Help: 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.

TadleyBaggie

Duplicate thread: https://forums.moneysavingexpert.com/discussion/6651546/a-map-for-the-financially-lost#latest

Myci85

Whilst I'd never advocate for frivolous spending for the sake of it, I think there's an argument to be made for making some memories with your children whilst they still want to, and then focus on a plan to pay off the rest of your mortgage. It isn't a huge amount left, and if the repayments after the fix ends are unaffordable, you may be able to extend it a bit. Not what you planned, but not the end of the world. I'm all for being sensible with money, and having a plan for an easier retirement, but equally that retirement is never guaranteed, so it's not worth making yourself miserable over. 

fatbelly

The mods should probably merge the two threads. Either place would work.

We are going to need a statement of affairs

https://lemonfool.co.uk/financecalculators/soa.php

You have no need to panic. The mortgage is on a good rate and you have a 10k car (I presume)

Your mum will be paid off in 3.5 years at the present rate

I hope the mortgage is on a repayment basis

Kids are teenagers and so it is time for them to start understanding life's realities. Now is a good time to explain that you can't deliver an expensive holiday

Do you have any pension provision? Do you have other debts?

ManyWays

With that big mortgage increase coming up, you shouldn't be considering borrowing more to take the kids on holiday. Time to talk to them about priorities, mortgages and borrowing causes more problems for the future.

I think you need a serious discussion with your mum. Does she need the money back? If not, you could start overpaying the mortgage or beefing up your pension.

ellenvan

Overpaying the mortgage even by small amounts as and when you can afford it will be worthwhile.
Have you any sort of emergency fund?
Is the £1500 holiday savings in an interest bearing account?
Are the teenagers able to earn any money towards the holiday?
An SOA statement of affairs will help everyone give you the best advice.

sourcrates

Please continue on your diary thread.