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  • FIRST POST
    • edinburgher
    • By edinburgher 2nd May 14, 3:58 PM
    • 10,673Posts
    • 55,732Thanks
    edinburgher
    Only freedom will do
    • #1
    • 2nd May 14, 3:58 PM
    Only freedom will do 2nd May 14 at 3:58 PM
    It has come to my attention that I have been here for a very long time

    I joined these forums in a dim and distant past, where money was my enemy and the weight of my student debts left me crushed and panicked, unable to picture a future where I would be able to get a debit card (never mind a mortgage).

    5 years later and the milestones of marriage, first home and first car have come and gone. Throughout it all, I have had a creeping feeling that something wasnít quite right. I donít get the world of work, and while Iíve never been unemployed in my adult life, Iíve tried too hard to try my hand at too many things and Iím left feeling like Iím an actor who recognises the play, but does not understand his motivation.

    As some of you will know, I have experienced some real heartache of late. Your messages of support and hope have been so touching and in many cases, I have got more comfort from anonymous individuals who took the time to get in touch than people I know in the Ďrealí world.

    While money would have done nothing to prevent it, the luxury of savings and our hard work over the years meant that we were in a position to make the right decisions and take our time with our next steps. Returning to work has been a real blow and without sounding even more melodramatic, I donít think Iíd realised just how damaging I find the merry-go-round of rote work, office politics and bureaucracy.

    It wonít do, I canít believe that this is as good as it gets and to quote one of my favourite singers ĎWe can always build a world better than thisí.

    From this point on, I plan to dedicate myself to achieving financial independence. Not MFW, but freedom from all the nonsense that we go through to just to pay for a pile of bricks and a few years of leisure at the end of our span.

    Hopefully you can join me for the journey
Page 253
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 14th Oct 16, 7:38 AM
    • 572 Posts
    • 2,542 Thanks
    SuperSecretSquirrel
    Assuming you did retire early, what is the earliest that you can draw down from a conventional pension. Is it 10 years before SP age, so 58 in my case?
    Originally posted by NorthernMonkey1
    Yes, that's correct
    Originally posted by edinburgher
    My understanding is 55, with plans to anchor to state pension age in future, though no moves have been made to enact this change yet. The proposal suggested 10 years below SPA. With this being around 25 years away for you, ed, and I, it does make planning with any real certainty quite difficult. It seems the pension goalposts are always moving, and that will always be the case.
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £17,182.66
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£45,783.87 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £258,813.46 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16.5%
    • edinburgher
    • By edinburgher 14th Oct 16, 9:09 AM
    • 10,673 Posts
    • 55,732 Thanks
    edinburgher
    I misread the question - *I* am assuming that it will be 58 as it's surely only a matter of time before they make the link to state pension age law. SSS is correct as to the current legislation
    • NorthernMonkey1
    • By NorthernMonkey1 14th Oct 16, 1:26 PM
    • 231 Posts
    • 837 Thanks
    NorthernMonkey1
    I'd like to retire at 55, so I might need to make some plans around ISAs etc for the period between 55 and 58.

    I'm only 37, but it's good to read about others who are 'crazy' enough to not work until the bitter end. I've only just upped my pension contributions from 20% (+10% from work) to 30+10%. Once the mortgage is gone, which will be a few years time, I'll be looking to push that even further to 50+% to enable early retirement.
    • edinburgher
    • By edinburgher 14th Oct 16, 10:06 PM
    • 10,673 Posts
    • 55,732 Thanks
    edinburgher
    10% from work? I miss having that particular perk!
    • edinburgher
    • By edinburgher 15th Oct 16, 12:31 PM
    • 10,673 Posts
    • 55,732 Thanks
    edinburgher
    Without meaning to humble brag, I'm pleased that I've managed to get home contents and buildings insurance for nearly £250 cheaper than last year for a policy that's only slightly worse (doesn't offer a couple of minimal value add extras). On the other hand, I am furious with myself for basically overpaying by £250 last year off the back of a 'salesy' add on call from my mortgage broker for a product that I really didn't need. Hey ho, lesson learned.

    Interestingly enough, policy looked to be £35 dearer when going direct, but £77 cashback made the difference. It never hurts to double check, eh? Cashback tracked instantly.
    Last edited by edinburgher; 15-10-2016 at 12:35 PM.
    • Karmacat
    • By Karmacat 15th Oct 16, 1:11 PM
    • 27,736 Posts
    • 151,608 Thanks
    Karmacat
    That's not humble bragging, thats the financial focus that these diaries are *supposed* to have, as opposed to all the prattle we *actually* fill them with
    Retired August 2016
    • edinburgher
    • By edinburgher 15th Oct 16, 7:21 PM
    • 10,673 Posts
    • 55,732 Thanks
    edinburgher
    On the prattle front, thank God DD just went to sleep. 6 solid hours of whining or yelling, she is cutting 2 of her last few teeth

    I have completely overdone it this weekend - 3.5 hours of driving about yesterday for Mrs E's Birthday, rushing about after her and DD all day, 6 hours of grumpy DD time today and DIY tomorrow (which is supposedly 'time off')
    • mrsp1987
    • By mrsp1987 15th Oct 16, 8:16 PM
    • 811 Posts
    • 3,920 Thanks
    mrsp1987
    This is why I have cats xx
    Mortgage April 2011: £108,499 30 yr term Current Mortgage £91,084.44 20 yrs left
    MFiT T4 #67 - Reduce mortgage from £99,310.76 to £80,000
    • edinburgher
    • By edinburgher 15th Oct 16, 8:44 PM
    • 10,673 Posts
    • 55,732 Thanks
    edinburgher
    This is why I have cats xx
    Originally posted by mrsp1987
    I am also a cat person, but I am yet to meet one who can give me a hug, imitate car noises while pretending to use the car steering wheel, or burst into laughter because I have placed a (clean) nappy on my head
    • giblet1979
    • By giblet1979 15th Oct 16, 11:55 PM
    • 860 Posts
    • 3,450 Thanks
    giblet1979
    Such a cute image
    Debt remaining:
    Mortgage - £117,759 (£134,600, Nov 2013)

    Work overpayment and home improvement loan paid back (£19200)


    • AlexLK
    • By AlexLK 15th Oct 16, 11:59 PM
    • 5,775 Posts
    • 29,937 Thanks
    AlexLK
    Excellent re. the insurance.

    I really dislike the sales calls and wish everyone would shop around for insurance / utilities etc. so these things would just stop happening.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • edinburgher
    • By edinburgher 16th Oct 16, 4:07 AM
    • 10,673 Posts
    • 55,732 Thanks
    edinburgher
    That's why I was angry with myself Alex, normally I always shop around, think I was just a bit het up after a stressful mortgage application and that has probably lowered my defences.
    • Watty1
    • By Watty1 16th Oct 16, 10:09 AM
    • 2,785 Posts
    • 19,392 Thanks
    Watty1
    Easy mistake to make when fraught. Great job on the insurance. I got totally fed up shopping around as running a business at home seems to rule out cheap insurance options.
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaying next mortgage. £79,491 now £52963
    • Bluefire
    • By Bluefire 16th Oct 16, 10:23 AM
    • 571 Posts
    • 2,872 Thanks
    Bluefire
    We actually reached the depressing stage this year where our car renewal was actually less than the comparison sites. All that research for nothing, and no cashback either!
    Mortgage: £28,896.49 £1,791.47
    MF Date:
    November 2041 December 2016
    MFW 2015 #110: £13,867/£13,000 (100%)
    Offset Savings 2015: £5,000/£5,000 (100%)
    MFW 2016 #110: £1498/£2308 (65%)
    • Greying Pilgrim
    • By Greying Pilgrim 16th Oct 16, 10:34 AM
    • 3,789 Posts
    • 41,730 Thanks
    Greying Pilgrim
    We actually reached the depressing stage this year where our car renewal was actually less than the comparison sites. All that research for nothing, and no cashback either!
    Originally posted by Bluefire
    Us too - our 'not on the comparison sites' insurer is really the best price. Ironically, their 'stable mate' or should it be their 'never was so much owed' kennel mate are always the dearest quote! DH always rings them up and haggles though, never autorenews, and usually gets something knocked off. Probably not as generous as cashback though (which technically we'd be ineligible for as existing customers)

    Greying X
    'Ich habe genug'

    'I am not in the pursuit of happiness, only in the discovery of joy' - Joyce Grenfell
    • Bluefire
    • By Bluefire 16th Oct 16, 11:42 AM
    • 571 Posts
    • 2,872 Thanks
    Bluefire
    DH always rings them up and haggles though, never autorenews, and usually gets something knocked off.
    Originally posted by Greying Pilgrim
    I'll have to try & remember to do that next year if the same happens again. At least we got £20 off for renewing online, and the total was less £15 less than I'd budgeted for, so I shouldn't complain too much! (And how often does someone have the problem of their renewal quote being the lowest anyway?!)
    Mortgage: £28,896.49 £1,791.47
    MF Date:
    November 2041 December 2016
    MFW 2015 #110: £13,867/£13,000 (100%)
    Offset Savings 2015: £5,000/£5,000 (100%)
    MFW 2016 #110: £1498/£2308 (65%)
    • edinburgher
    • By edinburgher 16th Oct 16, 12:41 PM
    • 10,673 Posts
    • 55,732 Thanks
    edinburgher
    I've never been able to haggle with insurance, must be my technique.
    • edinburgher
    • By edinburgher 17th Oct 16, 8:22 PM
    • 10,673 Posts
    • 55,732 Thanks
    edinburgher
    Just bought DD's first Christmas present, a little plastic sink/cooker combo with a working tap! She is beside herself with excitement at anything she can splash in and this seemed like a great deal for less than £18
    • AlexLK
    • By AlexLK 17th Oct 16, 11:28 PM
    • 5,775 Posts
    • 29,937 Thanks
    AlexLK
    I tell my broker I know he's got a margin, so the first offer is not going to be the best.

    Only once found the comparison sites competitive and then the product offered less.

    Bit young to start teaching her how to cook, Ed. Seriously, do get her involved when she is a bit older, my son started baking young (suggestion on here, I'd never have baked cakes a few years back) and loves cooking, is quite good and I don't think there will be any worries about him not being able to feed himself properly when he leaves home.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • edinburgher
    • By edinburgher 18th Oct 16, 8:27 AM
    • 10,673 Posts
    • 55,732 Thanks
    edinburgher
    Bit young to start teaching her how to cook, Ed. Seriously, do get her involved when she is a bit older, my son started baking young (suggestion on here, I'd never have baked cakes a few years back) and loves cooking, is quite good and I don't think there will be any worries about him not being able to feed himself properly when he leaves home.
    People are already joking that she has a career in hospitality ahead of her, I'm told she spent much of her toddler group yesterday traipsing around with a plastic teapot offering refreshments

    I know she's just learning to play, but not sure I'd want a life in hospitality for her. FIL has been working for 40+ years as a chef and it looks like a very hard life for the money

    Productive evening yesterday:
    • Ordered a Christmas present for my niece
    • Ordered a replacement passport
    • Ordered 3 bookcases, a toy trunk and some nice LED lighting for over the bookcases from IKEA
    • Ordered smart coat hooks that pop away when they're not being used for the hall
    • Updated the spreadsheets, this month will be staggeringly expensive (if I was Alex, I'd be selling a car expensive )
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