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AIBU?

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Original poster

To be really worried about our finances?

37 replies

Thimbling · 29/06/2024 06:29

I’m 35 years old and married with two children who are 10 and 8. We don’t own a house and we have one car which is quite old and not on finance. Below is a summary of our bank balances.

My current account £300
husnands current account £550
joint current account £1100
lifetime isa £22100
stocks and shares isa £990
My private pension savings £5000

Debt
Credit card balance £3770

I am really worried about our ages and the lack of financial security we have since we don’t own a home yet. My husband is in the military and has a reasonably good pension. I have no workplace pension so started saving in my own one about 2 years ago.

im just so stressed about being so far behind all of our family and friends. DH and I would love to have another child but it’s off the table.

OP posts:
JuneSun24 · 29/06/2024 08:08

Military accommodation is so cheap - I’d be looking at putting what you save on renting in a private pension.

I think it’s probably cheaper than buying as you get your repairs done too - I wouldn’t see that as a cause for concern.

Original poster
Thimbling · 29/06/2024 07:39

Also, my husband should be able to stay in one location for the foreseeable future, so we should have some stability. And our accommodation is reasonably good.

OP posts:
Original poster
Thimbling · 29/06/2024 07:06

We are in military accommodation so that’s subsidised. Not quite so bad as renting thankfully. DH has around 4 years left of his military career but there are options to extend this. He is a non commissioned officer but is considering applying for commission, which I believe is would extend his career and would also benefit his pension.

OP posts:
Mindymomo · 29/06/2024 07:03

Are you living in military accommodation or private renting. We stayed at 2 children as we would have had to move to a bigger house that we couldn’t have afforded. Times are hard, my DS is 34 still lives at home, no partner, cannot afford a house on his own, no GF, but you have 2 hopefully, wonderful DC and a DH. Unless your credit card is zero interest, I would try clearing this asap.

Original poster
Thimbling · 29/06/2024 07:00

@JuneSun24 thank you. its a private pension that I’ve set up. I am putting what I can in there.

OP posts:
JuneSun24 · 29/06/2024 06:53

I think you’re better off than a lot of people OP. I would think about setting up a private pension. But otherwise you’re actually solvent, most people aren’t.

Ambleberry · 29/06/2024 06:41

It is a worry but you are doing well with your savings. If you can get rid of the credit card debt this year and just keep socking a bit of money away at a time you'll get there. There are still places in the UK (stoke on Trent, Hartlepool) which have freehold terraced houses for under £100k (I have visited both and they're fine, with lots to do and surprisingly lovely countryside) so you have your deposit already if you need to buy a house in the near future. I'd recommend getting health insurance if you do, which pays part of your salary if you can't work due to long term illness, for peace of mind.

People who bought twenty years ago found things much easier, and it doesn't seem fair how difficult things are now for people who missed that chance. But it is still possible.

MikeRafone · 29/06/2024 06:40

You can sit and do a budget plan which includes savings

see what you could afford to save

where would you like to purchase house? Abroad or U.K.?

Original poster
Thimbling · 29/06/2024 06:38

I have just left my job as we are relocating. I have one year of a degree to complete which will be full time study as well as parenting solo whilst my husband will be away. So I intend to complete my degree in spring and then find full time employment.

OP posts:
HcbSS · 29/06/2024 06:36

You cannot afford another child so please knock that idea on the head.
You are not too old to own a home one day but make it a priority. Are you working FT? If not why not?

Original poster
Thimbling · 29/06/2024 06:33

we have been living overseas and there is no workplace pension available through my employer, sadly.

OP posts:
WhitegreeNcandle · 29/06/2024 06:31

Are you part time? Even if you’re under the threshold for automatic enrolment you can ask to join so the money you’re saving is coming pre tax. Your employer might be nice and contribute even if they don’t have to as well.

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