Mooloo’s Managing it in 2018

Savvy_sewing

annandale wrote: »

You have almost ten grand in savings? Would you not be better clearing any credit card debt you have rather than building your savings up? Plus surely having that sum of money in the bank means that the housing benefit you get will be reduced?

My goodness, from the posts you make on here I thought you were struggling financially, never would have thought you had almost 10k sitting in a savings account.

Surely it is sensible to pay off debt then build savings up? Or actually use some of the cash to stop you having to scrimp in other aspects of your life.

I don't have it at the moment, I had less then £1,000 in the ISA three months ago. I have been selling a lot of my Makes, and putting my wages away, sticking to a tight budget, but the majority of the money is the fact that I am cashing in my Pension. When that arrives and Ryanair refund it will be around £8,000 odd.
If I target earning £47 extra a day from my Makes it would be around £10,000 and yes I will loose my small amount of housing benefits when the money comes in.
Yes it will make sense to pay off the credit cards, and then my children will just try to borrow again, or won't pay me back,
Or I can use it for the deposit on my house in Portugal.
I have been trying to stop giving my family the money, they usually have had and put it into the savings pot, and I have been determined that I will get my house in Portugal. So the budget is down to no frills between now and Christmas. I doubt that I will be able to keep it up for ever, and obviously I will only get one Pension and one Ryanair payment.
I have lived on a low income for so long, and supported the adults still, well now I am diverting the money to savings and my dreams.

If I cannot get the rest of the house money, via a Portuguese Mortgage, then I probably will put it on the credit card debts. But I don't want to pay off what the adults owe for them. Unless I have no choice.

Savvy_sewing

just_trying wrote: »

You seem more positive ! Well done. We all have challenges in life.

I didn't realise your savings were so high either. I hope you are aware if it's coming from the pension (taking it as a lump sum) you need to declare it to tax credits as it's classed as income. Any savings over £6000 needs declared to the council to.

Take care.

Yes I know it will be taxed, and I must tell tax credits. Yes I also know it will take me over the £6,000 and everyone must be told.
I presume that I will still have to tell them if I am using itvto pay of the debts so I am probably going to have to rethink my future budget too.

Redlady.....

Well done Mooloo, you have no need to explain what you're going to do with your money. Anyone who has been reading you're diary for a long time knows you've always been straight with the different agencies.

Savvy_sewing

Had a trip to Aldi for the food shopping, actually did a menu plan first instead of random stuff. I am cooking a roast chicken dinner, for dgd and myself, I am relaxing with my feet up and watching Christmas movies. But I still feel quite guilty that I am not making something or sorting my clutter etc, but not guilty enough to actually move forward!
I have been thinking long and hard about whether I should be so focused on my dreams, or whether practicality should take over and I should pay off the families debts on my credit card, but at the moment, I don't want to see my dreams disappear into empty credits cards!
Mum and I are going to see the house when We go on holiday, and I am a great believer in the ability to make something happen if you really want it that much. As long as it's legal, and morally right of course.
I will keep making cushions and bags etc and sewing my way to my dreams.

dreaming

Great to hear you sounding more upbeat Moolooo - long may it continue. It's odd isn't it, this guilt thing? Although I retired over 4 years ago it was shortly after that eldest's problems came to light and I spent most of that time in a highly driven state - either dealing with various officials and agencies on behalf of eldest (and lately her new partner as well) or dealing with my own emotions by keeping as busy as I could. Now that things are probably as good as they are going to be for them and I no longer have the day to day worry of it all I have found it hard to slow down. I have to keep reminding myself that it's perfectly ok to sit and watch tv in the middle of the day, or read if I want to. I do a little bit of volunteering as well now and was actually asked to take on a more demanding role in that but after initially feeling that I "should" take it on I realised that it's just not what I want to do. I'll never get those 4 and a bit years back but I want to try to get back to how I felt when first retired - that after years of working extremely hard to pay off my mortgage etc. my time would be my own.
It occurred to me that I have never heard a man say he feels guilty for relaxing, or doing his own thing. Not a criticism of men by the way as I think they probably have it right - work hard then relax, not work hard, then work harder.
Re credit cards v. savings - could you do a bit of both? Maybe pay off some of the debt but keep some back for yourself?

just_trying

Mooloo, if I was you I'd not tell any off them that your expecting this money and if you have tell them it's going into a account you can't touch or there hands will be out.

I think you should keep the money to the side and use it for your dream, keep on at them to pay the debts and live as you are now. This is your money, for your dream. Yes, the cards are in your name but as long as they're making payments live as you are and keep your money safe.

candygirl

MOOLOO I read your thread every day, and am rooting for you.Have you a specific house in mind in Portugal? Have you any photos? My dream is to retire to Spain with the pooches, depending on Brexit

Savvy_sewing

just_trying wrote: »

Mooloo, if I was you I'd not tell any off them that your expecting this money and if you have tell them it's going into a account you can't touch or there hands will be out.

I think you should keep the money to the side and use it for your dream, keep on at them to pay the debts and live as you are now. This is your money, for your dream. Yes, the cards are in your name but as long as they're making payments live as you are and keep your money safe.

That's what I plan to do. I shall be sewing my way to my dreams and saving everything for me for a change.

Although probably not tonight. Although I just had some more orders, so I will be back on the creative trail tomorrow.

Chicken dinner was lovely, and I still have over half the chicken for tomorrow.
I can't believe that it's only 6pm I feel as if it's been a long day today.
Time slowed .
DS text me asking me to contact the foster carers to arrange for collecting the boys from Biggest, as the GFs Mum ( who contact was with,) kicked off over something and so they had to leave hers. That's not good in front of the children, she is doing herself no favours and I see where the gf gets her problems from.
I hope that it doesn't affect the contact and the aim to return the children to the family.

jackieblack

Mooloo wrote: »

sewing my way to my dreams and saving everything for me for a change.

That would be a great title for your 2019 thread!

Savvy_sewing

jackieblack wrote: »

That would be a great title for your 2019 thread!

Eek 2019 it's coming too soon!