Flying solo

twiggy86

So this is a brain dump of thoughts/ ideas...

I need to come with approximately £2,200 and I currently have.. 

• £1,000 emergency fund
• £600 in the DIY fund 
• £400 for further CC payments this month 
• £1,000 in various sinking funds 
• £400 in "buffers" 
• £100 in "misc 

Total = £3,500  

I guess the good news is that I actually have money in the bank and everything I've done so far has helped me get to a more financially stable position. The bad news is that I've become accustomed to having money in the bank, and the comfort that has given me! 

I can leave the sinking funds and buffers pretty untouched and cover the boiler cost - but it means having to rebuild. I had the goal of paying off a minimum of £5,000 this year, which means paying £420 per month. If I use the money then the first priority would revert back to rebuilding the emergency fund and would mean that the utility room project gets pushed back. If I borrow the money from my parents it would mean paying them back monthly, which would mean I stay where I am and it would just slow progress slightly in the long run as would need to factor that in monthly - they would probably only ask for £100 but would likely want to pay back more than that. 

But I think the overriding feeling is that my goal is to get rid of my debt... so taking on more (even if it is "only" to my parents) feels like a backwards step. I also want to feel financially independent, so having to rely on my parents at the age of 38 again goes against this. The issue I have is that I don't think my parents don't know/ know the extent of the debt that ex left me with. I didn't want to make them angrier at the situation than they already were, and also probably shame that I had allowed myself to be so badly taken advantage of. So I can't explain why I would be anti-debt. 

I think I just need to accept that I'm not going to achieve my goal for the year! And on that basis, I would rather prove to myself that I can do this on my own and use my own resources! 

joedenise

How would you feel about borrowing half the money from your parents and paying the other half yourself from your various savings?  This would still leave you with some money as a safety net.  Personally I think I would borrow the money from your parents and leave your savings intact.  

lucielle

I was going to suggest the same as joedenise 
L

Sarahwithlove

I have to agree I would say borrow the money from your parents even if it's not all of it and only some of it. I'm sure they would rather that then you have the added stress of not having security of savings. I also think it's important to understand the difference between debt for a genuine reason such as a boiler needing replacing and debt because you didn't want to wait or had a want rather than a need. I know it sets the debt repayment back but that's life and unfortunately you are going to have expenses in next few years that are unexpected especially as you own your property so that's always going to be a concern. 

dawnybabes

As a parent I wouldn’t think twice about lending you the money if I had it.  Hopefully the new boiler will be more efficient so saving you money in the long run too. 

twiggy86

Thank you for your input - definitely something to think about as an option! However, I've been playing around with my spreadsheet and if I pay for the boiler myself and then drop everything else to a minimum I should be able to refill my emergency fund and catch up with filling my sinking funds as I'd intended by end of April. Meaning I won't be too far behind. 

I do have very generous parents, who I am fortunate enough have lived carefully and therefore have money to help. So my thinking is that if I can sort this myself, then I should - with the security blanket that should something else crop up, then I can turn to them then. Does that make sense? I just feel like using my emergency fund will give me the impetus to want it all put back quickly, whereas if I borrow from them it will take me backwards for longer as they would likely insist I paid back more slowly?

However, I will continue to fiddle around with the spreadsheets as I don't yet know when the plumber would be able to start the work (and therefore I need the money by!) 

satchmo1

Is the £2k+ the cost of the boiler, or the cost of the boiler plus installation? 
As someone mentioned, the new boiler should be more efficient and thereby heating costs will reduce? 

Could you and BF set up a joint account just for groceries, that you both put aa set amount into? That way you won't have to keep asking for his share? 

Fingers crossed that you get a great job offer from your very promising interview, and it comes with a hefty salary hike that'll boost the various pots and the emergency fund!

twiggy86

The £2k is boiler plus installation - I've had a couple of quotes to make sure it's fair. The current boiler was a fairly cheap/ low spec model, so you're right that the bills may go down! Hadn't thought of that! 

Oh and speaking of diy, bf and money... we did have another chat about what is fair/ expected when it comes to him contributing towards the cost of doing things around the house. We didn't entirely come to a conclusion as it's balancing that it's now his home (and we both want it to feel that way) vs it is my house! So he won't be contributing to the cost of the boiler (and the utility room is now parked, as is that part of the dilemma) but he has offered to pay more a month to help. 

Floss

Remember that you are investing in your home with a new boiler, and definitely get a few quotes. I had mine replaced just over 4 years ago & paid £1,800 for a Worcester Bosch combi with very straightforward fitting. 

twiggy86

I've decided that I DON'T DO DEBT!

Therefore, I will pay for the boiler myself as I can make it work. I spoke to my dad last night and he was very lovely, and made clear they can help if necessary. Of course I'm in the fortunate position to know that if something else crops up, I could call on them for help then. I was hoping to hit the 50% of my debt and under £8k this month, which won't happen - but it will at some point. Take me back 18 months and I didn't think I'd be in as good a financial position as I am now, so I'm thankful to past me for the effort's I've made to set me up. 

Didn't have a great night though as bf's dad ended up being taken to hospital. He was given a terminal brain tumor diagnosis a year ago and they only gave him 3-6 months, so he's massively outdone that prediction. He's just had another round of chemo and then caught the flu so is in a bad way. He's also 6 hours away but thankfully his dad's brothers and sisters are near him, so it was a sister that went round to check as no one could get hold of him. And bf's mum is also not doing great after his stroke earlier this month and still in hospital down here (and will likely end up needing full time care). So bf is super stressed and I'm feeling useless. 

We did go food shopping last night though, although realised there's a couple of things we forgot to pick up that I'll need to grab later this week. We also went and got a rough quote for what bf will get for his car, so that he can look at the numbers. 

On to today's list...

• Make lunch to take to work 
• Update spreadsheet 
• Look at spreadsheets for next few months 
• Work on crochet project at lunch - fingers crossed should finish it today
• Plumber coming round to check a couple of things - will also ask his opinion about the utility room project (although that won't be for a while now!)
• Dinner from stores 
• Maybe sort an area around the house