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Weird question... I have £25000 I DON'T want to save

postie1001
Posts: 11 Forumite
Hiya all,
I'm just about to come into a lot of money, well, for me it is! But, I have no interest in actually squirrelling it away for a rainy day. Although I am not totally stupid, and will be saving it in various ways until I do spend it.
So, how can you help? Well, ANY advice would be welcome, especially on any pitfalls to my plan.
My Plan. I've worked since before I left school at 16, I've never been out of work, but with one thing and another, I've never really had too much disposable income. Just a normal kinda wage, normal life. The Ex is buying me out of the house, and that's where I'm going to get £25000 from. I have a new girlfriend who wants me to move in with her.
I've just handed my notice in on my job, I have no significant debts (one very small loan, which I can either pay off whole, or if there is a penalty, can set up a S/O to pay it off monthly) I reckon, that I can live easily on about £10 a day, including some tobacco, and paying my half of the bills with the new lass. I have about £600 in my current account.
So... I reckon I can live for about 6 years on the money I have, as long as I keep in budget, without having to work. It will probably in reality be about 2 years though, as I don't want to do nothing for that long, although I still intend to live on the budget I have set myself. I have no wish to "take it with me" or save for a rainy day. My sums are based on what I would have, without compound interest, or tax. Of course, the money I'm not using will be accruing interest. Which would keep me doing nowt for longer.
I am NOT going to sign on.. I haven't ever yet and have no desire to sponge. This is me living off my own money. The only "work" I'll be doing is in the garden growing some veg to cut down on the food bill. (she has a huge garden!)
SO... what pitfalls can I expect to face? Will I get clobbered by the Govt in some way for not actually working, even though I'm not signing on? Would I still be eligible for NHS treatment in the event of an accident? Am I missing something here, which would seriously ruin my plans? Any advice on how to best ferret the money away would be handy too.. I'm probably going to use MSE to pick the best account to put it in.
So...
I'm just about to come into a lot of money, well, for me it is! But, I have no interest in actually squirrelling it away for a rainy day. Although I am not totally stupid, and will be saving it in various ways until I do spend it.
So, how can you help? Well, ANY advice would be welcome, especially on any pitfalls to my plan.
My Plan. I've worked since before I left school at 16, I've never been out of work, but with one thing and another, I've never really had too much disposable income. Just a normal kinda wage, normal life. The Ex is buying me out of the house, and that's where I'm going to get £25000 from. I have a new girlfriend who wants me to move in with her.
I've just handed my notice in on my job, I have no significant debts (one very small loan, which I can either pay off whole, or if there is a penalty, can set up a S/O to pay it off monthly) I reckon, that I can live easily on about £10 a day, including some tobacco, and paying my half of the bills with the new lass. I have about £600 in my current account.
So... I reckon I can live for about 6 years on the money I have, as long as I keep in budget, without having to work. It will probably in reality be about 2 years though, as I don't want to do nothing for that long, although I still intend to live on the budget I have set myself. I have no wish to "take it with me" or save for a rainy day. My sums are based on what I would have, without compound interest, or tax. Of course, the money I'm not using will be accruing interest. Which would keep me doing nowt for longer.
I am NOT going to sign on.. I haven't ever yet and have no desire to sponge. This is me living off my own money. The only "work" I'll be doing is in the garden growing some veg to cut down on the food bill. (she has a huge garden!)
SO... what pitfalls can I expect to face? Will I get clobbered by the Govt in some way for not actually working, even though I'm not signing on? Would I still be eligible for NHS treatment in the event of an accident? Am I missing something here, which would seriously ruin my plans? Any advice on how to best ferret the money away would be handy too.. I'm probably going to use MSE to pick the best account to put it in.
So...
0
Comments
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good luck and enjoy it whatever you decide
btw you can still pay NI contributions to keep your years up for the state pension etc0 -
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Although I'm sure someone will be along to tell you all the pitfalls (and there are many)! of your new exciting venture, I wish you well.
Hope all goes well.
Good luck0 -
won't your new lass want you to pay half the rent too?
and mightn't she be a bit peeved that you don't go to work while she does? You could volunteer if that's your bag to do something socially useful but which you find fun - gardening being your bag, maybe you could help out in a community garden like this - www.hulmegardencentre.org.uk
otherwise, go for it, I'd love to take a couple of years to do nothing! Think the money may go quicker than you expect it to though...0 -
The first and very obvious pitfall is will your new GF be happy for you to live off your money frugally just so you don't have to go to work
And defo agree with sdooley, I think it will go alot quicker than you expect.Accept your past without regret, handle your present with confidence and face your future without fear0 -
Well, to answer sdooly & peachyprice.... I'll certainly be paying my way. I intend to pay half the rent, my share of the poll-tax, and my food bills, plus some of the bills too.
I could have taken a job at the other end of the country, that would have paid me even more than I am on now, and been the manager of that depot, but i decided to sack it off, and resign completely. Yeah, I'll be doing pretty much nothing... and just living on a self-imposed budget.. but I think it's the only time in my life I can do this.. and I think I'd pretty much just squander the money if I carried on working. And have nowt to show for it at the end of my life. I'd love to be able to say in 10 or 20 years... that I enjoyed my life, as we only live once... and I did what I wanted to... without incurring expense on someone else. (in fact most of my budget of £10 a day is going on just paying my way... if I had no rent/food/heating bills, I'd live for a shedload longer than 6 years .. but they are a fact of life, and I don't expect anyone to subsidise me.
So... what are the pitfalls??? :?0 -
Will you get bored?Try and do a good deed every day.0
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Will you get bored?
See, that's probably why I'm going to go back to work after 2 years. I reckon that only the boring get bored ... BUT... I do like to be doing stuff... I'll probably end it before I have to... just to work again.
After 24 years at work, I can cope with doing all the things I've been putting off for the last 24 years. Read, garden, enjoy doing absolutely nothing... and working out ways to not spend money... maybe even write that book I've not written yet!0 -
I cant offer any really useful financial advice I am afraid, but thought I would say that assuming you have talked your plans through with your GF, you are a lucky guy to be in this position. It doesn't sound like you are being a "kept man" as you will be contributing your share of the household finances AND getting the garden and veggie patch sorted. It sounds to me as though your GF is lucky too! If she is a frugal person too then I can forsee no problems there and you may well work in perfect synchronicity with each other.
I wish you well.If I had a pound for every...... oh sod it, if I just had a pound I'd be richer!0 -
CravingSaving wrote: »
I wish you well.
Thank you CravingSaving. You hit the nail on the head, this is a mutual decision, between the two of us... and as long as I'm not "taking the !!!!" .. and conttributing towards my upkeep, then it's all well and good, and doing no one any harm.
She'll be working, cos she has to... but that's her decision too...we are quite independant... if I wasn't around, she'd have to work. If I was working.. and had this moolah in the bank, she'd have to work... I hope people see that. I've never ponced.... but i still need to know if I'm going to become a cropper because of something unforeseen.0
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