How to fall in love with saving money

atush

I would pension over ISA if you have sufficient savings for your emergency and short/medium term needs now.

Due to the immediate boost of tax relief, and the new flexible drawdown regime. You can always then put what you draw down in excess of your needs into Isas.

WantToBeSE

Good luck with your citizenship test today Cathy!

cathybird

ha ha, guess what - went all the way to the test centre and it turned out I had the day wrong! It's tomorrow. I just want to get it over with now. Thanks though, WantToBeSE I hope I'll pass.

atush, am already saving quite a bit into the pension and need to work out whether it's better to go the additional contributions route or set up my own personal pension. Haven't got my head around that one yet. I should consider whether saving into the pension would be better, you may well be right.

JoJoC

What a shame about getting the wrong day Cathy! Just see it as an extra day of studying! Haha good luck for tomorrow instead if you don't mind me asking, where are you originally from?

Your boss must not have the savings big! Surely he/she should be able to save more than you? Tut tut. My boss is the same- she earns a fair bit more than me but eats out with her husband at least three nights a week and goes out late night shopping every Thursday after work to buy clothes etc. they don't have kids either so they have no restrictions when it comes to spending.

I've had a bit if a spending relapse recently! Well, not so much a relapse, but just some unaccounted for expenses, like husband needed to buy tools and some bits for a job he's doing next week, plus I had two birthday presents to buy that I forgot about.

Work has been really stressing my out recently so my head hasn't really been in the game regarding saving/ planning etc.

I also bought a big meat pack from a local butcher- it was RRP £90 and it was on auction. I bid £63 and won, so our fridge is bursting at the seams!

Went to meet my friend today and her little girl (3) and newborn son (5 weeks) which was lovely. Paid for parking (£2) and entry to soft play (£2.40). I need to buy milk today and pay for softplay tomorrow (meeting another friend) so fingers crossed I won't be spending much this weekend. Will just need a few things on Sunday grocery-wise so hoping to stick to about £15-20 tops and need diesel on Sunday so £30. That'll be us spending wise until pay day.

Sorry, this has turned into confession for me! Haha

As you were....

atush

cathybird wrote: »

ha ha, guess what - went all the way to the test centre and it turned out I had the day wrong! It's tomorrow. I just want to get it over with now. Thanks though, WantToBeSE I hope I'll pass.

atush, am already saving quite a bit into the pension and need to work out whether it's better to go the additional contributions route or set up my own personal pension. Haven't got my head around that one yet. I should consider whether saving into the pension would be better, you may well be right.

PP will be better than AVC, as AVCs are tied to the main pension and have to be taken then.

the new flexible pensions are better because you can draw them from age 55. This will most likely help you to retire earlier than your scheme age, w/o taking your DB pension early and therefore permanently reduced. This is like S&S isas used to help FS pensioners retire early. but DC pensions can be better (if you have enough saved elsewhere for short/medium term needs) as they get a boost of tax relief so each 100 of pension only costs you 60-80 depending on your tax rate.

And good luck tomorrow on your test. I will most likely stay an immigrant

cathybird

JoJoC, I'm from Oz - as such I get to keep dual nationality anyway, so I have nothing to lose. My boss has two kids, plus his wife doesn't earn very much, he says, so I suppose he is paying for four people, but I suspect even so that they could make some savings.

I wouldn't beat yourself up about the unexpected expenses because you can't do much about those cropping up It's easier at some times than others - I've been so busy studying for this test I have thought less about saving money. Sometimes other things are your main focus, you know?

Well done on the meat - bargain! Do butchers do these sorts of things regularly and I just haven't heard? ...

cathybird

atush wrote: »

PP will be better than AVC, as AVCs are tied to the main pension and have to be taken then.

the new flexible pensions are better because you can draw them from age 55. This will most likely help you to retire earlier than your scheme age, w/o taking your DB pension early and therefore permanently reduced. This is like S&S isas used to help FS pensioners retire early. but DC pensions can be better (if you have enough saved elsewhere for short/medium term needs) as they get a boost of tax relief so each 100 of pension only costs you 60-80 depending on your tax rate.

And good luck tomorrow on your test. I will most likely stay an immigrant

Thanks As I just said I do get to keep my Australian nationality too so nothing lost.

I really must look seriously into pensions, and decide on long-term arrangements. Anything that would help me retire early would be fabulous.

JoJoC

A good friend of mine is Aussie. Her husband is Scottish and they live here- she got her dual citizenship last year, although I think they'll end up back in Australia at some point.

You're right about other things being the main focus- right now there's lots of main focuses battling for attention. I just want peace!

Not sure if other butchers do these kinds if offers. I follow a local butcher on Facebook and every day they run two or three auctions, or you can buy different types of meat packs. I suppose it's worthwhile having a search to see if anything local to you comes up.

cathybird

Dual citizenship is quite useful, plus I wouldn't really want to give up my Australian citizenship - I'm still emotionally attached to the place, even if I don't go back much.

Sounds like you've got a lot happening - hope it doesn't get too stressful.

organic_wanabe

I am sure you will do well in your test Cathy but good luck anyway.