To be really worried about our finances?

[Thimbling]

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.

I don’t really understand what you’re worried about 🤷‍♀️ I mean yes if you post on Mumsnet you’ll get people telling you you’re poor because Mumsnet seems to attract a lot of very high earners who earn £80-100k plus. But - it’s not reflective of real life. You have a small, manageable amount of debt and lots of savings compared to many- £22k is a LOT. (We are in our 40s and currently have 68p in savings 😳🤣 we do own our home outright though).

Make sure you’re claiming everything you’re entitled to - universal credit maybe etc etc. If you want to own your own home make that a priority and make a budget. But don’t beat yourself about your situation, it’s so much better than a lot of people.

I agree. Can you get Dave Ramseys book? I think you are doing great.

Your life sounds stressful though, hats off to all in the military. It sounds hard.

I have heard of Dave Ramsey. Will take a look.

Try the Dave Ramsey podcast. I find it quite motivating.

really sad to see we’re not taking care of the military the way we should be. Thank you for yours and your husbands service.

Thank you so much @WhitegreeNcandle. Will have a listen to the podcast.

Your financial situation sounds fine to me, you’ll be able to buy in a few years when your DH leaves the military as you have savings.

@Bridgertonne thank you. do you think another baby would put too much pressure on us financially? The response seems mixed.

What type of job will your DH try and get when he leaves the military and how much will his pension be?

* thank you. do you think another baby would put too much pressure on us financially? The response seems mixed*

You have savings, an income, secure cheap housing for the next few years and want another baby, so I’d go for it.

Do think about how another baby would impact your career plans, and added costs of childcare. Also, little things like having 3 DC often means needing a bigger car or having to pay for extra rooms in hotels/on holiday etc.

The extra expense of a third child isn't just when they're young but thinking about things like hobbies/clubs/music etc when they're older and possibly university fees.

Not saying that you shouldn't do it but that you shouldn't underestimate the financial difference it will make.

You're only 35 you've years ahead to increase your finances .

Only if their income is higher than their outgoings. They have credit card debt at the moment which suggests they're not even covering their outgoings.

@Bluemincat the credit card debt is because my husband had some issues with his debit card which meant he was temporarily having to spend on the credit card. Unfortunately, we overpaid into savings in that time and then realised we couldn’t easily clear the balance. In a few months, the credit card debt should be gone.