Renovations and Repayments.

smallholdingsister

Always play this to my leavers.

https://www.google.co.uk/search?redir_esc=&client=ms-android-samsung&hl=en-GB&oe=utf-8&safe=images&q=youtube+baz+luhrmann+wear+sunscreen&source=android-browser-suggest&qsubts=1442242388902

AlexLK

gallygirl wrote: »

Where do you have your savings Alex? Can you keep a small emergency stash available and transfer the rest to a Notice account?

For the moment the savings are just in an instant access savings account. In less than a year (hopefully) I'll be using the money to start the major work to the house, so not going to have the money for long.

Then it all starts again and I may start to seriously think about investing. Currently, there's a further £550 sat in a S&S ISA which I add at least £50 per month to. That won't be touched,not really sure what I'm going to do with that, it just seemed like a good idea at the time. Maybe that's the E type fund? :rotfl:

edinburgher wrote: »

Alternatively, if you are comfortable going closer to the investing side of things (and the money isn't needed for imminent home improvements), P2P might be worth considering in the new year for 6-7% return? A new type of ISA is being launched for this sort of thing, so you could get a decent return on your cash.

I know your opinion on 'low yielding' investments like this isn't necessarily the highest, but unless you're actively ploughing your money into the business/reselling finds, you have quite a high opportunity cost when holding the savings as cash.

A steady income stream might be just the thing for your finances and I think that the incremental nature of the returns would appeal to your personality (and help build confidence that you *can* achieve wealth on your own terms over the long term).

S&S or similar would probably be a better start for most people, but I don't think your temperament makes it such a good option. That, and your parents are minted, so it's not as if a few written off loans will affect your future financial stability

Unfortunately, as illustrated above, the money is going to be required soonish.

Definitely interested in the P2P for the future. Do you know anywhere I can properly read up about it?

Regarding low yielding investments, I'm starting to see the point in having a few alongside other higher yielding investments, or in my case, business opportunities. Diversification, if you will. As you rightly point out there's often money that's not being put to any good use and gaining 6-7% on that is better than nothing.

Can't say a few written off loans would really affect my future finances but at the moment it could delay plans to finally sort the house out. I could ask my parents to pay for it but I'm not going to.

Watty1 wrote: »

And that Mr Ed is why you would make such a great IFA. You've taken Alex's personality/temperament into account. Love it

Another vote for Ed to become an IFA.

AlexLK

cazmanian_minx wrote: »

I know it probably doesn't seem like it now, but you will come out the other side of this, I promise. I went through something very similar a few years ago when I realised just what a horrible person I'd been for the past couple of decades (something that stemmed from depression and self-esteem problems in my teens and 20s). Now? Changed woman Turned 40 a few weeks ago, looking forward to my upcoming new business ventures of property renovation, holiday letting, sheep-keeping and hay-making and I can quite honestly say I still don't know what I want to do when I grow up

Have I failed in the past? Of course, lots of times - and, growing up with a father who only praised success, it took a lot of time to reset my brain to stop thinking of that as a bad thing and reclassifying it as learning what doesn't work so I can get closer to learning what does. We'd still be back in the Stone Age if failures meant we gave up hope. When I failed at being an auditor by resigning from KPMG, it was simply me learning that being an auditor wasn't for me, so I went and tried something else. 20 years on and a lot of something elses later, I'm closer to earning a living from something I love doing, but I'm not there yet, so I'll carry on failing at things for a bit longer

Do you remember the 'Wear Sunscreen' poem? "Don't feel guilty if you don't know what you want to do with your life. The most interesting people I know didn't know at 22 what they wanted to do with their lives. Some of the most interesting 40-year-olds I know still don't."
In fact the whole thing is a pretty good maxim to live your life by - have a read: http://www.chicagotribune.com/news/columnists/chi-schmich-sunscreen-column-column.html

Great news about the counselling; well done. Hope it works out for you.

Thank you, Caz. Your post has really helped but I'm not really sure what to say. Today I want things to work out for me which is a step forward from not caring what happens. I ended up having a good and more importantly productive afternoon, just one more music lesson then I'm done for the day.

Heard the suncream poem before, will read again, I remember it being quite thought provoking.

ourcornercottage

I'm so pleased that you have had some help and hope you will resume talking therapy in the future, when you are feeling up to it of course.

Think your ideas of introducing your son to lunches at school are s fantastic idea.

Like you I am saving for renovations BUT have my unit trust which I've had running for years and my new s&s isa which I don't touch no matter what. Only for dire emergencies, I consider it part of my pension plans.

I have a few hundred £ in P2P which I do for a bit of fun.

I also agree that watching some mindless drivel on TV or a film or the radio can sometimes totally take your mind of other things and help with relaxing

edinburgher

Jamesd posted this handy P2P forum link today (in post):

http://forums.moneysavingexpert.com/showpost.php?p=69156551&postcount=12

maman

7roland8 wrote: »

Alex, volunteering in sons school sounds fine but please don't join him for lunch! It won't be long till Xmas and the Christmas lunch might be a good place to start.

Totally agree with roland, definitely don't even think about joining him for lunch.


Establishing himself at school and making friends, learning to play has to be something LittleK has to do for himself. Work with his teachers and take their advice if necessary. It's not logical that you've done all you can (and commendably so) to encourage LittleK to be have skills beyond his years (like in music and reading) but you seem unwilling for him to learn social skills that are 100% normal for his age group (like staying at school all day and having lunch). Of course LittleK wanted to come home that's what he's used to but it's time for him to spread his wings even if you have to push him.

AlexLK

ourcornercottage wrote: »

I'm so pleased that you have had some help and hope you will resume talking therapy in the future, when you are feeling up to it of course.

Think your ideas of introducing your son to lunches at school are s fantastic idea.

Like you I am saving for renovations BUT have my unit trust which I've had running for years and my new s&s isa which I don't touch no matter what. Only for dire emergencies, I consider it part of my pension plans.

I have a few hundred £ in P2P which I do for a bit of fun.

I also agree that watching some mindless drivel on TV or a film or the radio can sometimes totally take your mind of other things and help with relaxing

Thanks, OCC.

I don't have any pension plan other than to inherit. Mrs K does pay into one from her work which has tax benefits and 'free' money from her employer. Any venture into investing is more a bit of fun / something to do for me. If it earns money that's a bonus.

No mindless drivel today, unless you count pre-Grade 1 piano. The only TV programme I'm following at the moment is Educating Cardiff, though the less said the better about the Headmistress ... :eek: We don't have a TV so on the rare occasion I follow a series, it's on the computer. The nice thing about that is, you can watch it at anytime. Do keep meaning to find some good nature programmes for my son to watch over the winter as I think he'd enjoy that.

edinburgher wrote: »

Jamesd posted this handy P2P forum link today (in post):

http://forums.moneysavingexpert.com/showpost.php?p=69156551&postcount=12

Will have a look, thanks.

maman wrote: »

Totally agree with roland, definitely don't even think about joining him for lunch.

Establishing himself at school and making friends, learning to play has to be something LittleK has to do for himself. Work with his teachers and take their advice if necessary. It's not logical that you've done all you can (and commendably so) to encourage LittleK to be have skills beyond his years (like in music and reading) but you seem unwilling for him to learn social skills that are 100% normal for his age group (like staying at school all day and having lunch). Of course LittleK wanted to come home that's what he's used to but it's time for him to spread his wings even if you have to push him.

I have encouraged my son to have social skills. However, last year at nursery he was really struggling to get on with the other children. The year before he was fine but all his friends went to school a year earlier than him and, of course, they didn't keep in touch as promised. He said today that he wanted to be on his own and didn't want to work with a group on a project at school, is that really a problem when he completed the project to a good standard?

On Friday he's going to play the violin and piano to the school during their assembly. This is not something I've pushed at all, he has been asking the teacher since day one.

AlexLK

edinburgher wrote: »

Jamesd posted this handy P2P forum link today (in post):

http://forums.moneysavingexpert.com/showpost.php?p=69156551&postcount=12

Just looking through this now, also looking at his 10%, 7% etc. post.

I do feel there's a lot of jargon to learn with investing and quite daunted that this is all a bit beyond me. Seems like it could be quite interesting to learn about it though. I've bookmarked the P2P forum and will start reading.

newgirly

He is bound to feel more comfortable working alone as that is what he does at home, but its very important to also be able to work in a team, I can't think of many subjects throughout his schooling inthe future, or even work come to that,that won't require that at some point. Its very early days and I'm sure if you trust the school he is at then they will gently ease him into this.

Good luck to him for friday

AlexLK

newgirly wrote: »

He is bound to feel more comfortable working alone as that is what he does at home, but its very important to also be able to work in a team, I can't think of many subjects throughout his schooling inthe future, or even work come to that,that won't require that at some point. Its very early days and I'm sure if you trust the school he is at then they will gently ease him into this.

Good luck to him for friday

Thanks, NG, this post has given me something to think about. My son used to get on very well with his peers until last year at nursery, then suddenly he didn't want to know. I'm not really sure how to introduce the concept of teamwork to him, really.

The last couple of days have been very difficult, he wants to stay at home and is causing quite the fuss in the morning. Fortunately, he goes back fairly willingly in the afternoon. Today he played his music and introduced his grandparents to his teacher. I was quite surprised just how far he's come with the music, although I hear him everyday, sometimes I don't think I realise until it's up to him and he's not under my guidance.

Unfortunately, I've no money saving news and I've not been in the most productive of mindsets. Would still like to reach my target but not really convinced it's going to happen.