Making savings before it's too late

[Deleted User]

moneyistooshorttomention wrote: »

. So - it makes sense for a partnered-up person to bear in mind their Other Half didn't have an overnight transition to the lower standard of living single people have:(.

yes agreed, something no-one in a couple wants to think about but state pension for the spouse stopped on death. Private pensions revert immediately to the spouse pension ie half or less. The only decrease in bills came from 25% less council tax and a bit less water use. My council tax is £169 pm and all I get is bin emptying every 2 weeks. Any pensions paid out before notification had to be paid back starting immediately

Re funeral expenses, I fully intend to buy the whole package once my house is sold. Dying tidy and future planning, including the worst case scenario, both related

tori.k

I personally wouldn't bother either LL, we've only have decreasing life cover to pay off the mortgage, I have a cheap ( sorry if this offends anyone) burn and return funeral deal in place. we are not religious and this way seems more logical to me.
Pigpen it may be worth looking at separate outbuildings insurance oddly it works out cheaper for us than upping the house contents if there is expensive tools or equipment in there,

pigpen

I have life insurance that pays off the mortgage, £10k for each of the children and £500k so OH would have a couple of years to look after the children without worrying about work too. A will however... I havent done that

Blackcatsreturns

LL I am also finding that this thread is helping keep me on track. I have reduced my monthly spends but in no way has my quality of life decreased. I'm just giving less to the retailers and making more time and more appreciation of all the free/less consumer things around me.
For those buying insurance etc dont forget to go through a cash back site like quidco as there are often good cash backs available.
Pigpen a simple will normally suffices in the first instance. Hubby and I did "I leave everything to you" and vice versa. After he died the fact we had wills in that format made everything so much simpler to deal with (obviously only helped the financial not the grieving). It was then up to me to do some more thinking about re-writing my will in my changed circumstances.

pigpen

Blackcatsreturns wrote: »

Pigpen a simple will normally suffices in the first instance. Hubby and I did "I leave everything to you" and vice versa. After he died the fact we had wills in that format made everything so much simpler to deal with (obviously only helped the financial not the grieving). It was then up to me to do some more thinking about re-writing my will in my changed circumstances.

I'm not married and it feels a bit mean to not want to leave everything to DS1.. he isn't the most responsible with money.. I don't really want my older children to have the power to evict OH and the 4 little ones from their home should I kark it.. it is all very complex.

Flung some more gubbins at ebeast this afternoon.. I will have quids and space if it kills me!

PollyWollyDoodle

Yikes pigpen if you are not married and (as I understand it) you and your partner have young children you really, really need to make a will. That should be a really high priority.

caronc

A will is definitely a must if you have children or an OH. As I still have a mortgage, I have an insurance policy that'll pay it off if need be. It's not expensive but to me worth it for the peace of mind it gives me. I also have death benefits through my pension that would cover funeral costs. My kids know as far as I'm concerned I'm happy with a cheap & cheerful send off:)

pigpen

PollyWollyDoodle wrote: »

Yikes pigpen if you are not married and (as I understand it) you and your partner have young children you really, really need to make a will. That should be a really high priority.

I know this.. but they cost a fortune to sort properly

caronc

pigpen wrote: »

I know this.. but they cost a fortune to sort properly

Unless your affairs are really complicated, they don't, most solicitors will do one for a fixed price or you can buy kits to DIY. MSE has section on this https://www.moneysavingexpert.com/family/free-cheap-wills:)

pigpen

caronc wrote: »

Unless your affairs are really complicated, they don't, most solicitors will do one for a fixed price or you can buy kits to DIY. MSE has section on this https://www.moneysavingexpert.com/family/free-cheap-wills:)

but you need weird things like witnesses and correct terminology and everything about my life is complicated. I have looked at those DIY ones and they made absolutely no sense whatsoever.. or maybe I was having a bad day.. it'll get done eventually.. and if not I don't care what they do with all my yarn... they can fight over it! lol