The Happiness Fund.

savingwannabe

Ok here are my plans, it's a bit airy fairy though: 

I think when i retire my outgoings will be £640 for food, fun and bills pretty much what i pay now. If i can take early retirement in 5 years, my earnings including lodger(£500) & pension (£500) will be £1000 every month. (If i carry on as planned the mortgage will be paid in the next 3 years)

I think i am still planning to drive and if I do that will raise my costs when i retire and i haven't budgeted for that- if i can drive then that will mean i can work in the summer hols or weekends and i could use this extra money to fund a new kitchen in the year before i retire but am not sure if i can afford that, it depends on how well I can continue to save after i pay off house. 

Once i retire,  I could maybe consider a simple part time job in eg a supermarket to help pay for groceries or maybe take a 2nd lodger, so I can visit friends or consider holidays a bit further away, I did a lot of overseas travel when i was younger so dont mind too much as there is plenty to do here in the UK. 

I like the idea of premium bonds. I am going to think about it. I stopped myself going bonkers on ebay and overspending last night so glad i did as every extra i save is extra for house and retirement. 

MovingForwards

Does your house have a drive or a front garden / access via a road to your back garden?
If so, give serious consideration to an electric vehicle instead of a petrol car, especially if it's for pottering around say 30 miles each way, with occasional longer trips to your parents. 

The initial cost isn't too bad, depending on which one you go for as I assume you'd have a new / nearly new car. If you'd be using the train for distance trips, then there's some great little ones perfect for pottering!

There's also grants to get the charger installed at home. 

You could do supply work, or whatever it's called, that way it's doing what you know, but without the pressure of doing all the planning. That could fund holidays and trips.

savingwannabe

Ooh i didnt even think of supply work I dont want anything stressful or pressurised. I would like to sell i think in retail if it is still around, as i like the public. It would be nice to have a change i just hope i can do the next 5 years and enjoy it, Im hoping it will fly by. 

Skint_yet_Again

It’s great to see you making plans SW. We all have to start somewhere so don’t worry about it seeming airy fairy. You can adapt the plan over time. I think retail can be very stressful but if you enjoy it that helps. I couldn’t manage on my feet all day. 

Cars can be expensive as can driving lessons. Can you start to save for lessons now? Depending on how quickly you pick it up it can cost £100’s. Not sure if you can still do just an automatic test which you may find easier / quicker, but an automatic car can be more expensive than the manual version. I don’t know anything about electric cars. 

At the moment I am using very little petrol but if we start to go back into the office 5 days a week it will increase. 

Costs for mine 
petrol £40 a month
insurance £217 - but this can vary massively depending on the car and new driver and your age, can be £1000’s 
mot £50 a year
service £190 a year

Breakdown cover £58 a year
Car tax £125 a year - varies depending on the car
Plus any repairs/ replacement tyres etc 

I hope I haven’t put you off 😆 I am beginning to wonder if mine is worth the cost. At the moment it only gets used about once a week! However it is very convenient. I know I could not stand at the bus stop or on the bus for long without pain. 

MoneyWorry

Cars are expensive, but I wouldn’t be without mine. I only work 13 miles away and I would need 3 buses plus walk 0.5 miles each time.
Costs for mine:
Petrol £105 a month
Insurance £260 but includes boyfriend 
Breakdown £60 a year 
Tax £30 a year

If you are going to buy a car, ask the garage if they do a service plan. I pay £17 a month. I get one service and my MOT for that each year. 5% off any parts. Plus they pick the car up from either my home or work and bring it back. 

I have a bus pass plus this year I qualified for a disabled person’s railcard, but it’s still much more convenient to get in the car sadly. 

MovingForwards

There's quite an informative thread in the motoring section about EVs and questioning how those on lower incomes can afford them. Servicing is negligible. Effectively it's just tyres, brakes and charging costs, with wipers as there's no combustion engine. They're auto's too and possibly a good choice for a new driver if able to charge at home.

Useless for me as I'd need to use public charging points and there's a connection fee on top of the electric cost.

Going back to regular cars. The expensive parts are getting the licence to start with and initial purchase of the car, after that budget each month.

My costs:
Petrol £70pm (300 miles pw just for work)

My annual costs:
Insurance £200 (was a bit less)
MOT £50
Service £190 (not asked yet, pinched Skinty's)
Breakdown £48
Car tax £0
Plus tyres etc as and when

There are ways and means of keeping running costs down, as you'll see comparing the two of us. I deliberately picked a car with £0 tax, that saving goes towards the service.

savingwannabe

Thank you all for being so kind and helpful. All your posts have been so informative it is cheaper than i thought. I have had some great  news about bully boss's comments that he made about my work a few weeks ago. It went to the highest level and they have taken my side as they have heard of my work reputation and i think know he is a bully!!!!  

Twelve days till payday. I am so excited. 

MovingForwards

That's fantastic news!! 

It's the weekend, enjoy it.

savingwannabe

I have just had to spend £100 on essential computer bits for work!!!!!  I might borrow the money from the rent money so £100 less going to mortgage overpayment this month. Remember when you didn't need a computer for work? Oh for the days of blackboards. I will have expenses to pay this week for travel to medical appointment then hopefully just some food spending till the end of the month. I am  hoping i shan't need to buy anything else. 

Now i am going to tidy housey. 

I am line drying washing, let's hope it dries! Got to vacuum, empty the bins, mop. Then try to write some lessons later in day. So good to be at home and not at work!

If poss I will try to put up my tree sometime this weekend. Some boring tasks to prep this weekend. lol. Roll on two weeks and it is payday and 5 weeks till Christmas hols. 

MovingForwards

I remember the days of the board eraser flying by to stop classmates disrupting lessons! 

What are the essential things as we might know where to get the cheaper. Don't need to be spending loads if there's other options!

Good luck with your tasks.