To think I will always have financial stress now others have pointed this out?

You sound pretty much ok to me!
Your DC, if they go to uni, will be eligible for student finance so why are you stressing? I also disagree with the whole leaving them with a massive debt worry as they just repay it through tax when they’re earning a certain amount.
Is say overpay on your mortgage a little as well as save. When/If DC goes to uni you could top them up with a couple of hundred a month from your salary if they need it. Lots of kids survive uni without parents financing.
Downsizing could be an option but I’d leave it til DC is ready to move out then some of your equity could become part of their deposit.
I think you’re doing great OP. Stop catastrophising!

200 extra a month seems pointless? I owe so much still? And then what if she does go to uni and I have absolutely nothing to support her? So stressed about it all

£200 a month is a good amount. Why will you have nothing to support her at uni? Will you not be working? What’s the £200 a month for?

Pay down your mortgage now, and then in future downsize.

She's 6. Stop starving yourself. Take the £200 a month you normally save. Spend £50 on more food, put £150 into your mortgage. As said, you can sell when she turns 18 and downsize or do the same on retirement. Or by overpaying now, you can remortgage at the time for a longer term on a much smaller mortgage so you can afford to help.

Very few can afford to help DC at uni. She can plan for this. Get a job at 16 and work summers to save up to top up her loan. Work while she's at uni. Use any inheritance for it.

I saved into a stocks and shares ISA for my DDs, started off small and increased the amount every time I got a pay rise. I had enough to pay for their accommodation costs at Uni, which was about 4K per year. Don’t forget that when your dc actually go to Uni you can stop saving for them and give them that amount monthly instead.

Like others, I am baffled as to why you run out of money for food at the end of the month.

Your salary is high, yes I know it's not MN six figures but it's more than most ppl earn. What are you spending it on that you have none left?

Your net income is around £3.5k, of which I guess £1.2k is mortgage, £200 savings. Where's the other £2k going?

What planet are you on?

It's not the same as mine that's for sure

You are financially secure and certainly aren't struggling

With all due respect OP you are not struggling to make ends meet. You can’t say your being forced to miss meals if your popping £200 a month away into a savings account

Ok, what the hell is going on with your financial and household management? There is no way with the figures you are posting that you should be skipping meals at the end of the month.

I assume it is just you and your daughter? We are not economising particularly and spend between £60 and £80 a week for food and other groceries for two of us and that leaves plenty in the cupboards and the freezer.

If I did zero food shopping this week I could easily cobble together some freezer and cupboard meals.

You could downsize when she goes to Uni/Leaves Home/Turns 18

That’s our plan. We own a home worth 460k, but only have £110k in equity. Our plan is to pay the mortgage off by the time my husband is 60 and our son will be 18. We then downsize to a two bed apartment, release at least £200k equity and gift our son a deposit for a home. We then live mortgage free. We only contribute 8% of my husbands salary but his employer also contributes 8% so 16% into a pension is not too bad. On projections we’ll be comfortable during retirement.

I have 4 siblings, we all went to Uni without a penny of support from our parents as they weren’t able. We’re all doing fine. Some of us moved away and got into more debt to pay living costs and some stayed at home during Uni and have less debt. So your DC also has that option and taking out a loan for the fees. They will be fine. Equally they may not go to Uni. My husband has a well paid job and never went to Uni he did an apprenticeship NVQ followed by a HND all paid for by his employer. He’s now been working in his field for over 20 years.

You are in no way whatsoever struggling to make ends meet. I presume on your salary you must be intelligent enough to know this and if you don't, get some help, seriously.
It's sensible to plan ahead if you can BUT none of us knows what tomorrow will bring. Your daughter is six, a delightful age, but she will grow up very rapidly. You will still have your daughter but that lovely little girl will be gone and you will only have your memories of this time. It is so precious. Please enjoy having fun with your daughter now, make the memories together, relax, make sure she knows how lived she is and she will fly.

Take a look at the mortgage overpayment calculator. You may be surprised how much difference it makes both in interest saved and time ot tales to pay it off Mortgage overpayment calculator

Why would you pay for uni? Aren’t most student loans designed so the repayments are pretty minimal, and always tweaked based on earnings? Whereas a house deposit/help with grandchild care fees/wedding etc all need much more money upfront.

Paying outright for uni would be the last thing I’d ever do for my child with my savings, to be honest.

To be able to live in a £550k house on a salary of £54k is a remarkable achievement. I'd count myself very lucky.
Reframe your thinking, start enjoying your life and stop worrying.

Also university really is the biggest rip off ever.
I've 3 DC, they all have degrees. One went to uni and saddled themself with debts, the others did degree apprenticeships and earned whilst they learned.
Except for straight subject degrees (like French) and some career qualifying courses like medicine, veterinary science and dentistry, you can do an apprenticeship that leads to most other careers.

In the nicest possibly way @Baept15 you don't know what the future will hold. As awful as it can sometimes be, tomorrow isn't guaranteed. I would really suggest you start living now, in the moment, with your child. Embrace the now.

In our family, we've realised this very recently and have just had a holiday we wouldn't usually have had, because life is short. The future will be what it is. You have equity in your home, so you have options if you want to support your child financially in the future.

You do sound very anxious compared to your financial position, I'd speak to your GP about some help with that.

At the moment you have £360k equity in your house. If you downsize you could be mortgage free or take a smaller mortgage and save some equity. If money makes you anxious that may be a good idea because you would worry less with a bigger cushion. Your DD may go to uni, she may not. I didn't have any savings for them but once they went I had a better job and more disposable income so they took out max loans and I gave them the equivalent of their accommodation money monthly. Admittedly so they didn't spend it all in one go on beer. It worked well. I also divided by twelve months so they had some money in the holidays. You need to eat everyday. If you don't your health will be impacted, you will feel more anxious and you will fall into a vicious cycle of worry. Oh, and sorry for preachy post, the minute your car may be entering it's death cycle, one repair, then another repair get rid of it. Don't chuck money at it. First time the bloke in the garage slowly starts to shake his head look for a new to you car. If you downsize and need to drive more you need reliability. And good luck. You sound like a great mum, but very worried. Think how nice it would be to worry less.

You have a net worth of 380,000.
You're (only) almost 40.
You have a pension.
You have a good paying job.
You will likely inherit.

I call this post either a stealth brag or a windup.

You’ve posted about this before. Your replies will be the same as then. Do you have anxiety? This is otherwise ridiculous.

Absolutely this. Earning 54k, 360 equity and 20k savings, and adding to them every month, daughter set to get inheritance from grandparent and then, presumably, from mother OP is STILL not happy? This is a mindset annd personality issue not a financial issue.

You are being ridiculous. Get some perspective.

Also why focus on university there’s plenty of other opportunities for well paid jobs through working or apprenticeships where your employer might pay for a degree further down the line.

personally I’d be focusing your attention on this so you can advise your daughter of the best industries to look at where her degree might be paid for whilst getting a wage at the same time with scope for a decent salary (construction is a obvious one)

I think you are doing just fine, you need to breathe. You don't need to deposit £200 a month into your dd's savings - you don't have enough to make it till the end of the month. Save less so you can buy food for the last 2-3 days of the month. Saving for your dd is great (ish) if you can afford it but otherwise, she'll be fine - she'll be able to work and support herself it will teach her to be independent and resilient and not to expect her mother to bail her out. The whole Student loan thing will probably look very different in 14 years - she may not even want to go.

Are you on your own op? I recognise the fear and insecurity when you’re the only one responsible for keeping the household afloat and the kids fed.

maybe this is the issue rather than the actual figures. Which, as others have said, stack up pretty well.

I’d suggest that, for the moment, you halve the savings for DD (recognising that emotionally, you need to keep putting something aside for her) and spend it on food for you. your Dd will be much better off for having a well-fed mum and herself. More Uni savings can come in time.

By the time she goes to uni, your mortgage will be paid down loads, and you’ll be in a better position financially. Then you can help her out more, if you want. You can downsize then, if you want (moving house is very expensive so best to stay put for the moment,if you’re happy).

I know it’s hard, but please try to separate the emotional from the facts. You are safe and secure financially. And so is dd.