How bad are our finances??

[SailAwayy]

DH & I both work. DH is in the armed forces and I work in education, on a very low wage. We are both 34 and we have £10,000 in the bank between us.

We own a cheap run around which cost £2,000 and we have another car which we still owe £6,000 on. Unfortunately, we need two cars due to public transport issues from where we live.

We are in military housing just now, but are trying to save a deposit. Our £10k savings are in government help to buy accounts.

DH’s armed forces pension is decent. I was a SAHM for many years and so don’t have much on that front at all.

Im currently doing an Open University degree and should complete that in 2025, so I’m hopeful this will boost my earning potential.

I know we are incredibly lucky not to be in mountains of debt but I really want a stable future for our children and I really want us to afford to buy a home once DH leaves the armed forces. I’m just really worried that we won’t be able to. We were managing to save but now with inflation, I’m not sure how much more we’ll be able to save in the immediate future.

I'm just feeling like a bit of a failure. I grew up in a lovely family home and was well provided for. I’m just worried I won’t be able to offer the same to our children.

I think trying to get on the property ladder is the biggest worry for a lot of young people. It's pretty dire at the moment and even trying to save, well interest rates are no-where near inflation and house prices just rising. All you can do is keep saving, or maybe look at shared ownership housing ? You've done well to save 10k with young kids. We would never have had that kind of savings in our thirties. i guess you probably have low rent though being in military housing?

I keep hoping that there will be some sort of future slump in house prices. Just for long enough for us to buy something.

Yes, our housing is subsidised which is what has allowed us the money to save. We’ll keep trying to chip away at it and put any spare that we have aside. I just feel so far away from where I hoped to be when I was younger. I never thought I’d reach this age and still be in this situation.

Ive considered buying a small flat to rent out but was advised by someone that it isn’t a smart move. I just don’t know what to do for the best. 🤦🏻‍♀️