rainy day fund (warchest...) and house deposit

[wantacontract]

Interesting to read - thanks.

Thankfully my Mrs is Ast Director level in her perm job, so no immediate money worries if I go to the wall - painful, but we will cope.

We are considering a baby soon though, so potential perfect storm on the horizon!

Great point about personal assets too, I have quite a few big boy toys that I could flog if needed which will release approx 4 month maybe 6 months of money to live off - as by that point I'd be in panic mode and belt would be properly tightened.

Cheers guys, very helpful as always

thing about selling your toys when you need to, it's always painful and you tend not to get the true value, better off selling them at your leisure....

[Pherlopolus]

the other thing I am doing is over paying the mortgage, with our provider for every £1 we over pay we can take a £1 payment holiday later. so the idea is that 1) we pay the mortgage off in <10 years or 2) I have some bench and can stop paying the mortgage if needed

[WordIsBond]

We are considering a baby soon though, so potential perfect storm on the horizon!

Seems like someone is ahead of you on that.

[WordIsBond]

the other thing I am doing is over paying the mortgage, with our provider for every £1 we over pay we can take a £1 payment holiday later. so the idea is that 1) we pay the mortgage off in <10 years or 2) I have some bench and can stop paying the mortgage if needed

A flexible / offset mortgage is very useful for savings you hope never to need, but want to be able to access if necessary.