A single mother of three is selling the family home she kept after her divorce to ease the strain of her monthly expenses. Lynn, a personal finance expert known as Mrs Mummypenny, said her mortgage payments have risen by an extra £400 a month due to higher interest rates, and her other bills have increased by a similar amount.
Financial strain after divorce
Lynn's divorce was finalised in 2020, and she became the sole owner of the family home, taking on an extra chunk of mortgage after buying out her ex-husband in the settlement. She said the last six years have been "one of the hardest times of my life, emotionally and financially".
She now pays around £3,000 a month in bills and costs, all funded by her alone. She earns just too much to qualify for many benefits, apart from some child benefit, and does not receive support from a partner.
Managing costs and emergency savings
Lynn reviews all her direct debits every three months to cancel anything she no longer needs and to check she has the best suppliers for energy, broadband, insurance, and mobile phones. She buys food from Aldi and says takeaways are a rarity.
She also stresses the importance of an emergency fund for real emergencies, such as car repairs or a new washing machine, not holidays. She encourages her followers to save as much as possible into such a pot.
Honesty with children and downsizing
Lynn says it is important to have open and honest conversations with children about household bills and when money is tight. She believes this prevents unreasonable requests and prepares them for adult life.
She is now in the process of selling the house she kept in the divorce and moving to a smaller place slightly further north, but still near the children's school. Her mortgage costs will reduce hugely, and she will release some equity to repay debt.
Family time and household chores
Lynn says the best conversations with her teenage sons often happen when they are out walking or driving, and they also play sport together, including tennis and padel. The boys have always had responsibility for household chores, and they receive pocket money for bigger jobs like weeding the driveway.
Despite the challenges, Lynn says she never regrets ending her marriage and values being able to make all her decisions by herself.
