XSpender Speeds it Up - £0 to £60k in 27 months

smallholdingsister

Each falling leaf is a happy day. How many did you get?

XSpender

Not many but we had so many pine needley things blown in our hair we thought it was raining

Suffolk_lass

Re pensions - if your DH changes job there might be a short term option to bring any pensions he has, in together, either by combining into an employer scheme or a SIPP (self-invested personal pension). I say short term because if by some streak of luck, his new employer offers a defined benefit rather than a combined contribution scheme, the option to convert old pension pots into the new one is likely to pay off in the long game.

My reading of the situation is that pensions beat ISAs for two good reasons:

1. Contributions to pensions are tax deductible (up to a limit too high for me to care about). ISAs place a tax free wrapper around what you get out, not what you put in
2. Your employer will normally match or exceed your pension contribution if you make it through salary. No similar option exists for ISAs.

If you were to go for a SIPP you would have exactly the same option to invest that you would have with an ISA, and at your age, you should be looking at a long-game S&S option. You may be able to persuade a new employer to contribute to a SIPP but my understanding is that most do not offer that facility. I think you could have both (unlike a S&S ISA) running concurrently.

I have been reading and learning this year (far too late in relation to our pension plans to make any real difference but interesting and challenging) about investments and I am a novice but there is good specialist professional advice available that you should seek.

Pensions is serious stuff and you need to secure your future as everything else comes into line. You don't want to have to work forever.

Let me know if you are interested in any more of my limited and basic insights - I could happily share what we have done.

Enjoy the rest of the week off with DS

SL

XSpender

My friend has had to cancel our catch up but DS will still be going to DPIL for the day so I may make some progress on my long list of jobs that I made at the beginning of the week.

I am going to concentrate today on:

[STRIKE]Stripping the wallpaper off the kitchen and [/STRIKE]preparing the walls for painting
[STRIKE]Replacing the downstairs toilet seat[/STRIKE]
[STRIKE]Aldi shop - don't need much[/STRIKE]
[STRIKE]Asda for prosecco offer for Christmas[/STRIKE]
[STRIKE]Last couple of loads of washing[/STRIKE]
Library
[STRIKE]Fill up car and take through [/STRIKE]car wash
[STRIKE]Try and get an appointment at local beauty salon for this weekend[/STRIKE]
Make a batch of chilli, granola, protein cookies and little crustless quiches with chorizo and feta
Post off kitchen handles if can get printer to work to print returns note

Not much then!

XSpender

Thank you so much for the info on pensions SL.

I understand about pension contributions been tax free and employee contributions are free money but if we both move jobs a few more times before we retire I wonder if the benefit is outweighed by having small amounts in several different pots. I am also quite risk averse.

My current work pension was chosen by the MD because it was the cheapest one and needed the lowest employer contributions possible!

We are not planning to retire particularly early (60 would be great but DS will only be 20 then and DH will probably keep working at something PT) and I do wonder if pension contributions should be prioritised over becoming DF and MF or split 3 ways.

Decisions, decisions........

XSpender

XSpender wrote: »

We have agreed to have a frugal fast in November as this month we have just been spending and spending. I don't mind the spending on the planned refurbishment it's the extra spending that is getting me down and I have had to 'borrow' £200 from the ISA savings to cover everything and am fed up. I can make it up with next months bonus but that's not the point.

Plans for my week off:

Process DH tax rebateTick
Swimming with DS -Both local pools are closed!!!
Craft/chocolate maker toy DS got for Christmas! - Painted mask instead
Visit DM with DS Tick
Visit DSis with DS Tick
Strip wallpaper from kitchen Tick
Prepare walls and paint wash new plaster Needs more work due to state of wall!
Paint kitchen at end of week See above
Put up new kitchen light - See above above
Order new blind and curtain for kitchen and breakfast room
Order new curtain pole for breakfast room
DH to put up living room poles 1 done
Buy new curtain track for living room bay window
Meet friend for coffee and catch up - Friend had to cancel
Order replacement kitchen handles Tick
Send back wrong kitchen handles Ready to post tomorrow
Library
Replace downstairs loo seat Done by DH
PT x 2 - 1 done
Trail run x 2 including a 4-5 mile run as mileage is slipping Not done and when checked race is only 2 weeks away!!!!
Dentist - Tick
Order a specific gift DS wants for Christmas Tick and 3 books and 2 stocking fillers also bought
Batch cook meals as I am away a lot next 2 weeks
Keep food diary and submit 90 day SSS plan questionnaire Done

Update on my jobs list for my week off. I always seem to think there is 36 hours in a day when I make a list

Back to school/work tomorrow and have ironed everyone's uniform/shirts dresses and packed DS PE kit.

I am away from tomorrow evening until late Wednesday but WFH first so will post the parcel, visit the library and wash the car before I hit the road.

Not much to report £ wise. Went over this month's food budget but much better than previous months and plenty still in.

Role on frugal November, I am signed up to the NST November challenge military style :eek: