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Help with finances after house purchase

(12 Posts)
Stopthisshemozzle Tue 21-Mar-17 11:11:06

We have just purchased a property, but to do so (paying solicitors and alike) we have gone into minus figures a bit and as it's something we never do I am worrying an insane amount about it.

It's £700 on a credit card (interest free until 2018) and £1000 into a 2k overdraft. We have used all our savings on the deposit....

We still have a couple of credit cards which are empty, combined over 10k available so I know if desperate they are there.

I really just want some reassurance that we did the right thing. We had to leave our rented house and we would have had to use our savings that went as a deposit for that.

I'm planning a budget now to make sure we live as cheaply as possible the next few months to get back to saving. We both work. My plan is making sure the overdraft stays much clearer next month and then once that is coomfortably not being touched to tackle the credit card so it's all gone before Dec 2018, when interest starts.

Any tips or reassurance would be greatly appreciated.

JoJoSM2 Tue 21-Mar-17 12:59:21

You have overstretched yourselves. However, it does sound like you're on the right track so it'll be alright soon.

SilverViking Tue 21-Mar-17 13:05:06

Only encouragement i would give is that this happened us twice.
If we knew how tight things were going to be we would have chickened out of making the decision to do so ..... but looking back it was very much worth it.
Tighten the belts ... it is easier when you really have to do it, and prioritise prioritise prioritise (do i really need this now, or can it wait to later or can i do without).
You are doing well to contain your temporary overspend to 0% credit card!

Bobbybobbins Tue 21-Mar-17 13:10:48

I think for the reason you did it, it is definitely worthwhile and an amount that you can hopefully pay back relatively quickly with some thrifty living for the next few months. Have a good audit of what you spend money on day to day that you can economise on.

Stopthisshemozzle Tue 21-Mar-17 19:35:09

silver it is comforting to know we are not the only people to ever do this.

It's not something we usually do, never use credit cards or anything usually. Probably why it panicked me so much.

blue25 Tue 21-Mar-17 20:48:06

It's undoubtedly worth it to get your own property. It will only be for a short time and you'll soon get back on your feet financially. It's worth the short term pain for long term gain.

TreeTop7 Tue 21-Mar-17 20:50:55

You've got your eye on the long-term. That's sensible. Another vote of confidence from me!

grannytomine Tue 21-Mar-17 20:52:25

You are on it so I am sure you will sort it. Have you got a wriggle room in your budget? It is normal to find it a bit tight when you buy your first house, well it is with everyone I know. In a few months this will be a distant memory and you can enjoy life in your new home. Hope you are enjoying it.

Moanyoldcow Tue 21-Mar-17 20:54:54

This is totally manageable debt, esp if they're interest free options and if you aren't overstretched for the mortgage payments.

Congrats!

senua Tue 21-Mar-17 20:58:24

Congrats on your purchase.
While you are in the habit of saving/not-spending, remember to carry on for a bit after you have paid off your debts so you build up a rainy day fund.

Stopthisshemozzle Tue 21-Mar-17 21:09:18

I think it's good to look at it a few months away. I hopefully won't remember this week at all.

We aren't overstretched mortgage wise. It's a tiny bit more than our rent, but that's balanced by not paying for parking and petrol savings from my commute.

We will hopefully be saving again soon and although the house is very dated there is nothing majorly wrong that needs changing. Going to get some cheap carpet for DD's room as it's a bit gross on close inspection.

Stopthisshemozzle Tue 21-Mar-17 21:11:17

I did wonder though how do people pay for new windows?! I hadn't realised quite how much it would be. They aren't in dire need to it will have to wait, but blimey. That's a lot to save!

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