The march to financial freedom

Ali-OK

Back again.

In 2 hours I've spent:

£11.99 on a new Kettle - most important, not had a cup of tea since this afternoon at the office :eek:
£7.68 on MaccyD's for DS and I
£20.22 on the weekly food shop in Ald! - will update sig. Quite pleased with that considering the extra snacky bits for DS being at home

A quick delve into the change bucket and there's £1 in 2p's and £20 in £1 coins ready to be banked.

Think that's it for today. Early night now

AlexLK

Ali-OK wrote: »

Thanks Skinny - I'm just so proud of him . Getting a bit worried his education might turn into a long-term thing though - he's talking of a PhD :eek: Professional Historian apparently . Alex - I know you'll approve . I've never seen DS so excited and motivated as when he came home from school last night about Options and careers and unlike me, at least he has a good idea of what he wants to specialise in even if he doesn't know quite what he wants to do at the end of it (I still don't :rotfl:).

That's wonderful, Ali.

I'm pleased he's motivated by the prospect of moving on from school also. What subjects is he hoping to carry forwards to GCSE level?

I suppose I need to get over the fact my son is starting school in September as just reading this (something about school) made me think (feel sick) about that.

Ali-OK wrote: »

Been a busy couple of days and lots of exciting work stuff happening. Relevant to my diary as it involves tax brackets and just like Skinny I will probably be throwing quite a bit into my pension pot before this tax year ends. Very grateful to my quick replying Accountant to help me sort things.

That's also led into the need I think now, to see an IFA - I have a recommendation from my Accountant to follow up. For the first time (once the £900 debt bit has gone) I'll have choices and I need to make the right ones - financing DS's Uni, his inheritance (already have an up to date Will), my retirement planning, BTL or not, mortgage op'ing, SIPPs for tax wrapper, etc. It's a world I've only really begun to inhabit the edge of in recent times.

Half term next week, but you guessed it, I'm working all week except Monday, quite alot of billable stuff so will be worth it come pay myself time. Will still get lay ins so no 6am alarm :j

Still no sign of the annual mortgage statement :mad:

Financials all checked and all ok there.

Inbox Pounds up to £6.31
Nectar still at £29.50
Qmee - still an empty pot :eek:

Tonight we're having a MaccyD's for tea - not MSE and not healthy either, but I'm knackered, we had spag bol from batch last night and I need to go to the Retail Park anyway and buy a kettle - another appliance that's broken - the lid this time! Only lasted about 14 months, but then it gets used alot :coffee:

Roll on the weekend...except I'm working on Saturday.

The work stuff sounds exciting. Definitely speak to your accountant and it sound like a Tax Adviser may also be someone to talk to?

Sorry to say this but I cannot advocate the MaccyD's, tired or not. :rotfl:

Ali-OK wrote: »

Alex - DS doesn't earn anything to match it, but does hang onto his pocket money as long as possible . He's got over £2k of his own money saved and loves seeing the interest added quarterly - glad I learnt so much from here when he was young enough to be influenced. He's a saver not a spender by nature thankfully.

Look at your sig already with savings, that is brilliant :T and I understand leaving it in the business and dividends - you still know it's your money so same difference - you just draw down from a different place in an emergency.

Sure you can make progress on those windows once the better weather is here and Little K will enjoy helping and learning new skills too.

There's too many things I'd like on the house front when I think about it - the lounge needs re-decorating and new sofas, carpet and curtains, fireplace and fire :eek:. Fridge/freezer needs replacing and that might become urgent given the water it's producing and flooding a shelf regularly :eek: Temp is fine, so making do for now. Then the hoover that broke at the weekend...

There's something to be said for piling all spare money into one goal as it'll get there quicker. I'm sure I'll change tack and ideas before long anyway :rotfl:

Tell him you'll match the pocket money saved, then? I hope that I'll be able to stop my son making the same mistakes as I did when younger with money thanks to MSE, too. Though I suspect you've never been quite so stupid as I.

Thank you, . I'm really trying to save as much money as I can. At the moment I don't know what it's for exactly but it's nice to know I can do it. For all sorts of reasons the money is better left in the business and you know I think it could be more tax efficient for you to become Ltd too.

My son will indeed enjoy helping with the windows, though I think he'll get bored before the job is done in this case. I might start some of the fabrication work tomorrow if things are quiet (should be). When there's a job I don't particularly want to do I wish I could stop being so fussy and just pay someone else to do the work.

Ali-OK

Thanks Alex - subjects wise he's pretty set on History, Geography, Triple Science (Chemistry, Biology and Physics to us oldies ), IT (probably Coding) and Drama. Possibly Spanish or Russian as well, but he's not keen on Languages (more he didn't get on with the teacher) though he's still in top set for it. They've had a new teacher for Spanish this term who he thinks is great and now enjoys it - so down to that old chestnut of how a teacher can make such a difference.

I think many of us have found it hard seeing our little ones start school and I appreciate the extra difficulties you find with this. It will all work out ok - enjoy the summer first.

Accountant is a Tax Adviser too and Ltd company is under discussion

I'm putting £125 a month away for him - I think that's plenty for now! He can look at working part-time from the autumn if it doesn't interfere with his school work.

The sort of savings you're creating are way, way more than I can make - very well done. . Did you start on the windows today?

Ali-OK

Evening Diary and hoorah for Friday nights :j Just tomorrow to work and my weekend can then start.

A few financial bits today:

£200 gone to my Regular Saver - now at £2,800
£7.98 from £co is on it's way to my account - that'll go straight into the TT pot on arrival
£4.36 TT from current account- TT pot now at £107.24

Still yet to bank the £21 in coins, will do that on Monday.

We've had a YS pizza base topped with fresh pepperoni for dinner with HM potato wedges. Not a healthy dinner, though making up with fresh mango, kiwi and a mini-peeler (satsuma type thing ).

Housey jobs already on the go - washing loads in and some on the airer, bins emptied and towels changed.

DS brought home letters from school - £19 for a school trip as part of their English course and £50 for next half-terms school transport.

Feet up for the rest of the evening I think and a bit of spreadsheet fiddling to do. Trying to work out when to best pay the next mortgage capital payment as only 28 days in the month and unless I do it very early (like in the next week or so) it won't go until 2nd March. Hmm...the current account could take the short term hit so looking like a very early payment then Think I've just talked myself into that :rotfl:

Happy weekend everyone

AlexLK

Ali-OK wrote: »

Thanks Alex - subjects wise he's pretty set on History, Geography, Triple Science (Chemistry, Biology and Physics to us oldies ), IT (probably Coding) and Drama. Possibly Spanish or Russian as well, but he's not keen on Languages (more he didn't get on with the teacher) though he's still in top set for it. They've had a new teacher for Spanish this term who he thinks is great and now enjoys it - so down to that old chestnut of how a teacher can make such a difference.

That sounds like a good mix of subjects.

Your son's school has some exciting languages to choose from. Back in my day (never thought I'd say that ) one could choose from French or German for modern languages as well as Latin and Ancient Greek. I'd be pushing the Russian a little as it's likely his only opportunity unless he takes a language subsid at uni, not to mention Russian history is very interesting.

At the senior school I'm involved with they too are picking their GCSEs. One girl that took to the violin very well having never played an instrument before (working towards Grade 4 within one year of playing) has decided to choose Music. Apparently she's very set on studying Music and becoming a violin teacher at the moment, so we've started piano too. Her schoolteachers have noted her enthusiasm has really given her motivation to study hard in other classes because I've told her she won't get into a decent university without good overall results. Focus really does seem to help some pupils to succeed, so it's good your son has a clear view (for now) of his future, I think.

Ali-OK wrote: »

I think many of us have found it hard seeing our little ones start school and I appreciate the extra difficulties you find with this. It will all work out ok - enjoy the summer first.

We still haven't made our minds up where to send him yet. Hopefully once I know where he is going that will make things a little easier. Looking forward to summer more though.

Ali-OK wrote: »

Accountant is a Tax Adviser too and Ltd company is under discussion

I'm putting £125 a month away for him - I think that's plenty for now! He can look at working part-time from the autumn if it doesn't interfere with his school work.

The sort of savings you're creating are way, way more than I can make - very well done. . Did you start on the windows today?

Without meaning to sound rude, it may be worth going to a specialist rather than your accountant.

I think you're probably right regarding saving for your son. We used to put quite a lot of money away for our son but since MSE we've actually stopped. Currently he's got around £13,000 but I'm seriously considering putting that money towards costs associated with school. Had someone said that to me a year back I would have been horrified and actually saw us as being "behind" with our son's savings.

Thank you regarding the savings. As for the windows, I did a little bit of work on them but my son and I have mostly been baking two(!) cakes.

Ali-OK

It's a solid set - he did think about Music and if he'd kept up his drumming and private lessons, his teacher would agree as she said at Progress Evening in the autumn, those who play an instrument tend to do well, those who don't have alot more to learn and find the GCSE much tougher. Ashame as I wasn't allowed to take Music courtesy of parents choosing - and I was up the levels in Clarinet and attended Saturday Music School for several years, plus orchestras and choirs. That would have been a career path for me, but such is life.

Same here with languages I did French and German O Levels, rather than choosing Latin. Not sure which way DS will go - it's his choice though I will inform him Russian military history is probably alot more interesting than Spanish (he is looking at War Studies at Canterbury Uni for degree).

I guess you'll find out which school Little K has been given a place at come Easter? It's usually just as school goes into the break, I always thought that was to stop upset parents jumping on the phones to challenge the outcome :mad:

I'll look into the Tax Adviser stuff, not that I've got enough money for a real need yet :rotfl:.

Guess it depends what circles you move in as to how you much you think you should have saved for your child. Aside from putting into a Junior ISA (isn't that £10k limit?) or Baby Bonds, there's not much point in more than £3k otherwise given the interest/tax implications. Bet you've gone a different route or two though

Excellent news on the windows, even better on the cake baking - very proud of you and Little K :T:T

liltdiddylilt

Hey Ali

I work for an IFA, and we have links with an accountancy firm who also deal in tax planning, as do we I am sure between an IFA (get a good one, and this doesn't necessarily mean expensive) and your accountant you should be well covered for your current situation.

The world you are wishing to inhabit is one I immerse myself in 3 days a week. A lot of our clients are in the multi's of millions and only have an accountant if they own a business like yourself. The rest are all just using independent financial advice. The best place to look locally is on unbiased.co.uk. I know your accountant has made a recommendation but check them out anyway. And PM me if you want to know what fair/average fees and rates are. With the new regulations it is all given upfront anyway (or should be if they are compliant! )

I am just aimlessly saving for Jellytot whilst I have the available cash. I don't know what the future holds and so I just keep plugging away what I can into my various funds she might get a car out of it one day! University... well that is a whole other matter :eek:

Big hugs to you. I am not around much at the minute but PM's come to my email if you have any questions or anything... or just want a blether! :rotfl: xx

AlexLK

Ali-OK wrote: »

It's a solid set - he did think about Music and if he'd kept up his drumming and private lessons, his teacher would agree as she said at Progress Evening in the autumn, those who play an instrument tend to do well, those who don't have alot more to learn and find the GCSE much tougher. Ashame as I wasn't allowed to take Music courtesy of parents choosing - and I was up the levels in Clarinet and attended Saturday Music School for several years, plus orchestras and choirs. That would have been a career path for me, but such is life.

I'd say it's fairly essential to play an instrument to some standard in order to get a good mark at Music GCSE. My own school refused to take anyone with less than Grade 6 but they had a ready supply and it's a different course these days.

My parents were the exact opposite about music, very encouraging. It's funny how different parents view things with a very different level of importance. Ultimately, I think your parents were probably right as they ended up with a capable human being and mine ended up with me.

Ali-OK wrote: »

Same here with languages I did French and German O Levels, rather than choosing Latin. Not sure which way DS will go - it's his choice though I will inform him Russian military history is probably alot more interesting than Spanish (he is looking at War Studies at Canterbury Uni for degree).

As you know I really enjoyed Classics and happen to think being able to read Latin is a useful skill, especially when there's an interest in academia. Any option for this at your son's school?

I'd say learning about Russian history and culture would likely be much more interesting than the Spanish equivalent.

Regarding university, if he is serious about postgraduate study, I would express a word of caution about doing such a specialised degree at undergraduate level from a university somewhat lacking in the research side of things. I can assure you that a History degree provides many, many opportunities to specialise as they are popular there are many modules to choose from. This website http://www.russellgroup.ac.uk/our-universities/ provides a good starting point by providing a list of universities that are research driven rather than teaching driven.

Ali-OK wrote: »

I guess you'll find out which school Little K has been given a place at come Easter? It's usually just as school goes into the break, I always thought that was to stop upset parents jumping on the phones to challenge the outcome :mad:

We'll find if he's into the village school or not come Easter which he will be as it's a very small undersubscribed school. Apart from that he's got a place reserved at my old school, the only thing we need to do there is pay a £500 "deposit" but I don't know what to do and am inclined to leave it until after Easter.

Ali-OK wrote: »

I'll look into the Tax Adviser stuff, not that I've got enough money for a real need yet :rotfl:.

Guess it depends what circles you move in as to how you much you think you should have saved for your child. Aside from putting into a Junior ISA (isn't that £10k limit?) or Baby Bonds, there's not much point in more than £3k otherwise given the interest/tax implications. Bet you've gone a different route or two though

Excellent news on the windows, even better on the cake baking - very proud of you and Little K :T:T

Act as if you're poor and you'll always be poor ... so my father says. :rotfl:

Of course I've gone a different route. Though I should see if I can get his money working a little harder, really.

Emmala

Afternoon Ali, long time no chat!

The discussion about DS's subject choices was very interesting.....I'm a social historian do military history doesn't really float my boat, but my love of history was sparked by being captivated by Russian history as a little girl. Makes my heart beat a bit faster! I did Russian GCSE at sixth form and loved it, can I confess that I wanted to be a spy! I was most disheartened when the Berlin Wall came down....:rotfl::rotfl:

Anyway, originally I applied to study Eng Lit at uni but half way through my A levels I changed my mind which meant I had yo go through clearing. The careers advisor suggested the University of Wales because (then) you didn't specialise until the second year so I went off to study History, Politics and Russian and simply took up History by itself in year two. By then I knew I was going to teach (always knew I would just not what) so didn't take Russian any further as I knew I was up for four years already and didn't fancy doing five.

I wish DS luck, the best thing for him now is to keep his choices broad and his options open. Doing what he loves will help him stay motivated though.....at least until he discovers girls!:rotfl:

Not much to report here.DH may have a job offer coming his way, he's had three interviews with them, including one in Frankfurt! So near and yet so far but 18 months of unemployment is not fun.

Hope you're enjoying your weekend. I'm going yo catch up on diaries as I don't get on here very often.

Much love,
Molly x

Ali-OK

Finally I'm able to get on here and post - and not just read Seem to be all over the place getting things done, catching up with family and friends, sorting calendars and everything else. 5 mins whilst dinner is cooking now

Lilt - Thanks so much for great info and will definitely do some more research using that site. May PM you to check on figures, but know you've got alot on your plate at the mo. Hope that gets better.

Alex - Thanks on the Uni link and thoughts. Am out of my depth a bit on that stuff but we're seeing his teachers soon and have an Options Evening to attend as well, so a plan should start to fall in place a little more.

Molly - :j So lovely to see you - have you been 'spying' :rotfl: from behind the computer screen . Good to read the path you took and your advice of broad range of subjects and keeping option open. I'm finding it quite daunting at the moment as all the advice out there says work back from Uni but it's not that simple. I do agree with you and Alex that perhaps a History degree rather than such a focused one would be better at that stage. Let's see what transpires.

Everything crossed for OH and the job - sounds very promising and will be a big relief I imagine after such a long haul. Will you carry on your job too?

Back to the kitchen for me - I'll post an update later after writing 9 birthday cards :eek: Getting the March lot sorted