218monthstogo

millionaire-to-be

Hi

Hello to everyone for 2016.

2015 didnt go quite as planned, ill-health recovery was not quite as quick as expected and I have entered the New Year with a Chest Infection that doesn't want to leave me and will probably stay until April/May if the last four years are anything to go by. I have to except that going back out to work may not be possible and look at other avenues with that I have a new way of looking at things for 2016 (see Signature)

The title above is how many months I have until my official Government retirement date from Jan 16, being ill for the last few years has really dented the finances.

I need to find a way to have a life, increase savings so we have a pot for those breaksdowns, my Iron and Kettle have just gone and the fridge is making weird noises!

I have now adapted a system of Net Worth Tracking where I aim to increase assets Savings etc (so we don't need to borrow for the breakdowns etc) and decrease liabilities (pay those debts, mortgage etc).

This might not not work for some but I feel better having some money to call on for a rainy day.

As you can see from my signature I have a way to go to get back to 0.00.

During my illness I have had a lot of time spent in bed, I have read books on shares, property investing, looked at crowdfunding, peer to peer lending, etc anything that I can use to help the situation.

I have also just started my first Blog to help keep me focused everyday on my plans.

I look forward to sharing my NEW journey with you all and any comments, suggestions would be welcomed.

Thanks for reading.

andyfromotley

Hi MTB,

im a little confused about your current situation. What is your income and outgoings at the moment? Posting an SOA may help.

if we round you up to 240 months to go, 20 years, then if you save £250 pcm at 5% growth that will give you just over £100k enabling you to pretty safely draw off £4k per year and your money never run out. (although doing this inside a pension will bring massive tax advantages)

But of course before you do any of this you need to be debt free and have the cash to invest. Good luck.

millionaire-to-be

Hi

My income at the moment is limited, what comes in goes out with a minimal amount over, this has improved from when I had more going out than coming in. One of my cc will be paid by September I will then concentrate on the next one.

I am trying to keep day to day costs down i.e Food, clothing etc whilst using cashback sites and supermarket points/vouchers to help.

I started a plan of saving and investing (£100 xmas money) for the future with xmas money which is currently partly in a savings account and in peer to peer lending.

I have now started a 12 week plan of ebay selling, putting 20ps away and 10% of an additional income received (gifts, cashback sites, etc) to increase these pots.

The 12 week plan comes from a book I have been reading where you make four 12 week plans in the year with a week in between to look at what worked/ what didn't and what you can do better.

"The 12 Week Year by Brian P Moran"

Will keep updated with progress.

northerner999

Good luck with your plan, but remember that if any interest is being charged on debt such as c-cards you may be better off repaying them to reduce interest charges rather than saving at a presumably lower rate. Don't have enough information to know if this is relevant and useful or not, but is remarkably common with posters.

millionaire-to-be

Hi

Thanks for your reply and advice.

Due to how bad the financial situation was all cc etc have now got interest stopped and are being repaid on a self managed plan. I am just trying to get a little money in savings as I have no access to any cc, overdraft should a rainy day event occur.

The 218monthstogo is looking at retirement, what I will have to live on which is undetermined especially with the flat rate pension coming in and some of my time in work was contracted out, until I can get information from DWP after April I don't know how many years NI contribution I will have and therefore how much of the flat rate I will be enititled to.

Just started the search for home insurance have started with comparison sites and so far they have produced the same company as the cheapest. Will check out one or two not on the comparison sites but I don't think I will get a cheaper quote. Have made £4 in cashback though which will go into my pot.

millionaire-to-be

Home insurance sorted for another year at just less than last year which with the increase in Insurance Tax I am happy with, and with the little rainy day pot I was able to pay for the year rather than pay extra for paying it monthly.

Car Insurance is due in April trying to get enough monies in the pot to pay that yearly as well as I think we paid about £40 extra for paying it monthly. I hope then to pay into my savings fund what I would have paid monthly for both house and car so that the money will be there next year.

Between the two it will about £60 in interest not paid.

Starting my 20P sealed pot for my 218monthstogo account
will add up at the end of my 12 weeks and pay into my savings account this will then be used for investments etc.

12 Week plan taken from The 12 Week Year Book by Brian P. Morgan.

My 12 Week Plan is going to run from Today 18/01/2016 until 10/04/2016 in this time I aim to raise money selling on sites etc, 20p fund and putting 10% of any monies I receive away aiming to raise about £10 per week so £120 in total.

Have one CC being paid off in eight months have upped standing order so last payment is in September that will free up £22 per month. Will use this money towards another CC, one step at a time.

So working on all fronts increasing income, assets and decreasing debts.

May look at online surveys again did make some money a few years ago but not sure if they are still worth doing?

Any comments appreciated

millionaire-to-be

Hi

Jan and the start of my first 12 week plan, balance at start of Jan was £100.00 at the end £121.58.

Have invested some money into a peer to peer lender and some is in savings account for property investing.

Increase in monies was ebay sales, 10% of monies received including first solar payment(panels installed September before rates were cut) and money from cashback site, that I have started to use again, but found I had some unclaimed money when I logged back in after two years. I will not count any money until it is in my bank account.

February should bring more ebay sales, 10% monies and selling old mobiles.