MFW & Retirement Planning on a Single Income

nellis10

edinburgher wrote: »

I think I'm allowing for 3%, don't want to stretch things by assuming more.

True...just makes it all the more of an uphill climb lol.

edinburgher

nellis10 wrote: »

True...just makes it all the more of an uphill climb lol.

Aye, but if I'm wrong there's some lovely lovely upside ☺

nellis10

• Given myself a near heartattack. My FD Easy Saver swept all my money into my savings account and left me overdrawn this morning by accident. Had plenty of funds but they went to the wrong place. Phone FD and they were brilliant. I moved the money back into the current account and there will be no charges. I've also stopped the monthly "Sweep" of my current account to prevent this happening again!
• Phoning the Pension People to find out why there are payments of over £600 coming out of my pension alongside charges of a more reasonable £30
• Tax Man has cashed my checks (quickest cheque cashing in history!!!) so phone HMRC today to find out what my new 2017/2018 tax code will be and how the rebate from 2016/2017 will affect me, if at all.

nellis10

OK phoned the tax man.

The cheques have not been credited to my tax account as yet, but will probably take a few more days.

Regarding my pension relief, the £844 is for 2017/2018 built into my personal allowance.

If I am upping my pension to 20% it takes me into the 20% tax bracket, so I will need to phone the tax man once I up my pension, and tell them to take the £844 off my code.

Does any of that make sense?

nellis10

Nowt.

Well it's the start of a brand new "BIRTHDAY" month for me.

Most of my Direct Debits come out today and tomorrow which brings my rather healthy bank balance down to buttons & washers!! :rotfl:

I'll be taking out the cash for the month for groceries/petrol etc and I'm hoping to save about £50 cash from that in my mattress savings :rotfl:

The aim of the cash savings is to tide me over in my "cash envelope" system for little emergencies like running out of loo roll at the end of the month, or needing an extra £50 because my child has torn their school uniform...those sorts of little emergencies that aren't worth dipping into the proper emergency fund for.

It's also payrise and bonus month. I've been told I'll be getting both, but not how much as yet. I'm hoping the bonus will get me to mostly debt free by the end of the month and then just a few more payments to totally debt free.

Being debt free is the first rung on the ladder to being a millionaire!!! :j:j:j

edinburgher

You'll be a millionaire soon enough.

I love that your EF has an EF

nellis10

edinburgher wrote: »

You'll be a millionaire soon enough.

I love that your EF has an EF

I will have 3 Emergency funds eventually...:rotfl:

1. Little bit of cash for extras at the end of my monthly budget
2. Emergency fund for little accidents, breakages and gubbins
3. Full Emergency fund for redundancy, illness or natural disasters

:j:j:j:j:j

nellis10

OK, so the remortgaging is approved subject now only to the valuation of the property.

The surveyor is coming out on Tuesday so fingers crossed they value it at, at least £80,000.

That would mean the interest rate would come down from 3.74% to 1.94% for 2 years fixed.

I'm going to keep the direct debit at £500 thus I'll be overpaying by about £110/month.

If I keep that level up, I will be able to pay off the mortgage 5 years early, in 12 years. Still seems like a really long way off, but it also means I can put money away into the pension and the investments at the same time.

FacelessNumber

Fingers crossed for you! We had our valuation done and ours had increased in value quite a bit, so hopefully yours does the same!

nellis10

I have made it to 46 years of age!! Woohoo!! :bdaycake:_party__party__party__party__party_

Got news of 5% payrise and 10% bonus.
So first things first - clear the remaining debt at the end of the month.

Then start the full emergency fund saving - that will take me the rest of the year.