I mentioned this a few months ago in one of my entries, but then I never thought about it afterwards. Until last night, that is. As usual it was one of hubby and MIL's arguments that got me thinking. When hubby came back to the room he mentioned getting a loan out. A while later I was searching for places online to rent. I found one nearby, a 3-bedroom house, £500 pcm.
It looks so good. Of course we would be struggling if we didn't get Housing Benefit.
Then I started to think about all of the things we would have to pay for:
- rent (£500, plus one month's deposit I assume?)
- council tax (not too sure of the rates)
- food
- gas
- electricity
- phone
- tv licence
- loan payment?
And that's just what I can think of. I also have my car payments and CC debt.
Hubby pointed out that it will take us ages to save up the money we would need. I know it will. But I don't want to get into more debt just so we can move out. He doesn't mind. I can see his point, his mum is annoying me now.
I know the sensible thing to do:
1) SAVE the money
2) clear debt
3) move out
Considering taking out a loan
January 30th, 2011 at 06:09 pm
January 30th, 2011 at 06:33 pm 1296412382
Yes, the best thing from a financial viewpoint is to pay off debt, save, and then move. However, if all 3 of you are miserable, is it really worth it? Only you can decide.
I do think you should consider cutting back on debt payoff so that you can save more. What if the day comes when MIL says you and hubby MUST move? You will need to have some cash.
January 30th, 2011 at 06:45 pm 1296413119
I never thought about cutting back on debt payoff before. I keep thinking to myself that if I clear debt then I'll have more money to save. However, as soon as I've cleared debt I put it towards other debt and my savings barely increase.
As for MIL telling us we MUST move... if she done that tomorrow we wouldn't be able to cope with my savings. It's given me something to think about. Thanks
January 31st, 2011 at 12:29 am 1296433799
I was just thinking, if you can’t move out into your own place, are there other family/friends that you could move in with temporarily while you save? Would that be better than the tension between your husband and his mom?
January 31st, 2011 at 12:30 pm 1296477049
January 31st, 2011 at 08:37 pm 1296506267