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mortgage free or carry on living near support?

pinkfemme1
Posts: 2 Newbie

I'd love some advice about my situation.
I'm a single mum with 2 school age kids, who I have full time
My current yearly salary is 50k, I get child benefit and some hit and miss child maintenance of around £150 a month (he is self-employed, it's impossible to challenge that)
After taxes and pension contributions I have around £3100 a month
£140 k left to pay on mortgage, house worth around £300k, so around £160k in equity. Where I live (Leeds) I could in theory get a house for that price (160k), but it would mean moving to a much less desirable area, smaller house, away from support network and kids' school.
However I currently pay almost £900 in mortgage a month and then
council tax £120
electricity and gas £230
phone £17
car inc £65
petrol £100
food £300-400
cat food, vet etc. £100
kids afterschool activities £95
water £50
tv licence £14
life insurance £73
kids ISA £50
internet £26
and then there are other costs like repairs, car tax, professional membership fee, other things that seem to come up a lot.
I never seem to have any money left at the end of the month, I literary have around £200 oin savings, can't afford to take kids on holidays or anything.
I've also started a side hustle and had to buy a few things for that before it makes money, but this just means more work. I use my house for this.
I'm a bit burnt out with it all and not sure what's best to do. Any advice would be welcome!!
I'm a single mum with 2 school age kids, who I have full time
My current yearly salary is 50k, I get child benefit and some hit and miss child maintenance of around £150 a month (he is self-employed, it's impossible to challenge that)
After taxes and pension contributions I have around £3100 a month
£140 k left to pay on mortgage, house worth around £300k, so around £160k in equity. Where I live (Leeds) I could in theory get a house for that price (160k), but it would mean moving to a much less desirable area, smaller house, away from support network and kids' school.
However I currently pay almost £900 in mortgage a month and then
council tax £120
electricity and gas £230
phone £17
car inc £65
petrol £100
food £300-400
cat food, vet etc. £100
kids afterschool activities £95
water £50
tv licence £14
life insurance £73
kids ISA £50
internet £26
and then there are other costs like repairs, car tax, professional membership fee, other things that seem to come up a lot.
I never seem to have any money left at the end of the month, I literary have around £200 oin savings, can't afford to take kids on holidays or anything.
I've also started a side hustle and had to buy a few things for that before it makes money, but this just means more work. I use my house for this.
I'm a bit burnt out with it all and not sure what's best to do. Any advice would be welcome!!
0
Comments
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Just to add
no family support
ex doesn’t want to have kids overnight
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No middle ground? ie move to somewhere cheaper & still have a small mortgage which would reduce your mortgage outgoings?I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0
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