Single mum to 5, striving for debt free life

mark55man

If you looking at upsizing then prob sooner the better unless you are expecting prices to stabilise or fall - which many people have been doing for a long time without being right.

Also with high inflation and pressure on interest rates will make acting sooner is quite important so inflation can erode the real value of your larger mortgage so long as your salary stays close to inflation - which may not happen!!.

(Not an economist either actually!!)

Bluegreen143

Just read through your diary! I think you’re in a really good place where you could make great progress and clear your debt relatively quickly. You’ve got a lot on your plate with work and five kids but you’ve got this!

Re your house, I did have the thought that perhaps in a couple of years your eldest child(ren) may be looking to move out and you might not need more space then? I’d probably be wary of taking on too big a house at this stage if it was going to cost loads more. Just my thought but obviously you’ll know best what you need.

savingholmes

Jill12 said:

@savingholmes I have been working my way through your diary and your house journey and it has had a part in swaying me when I hear you talk about all your space

Should I feel guilty?

TBF I grew up in a tiny house with too many kids - trying not to be too specific. I was 14 when I got my own bedroom for the first time. It meant so much even though it was still on the small side and had wall to wall furniture. I think that early experience plus other negative childhood elements - contributed to the feeling of claustrophobia I get in small spaces - and my love of large ones. 

TheAble

Just on your child benefit (I'm guessing that's what the benefit line is in your SOA). I haven't read your whole diary but looks like you may be earning over 50k? If so make provision in that you'll need to repay some of that. You may already have it well in hand of course but just thought I'd mention.

Jill12

savingholmes said:

Jill12 said:

@savingholmes I have been working my way through your diary and your house journey and it has had a part in swaying me when I hear you talk about all your space

Should I feel guilty?

TBF I grew up in a tiny house with too many kids - trying not to be too specific. I was 14 when I got my own bedroom for the first time. It meant so much even though it was still on the small side and had wall to wall furniture. I think that early experience plus other negative childhood elements - contributed to the feeling of claustrophobia I get in small spaces - and my love of large ones. 

You have not an iota of guilt to be felt in any shape or form. Your good choices and careful money management mean you deserve every square inch x

Jill12

TheAble said:

Just on your child benefit (I'm guessing that's what the benefit line is in your SOA). I haven't read your whole diary but looks like you may be earning over 50k? If so make provision in that you'll need to repay some of that. You may already have it well in hand of course but just thought I'd mention.

Thank you for the comment. The salary is inclusive of CHB, tax credits, maintenance and my salary, the extra £300 is DLA for a child. I have maybe mixed the CHB and DLA amount the wrong way.  I would be on the ball if I was nearing the £50k salary mark but not quite there yet!

Jill12

Bluegreen143 said:

Just read through your diary! I think you’re in a really good place where you could make great progress and clear your debt relatively quickly. You’ve got a lot on your plate with work and five kids but you’ve got this!

Re your house, I did have the thought that perhaps in a couple of years your eldest child(ren) may be looking to move out and you might not need more space then? I’d probably be wary of taking on too big a house at this stage if it was going to cost loads more. Just my thought but obviously you’ll know best what you need.

I have thought through all the points you have mentioned and do agree wholeheartedly the kids will grow. However, my history is I tend to move every three years or so. I buy a house that needs renovated, live in it and renovate. I have continued to this since divorce. Character building for the kids or so I tell them and I get so much joy from the whole process too. I have completed 4 renovations to date, hence the decent equity in the house. My oldest will always require supported living accommodation and so wont be moving anytime soon. It is possibly this that is pushing the move for more space also.

Bluegreen143

Ah that makes sense @Jill12. If you like moving on regularly then you can move on again in a few years if child 2 & 3 have moved out (for example). Also makes sense to factor in child 1 being with you longer term. 

We are the opposite and rarely move 😅 we’ve decided we will move to dream country home when kids are grown because we’ve committed to a schooling path they can only have if we stay in Glasgow (my eldest has just started at a Scottish Gaelic immersion school which goes right up to age 18). They are 6 and 3 so we’ve got a while! We’ve decided in the interim we are just going to put a conservatory on for more space rather than moving cos we hate moving so much 😆

mark55man

Interesting discussion. 

Of my 4 my 2 DD have moved out within a year of finishing Uni. My DS1 and his partner are living in the loft (not quite harry potter) and will move out when they have saved a deposit which is enormously helped by paying some rent but not market rates.  In my case its my youngest who needs support and we won't be moving again for a decade at least. 

I think what I'm saying/seeing is that living with parents is coming back into fashion as renting is becoming less attractive for young adults in so many ways.  So don't bank on them going anytime soon .  For some people leaving home is the making of them, for others its a nightmare and I think the balance is swinging to staying home a little bit longer.
 

Bluegreen143

@mark55man eeek you’re worrying me now! Our life plan is based on kids leaving school at 18 and moving out as we did. We plan to move to the countryside then so it’s likely that for uni/college/work it won’t work for them to come with us though we don’t intend on moving TOO far. Hope that doesn’t sound horrible and mean… we will of course change plans if needed but I had never considered they might want to stay here as adults…