Time to get serious

shangaijimmy

Pensions is on my list of stuff to find out more about. Though I have to confess I'm waiting a few more years. I want our mortgage under 50k as it'll take pressure off work (I have a major work funding project ending in 2021). So mortgage is my short term priority.

gallygirl

EatingTheElephant wrote: »

I have two frozen workplace pensions, I get a yearly bit of blurb about how the fund in general is doing, but I've noticed it mentioned on here some people monitor their pensions. Does anyone know if these are different types of pensions, or should I be able to check on these that I have? I've no idea where to start.

Like KC said, dig out the paperwork before worrying about it . You're looking to see if they are referred to as final salary (or defined benefit) or money purchase (defined contributions). If final salary then it's unlikely you'll need to do anything. If money purchase then your contributions will be invested in funds, it sounds like that is what yours are. You need to look and see what fund(s) and what the annual charges are. You may have something like a Lifestyle fund which changes the risk as you get older, so as you approach retirement they make sure the fund is less volatile. See what you can find out, it may be well moving the funds to a low cost provider, with low cost index trackers.

EatingTheElephant

Thank you GG for pointing me in the right direction.

One is definitely defined benefits so won't need to do anything (as is hubbys) but I'd like to work out what the income from it will be so I can work out what extra will be required at some point soon.

I'm not expecting anymore spending or money coming in between now and the end of the month, but will hold off posting figures just in case!

Between now and the end of the year I will carry on shuffling the same types to the savings - money left over from budget, business expenses, rewards & any extra made. The focus of any extra energy will be decluttering.

This may generate a few extra pennies, although mainly it will help clear my mind a bit.

Off for a nice ride this morning, then a huge pile of ironing to get through. There are a couple of bananas that are past their best - I'm thinking banana and choc chip muffins for those.

smallholdingsister

Have a lovely ride. I am jealous!

jodles16

Really well done on beating your mini goal! Feels good to kick its butt, thinking up new ones can be fun as well! Let us know how you get on with the alternative ways of making your money work!

Jodles

EatingTheElephant

Thank you SHS & Jodles. Well here it is.....end of August figures


Mortgage (aim 0): £0/£9,400 (100%)
Savings (aim £30,000): £5540.89/£6,000 (92%)

Food shop arrives today, a small baby steps on the decluttering as well. Pony walked (last one that's going) and some paper shredded. I must check quotes for my home insurance soon.

ZoPig2016

Hi ETE

fascinated to hear about what you do with the money to get it working for you and those pensions too. Both things on my mind as well atm, as many others on here.

Well done as well letting the ponies go. Can't be easy to say goodbye but you know they'll be going to new owners who'll love them!

EatingTheElephant

Thanks ZP for dropping by, hoping I find a good home for this pony too. The last one that went I get regular updates and pics from the lady, it's great.

The ISA interest has now been added £33.19 and Hali rewards £5 is in already, so just shuffled that over.

Yesterday evening, after walking pony, I cut down some burdocks to try and reduce the amount of sticky buds in manes and tails. They take forever to remove so hoping this will save me time in the future!
Lots of blackberries too in the hedges so must take a pot next time I go out walking with the pony or dog.

Moneyfordreams

I love dandilion and burdock drink, but never actually thought of it as a plant before ... Doh to me !!

Country living sounds so much nicer than town.... We walked the dog/OH, passed some parked cars.. tried to cross through streams of traffic... coughed at fumes.. ok so it's not that bad on the coast, but a walk into town not far off

EatingTheElephant

Thanks mfd, I can't wait to actually be living in the country as well as spending most of my time there!

I know I mentioned near the start of this diary that I wasn't sure if it was possible to achieve the end goal based on the rough calculations I had made, but not even a full year in and I can see that this might actually work!!!

So yesterday was a bit wet so didn't get much done outside apart from walking the dog. I did complete the ironing mountain, found some paperwork on the home insurance and did a couple hours work for a customer.

Today DD2 has a big grading, so lots of running around and hopefully will fit in a ride too, then Chinese tonight with both DDs and DGS to celebrate the grading and also so we can stock up on pots for the freezer/transporting lunches!!