Jumping aboard!

downsizer3

The ebaying is going well but I'm having one of my 'what's it all about' days.
Scratching about to make a few quid to pay yet more flamin' bills. I could bury my head and not get the electrician in to sort the dodgy socket and leave the leaking gutters but clearly they need done but I'm worried about how much. What does a bit of gutter and 15 slates cost? Could be loads - so next month could be lousy as well.
The ebaying is great for topping up and keeps me in the black but its laborious at best. Trying to buy DDs birthday pressis and pay for her party too out of all that. Thankfully my mum has offered to buy her winter boots because I just can't afford them. Again.
Two more months of debt payments and I'll be clear of all this, thank goodness. No idea how people manage with longer term debts - must be so hard to keep going.

downsizer3

Right - thats the birthday presents sorted with ebay proceeds and now to get electrician money together in the same way. Another profitable clear out!
Trying on DDs coats tonight to see what fits her for this winter - good time to sell those on ebay. Clothes are very seasonal - have a massive pile of T shirts and things but won't get much for them just now.
£4 off voucher for tesco so that's where this week's shop will be done.
Not had the roof quote yet - bit nervous about that one. It could make for a very miserable November. And I have a bike to buy for christmas........
Will go to Halfords to see what size she needs then look on gumtree. Is that mean? Bikes look like £70 - £120 new so I need to hunt about when I know what we're after - probably the ONLY advantage of thinking about Christmas early!
Sadly no-one buys me a present these days apart from my mum!!

downsizer3

All is quiet but still have my head above water moneywise and hoping the month stays that way.
Now that the debts are nearly paid (£800 to go!!) and savings on the way up I can see a light - only in so much as I've managed to get to where I wanted more quickly than expected - but now I need to tackle the retirement situation.
My pension wasn't great anyway and has been on hold for about 4 years. I'm therefore nowhere near where I'd like to be and I need to tackle that next.
By march I'll probably be looking for a job too.
Ideally I'd like a job where I'm employed. Self employment has done me no favours really and I'd like an employer to contribute to my pension to boost what I aim to do myself.
I'd also like some rights and security - not had that for a while.
I'll maybe come out of here with some money - ideally I'd pay off more of the mortgage but wondered if pension was a better bet. Think I'd rather pay off mortgage first ( probably won't have enough to pay it all sadly) - then all my future efforts can all be saving/pension/investment related. Now thats an area I find utterly baffling.
I have avoided my IFA for the past few years as I sorted my life out - advice on MSE tells me I have a lot of work to do to ensure a decent retirement.
Still a MFW - but with a 'resonable retirement wannabe' attachment! maybe I've grown up at last?

downsizer3

More ebaying this week - need to get shot of a huge pile of outgrown DD clothes but also need to raise some more cash to pay for her birthday party. Need £180 so if its not moving I'll sell it.......;)
Another payday approaches - and more savings into the pot. Mortgage is a bit slow - I'd love to increase my OPs but its hard enough keeping in the black at this time of year. I'll see what I can do after christmas. £72pm isn't much is it? Patience, patience....

downsizer3

I was reading the thread about 'MFW - are we a minority?' - interesting how different some people's views are on the matter. Whether its better to pay into a pension / save / pay off mortgage. Different for everyone of course - made me think about why I'm doing this.
It was a simple thought process initially - I wanted the security of owning my own home after ex jeopardising our previous joint home in running up his mega-debts. But it has morphed over the past year into my taking a much closer look at the future for my daughter and I and ditching a lot of my former materialistic requirements. All part of growing up ( in my 40s!!) and having a child to think of.
The good news is that in the 18 months of my OPing I've also ditched my debts ( one payment to go wooooo!) and am building up savings.
What's missing is the retirement fund and this is where that journey starts in ernest. I do still want to pay off the mortgage though. The reason? Hand on heart I don't trust pensions. So I want to spread the money around a bit - ISAs savings, S&S Isas and finally pensions. And I love the idea of owning my home outright - not even a wee mortgage.
My dimema just now is that if - big if - I have any money left when I leave my business next year- pay off more/all of the mortgage or save it and live of it till I get a job or put it in a pension to make up for not having done anything for 4 years.
It'll probably be a mixture in reality - but paying off a mortgage appeals so much more than pension as I'm so close now ( £24K) and I feel I can deal with the retirement fund later. But will I? So many people leave it too late and I'm already behind where I should be. Yes I'll probably inherit something later - and I was going to use that for my retirement but maybe I'd be better spreading my efforts now?
All food for thought. Just nice to be thinking positively rather than dealing with the negatives ( ie - moving home debts and tax credit OPs!)

thriftylynny

Hi DS,sorry i been awol once again Work getting me down a lot at the moment,but have a cple of days off to recharge & regain control of my messy home...on here to catch up first tho!! Mmm yes retirement plans, disliking my job so much these days ive been seriously thinking/working out ways of early retirement but realistically the earliest i think i could manage to do that (given i only have around £250 p/m for savings or op's) would be at 60 yrs of age :eek: At present mortgage is 31k,too high! Emergency fund 3k,too low! 2 x pension pots, payout forecast at 60 around 5k, woopee doo! Only way round it for me i think is with around 300k equity,move to a cheaper location,pay off mortgage, bit of savings to live off, thinking seaside area?!! Only trouble is i can't see my more child than adult kids up & leaving the nest for a very long time yet?!! Dont know about you but years ago i imagined i'd be spending retirement travelling the world ,nice home,new car etc not having to wonder about dividing a pension of £5000 a yr by 12 in order to live?!!! If you manage to come up with any 'get rich quick' schemes DS you'd let me be the first to know wouldn't you?!!:)

downsizer3

Saw you over on the pensions board Thrifty and I feel your pain!!!
My pension is way crapper than that but I'm determined to get on top of it.
You know - I think we're doing pretty well - single mums and all that - and certainly no help coming from ex's direction in terms of bringing up children - I think to be even daring to look at retirement is pretty good. Its so hard to deal with kids and the costs on one salary.

No get rich quick schemes today sadly but I did pick up DDs Xmas bike from gumtree for £60 instead of £200 for a new one!Looks good too - chuffed!
Chin up - there's always the lottery...........:rotfl:

Weronika

I don't have a pension at all, because you don't think about pension in your twenties, and turning' 30 took me by surprise realy. Surely, growing up is something that happens to other people? How on earth did I end up with mortgage and 2 kids? :-) I'm saving, OPing and now I need to think about pensions as well? Where does it stop?:-)

downsizer3

I know weronika - you think you're doing well and then you realise ...........there's something else!
I don't like the way life is all about money suddenly - there I was bumbling along and now - pow! Doing all the right things but it just never seems enough somehow.
Oh to have a better paid job!

I think once I've caught up a bit and just get into aroutine of putting money away into savings/pension it'll be easier - that's all assuming I am earning of course.............:eek:

edinburgher

Hi DS

Have read my way through your diary and you've come a long way with paying down your debts, fixing up your home, becoming a gardener and looking after your daughter! I realise that things look up in the air just now, but reading back over your diary, you should be proud of what you have achieved so far.

Re. pensions - it strikes me that your main priority should remain clearing your mortgage. This will reduce your monthly outgoings and shouldn't significantly affect any benefits that you might be eligible for if you don't find a suitable job when your company winds down.

When you do get into a job, remember that the rules on pension payments are quite flexible for people who need to catch up. Afaik, you can pay up to 100% of your salary into an employer's pension scheme and you will get the pension credit from the government to top it up. So you might need to be frugal for a few more years, but you'll be on a firm footing with your own home.

If you remain self employed, you might like to consider a self invested personal pension (SIPP) and your IFA will be able to give you further tips on setting up and managing one of these.