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What would you do?

(12 Posts)
Julieb85 Tue 09-Jun-15 16:57:50

My husband and I have found our ideal home, perfect area, amazing schools, but the problem is we have lost a lot of money in our current home.

We only have 2 beds and would love to give our son a sibling in the future so another bedroom is a must, plus the schools arent great where we are.

So pulling savings, an amazing mortgage advisor and help from parents is meaning we could just about break even on the move possibly a thousand on credit cards, but our monthly spend would go up somewhat...and we'd need to pay back money before saving for another baby...

I feel like there's no right answer but I can decide whether We should go for it and try to do the best for our son, but out pressure on ourselves financially. After all bills and minimal savings we'd have £600 per month left.

SpongeBobJudgeyPants Tue 09-Jun-15 17:14:36

What would the £600 need to cover? Not sure if you have included food, transport etc with all bills.

WinterOfOurDiscountTents15 Tue 09-Jun-15 17:17:24

Personally I don't think pushing yourself to the financial limit is doing the best for your son. 2 beds is fine for 2 adults and 2 children, better than a lot of people have.
Sounds like a move in the future is something to work towards, but savings, parents, added credit card debt to do it now when you only have one child...I wouldn't.

Julieb85 Tue 09-Jun-15 17:18:10

Yeah bills, childcare, food and fuel and £400 into savings. Leave us with 600 per month, but we seem to bleed money on ad hoc shopping here and there and £10/£20's out the cash machine!!

Chasingsquirrels Tue 09-Jun-15 17:23:47

So all bills, food & childcare are taken care of, you have £1,000 per month left and you only know where £400 (savings) goes?

Firstly you need to do a review of where your money is being spent to see whether it would be feasible to cut back

SurlyCue Tue 09-Jun-15 17:24:11

I agree with winter. I would stay put and work towards being better able to afford the move. You currently have one child, even if you had another there would be a good period where they were both able to share. In your shoes i would work on that ad hoc spending, get a good budget working, as in tried and teste and proven workable over a year or two! And save like billio. No point breaking even, increasing monthly outgoings, stretching to financial limit, borrowing off family and on credit cards for something that whilst nice, isnt actually necessary yet and you can manage just fine without.

Julieb85 Tue 09-Jun-15 17:39:02

All makes sense and to be honest I keeps swaying so not sure on anything!! I'm thinking of looking to quote for a loft conversion to extend the life of this house - could pay for that by saving loads and no increase in mortgage payments! I just keep debating as we can get this house through help to buy so it's a much better house than we could ever afford on our own!

I usually have a good handle on spending but a few months ago we let ourselves go as we lost out in another move! We decided to relax for a bit and then this came up!!

Julieb85 Wed 10-Jun-15 10:31:32

Update - so we've managed to negotiate the price of the new home which means we would not need to borrow any cash to make the sale work - we would completely use up our savings tho!

Savings are for a new house anyways - so I dont kow why I feel nervous about using them!?

SurlyCue Wed 10-Jun-15 10:42:59

Nervous because you'll be leaving yourselves without a cushion incase there are any unexpected surprises? That can happen with buying houses (sorry) i would feel nervous about that too tbh.

Julieb85 Wed 10-Jun-15 11:16:07

I guess so...we'd be starting from scratch again. Maybe its worth it to be settled.

SurlyCue Wed 10-Jun-15 12:15:03

Well its certainly not impossible and people have taken bigger risks. It would just unsettle me to have no cushion after having had it for some time. And i suppose if family were offering to help with the purchase but now dont need to, they would be able to help with any unexpected expenses? Do work on that budget though and start accounting for all that "disappearing" money each month. You could find you are a fair bit more comfortable than you imagined if you can rein in that spending.

Julieb85 Wed 10-Jun-15 12:49:01

Thanks - me and the hubby are both on a spending ban - with every expense written down and accounted for! I'm not sure what otehrs have but �600 a month after all bills seems do-able. especially given that we are still putting a littel bit by and have salary increases and potential overtime...

I change my mind everyday on this! lol

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