A Map for the Financially Lost

FunLovinCriminal

Ok. I am lost and indecisive.
Ten yrs ago my plan was to be mortgage free by 50. I am 50  and lost.
I need a plan. A plan to stick to!
I work in a supermarket full time and have 2 teenagers
Car broke and mum loaned my £10k. No pressure to pay her back, in fact sometimes she talks like she doesnt, but will not commit to saying this. I am paying back £170 a month, £7200 left to pay.
I have £30k left on the mortgage. Fixed at 1.69% till May 2027. It scares me to look at my repaymemts are going to be at current rates.
I have £1500 saved for a holiday. Kids are pressuring me into going abroad, so need another grand.
But then I think I shoulf be saving, as I reckon the mortgage repayments could double.
Then I think I should be saving for retirement.
Then I get stressed and give up.
What should I be doing?
Keep it simple please.

MFWannabe

1) Calm down and take a deep breath 
2) Sit down and write a budget: make sure you include all income and outgoings 
3) Check on a mortgage calculator, your payments will not double! 

Break everything down into chunks and deal with things one at a time, you’re stressing over it all 

ryandotdee

As MFWannabe said, take a breath, from what little you have said, it sounds like you have a lot going for you. 

Work with real numbers, try not to catastrophise (? spelling ) over worst case scenarios.  There are so many calculators and resources out there which can tell you what your mortgage will likely change to payment wise, and what your pension will be worth at retirement etc. Work with absolutes, not theories.

Comparison is the thief of joy, dont berate your current self for not achieving what past you hoped you would, look at what you HAVE achieved, focus on that, and walk into tomorrow smiling.

badmemory

You have brought up 2 children & are surprised you haven't paid off your mortgage as you hoped!  Most of us would be more surprised if you had been able to.  Mortgage rates are coming back down again so you are not looking at the kind of increase you would have been a year or so ago.  Are you contributing to your company's pension scheme?  I do hope so.

FunLovinCriminal

Thanks everyone for the comments
The savings are with BoS earning 2.8% interest. 
I feel that I should do a Dave Ramsay, and start with an Emergency Fund of say £1000.
Then I lose focus, and think I should take the kids away.
Different times, financially and basically everything - I remember my parents taking us aeay twice a year, and I feel guild for working as hard (albeit in retail) and not being able to do a holiday for the kids. Then I think f it, lets go away.
I need to stop losing focus and grow up, I suppose

EssexHebridean

When the kids can afford to take YOU on holiday, they get to call the shots on where you go. Right now they get the holiday you have budgeted for, or there can be a family discussion over not going away at all. This is a fantastic educational experience for them around personal finances - it's not about "we can't afford X" it is about "we can afford to do Y - and we do not go into debt to take holidays because..." A reminder that a holiday is a privilege NOT a right - kids apparently understand the concept of privilege better than adults - time to put that theory to the test! 

Yes to an EF as a first port of call - aim for £1500 as the starting point and then look to add a set amount monthly going forwards. 

As fatbelly suggested on the other thread, an SOA would be helpful for you I think! 

Dakota_Rose

I too would prioritise an emergency fund before a more expensive holiday. You could have both an EF and more affordable holiday helping to give a healthier balance perhaps? 

I’m rebuilding my EF after having to use it for electrical works on the house and am aiming for £1000. I hope to put this somewhere out of sight but not out of reach (like premium bonds). I am saving for a holiday alongside other bits and pieces that we want to enjoy otherwise life would feel really unforgiving. It’s all about balance I think. 

joedenise

Absolutely agree with @EssexHebridean and @Dakota_Rose that an Emergency Fund needs to be built first.  You are saving for a holiday and that should be the maximum you spend on a holiday - absolutely no point getting into debt for a holiday.  As EH says a holiday is a privilege not a right.