A Question of Money

After the kids had finally given up the ghost and collapsed in bed, we were having a tricky and recurrent discussion over dinner last night.

How the hell are we going to finance all this?

Our mortgage is up for renewal soon, and the interest rates have hiked up dramatically since we initially took it out three years ago, meaning our monthly repayment is going to increase substantially.

Add to that the increasing costs of:

• Fuel
• Gas
• Food
• Electricity

Then consider the fact that both of our NHS salaries are decreasing year on year as they fail to keep up with inflation, and you can see why we're somewhat stressed about how to manage it all.

What to do next?

Do we remortgage and try and release some of the new equity gained by rising house prices, and use that money to improve the house for the kids, accepting a large hike in monthly mortgage repayments?

Or do we keep our overheads as low as possible, reduce the monthly repayments, make do with the cramped one-toilet house, and use the extra cash to enjoy the here and now?

The kids only care about right now

There's a perpetual balance to strike between the now and the future

Of course it makes good sense to try and prepare and resource your family for the future, both for routine expenses and the unexpected events that suprise you from time to time.

But equally, the most important moment in our life is now and it's crucial not to sacrifice the enjoyment and adventures of the present day in an attempt to feel adequately prepared for the future.

It only takes one family tragedy to put everything starkly into perspective and remind you to enjoy every moment to the best of your ability.

Definitely don't waste every pound earned on frivolous short-term expenditure at the expense of future stability, but equally, what's the point in squirrelling away a few hundred pounds into a savings account, only to be robbed of it by inflation by the end of the year?

Fifty pounds spend on a wonderful day trip tomorrow, learning about history, geography, anthropology and agriculture is surely worth more than putting it in a savings account to find it's only worth £43 in eight months time?

Why didn't they teach us this at school? A story for another post I guess...

School isn't cheap

School is a huge expense when you add it all up, especially if you're paying for private schooling.

• School fees
• Trips
• Uniforms
• Projects
• Books
• Stationary

Not to mention the fuel for the commute every day, and any additional childcare for the bits of time when school has ended but you're still at work.

It all adds up. If you have high learning potential children and you want the very best possible education for them, then it's probably going to cost a pretty penny however you slice it.

One of the benefits of homeschooling is there is more flexibility in the expenses you pay, because you can choose what you do and when. It still costs a lot, mind you, and more than conventional local authority-funded schooling, but with a bit of savvy planning and organisation, our hope is that homeschooling can potentially provide a world-class education for our kids, for a fraction of the cost of some of the best independent schools.

A lofty goal, but hey, shoot for the stars right?

So we're constantly trying to find efficient ways to provide the kids with fun, engaging activities that aren't ruinously expensive but that are entertaining and fulfilling, and we'll share them here for other people to use as they wish!

Thank heavens the libary is free!