Riven,
RE: "Once the children go to school and the £££££ are freed up though, aren't they then well off? "
I suppose that might be true for some and not others also. I don't know that we'll be brilliantly off but we might be able to move to a nicer area and get a nicer house.. but it's speculation at this stage as both our industries are volatile and we might be working in much lower paid jobs by then
I often wonder why we're not doing better than we are and I assume it must be when we bought property. We know others who have larger homes but they would have bought property before us and for less money. Yet we're not even as badly off as some of our friends - I think of a couple living in a very tiny townhouse that they paid 425K for (should never have been given the mortgage for it) when it was a shell of a place, had to gut it and refurbish it BY hand over a long period of time as they didn't have additional money for renovations etc, who are in negative equity with one of them almost certain to lose their job in the next year or two (this is not in the UK, mind you). Right now, they're probably on about 60K, but they could go from that to bankrupt overnight (and most likely will, actually).
Similarly, my irritation with my own situation is that my mother strongly wanted me to be financially independent given our family circumstances, so that I wouldn't ever find myself in the same situation again. However, for many reasons, I'm the only one who can afford flexible working so my income will plummet during these years and if dh ever did sod off and leave me I would be right back where I started off, like the single mums who have posted here. In fact, even if I went back full time on my current wage, I would most probably struggle if I had 2-3 kids. That ANNOYS me and stresses me, too.
So, even though I like the fact that, every month or so, we can buy fancy pants ingredients from Waitrose to make nice thai chicken curries and it's all lovely and wonderful to have a luxury shop every once in a while, it really doesn't make the huge difference you might think in terms of stress or security. It could go in a flash.. my husband is an engineer working in a niche specialisation and half of his company have been let go in the last few months, with no other companies in his sector hiring when he has limited transferable technical skills.
We are grateful we still have it, but apart from our naughty Waitrose shop, we live pretty frugally because we are not rolling in it and as someone who came from nothing, I don't want to go back to it..
Which is why it does my head in when people say.. 'oh you have a 'mere' 45K, what I would do with a 'mere' 45K?' as if everyone on this income is clueless about stressing about money and/or struggling and merely lamenting the loss of a sun holiday. I'm sure some are.. but I'd bet there are a lot like me who aren't.
I think we can all have a right old moan in the current economic climate, actually.