Penny by penny...brick by brick!

PennyJar

Wow Gallygirl that's what I call 'good' :j Anything worth more than a fiver I would class as good ha ha maybe I'll give the other 190 odd pgs a good look

PennyJar

Hey ZC,

Thanks for the post I really hope DH is doing ok and all goes well...I agree with what you've said actually, because even with the insurance when I have used it there's always £150 excess charge anyway. Will have a serious think about it...I think it's a comfort blanket really (an expensive one at that).

Awe thinking of you and DH

zcrat41

Thanks Penny. I should have said this was 3 years ago now and he's got the all clear after the op so all is good. It is why we have our children so close together though - after one was removed we thought it might take extra long - it sleeker to have the opposite effect!!

PennyJar

Hi all,

Really pleased as today I manage to add £219 to my EF pot...would have been more but had gas/elec switch bill which came out this month (£300), but at least long term we will save money.

Hoping to reach at least £600 by next pay day.

Also did apply to become a mystery diner today lol submitted my written piece and will update you if I am successful or not, and whether I'm going to give it a go - still slightly unsure about it to be honest.

Also slowly progressing with OnePoll, but not had any feedback from Pinecone Research even though I've already done three studies (emailed them - so await a response on what's what).

Finally, had such a good 'yellow' sticker day at M&S today (3:00pm) with a massive haul of fresh fillets of salmon and medallions for £0.90 to £1.35. As well as other brilliant steals - my freezer is now chocker-blocker!

Hope all is well with everyone.

PennyJar

gallygirl

PennyJar wrote: »

Wow Gallygirl that's what I call 'good' :j Anything worth more than a fiver I would class as good ha ha maybe I'll give the other 190 odd pgs a good look

The grown-up in me feels obligated to point out your time would be far better spent investigating where to invest your pension etc. Sorry

PennyJar

Hi Gallygirl,

I don't currently have a pension :eek: if I started one at 33yrs when would I be able to cash it out. Never considered having one - realise financially it would be beneficial.

Last question, you may be able to help with - if we are currently happy with an approx £40k annual income - how much would we need to invest for pension, or be financially independent?

Thanks,
PennyJar

MissCreative

Hi PennyJar,

Not sure on the exact amounts because it will depend on what you can put away in to your pension each month (though the more you can put away the more you'll have later in life obviously!)

You should definitely read Mr Money Mustache's website - he and his family became financially independent by saving a lot of their income and he a few posts on how how he did it, about finiancial markets, and how to calculate what you'd need to retire with/become financially independent.

http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-zero-to-hero-in-one-blog-post/

You can have a google for other retirment calculators too

zcrat41

Work backwards PennyJar. I.e. I add up what I need to live on to be happy and that's what I draw from out business. (In the good years, anyway.) So I add up my bills, food, contingency fund, holidays etc. I guess in retirement I'd add in any support I want to give adult kids etc. Then work out how much I'd need to invest to get that figure.


I.e. We between us spend about £1600 a month on bills and essentials. In retirement I can't see that changing much (we don't have a mortgage on the main house). So therefore a round figure of £750k will give a rough 3% return which is £1875 pcm that's not far off what I'd need. It's not a case of saying I'd need to save £37500 over the next 30 years though as there's compound interest which I don't always get but the basis of that is that the earlier you put money in the better.

PennyJar

Hi both,

ZC thanks for post...its a lot to get my head around lol still slightly confused.com oops - so based on your example when you say to get a £1875 PCM return you would get this from total pension pot put in over working life/ or including savings up to £750k.

Say hypothetically if I came across approx £1.5M (capital) say at retirement age, aside from pension (55-60) would I have enough to be financially independent?

PennyJar

PennyJar

Hi MC,

Thank you I'll have a look at that...I find it hard to look to the long term future- I purposely avoid it, or put it off. For personal financing I can only look perhaps 10 years ahead comfortably at the moment which is where my MFW goals sit.

It is interesting mind...

PennyJar