gele's going for it in 2014

gele

Hello everyone. I have read extracts of so many fantastic, funny, dedicated and detailed diaries there is no way I can produce anything of that calibre. However I wanted to start one just to focus myself as I have good intentions but don't always follow them through! I doubt anyone will find it remotely interesting but welcome any passers by.
my situation - in brief to begin with as an intro.
First the good stuff :j
I am married and have 1 daughter.
we have only 14 months left on our mortgage but it is part repayment /part interest only and I want to overpay as much as poss/sensible.
I overpaid regularly last year and am expecting a statement any day now which will crunch the numbers for me.[ otherwise I can only check balance over the phone.]
Our endowment was in shortfall but I addressed that a while ago by putting some on repayment and more recently by overpaying, so now we will, based on endowment forecast, have enough to cover interest only part and some left.
Bad stuff to follow.:eek:

gele

remembered some other good stuff - not exactly mortgage related
Ive just received 9k from a wind up pension scheme so need to be very sensible with most if not all of it.
We also have some savings from when we earned more and didn't have a daughter in an ISA.
We have no other debts - use credit card for some spending but always pay off in full
we get CTC and WTC as savings are in ISA

Now the not so good stuff

Both hubby and I are low earners, I work part time.
Neither of us have much in the way of pensions so some of the wind up money needs to address that
we live in an old, cold, end terrace with big rooms and high ceiling and therefore it costs a fortune to heat.
We run 2 old cars 20 years old combined age and one is on its last legs [or wheels]

1st thing to address is how to best use my 9k. I want to overpay. I need to think about pensions. Any ideas welcomed.[I did post on pension board earlier]

gele

Just re-read my last post. My daughters NOT been put in an ISA. In case anyone reads these posts and was worried!

Having re-read posts things don't look too bad at all. I do worry about the cars packing up and paying the gas/electric bill but there are people much worse off. It's done me good to post as I am seeing things in a much better light. Didn't expect results so quickly but there we are !:T

gele

ok, a bit more detail and a plan for the coming week.

I didn't mention in 1st post another very small pension that had been frozen for years. Its approx. £4k. A few weeks ago I arranged for it to be released so I could transfer it into a new pension.

Monday - an IFA [who looks after hubbys pension although doesn't have to do much as hubby doesn't pay in the mo] is coming to discuss what I want to do with this £4k ie type of pension I want it transferred to. I have no idea.
Also while he's here Im gonna mention doing an AVC through the Pru [they handle the LGPS AVCs and my current pension is with LGPS] I believe I can pay from wage [will help with tax] and use a little of the 9k as and when I need to top up wage.
Need to ring the PRU for info and check Im right with this.

The 9k is in Santander123 at the mo so not the worst place as 3% interest until I decide how to use/save it

Been to MR Ts this afternoon. Bought reduced foods so have put in freezer what I can and need to make big batch of veg soup for next week at work.

Am awaiting info from Mortgage and endowment company so show where we are with mortgage. Looking forward to this as overpaid quite a bit last year. Am hopeful it will arrive this week then will make firm plans.

gele

IFA came. Hes gonna look into where best to put my small £4k pension and get back to me in a week or so.
Mentioned AVCs with the other money but he suggested looking at stocks and shares ISA as an alternative as I will have 2 pension products with my work pension and this small one already. I know nothing about S&S Isas either but hes sending me some fund info and Im going to read up as much as poss on here in the next few days. Its a big learning curve.

suse*

HI well done for overpaying so much already sounds like you've done really well to keep ahead of the game. I can't comment on the rest as I don't know much about isa's or pensions but well done for not going mad with the 9k and thinking what best to do with it.

Hopefully some people with more ideas will be able to help.

gele

Thanks suse. Im not sure Im ahead of the game but I am trying at least to keep up. Like many on here I only wish Id started sooner. Its not that Ive ever been frivolous Ive just never had much money to spare, so the last thing Im gonna do is waste this. I wouldn't know how to go on a mad spending spree anyway. Being careful is so in my blood, Id make a rubbish millionaire. As you can see Im considering all the options and wont do anything rash.
I really do want to see the back of my mortgage so while it may not be the most financially savvy thing to do in my circumstances, I think some of this money may go in that direction.