ooooo what to buy myself

elantan

We are doing our best in that department dunstonh but I haven't doubt whatsoever we could improve some more

elantan

Sadly at only 2% of my wage going into my NEST ( mine and employers contribution) I don't think there will be much chance of me doing much with what I get out of it

I'm just really glad that it isn't the only thing I have in the pipeline for my retirement

And I totally sympathise ( and want to shake ) those people that only rely on their NEST plan

elantan

But it's a good bit of publicity to get people thinking

atush

Is 2% the max they will pay in? If they will match higher, might be worth lowering your other savings or pension to put int he NEST scheme. After all, your current PP will only get basic tax relief but the NEST gets employers contribs too.

Also, you can contribute up to 800 a month into your pension in all. Not that you will, but if your OH can pay an even higher % of the bills maybe you should pay more in (to equalise your pensions so when you retire you use more of your Personal Allowance?).

If not, any non Isa savings should be put in your name before retirement to use your PA.

Slinky

You pay £8 a month into your pension.......... and £35 a month on a mobile phone......

I swear this country would be a lot better off if people stopped wasting money on mobile phone contracts.

atush

Indeed. 3 has contracts for 6.90 per month. That could mean another 28 a month into a pesnion ;-)

elantan

atush wrote: »

Is 2% the max they will pay in? If they will match higher, might be worth lowering your other savings or pension to put int he NEST scheme. After all, your current PP will only get basic tax relief but the NEST gets employers contribs too.

Also, you can contribute up to 800 a month into your pension in all. Not that you will, but if your OH can pay an even higher % of the bills maybe you should pay more in (to equalise your pensions so when you retire you use more of your Personal Allowance?).

If not, any non Isa savings should be put in your name before retirement to use your PA.

Yes sadly that is the maximum my company will pay in they will put it up to 2% at a later date ( with 2% from me also) but that is a long way off at present

The way my husband and I work out our money is more of a everything goes into a pot the bills are paid and what is left gets divided between several pots including debt repayment, mortgage reduction, savings, holidays , fun money and retirement provision

Obviously different amounts get out into different pots

elantan

Slinky wrote: »

You pay £8 a month into your pension.......... and £35 a month on a mobile phone......

I swear this country would be a lot better off if people stopped wasting money on mobile phone contracts.

Where did I state I only pay £8 a month into pension provision? I said my works pension is £8 please learn to read more correctly

I have a private pension and I also have savings that are aimed for retirement ... My company pension however comes to £8 a month

elantan

atush wrote: »

Indeed. 3 has contracts for 6.90 per month. That could mean another 28 a month into a pesnion ;-)

Sadly only Vodafone works where I live otherwise I would gladly change providers, i rely on my phone a lot as I work night shift ... I will however re look at it when the time comes for renewing thanks

atush

New towers get built all the time, so check via your handset from time to time.

AS for spitting your pot "including debt repayment, mortgage reduction, savings, holidays , fun money and retirement provision" I would say debt repayment (apart from mtg) should take priority along with pension and emergency savings (small not large until debt is repaid) with Mtg overpayment, savings, holidays and fun money taking a back seat.

It makes no sense to pay off a mtg at 3-4%, or saving at 2-3% over repaying debt costing more. And holidays and fun money should be limited severely until debt is gone.