finances argh!!!! any been there done its?

[foxy197]

rite just a little rant or any advice would be apreciated,, im 24 two kids got stable job as a staff nurse earn around 25k my fiancee works part time bringing in only around 700 a month.
last year we bought a big old house around 1850 built stone 4 bedroom terrace got it bargain price, dad helped with deposit for mortgage.

heres the thing since then we have had massive outgoings electric system burt itself out needed rewired, downstarirs full of damp had that sorted, full house decorated, these are all thing we knew needed done. To get this we have used alot of money from a loan.

after bills for house ect we are left with not much just enough not to be on bread line lol!
just wonder were we go from here for example we want new kitchen ect does it ever stopp??? do we get further mortgage adavnce???
rant over

 

[edd1e]

just wonder were we go from here for example we want new kitchen ect does it ever stopp??? do we get further mortgage adavnce???
rant over

Sounds to me like you should stop spending for a while mate and sort out what you can before you spend / borrow even more

 

[Ed...]

As above dont bite off more than you can chew so to speak. Last thing u want is to not be able to afford the mortgage. Ill do u a cheap kitchen if u want

 

[Foxspeed]

nope never stops taking your money!!!

either - reduce your outgoings or increase your incomings :thumbsup:

 

[chowiekid]

maybe sell your body or put your wifes on ebay.

Or just stop spending! and sell the clio for something cheaper if your in need of money.

 

[Willis]

You don't need 2 Kidney's mate.

In all honesty, I've not been in that situation myself but I'm currently coming out of a similar one... Year older than you, similar earnings. The missus has just had the last 8 months off on maternity (£480 Per Month) and is due back into work next month (THANKG GOD!!!), it's been so tough. There's been things we've wanted to do, places we've wanted to go and bits and bobs that want doing around the house but we've had to put bits off...

My bit of advice would be (as per Eddie & Woody), don't borrow any more money. If it's not feasbile (child-care wise) for the missus to go to work full-time then just save up and carry on as you are. Borrowing more now would just put more stress on yourself with you being the main earner and it's not worth it, if you ever had to have time off work and weren't getting paid for it then you'd end up getting yourself into trouble.

 

[MikeH]

Downsize house?

 

[RalphyBMW]

Owning a house is always expensive, unless you buy a new-build and even then you are just postponing it for five years or so.

Hopefully your mortgage isn't much more than rent would be for an equivalent home, the benefit being that you are hopefully paying down the outstanding balance (albeit very slowly) and will in time benefit from some capital growth.

It sounds like you have already made some significant and important improvements to the place, however further projects like kitchens and bathrooms, etc. can require major cash. You best bet for the time being is to try to limit spending on the house to essential maintenance, at least until your income improves. There is a possibility that you have already enhanced the value of the property enough to remortgage and settle the loan, however this can involve significant fees for changing your mortgage product, and it will take much longer to actually pay off the loan.

While we would all like nice new kitchens, bathrooms, etc. and yes, they do enhance the value of the place, that is only really a factor if you are improving the house to sell it in the near future. If you plan to stay there longer term then servicing the current debts is far more important.

Good luck with the house, it is a great feeling owning [a small part of] your own place, but it hurts when you have to throw money at it. Just stick with it as it is for now and review in a year or two, or when one of you gets a raise.

 

[RalphyBMW]

Oh, and personally, if it comes down to it, the house is hopefully an appreciating asset, a car isn't, so if you get to that point consider getting a cheaper car.

Cheap car + house + reasonable quality of life = win
Nice car + possibility of loosing house + no quality of life = loose.

 

[foxy197]

thanks guys having a good think about your replies apreciate it thinking the clio may have to go :-(

 

[foxy197]

also selling my body mayb option lol that made me laugh wundt ge much

 

[Keil]

until I got this new job, I was supporting a family of 4 off £10k a year! still running the clio etc.

Just be wise with the things you buy, dont buy them unless its a necessity, food etc for your children is far more important than taking the clio on a drive ( not saying you do but you get the idea)

Dont get me wrong, the past year have been really really hard, but we have made the most of what we had/got.
As regards to days out, rather than spending ex amount on a day trip to the zoo or something, we replaced it with, going to a local park, taking few bits of bread to feed the ducks, going for walks on the riverside etc, going swimming ( as it didnt break the bank)

Holidays were a big no no for us also, instead, we took weekends, at which time we would visit a zoo or something.

Now after landing this new job, Im hoping to carry on within reason, but go on days out that until now we havent provided, although we did very well and saved up to goto places, thus meaning that I can provide a good quality of life for my family, both now and within the future. My reason for this is that.... no matter what proffesion you are currently in, nobodys jobs are 100% safe! wishful thinking,

 

[minesaturbo]

just bought a house myself:bounce1: