You may have noticed that many of our useful articles have been kindly supplied by Molly and David. I therefore thought it fitting that there should be a page telling you a bit about them and what qualifies them to contribute to this site.
This is what they have to say about themselves.
We’ve been here before
We are old enough to have lived through previous recessions, periods of high inflation and low pay. For the first four years of our married life with two small children, we did not have a car. I travelled to and from work on a bicycle. As a family, we walked or used the bus to get around. The children travelled by pram or pushchair until they were old enough to walk a mile or two. Fortunately we lived on an estate on the outskirts of a town and were quite well served by buses.
Hard work and thrift eventually enabled us to buy a second hand car and after eight years of marriage we were able to scrape together a 10% deposit for a bottom of the range mid-terrace house on a 1960s housing estate. In those days getting a mortgage involved rigorous assessment by the lender just as it does again now. It was the reckless lending during the early 2000s that led to the bubble which in turn led to the banking crisis, repossessions, economic slump and widespread unemployment.
Now, in the second decade of the 21st Century we are pensioners, who, having paid our taxes (and are still doing so!), own our modest home outright. By saving through good times and bad, we have managed to put a little bit by and have no debts. Like most people we use a credit card but we always pay off the balance every month thus incurring no interest or charges. Obviously some months the bills will be higher than others so we work out an annual budget based on our income and projected outgoings, divide it by twelve and put that sum plus a bit more into a savings account each month. We use the savings account to pay off the credit card bill. Regular monitoring ensures that we stay within budget.
In a series of short articles we hope to share the benefits of our earlier experience with people who are facing financial constraints, perhaps for the first time in their lives.