Learning to walk before I run

edinburgher

@Suffolk_lass - 30 years would take us into retirement and that involves more paperwork. 27 years lets us avoid that, 25 isn't actually that much of a jump. The rate going from c. 2% (across the 2 parts) to 4.84% is the problem!

The current plan is to try and cope for 2 years, at which point cooncil nursery kicks in. This should see childcare costs fall from mid £££s to low £££. It is going to feel like a grim 22 months or so tho, no 2 ways about it     

I do get the idea of buying more time with a slightly longer term, although I feel it's probably time to grasp the nettle and accept that things are just going to be hard for a couple of years. I suppose we don't need to try and save £600/mth, laudable as it might be. There are many things coming down the track that might make things even worse - demographic and climate change, for starters.

Suffolk_lass

I know what you mean and for sure, here, we need to feel a bit hard up or we spend silly money, it's just the little bit of extra flexibility and the ICoE situations

Cornish_mum

Eek to mortgage interest rate; if it’s any consolation we were on similar (rate and amount outstanding) with DD in full time nursery and DS is full time wrap (no free hours) around care from 2016-2018. It was squeaky times.

 In the end MrCM got a second job without that MOPs, extra pension contributions and savings would have been impossible. Now we are through that period I do wonder if it was worth it (the second job etc). We could have just about managed (by cutting back on spending and suspending savings for the duration). As having MrCM work 6 days a week plus evenings with me also FT isn’t a picnic and now inflation has eroded our mortgage debt, we have a higher income and lower childcare costs it’s so much easier to put money aside now compared to then. CM

edinburgher

DD1 has her pals over for a sleepover. It is bliss! Apart from a ruinously expensive Japanese takeaway, it has been super easy, they are entertaining themselves watching a movie while I get to hide out in my room

FlacosFloozie

Ouch to the mortgage increase! Ours is also due for renewal next year so I'm hoping rates start to stabilise a bit in the meantime but I think it will be a lean couple of years for many folks.

edinburgher

• £5.68 paid into LISA (£7.10 after bonus)
• £3.32 paid into SIPP (£4.15 after tax relief)

edinburgher

Mrs E has given notice to the unreliable nursery, will be glad to see the back of them!

It is a beautiful sunny day here but I am largely frazzled as we didn't really relax at the weekend and there is a lot to do at work. Anchoring myself with some financial prep before pushing on for the day.

• £3.32 paid into my SIPP (£4.15 after tax relief, personal spends account)
• £9.72 paid into my LISA (£12.15 after bonus, largely money from a failed P2P lending platform and a few pennies of cashback)
• £9.73 paid into Emergency Fund (I had been referring to this as "New Home" but think that psychologically it might be better to think of it as an EF as the storm clouds gather)!

I also joined a budget gym to complement my exercise classes (£10.99 for first 6 months, then £20.99). It is never good to add a recurring expense but it doesn't open until July and I need to start prioritising exercise more

Ordered some last minute presents for a relative, we are late but they are on holiday

Have a good day folks

edinburgher

Good God, cat food has gotten expensive! A little over a year of dry food and 2 month's of wet food for posh boy was over £200

savingholmes

I'm with you on the cat food!

beanielou

Cat food has just gotten insane.