a bit too, but this is largely due to DB pensions and illusory stock market gains which all feel a bit intangible ATM.

Apparently the local government pay settlement has been agreed, I'll get all of 1%. That won't even cover my gas bills since WFH. And before anyone plays devil's advocate, heating now costs more than commuting as my bus was cheap!

South_coast

Ah yes, but being warm at home is still much nicer than being on a bus (ever)!

edinburgher

@South_coast - it also smells better - unless I'm in the kitchen and the kitten has used the litter tray

powerspowers

Yes heating definitely costs more than my walk to work did and certainly more than 1%!