Staying on track to be MF and ready to support my daughter at 18

Karmacat

Hello Elmo, I just caught up - I'm so sorry to hear your news about your dad.  It sounds like you're coping well, with the chat about the premium bonds ,  but its terribly early days.  You're not "over it", and it was a shock, anyway.

As far as information - its a month ago now, and presumably you're finding your way through it all - I hope so, anyway.  My parents both had wills, so I don't know anything about intestate, except that there are strict rules - I don't think they go into action, though, because you and your brother are the closest relatives and you're right there.

Hope you're doing okay.

ElmoR

Hello all

I thought I would pop in and tie up the chapter ending for my thread   DD recently turned 19 years old and is very happy in her student life at university 

I started posting because it wasn't clear how I'd manage this financially, with the mortgage, minimal savings and hoping DD would find her way to further studies or a job and knowing university would require support from me. Over the years or posting there was all the advice that you find here that was extremely valuable - this forum group especially where folks understood that head/heart decisions aren't the same and finances aren't entirely a spreadsheet (though I now confess to having a spreadsheet habit). I learnt all my finance, planning, FIRE-related skills here!

Looking back, the months leading up to the mortgage being paid off, and the actual day itself, is up there as one of the most happy/memorable days ever. A literal weight lifted. So even though, on other forum groups, they said I was an idiot in not chasing interest on savings/investments gains instead, I don't care! That feeling of lightness has been worth it

Like quite a few others, my work environment has been pants. Toxic pants level. This group was also great in helping think of options and alternative approaches For the record, work is still pants but it doesn't keep me awake at night any more (or at least not at the moment). I'm working to get to the magic DB amount of £25k, that's my target and if my spreadsheet is correct/pension calculator correct, I could get there at age 60. There's a bridge to build to get from 60-67 and I formed some of that once the mortgage was done - simply diverted the payments that way.

For those wondering about children and university and what to plan/expect...I'd read the information in the forum pages and had a rough idea what DD would need from me. I could have forced her to get some paid work but in the end she did regular volunteer work that was adding skills to her CV and character building (since she was in hospitals during the pandemic). So she hasn't had to strive financially (yet) and maybe I'm a slightly rubbish parent for that I save money each month which then is used for a termly blob that she gets. She has at least made a budget and seemingly kept to it so far (early days and I cringe every time I hear she has fed herself at spoons...). I forced her to do the ML money academy course, so maybe it rubbed off in some small part.

The uni years support has put the brakes on my 60-67 bridge fund though. Also means that I can't flounce away from my job at any point soon or even before/at 60. We live in one of the cheapest places for housing in England, so downsizing isn't on the cards given that we'd like to move somewhere a bit more rural to retire.

Anyway - mortgage cleared, finances in a slight state of flux but very healthy on the whole, and daughter supported at university.

I formally declare this thread closed

Please keep in touch all who've travelled alongside! I do still read your diaries.

ElmoR xx

Karmacat

Thank you so much for that finishing post, Elmo, that's beautiful.  Huge congratulations to you.

doingitanyway

Delurking...What a lovely mum you are. Mission accomplished 

Cheery_Daff

What a lovely update ElmoR! Utterly brilliant to hear how you've planned and schemed to achieve your goal, and are well on your way with your retirement funds 😊😊 Glad to hear your daughter is doing well 😊

I do hope you'll stick around 😊

Cornish_mum

Lovely to hear your updates, All the best for the future CM

South_coast

Sorry to hear you're closing down your thread ElmoR, but I agree it's mission accomplished 😀! I hope you'll keep popping in to update us on FIREside chats x