50 something man seeking to save to retire before 60!

bugslett

I'm with Mr Costcutter.

After 10 days of being retired I've taken on a consultancy job, a whole 2 days in August, think I'll manage. Once you are retired you may find something local for a few hours a week that brings in some motorcycle money or you could start a shed construction business:beer:

Mr_Costcutter

You certainly don't ''let the grass grow under your feet'' bugslett .

crv1963

Hello,

An update from July payday-

Spending I've been careful to buy needed rather than wanted items so far, new suit, reduced in a sale from £400 to £160 along with a new shirt and tie, not that I have a particular purpose as yet for one, but I seem to have expanded over time and my current suits are a bit tight!

Progress on the shed expenditure- no need to buy ant further raw materials so hopefully that will come in on my planned budget.

I've finished the bulk of Christmas shopping, just Mrs CRV present to go and the little odds and ends for people to open. My present draw is groaning with bottles of Gin, Vodka and Rum all bought on special offers!

Got a couple of nice pieces of Jewelry for Mum and Mrs CRV, along with some Perfume bottles for my sister from an antique shop I've discovered on my wandering around York.

Saving I've managed to get my savings to a level that means we can look to get Mrs CRV hobby/ sewing room sorted and I can get some help in with removing/ pruning hedges and trees as the garden is looking decidedly neglected and overgrown.

Progress on adding to Mrs CRV SIPP is stalled pending the works we want in preparation for retirement.

Mum has given us some cash to use how we want so rather than waste it we're getting some windows replaced as the double glazing is blown and new roofs on the bays and the main roof needs some replacement lead, so hopefully we'll be dry and draft free by winter!

Sorting Almost finished emptying my siblings house, it seems to have been a long process with some differences of opinion with my remaining sibling, but we've rubbed along okay on the whole. Hoping that we can get it finished by September and on the market.

My home looks like a jumble sale with shed insulation and tools dominating the living room- luckily we don't use that, the bedroom full of Mrs CRV bits and the spare bedroom piled with things I've been given from my siblings home, once we've finished sorting the loft I expect some will go there and some more will go to charity shops. I don't sell on line so I'm not going to start now, I have little enough time as it is!

Other News A department store in a nearby town, well it is 16 miles away is closing down, allegedly end of lease but they are selling everything 50-70% off, so going to see if I can buy pans etc for my sons for when they do get their house together, I'm told this will be early next year so not needing to store the things for too long.

Shed progressing slowly- rain keeps stopping work, windows ordered and roofer booked for mid September, as said earlier aim to be dry and draft free this winter.

Had an Architect up on Monday, he's going to draw up plans for a loft conversion, creating a single room, it will be listed as "a one bedroom conversion" but used as a sewing room, staircase will be fitted and all the building regulations met. Building inspectors will have to sign it off as compliant but I'd rather pay the fees and have the job done correctly than simply board it out and have a lot of wasted space.

Have had a few quotes for the work and local estate agent tells me that it will maybe add a little less than it costs to the value of the house as we're at the upper end of the ceiling for prices in our area, but we don't want to move, but want to be able to use the space when we retire. So on balance we're going to have it done. Hopefully it will not be us selling it but heirs in we hope a distant future!

Tree Surgeon coming this evening, four large trees to fell, lots of hedges to get back into shape and some fencing to put up, we're hoping he'll give us a reasonable price and be able to do the work by the autumn. He's taken down some overgrown trees a couple of years ago so we know the high quality of work and he clears up. I could do the fencing myself but I think the time would be the hardest part.

Only one overtime shift this month- already done, night shift through to mid September then holiday, more sorting I think!

Pleasures Have had a couple of hours wandering around York, Hexham and Durham, with a decent lunch at reasonable prices!

Have a good day!

bugslett

Mr_Costcutter wrote: »

You certainly don't ''let the grass grow under your feet'' bugslett .

I can assure you it's a one off, wouldn't be doing it except that they are as much friends as (ex) customers.

Mr crv, we suffer the same problem, clothes shrinkage over time. Trust me, it's not you, it's the clothes;).

Will the roof work and double glazing sort all the likely work on the house for the next few years? I'm curious how other retirees are planning to cover future major house expenditure.

crv1963

bugslett wrote: »

I can assure you it's a one off, wouldn't be doing it except that they are as much friends as (ex) customers.

Ah bugslett- a good plan, but what about when you're asked next time? I have a friend who reluctantly did some work for a former employer, different to his retired from job and it has developed into a part time, enjoyable post- two days a week for nine months of the year for the past six years!

crv1963

bugslett wrote: »

Mr crv, we suffer the same problem, clothes shrinkage over time. Trust me, it's not you, it's the clothes;).

Although fitter than I was 3 years ago my waistline has developed a rate of growth that I'm going to get into check. Whilst never have I been able to boast a six-pack, my beer barrel needs stopping!

crv1963

bugslett wrote: »

Will the roof work and double glazing sort all the likely work on the house for the next few years? I'm curious how other retirees are planning to cover future major house expenditure.

No unfortunately not. I think we need to also re-point the house, have new walls around the garden- walls to all four sides of the property, have some brickwork repairs to the garage, some further electrical work/ wiring installed such as power to the greenhouse (also being replaced), power points for the pond filter etc and possibly the house re-wired.

How I am approaching the various needed and likely works is-

1) What is essential for immediate repair-roofing and glazing?
2) What is essential for future comfort-is loft conversion?
3) What is desirable for retirement- electricity in the greenhouse/ another outside tap?
4) Redecoration of rooms affected by the work carried out? (In a bungalow with work in every room then probably whole house redecoration?)

So essential, then desirable, then probable. Get big ticket items replaced while having a steady known income, use overtime to pay for some works (save up for desired rather than essential items with no urgency- outside electrics/ plumbing/ shed), use savings for big ticket building work, use unexpected/ gifted money to pay for items depending on priority- roof/ glazing then greenhouse.

Then look at the guarantees, most things come with 10 years some like roof with 20 years and at how frequently we do big things- wiring/ boilers etc every now and then, so need a pot of money put aside, topped up every now and then to keep pace with inflation, regular works- guttering clearing twice yearly at £30 a side x 4 so 30 x 4 x 2= £240 pa out of income, hedges once a year at £380 pa (per day gardening services is £380) from income.

Part of how we reached our number was-

Essential monthly costs- utilities, food etc 1k pm= 12k pa
Desirable spending- holidays/ days out= 500 pm= 6k pa
Desirable pocket money each at 250 pm = 6k pa

So our target is 24 k pa after tax. Running cars comes from the desirable spending money. As does saving to top up the replacement items fund.

By sorting the expensive items out while working we're hoping/ expecting to reduce the likelihood of having unexpected big purchases other than white goods, maybe if we live long enough a couple of boilers over retirement. By paying for gardening services to keep hedges trees in order annually we're preventing the trees and hedges getting out of control and too big a task as they are at present.

A stitch in time saves nine approach. It is easy to think that we'll be able to do all the work ourselves especially in early retirement but it takes me 3 days to cut all the hedges moving ladders about and disposing of cuttings, I need dry weather as I use electric tools, the gardening services - 3 of them, use petrol tools so can work when damp and dispose of cuttings.

bugslett

crv1963 wrote: »

Ah bugslett- a good plan, but what about when you're asked next time? I have a friend who reluctantly did some work for a former employer, different to his retired from job and it has developed into a part time, enjoyable post- two days a week for nine months of the year for the past six years!

No chance, it really is just a few days assist on gaining an accreditation. I'm quite resenting it tbh:o, though they are putting me up in a nice hotel, taking me out for dinner and it means I get to see my friend in Reading without spending money on fuel, so it's all a win.

bugslett

crv1963 wrote: »

No unfortunately not. I think we need to also re-point the house, have new walls around the garden- walls to all four sides of the property, have some brickwork repairs to the garage, some further electrical work/ wiring installed such as power to the greenhouse (also being replaced), power points for the pond filter etc and possibly the house re-wired.

How I am approaching the various needed and likely works is-

1) What is essential for immediate repair-roofing and glazing?
2) What is essential for future comfort-is loft conversion?
3) What is desirable for retirement- electricity in the greenhouse/ another outside tap?
4) Redecoration of rooms affected by the work carried out? (In a bungalow with work in every room then probably whole house redecoration?)

So essential, then desirable, then probable. Get big ticket items replaced while having a steady known income, use overtime to pay for some works (save up for desired rather than essential items with no urgency- outside electrics/ plumbing/ shed), use savings for big ticket building work, use unexpected/ gifted money to pay for items depending on priority- roof/ glazing then greenhouse.

Then look at the guarantees, most things come with 10 years some like roof with 20 years and at how frequently we do big things- wiring/ boilers etc every now and then, so need a pot of money put aside, topped up every now and then to keep pace with inflation, regular works- guttering clearing twice yearly at £30 a side x 4 so 30 x 4 x 2= £240 pa out of income, hedges once a year at £380 pa (per day gardening services is £380) from income.

Part of how we reached our number was-

Essential monthly costs- utilities, food etc 1k pm= 12k pa
Desirable spending- holidays/ days out= 500 pm= 6k pa
Desirable pocket money each at 250 pm = 6k pa

So our target is 24 k pa after tax. Running cars comes from the desirable spending money. As does saving to top up the replacement items fund.

By sorting the expensive items out while working we're hoping/ expecting to reduce the likelihood of having unexpected big purchases other than white goods, maybe if we live long enough a couple of boilers over retirement. By paying for gardening services to keep hedges trees in order annually we're preventing the trees and hedges getting out of control and too big a task as they are at present.

A stitch in time saves nine approach. It is easy to think that we'll be able to do all the work ourselves especially in early retirement but it takes me 3 days to cut all the hedges moving ladders about and disposing of cuttings, I need dry weather as I use electric tools, the gardening services - 3 of them, use petrol tools so can work when damp and dispose of cuttings.

Interesting, broadly the approach I adopted. In the last 5 years I have had new kitchen, bathroom, fencing, roof, soffits etc, and the house redecorated. (When Maggie the 11 month old Old English Sheepdog stops eating the staircase, I'll have some new spindles.).

Just having pointing done at the moment. Sheesh, it causes dust and more dust. Even with covers on the scaffolding the garden looks as if it was near a volcanic eruption:(.

The only major outlay will be a new boiler and I have a recessed front door that I want to have some outer doors put in front of, my hallway gets very cold in winter, so that should help.

The attic isn't really suitable for conversion, but the garage is, like mrs crv, I have plans for a sewing table.

Your numbers are similar to mine. They were a bit less since there is only me, though I have three dogs (another hopefully in spring), but I had to up it a bit with the boat. Figures a bit nebulous on that at the moment.

I did meet a lovely chap recently and he rented his house out which provided all the income he needed to fund his life aboard his narrowboat, which cost him 27 k, 5 years earlier. Could be an idea.....

crv1963

bugslett wrote: »

Interesting, broadly the approach I adopted. In the last 5 years I have had new kitchen, bathroom, fencing, roof, soffits etc, and the house redecorated. (When Maggie the 11 month old Old English Sheepdog stops eating the staircase, I'll have some new spindles.).

Just having pointing done at the moment. Sheesh, it causes dust and more dust. Even with covers on the scaffolding the garden looks as if it was near a volcanic eruption:(.

The only major outlay will be a new boiler and I have a recessed front door that I want to have some outer doors put in front of, my hallway gets very cold in winter, so that should help.

The attic isn't really suitable for conversion, but the garage is, like mrs crv, I have plans for a sewing table.

Your numbers are similar to mine. They were a bit less since there is only me, though I have three dogs (another hopefully in spring), but I had to up it a bit with the boat. Figures a bit nebulous on that at the moment.

I did meet a lovely chap recently and he rented his house out which provided all the income he needed to fund his life aboard his narrowboat, which cost him 27 k, 5 years earlier. Could be an idea.....

I think that it is a pragmatic approach. We're hopefully going to the next phase of life not our dotage so with that in mind and no plans to move it makes sense to get our home as we want, able to do the things we want without falling over each other/ getting in the way of each other.

I think it is important to have space to do your hobbies/ have a mess/ lay things out without needing to clear it all away at the end of the day, especially for Mrs CRV as clearing all her sewing/ quilting away makes the next day longer having to get it all out again!

Mums approach to her sewing was/ is to use one of her bedrooms for it so she didn't make the rest of the house cluttered, worked for her and Dad when he was alive, so Mrs CRV having a sewing room should work for us.

I'll be delighted with a new shed and greenhouse, having the hedges get an annual trim to shape/ trees shaped and cut back, leaving me more time for the rest of the garden. At 80 I've finally got Mum to see the sense of getting someone else younger, fitter and faster to do her heavy work- although she is still up and down ladders helping me with my shed!

If we stay on top of the upkeep of the house then hopefully as we see tasks that need doing we can get them done before they become a bigger problem. It is the age old bind- you work so you don't have time to do everything at home so have to pay someone to do it, or you retire and have the time but not the money.

Hopefully our approach and planned income will allow us to reach a happy compromise!