Making savings before it's too late

[Deleted User]

I have a small teachers pension and just had to print the P60 and this made me do a few sums. State pension + £79 a month pension from husband + very small teachers pension. (I am not counting that very important sipp) = a just ok amount but would need to be topped up monthly for definite if I am going to have that sufficient guaranteed income in old age. Trouble with the sipp is like with most financial institutions, anything could happen and I want my pension income all wrapped up in a security blanket

Seeing my total in black and white makes me realise that I am doing very well to save what I do. It helps not having a mortgage

maryb

Sounds like you should be OK then. Most of our pensions are final salary so we don't need to buy annuities with the relatively small bit of defined contribution pension pots we both have.

But no-one can predict the future. (otherwise I wouldn't need a pension I would have retired rich a long time ago):rotfl:

Blackcatsreturns

On the subject of savings, I made an effort last year to put what savings I have into the best accounts I could find. This is a good step forward for me as I previously didn't bother. I assumed all interest rates were low and so it made no difference. However my own banks savings rate was 0.01% and so I moved my money to NS and I and to a couple of other accounts paying around 1%. My bank rate and the low rates at other banks are almost insulting they are so low and I'm sure lots of people like me just leave their money there because it is easier than moving it around. So now that interest payments have gone into the accounts I am pleased with myself as "every little helps". I am still working full time so I use an ISA too. I need to get on and open this years ISA rather than spending any more of the morning reading these threads.

[Deleted User]

I have yet to finish transferring yorkshire bs cash to ns&i, meanwhile it languishes in halifax but after reading about the potential cyber attacks from russsia, I have decided to quickly put cash into my cash wallet, sooner rather than later. I will be `borrowing` from that halifax money and dripping it into ns&i at a normal savings rate later. I call it a loan from myself to myself. I always felt secure when the cash wallet was full, just now I only have enough for one tank of petrol and one grocery shop in that wallet. This is a time when good personal records are important, so that I never get overdrawn

[Deleted User]

it is not easy to move your own money. I went to get cash this morning to find that my card was blocked at the supermarket so I ended up going to town, paying for parking and waited for the bank to open. It was blocked there too.They were on the phone a long time, getting me sorted. I got the cash out now but blimey heck what a palaver. It took the bank person quite a while and she was diverted from one department to another at head office.

Head in hands, yes I know it is for our own safety but the real fraudsters get away with it and we ordinary savers have to go through hoops.

[Deleted User]

ns&i is now live and it was so tempting to put every £ into it but I am realising that it takes a few days to get payments transferred. I have put some £ back into my halifax savings because transfer is instant. I cannot tell you how comforting it was to have that instant safety net, rather than waiting days and wondering. Plan of action now is to re-build that safety net to 2 months of my 12 month plan and the rest can go into ns&i

All my records were messed up because of halifax but thankfully it is sorted now, I am back to normal cash in the bank, some in truly instant savings and a nice cash amount in my cash wallet. This moving money jiggery pokery is done

tori.k

Money moving through my hands at a rate of knots this month.
House has turned up all kinds of niggles that you half expect but hope don't show up.
Moved £250 into the emergency fund saver and started a regular saver to drip feed the emergency fund through worse case if we need the money I lose the little interest it would gain.
Looked at boiler insurance but decided to just pay ourselves instead, the gas combi boiler is already 10 years old so probably will need replacing sooner rather than later, If luck smiles it will last a few more years to allow me to save for a new kitchen as I would like to box it in rather than it staring at me every time I walk into the kitchen.
The sapphire blue the lad picked for his bedroom actually looks great, but it was am absolute nightmare to paint with, I've never been a huge fan of dulux but was like trying to spread treacle on the wall I gave up with the roller and brushed painted the room for a better finish, so he has the colour he wanted and I have tennis elbow.
I still haven't got hold of BT to get the telephone line sorted I need to do this tonight as it will be two weeks at best before services will be connected wont hurt to have a couple weeks without broadband

Blackcatsreturns

I like my N S and I account because it is out of sight and does take a couple of days to move money in or out of it. I have a savings cushion with my bank account, however, I can see it every time I log into my bank account. As I have confessed on here previously I am by nature a spender not a saver so I keep basic emergency fund and the rest is tucked away out of sight.
Tori - I hope new house spending settles down soon. Overall are you happy with your move?

Last time I moved there were lots of bits and pieces to buy - things like a washing line spike, energy saving light bulbs and a cutlery tray. I spent a fair bit of time and money on amaz*n buying these odds and ends.

Slinky

Kittie, just so you're aware, if you're using cash as part/all of your house purchase, you will be required to show the source of every entry of £1000 or over through your bank accounts for the previous six months. That's even if you're just moving it around from one account to another. It's part of the money laundering regulations. I had to spend ages with copy bank statements showing movements from account X into account Y etc when we purchased last year. The annoying thing was I'd done it all a few months before on a house we pulled out of buying - there's a bank holiday wasted I'll never get back. It wasn't even useful for the subsequent purchase as too much time had gone by so I had to do it all again.

caronc

This month has been spend, spend, spend .....
That said it's been on things I have either budgeted for or have "pots" for. (I save various sums every month into "virtual savings pots")
However, does anyone else feel guilty when they use money in their savings pots even though that is what they are for? I think for me as this is only being something I've been doing for a few months it feels as though I'm raiding my savings/rainy day fund which is completely separate:o.