Future Finances: Time vs Money

plumduff55

Hi SaR, I love your headings : Spending, Saving Sorting - I feel a challenge coming on :rotfl:

I too give myself a monthly amount in cash for pocket money and a visa spends amount that gets paid off each month. I keep a running total of spends and very rarely go over budget.

I have made all my jam for the year. I make rhubarb & ginger mainly because I have rhubarb in the garden so no cost for fruit. My favourite jam is Strawberry and I've just finished the last pot from 2017. When I was at the car boot last month the veg man gave me 10k of plums for £2. I made 2 boilings of jam and and gave away the rest of the fruit between two jam making friends. It's not cheap though when you have to buy the fruit and sugar and pectin for the strawberry jam. I give loads of jam away to friends and family and also keep some to add in with Xmas presents. I'm very mean with the strawberry jam

I've made plenty orange marmalade but never mandarin - is it just the same or sweeter? The brandy sounds great

Have a lovely day xx

humptydumptybits

Hi, what a lovely thread.


I've had money troubles in the past but things alot better now. This week I got my first SRP payment, I think I am in the last cohort of women to get their pension before 65, I am 64 years and 10 months.


I have 4 children, the youngest graduated when I was 59 so things have improved since he became independent. When I was pregnant with the youngest my DH had an accident which shouldn't have been very serious but it affected an undiagnosed spinal abnormality and we had to face the fact it wasn't going to get better, in fact it was now going to deteriorate. He had to cope with living in pain, his reducing mobility and losing the job he loved. I had 2 at school, a toddler and a new baby and had to go back to work, be a mum and my husband's carer. The next few years were tough and painful to remember, I can remember one weekend I was mowing the lawn and totally exhausted and I just sat in the middle of the garden and cried. Things could only get better.


The kids have been amazing but I suppose had to be very independent very early, dad was there to supervise when I was at work but it might be a 7 year old making lunch. They are all grown up now, all with good degrees and professional jobs. I have half a dozen GC as well so life is busy.


I retired at 62 and we've managed but the extra £700 a month from SRP is going to make a big difference. We don't have a penny in savings but we do have 2 buy to let properties and only one is mortgaged, again when that finishes in 5 years we will have another leap in income.


I'm interested in the balance between saving and time and also having a life so will be following with interest.

Newly_retired

Most of this thread is not quite relevant to me, as I am already well into retirement but I just popped in to say what a great idea your Bored meeting is, OP, and especially your reasons for spelling it that way. It might even persuade DH that we need one too!

ShyAndRetiring

:wave:

Hello lovely people, thanks for stopping by!

plumduff55 wrote: »

Hi SaR, I love your headings : Spending, Saving Sorting - I feel a challenge coming on :rotfl:

PlumDuff, yes, those headings will definitely represent the challenge going forwards!

I too give myself a monthly amount in cash for pocket money and a visa spends amount that gets paid off each month. I keep a running total of spends and very rarely go over budget.

Sounds very well disciplined!

I have made all my jam for the year. I make rhubarb & ginger mainly because I have rhubarb in the garden so no cost for fruit. My favourite jam is Strawberry and I've just finished the last pot from 2017. When I was at the car boot last month the veg man gave me 10k of plums for £2. I made 2 boilings of jam and and gave away the rest of the fruit between two jam making friends. It's not cheap though when you have to buy the fruit and sugar and pectin for the strawberry jam. I give loads of jam away to friends and family and also keep some to add in with Xmas presents. I'm very mean with the strawberry jam

I think you're right it doesn't necessarily turn out to be a money-saving thing, but it feels like a lovely way to use free / cheap / gluts of fruit. We do also love the fact that in the winter we can enjoy some gooseberry jam and taste the summer! I love that you're mean with the strawberry jam ... some batches are just too good to give away! :rofl:
All of your jam made for the whole year, wow! We're only just getting into it for this year as a lot of the fruit here seems to have failed - our apple, apricot and greengage trees have no fruits at all, same as all of the neighbours. Local bushes have lots of blackberry flowers which are just setting and some already have nearly ripe fruit, so I think it'll be blackberry jam later on, along with whatever cheap fruits the market has in bowls to supply the pectin end of things!

I've made plenty orange marmalade but never mandarin - is it just the same or sweeter? The brandy sounds great

Yes, it is pretty sweet, but lovely and refreshing. I just put the slug of brandy in as we have a bit of that from the winter's hot toddies! You could just as easily add whiskey instead though.

Have a lovely day xx

Thanks, hope yours was a good one too!

humptydumptybits wrote: »

Hi, what a lovely thread.

Hi HumptyDumptyBits, thank you and welcome!

I've had money troubles in the past but things alot better now. This week I got my first SRP payment, I think I am in the last cohort of women to get their pension before 65, I am 64 years and 10 months.

Ha, well done for getting in under the wire on that one!

I have 4 children, the youngest graduated when I was 59 so things have improved since he became independent. When I was pregnant with the youngest my DH had an accident which shouldn't have been very serious but it affected an undiagnosed spinal abnormality and we had to face the fact it wasn't going to get better, in fact it was now going to deteriorate. He had to cope with living in pain, his reducing mobility and losing the job he loved. I had 2 at school, a toddler and a new baby and had to go back to work, be a mum and my husband's carer. The next few years were tough and painful to remember, I can remember one weekend I was mowing the lawn and totally exhausted and I just sat in the middle of the garden and cried. Things could only get better.

Oh goodness, sounds like you've come through an awful lot! I hope life is kinder to you nowadays.

The kids have been amazing but I suppose had to be very independent very early, dad was there to supervise when I was at work but it might be a 7 year old making lunch. They are all grown up now, all with good degrees and professional jobs. I have half a dozen GC as well so life is busy.

:T sounds like a lovely, lively family!

I retired at 62 and we've managed but the extra £700 a month from SRP is going to make a big difference. We don't have a penny in savings but we do have 2 buy to let properties and only one is mortgaged, again when that finishes in 5 years we will have another leap in income.

It's funny isn't it, how income can vary so much across that timeframe for retirement? It's not just the case of being retired and having X coming in each month forever as financial things mature (including ourselves)! Good that the latest cash injection is making a difference and it sounds like the BTL is a solid investment for the future.

I'm interested in the balance between saving and time and also having a life so will be following with interest.

Yes, that's all part of the process isn't it, having time, having a life and knowing how much money is enough money to be able to secure them, rather than making them the cost. Lovely to have you along!

Newly_retired wrote: »

Hi Newly Retired
Most of this thread is not quite relevant to me, as I am already well into retirement but I just popped in to say what a great idea your Bored meeting is, OP, and especially your reasons for spelling it that way. It might even persuade DH that we need one too!

Always useful to have input from those who have already reached the big R or who have managed to secure it earlier! Ha ha, yes, you're welcome to use the Bored Meeting!

ShyAndRetiring

Hi Bugslet

bugslet wrote: »

Oh I love gooseberries - takes me back to my childhood, my Dad was a serious jam maker and gooseberry and also Damson jam were regulars.

Yes, it's funny the childhood memories they evoke. For me the scent of gooseberries and of greenhouse tomatoes take me straight back to my grandad's garden!

The mandarin and brandy sounds rather yummy as well. I reckon it's all round to yours for the Xmas Time v Money Party ( will settle for a virtual party:D).

:j Sounds like a plan!
One of the things I am looking forward to doing when I retire is to make my own food - I just don't have the time at the minute.

It's good to have something like that to look forward to about when you do hang up those work boots. It's definitely a money-saver too and feels like time well spent (for me anyway). Any news on your likely date yet?

Looking at your sorting, I think the mid-term is the worry area rather than the long, the reason being that you have time to prepare as you are doing. Admittedly the mid-term could mess up the long, but you are aware and planning for it now, you can always adjust for long-term - and you never know what might happen on the plus side in that time.

You're right Buglset, the mid-term is the dodgy time and it's particularly the one which feels like we're having to make the choice between time and money. It's the part which we could bring the retirement date forward into but it really would depend on how the finances are looking ... the chances of us being financially independent enough by then are very slim, even without those wildcard issues. You're right that we should think about this.

And this ...
We should of course plan for things going wrong but in doing that we forget that something might happen out of the blue. Last year I had a small inheritance from a relative I didn't know I had, only 7500.00, but very handy as I was having my roof replaced. Obviously I could never count on that, but life sometimes throws a bone instead of a brick bat;).

Do you know, I always think of myself as a positive little person, and I'm well known in the family for thinking about all sides of everything, but this is something that just didn't occur to me ... that something unexpected and fruitful (financially or otherwise) could pop up! Obviously not something to bank on when planning our future but goodness what a great surprise (and I do love surprises). Sorry about your relative, but I'm sure they'd have been pleased to have presented you with a surprise which eased the roof situation!

As ever, thanks for your thoughts Bugslet, it's good to have insights into what we're doing, from people who understand why we're doing it and are also on the same path. Aren't these forums great for that? x

ShyAndRetiring

:wave:

A busy day but not sure I've achieved much in the scheme of things!

Spending
NSD at least, so 4/10. Weekend looks like being a little spendy though, so just as well to get today under my belt.

Saving
OH said tonight that he thought we should get the ISA thing sorted, so I settled to do that once he was in bed (his early start is 6 days a week).

However, when I went to start the application, I realised that you can't have a joint ISA. We do trust each other but the thought of having our pot tied up in one or other name rather than both isn't something I think he'll go for.

So, back to the savings boards and a list of fixed rate savings options (and a few sums around the interest) are now on the agenda for tomorrow's Board Meeting. The fact that some of the current options offer rates slightly above inflation rate will appeal I think, if we can get past the fact it's a tied-in rate. The other factor to consider is that putting a bit more of the overall pot into it is an option as it's not limited to the £20k like an ISA would be.

Sorting
I played with crunching the average (proposed) interest of the fixed rate savers into my spreadsheet, breaking it down as additional annual / monthly income. It's interesting that it's 5 years which takes us directly into that problematic mid-term planning period, and should generate around £44 income per month - more if OH agrees that we should put more of the overall pot into it.

That's an interesting sum for us as a few of our direct debits and outgoings are around the £40 mark: it's about what we spend on petrol, our water utility payment is £40 etc. We also usually spend around this (or less when I can) on the weekly groceries, so by getting at least some interest on t'pot, it also feels like we'd be saving a bit extra too ie: one less week's food shopping money to find. Food for thought indeed!

Simple pleasures
- A TFI Friday moment I feel I've really earned this week! Work ended today on a bit of a sour note, so glad to just walk away until Monday!
- Family visiting this afternoon.
- The sound of raindrops in the leaves of the apple tree, seems like a long time since we've heard that!

Hope everyone else's week has ended well and an enjoyable weekend lays ahead. Have a good one, SaR x

bugslet

Just a quick pass by to wish you a pleasant weekend. I'm broadband free at home so using a phone which works for short posts not long ones.

See you monday:)

crv1963

Hi S&R,


Interesting catching up on the last few days. We don't have pet insurance but having two rescue dogs has proved expensive, one had extensive treatment and surgery for cancer- now in remission but going for teeth cleaning extraction early August another £270+!! Plus a special hypoallergenic diet! The other developed diabetes a short while after we got her, but as a young dog, a steep learning curve, does constrain us a lot as twice daily sugar level testing and injections as well as regular health checks and eye tests all adds up! I wouldn't care but she wasn't overweight but was/ is into agility and was training her to the sheep. Luckily she has managed through careful management to keep her eyesight.


If you ever wonder why the NHS Budgets are high and that everyone seems to bang on about diet and hidden sugars/ obesity try keeping a diabetic pet, the costs and time involved are high! Multiply that by several millions add the costs of surgery and then you are into the billions.


I enjoy cooking and having a go at jam making is something I'd like to try if I ever get the time. Most would have to be given away though as we rarely eat it.

ShyAndRetiring

Hi CRV1963

crv1963 wrote: »

Hi S&R,


Interesting catching up on the last few days. We don't have pet insurance but having two rescue dogs has proved expensive, one had extensive treatment and surgery for cancer- now in remission but going for teeth cleaning extraction early August another £270+!! Plus a special hypoallergenic diet! The other developed diabetes a short while after we got her, but as a young dog, a steep learning curve, does constrain us a lot as twice daily sugar level testing and injections as well as regular health checks and eye tests all adds up! I wouldn't care but she wasn't overweight but was/ is into agility and was training her to the sheep. Luckily she has managed through careful management to keep her eyesight.

Gosh, sounds like a very expensive time. These poor critters depend on us to look after them and we have to depend on the vets to charge a fair price ... it's so hard not to feel completely overcharged quite a bit of the time though. The insurance thing is a real scam though, I think ... especially when dogs hit a certain age, or certain conditions start to creep in, the premiums become prohibitive or you can't get cover for the treatments needed

Your poor pooches have been through the mill ... thank goodness your girlie kept her eyesight.

If you ever wonder why the NHS Budgets are high and that everyone seems to bang on about diet and hidden sugars/ obesity try keeping a diabetic pet, the costs and time involved are high! Multiply that by several millions add the costs of surgery and then you are into the billions.

Gosh yes, you're not wrong there ... a friend of mine has a diabetic cat with a heart condition and she's carried on working rather than retiring so she can be sure of having the cash to pay for his medication and vet bills!

I enjoy cooking and having a go at jam making is something I'd like to try if I ever get the time. Most would have to be given away though as we rarely eat it.

Ha, yes, I don't eat much of it either (back to that sugar thing) but I find it therapeutic to make and my OH loves eating it. It does make nice gifts too, hope you get some time soon to give it a go!

ShyAndRetiring

:wave:

Slightly AWOL as it's been a busy and tiring few days!

* Spending:
Weekend was a little spendy as predicted, due to visitors. We did have a good time though and certainly kept a lid of spending (eating in rather than out etc) so a good compromise really.

Managed 2 NSDs yesterday and today though, so 6/10 so far, which is on track for end of the month.

* Saving:

Bored Meeting was productive and as a result we've sorted out the pot to suit the various criteria of:
a) Earning a bit of interest, rather than leaving it floundering.
b) Suiting our risk-averse tendencies.
c) Not locking it all away for too long at fixed rates.
d) Joint accounts rather than single.

Pot has been spread out across:
NS&I bonds - 3 years; PO bonds - 1 year; Fixed term savings account - 3 years with monthly interest as income; 5% Flexaccount current account, 3% T*sco current accounts - the current accounts meaning we still have accessibility if we want it.

Will be also putting money into an ISA as additional retirement savings. So, happy that this part of future planning goal's been met for the time being.

We've had some good savings from frugal foods the last few days:
* OH's been enjoying his afternoons sea fishing in the sun. He's supplied enough mackerel for 2 meals (1 for 4 people; 1 for 2 people);
* Remainder of gooseberries harvested and used for compote type desserts and a mackerel dressing.
* Blueberries growing really well and making a lovely addition to breakfast!

* Sorting:

Pleased to have sorted the savings pot for a moment and especially glad that some of it will be generating a bit of interest as monthly income for our monthly domestic account. This'll cover one week's food money each month which will save us a bit on outgoings.

So, the sorting between now and the end of the month is going to focus on sorting a bit more growing space in the garden, in the hope of shaving a bit off the outgoings that way. This is also a bit of a 'time' earner as the growing is something OH loves to do and I'm happy to get involved and for it to be something we do together (both in the run up to retirement and of course afterwards when we'll have a lot more time to do it)!

Simple pleasures over the last few days:
- Time with family.
- Hydrangea bushes & lavender in full bloom, so house is full of the equivalent of hand-tied bouquets for absolutely no cost at all!
- Teaching boy pooch to cool off in the sea.
- Watching baby seagulls on neighbours roof testing out their wings, ready for take-off.

Hope everyone's OK and not wilting too much in the sun. :cool: SaR x