Anyone else worried about money

[neveraneasylife]

Looking for others like me. It's never been easy. Ever since I married and got a house. We started late, we had no guidance from parents and didn't really know the importance of getting on the housing ladder, no financial advice. It was really us just doing what we thought was right. Now we have 2 kids and mortgage fixed deal is about to end and I'm stressing about the rising costs. I did a degree that I can't use and did what made me happy at the time. Now I'm in a low paid job and I stick to it because we live rurally and there's no other option that works around my kids. Lying awake worrying about everything. I'm tired of worrying.
Don't know what to achieve from this thread really, wondered if there are others out there like me.

No they are adding 46 K on for extending the term. :-(

Can certainly teach in evenings but due to husbands job and childcare I can't commit to regular sessions. Rubbish huh

Yes, I'm always worried and IMO this has helped us to have decent savings and we were able to leave work around 15/16 years before the official retirement age.

We try to plan ahead if possible. Mortgae rates are a worry and that woman, Truss has messed up millions of lives with her couple of weeks in number 10

The best thing to do is work as hard as you can but as importantly, save as much as you can and not try to run before you can walk.

We had a rule, never borrow money on anything other than a mortgage - worked for us but itnially we did miss out on years of no proper hols

@Outnumbered99, MSE doesn't allow companies to pay for advertising on their website.

That can’t be right. Do you mean that overall you’ll pay £46k more in interest over the lifetime of the mortgage? Still might be worth it as it would reduce your payments for now and you could reduce the term back in the future when you’re in a better position financially.

Extend the term and make sure you can overpay (usually up to ten percent per year) without penalty. That way you can pay off the smaller payments and won't default or overpay and ask for the overpayment to be taken off the term. If you overpay sooner than the term then you will cut down the interest you pay significantly.

Also look online at mortgage deals (nationwide, other big providers) to get an idea of what you can get. Some mortgage deals aren't available through brokers, only through the mortgage provider direct. So don't take what the mortgage broker says as gospel.

MSE has quite a strict editorial policy. They write their guides first from the standpoint of what is best value for the consumer. Then and only when the guide is written do their marketing team (which is an entirely separate team from the content team) contact those companies who are listed in the guide to try to secure deals for the site. If they do these are clearly labelled as such in the guide with an asteria by the link. But crucially the marketing team cannot change the content of the guide based on which companies are paying them to appear. Of the best recommended service in a particular guide does not make any payment to MSE then they stay as the best recommended service irrespective. It's a very transparent and trustworthy model.

Do you realise you could earn a small fortune doing piano tuition?

Can you play? Round here it costs £20 for 30 mins!

The kids are brought to you. Mine does back to back sessions and boots them out on the dot of 30 mins!

You can do a post grad degree? You could even become a Teacher if you went back and did the PGCE for a year

Keep the faith there’s always things you can explore!

Your dh is he happy? Could he move jobs?

I'm sorry you feel this way although it's in your gift to retain some control and understanding over your finances which will likely help you feel more in control and reduce the anxiety. I too wasn't taught money skills growing up and have always felt a bit frustrated that my parents didn't encourage me to buy priority in the early noughties when I had a decent salary and could have bought a flat for peanuts! I didn't enter the property market until a bit later so haven't made my fortune like others my age seem to have done. But, I'm very financially literate now as I've educated myself. I'm also prone to anxiety but money is the one thing I don't worry about - not because I'm wealthy but because I know exactly what my finances are, where I can flex, what me pension is protected to be etc. It's a control thing. The more you have, the better you'll feel.

We are all much worse financially and many have been re mortgaging with the higher interests for a while now. However, the Bank of England raised the interests. Cynical me thinks one Labour is in the Bank would lower the interests straight away or very soon after.You may find that interest rates may start lowering soon after or even before you renew the mortgage. Hope you can sail through this process easily.

@Gondoliere

Thanks. I have an appointment with a broker and will see what he says. I'm expecting it to be close to 1K a month which is crazy. We were a little over £700 and bbc just did a segment about a couple in their 40s with a combined income of 60K and 1K in rent and they said they cannot get on the housing ladder. I have 2 kids and a little more combined income and struggling 😖
Our fixed rate ends soon so not sure we can wait until after the election. X

Not strictly for advertising no, but to appear on the recommended list they do, by paying for clicks, I know because the company I work for and the handful of other brilliant brokers I can name just in my home town sadly cant afford to appear on the list despite fulfilling all the criteria. I'm not trying to suggest anything untoward is happening at all, just that the companies on the recommended list are there because they can afford to be, and a local or friends and family recommended broker is likely to be just as good (if not better!)

How this site is financed – MoneySavingExpert

You can always apply now and if rates change after the election your broker will check you are still on the best path before you complete.

@Outnumbered99 yes that's what I'm going to do. But the mortgage is due soon so I doubt it'll change. :-(

@Quitelikeit yes I know about teaching. Because husband works shifts I chant stick to regular sessions due to childcare. I used to teach full time one to one. I can't afford to pay for a post grad. :-( it's hard because we have no family for support so no childcare/help. No break from being a parent.

Well I just sent an email opting for a 5 year fixed deal just short of 1K a month. I'm so nervous for the next 5 years I don't know how we will get by. Husband was just promoted so there won't be any more promotions for a long while. If it were not for the fact he works shifts I would take another job. :-(

@Orangesandlemons77 we are Scotland. Rural prices are a bit higher in my area.

I’m constantly worried about money too. I work FT and am a single mum to older teens who are still living at home.
The first thing I think about when I wake up is money and I spend so much time trying not to spend anything, checking for unused subscriptions I can cancel, figuring out what we can do without etc.
It makes work so miserable too because there’s nothing left to have fun with at the end of it all.

Another one feeling shit about money.
my life has changed drastic in a year and we’re literally living hand to mouth now due to an accident which left dp unable to drive ( and therefore get to work ) so he lost his job and sunk into a deep depression. I’ve got 2dc with autism and a life
limiting condition myself aswell as loads of MH issues and I’m trying to keep it all together but am just trying to get from one day to the next.

we have nothing and I hate it. If it wasn’t for my dc I would be gone.
as a mum I feel we worry and feel guilty over everything and that’s me! I also resent dp as the accident was his fault. Praying every day for some good luck.

im sorry there are others in a similar situation, we’ve got to keep the faith. I just hate the way it feels to have to live on nothing at all and family who don’t care. Hugs to everyone needing one 🫶

Awful position to be in

Things may get easier over time - the kids get older you can do more music tutoring

round these parts a wind instrument teacher with erratic availability would be way better than the current no availability at all

Agree with others - a longer term will mean lower payments even if it cost more overall - if things becomes impossible

But don't get upset with things like holidays - I raised DD with limited holidays - week in cottage in Yorkshire or a campsite in D&G but not every year - and she's a happy, healthy , intelligent and well
Rounded lovely person - holidays are a nice to have but not essential at all

The earlier family years are just hard though

@Zoflorabore sorry to hear this, I know you have been around on mumsnet for a long time. I hope things get better for you soon. You’ll probably have been around long enough to know the old check what your entitled to yada yada but make sure you do. Keep going xx

Can you off set the increased rate hike by extending the period you take the mortgage for? You can then overpay when you hit periods of being more flush?

OP it's worth looking at extending your mortgage, ignore the interest that is added overall right now, that's only if you continue to pay at the rate you sign up for.

Theoretically, you're at your most challenging financial period; young children, earlier on in careers, more recently bought. Extend the period, give yourself breathing room now, and depending on how old you'll be when the kids are grown you can look at working more hours, your wages will have increased at a higher rate than your mortgage, rates may even be lower, so you can start to overpay and you'll be amazing how much even a small overpayment can impact reducing the term. Worst case scenario you can look at downsizing if you want to reduce the mortgage in your latter years.

@keypoir
I was advised not to extend the period from the mortgage advisor. I'm actually not that young! I just have small kids and i couldn't find teaching jobs when I moved north so taken regular jobs. All promises of progression and never materialised because they want me to stay put or various other reasons. It's frustrating. Anyways I'm super anxious tonight. 😖

Op I'm very sorry you are going through this .
If it helps , my friend has a degree in performing arts and isn't doing anything remotely to this . She however did a TESOL course or something similar and tutors students, English . She has built a very good reputation and has a quite a high number of students at £30 an hour . Could you do something like this in the evening to help boost your income . The initial setup might take some work but once you have the curriculum framework it's not really difficult .