We very soon won’t be able to afford our life

[WhatsHoppening]

We have a high mortgage, high childcare costs which thankfully will reduce but still wraparound. With our mortgage term ending in December and the increase in gas and electric, food costs, petrol and the increase in mortgage when we remortgage on a higher rate we will not be able to afford to live. Our outgoings will outstrip our income. We are both professionals, I work part time (4 days) and there’s no hope of DC getting into after school club on my day off (and realistically after childcare I bring in less than £100 pcm per extra day worked after childcare). I feel sick. I keep getting told by my parents and grandparents we will get through it but how?! My grandparents were post war so it was hard but my gran could be a SAHM for 3 kids on a my grandads teacher salary. This is a pipe dream for us now and DH earns more than a NQ teacher. Just a rant- lots have it much worse. But I’m scared for the future.

@MiniPiccolo thats both unkind and inaccurate. People who have bought recently didnt have a choice but to buy at the current prices. Thats not stupid, it simply means they live in their time. Perhaps it would be better had they bought in the 90 but seeing as OP is in their early 30s, thats a tad unrealistic

I imagine there are a lot of people out there who have over extended themselves as if debt was always going to be cheap. Work more hours is probably the only answer? Pick up babysitting on Saturday nights or stock shelves or whatever.

I haven't read the whole thread but a few teachers i know mark exams for extra money or could teaching via skype or tutoring via skype be an option for you ? Just a thought..the exams could be done from home.

@MiniPiccolo did they know? How did you know?
I didn’t know and neither did my friends, maybe we’ve been naive but we were just getting on with living life. Despite what you say the issue is the economy and the shit show of the government.

You can rate switch with your current lender and they don’t do another affordability check if you are just moving from one rate to another.

You will have to pay ERC but that might be worth it to fix for another five years (if you can)

Misdemeanors I was in same situation as you, two well paid jobs, new baby and mortgage rates through the roof. I returned to work when my child was 8 weeks old and 2/3rds of my income went in childcare but we needed the other to keep us afloat. In the end I took an evening job as well which nearly killed me but we needed the money. Got through it going without treats, holidays, cutting back on shopping, hair cuts, etc and only using one car. I'm on my own now and my bills have more than doubled but as before I'm cutting back on treats etc and will get through.

I understand what you're saying but if your essential bills are more than your income that doesn't really work.

It is a total failure of government, and decades of wage suppression. I wish the UK people would get angry - its time for action. Get out on the streets. I'll fly back and join you.

What utter tosh. People have families, obligations, jobs, they don't have the time or inclination to "get out on the streets" or have the luxury to "get angry", delusional - people aren't students with time on their hands. Oh and which streets would those be?

Said with the luxury and privilege of hindsight.

and telling the OP to walk away from a Masters that they've already started makes absolutely zero sense. That would be the last thing they should do, A Masters is the route to improved employment, this should not be a race to the bottom.

But they could have bought a terrace house instead of a detached with expensive kitchen, a lot of terraced houses are good sized and perfectly adequate.

What a tangled mess your posts are.

You’re a nurse one week, then you’re not. Then you are again (on the Archie Battersby discussion). You’re flying off on holiday, then you’re not. You got married 3 years ago. Then it was 5 years ago.

What is you teach? Creative writing?

It is a total failure of government, and decades of wage suppression. I wish the UK people would get angry - its time for action. Get out on the streets. I'll fly back and join you.

What utter tosh. People have families, obligations, jobs, they don't have the time or inclination to "get out on the streets" or have the luxury to "get angry", delusional - people aren't students with time on their hands. Oh and which streets would those be?

it’s hardly tosh that wages have been cut by 25% over the last 10 years whilst over 350 of the counties top businesses have made over 75% profit on the back of suppresses wages.

have you never heard of marching on a Saturday?

how badly do people have to be treated before they say no more?

I don't think that most people that work all week want to spend Saturday marching

It’s an extra £100 per month for each extra day worked…after you factor in the extra tax and deductions plus childcare working 5 days is rarely worth it… with my eldest I worked 5 days and it worked out I was £8 a week better off for doing so. The system isn’t kind to working parents

I don't think that most people that work all week want to spend Saturday marching

They had better get used to being crushed by rising costs then.

Maybe they shouldn't have bought houses they couldn't afford because they wanted, not needed, large kitchens, gardens and en-suites

You only have to look at the property threads on here to see the amount of overstretching going on, everyone trying to outdo each other with their Quooker taps and Bifolds

Are you able to claim any help with childcare? Even the Tax free childcare is a boost

I would love to give you a why don't you try x y Z response. But the truth is- I don't think there is much you can do. I think people will be squeed. Purse string tight, no extras at all.

One suggestion (after saying I wouldn't give any!) can you remortgage now, early? Pay the penalty? We have just done that and secured a pretty good 5 year deal.

Biggest outgoing is your mortgage so secure the best deal for that. Pare other expenses like food by eating veg style and planning all meals. Adopt a war time mentality to it ‘ make do and mend’. Appreciate and make time for each other and the kids you have. Think small and what’s important. Share your love and pull together. Appreciate the little things. Hard times I know but smile even if you don’t want to it helps. That might sound trite but it helps. It won’t last forever however bleak it might feel atm.

Is it really going to make much difference? Which jobs require a masters or pay more because of them?

But why are you remortgaging the house? Is it an actual remortgage or just switching lender?

I've just had a look on the Archie Battersby thread OP started and where she claimed to be a HCP who saw patients, surely you weren't posting THAT thread for a friend, OP?! How have you trained to be a HCP and an Arts Lecturer all by the time you are 31?

Oh... I know some posters alter a few details to anonymise themselves but....

I knew it.

the Op is…. Well, I don’t know. Dedicates to hundreds of posts “on behalf of a friend” whereby she talks about foreign holidays, being a university lecturer without even a masters and also a HCP on another thread.

I think the OP’s has more serious issues than finances tbh. More of the mental health variety perhaps.