Keeping our options open

becky170

The new boiler is in and the house is feeling warmer Hopefully it should make it cheaper to hear the house as it's more energy efficient, but as we're going to be in a lot more this winter (DH is WFH full time and I'm WFH 2 days a week) I don't think we'll see any reduction in our bill 

So far an overpayment of £207 has been made this month. I was meant to be going to the hairdressers on Saturday but obviously that won't happen as we'll be in lockdown by then. So £100 saved I guess! Depending on how long lockdown lasts I may have to dye my own hair  I cut both DH's and DS' hair last week as well. I didn't do too bad a job so that's £20 saved  The food shopping budget has gone to pot though so any money saved is being spent on food. Oh well, you win some you lose some. 

becky170

I had an email from my pension fund confirming that I won't be able to access my pension at the full amount until I'm 68 which is my current state pension age. The thought of retiring at 68 makes me very depressed, especially as my DH will be able to retire at 60 with some of his pension pots. I really don't want to be working for an extra 11 years after he's retired. I could handle a few, but 11!!!! The aim has always been to pay off the pension by the time he's 60 so that he can retire, but if I'm going to retire at the same time we're going to have to do a lot of saving 😥 

FtbDreaming

How old are you? If you’re planning on paying off the mortgage prior to your dh retiring then that will be one less outgoing. Plus your kids will be grown up so that’s another chunk less money you'll need. You may find that although you won’t be able to draw your pension until 68 you’ll still be able to live off his with reduced outgoings. One thing that does confuse me on here is that people go for years and years living on a couple of quid a week and multiple NSD whilst they pay thousands into mortgage and savings and then are they suddenly going to switch from being super frugal to living the life of a rockstar overnight. My prediction is these same people end up 6 foot under with loads in the bank and the inheritors moaning about the care home/ tax bill. 

becky170

I'm in my late thirties so if all goes to plan I'll be around 50 when we pay the mortgage off which is hopefully give us a couple of years to save before DH retires. Yes being mortgage free will give us one less thing to worry about if we both retire early. We don't have any grand plans for our retirement so we just need to have enough to live comfortably without worrying about money, although a couple do holidays would be nice too  

Moneyfordreams

Can you get or have you got a LISA? I'm reading a lot of good things about those on these boards. I would get one but i'm way past that.  

South_coast

I opened one yesterday 😀 You can only open one before you turn 40, and you can access the money tax-free at 60

becky170

I have previously toyed with the idea of getting a LISA but at the time I was a bit scared about putting money away and then not being able to touch it until I was 60. I probably should think about it again before time runs out 

South_coast

You only have to open it before you're 40, you don't really have to put anything in just yet. The one I've opened only needed an initial deposit of £10, so it can just be a placeholder for the time being while you think about it x

becky170

South_coast said:

You only have to open it before you're 40, you don't really have to put anything in just yet. The one I've opened only needed an initial deposit of £10, so it can just be a placeholder for the time being while you think about it x

That's a good idea, I hadn't thought about doing that! Thank you

becky170

I've been thinking about the Lisa and I think I'm going to go for it. I'm already receiving the max employers contribution on my pension so there's no incentive to pay it into my pension especially as I'm a basic rate taxpayer. Even if I only manage to save funds to allow me to retire 2-3 years early that will be better than nothing and in a Lisa I can access it from 60. 

On another note I've sold another item on Faceb00k so that's one more item out the house. Only made £14 from my sales over the last month but the main thing is to get rid of things, any money is a bonus. I've not listed anything new on there due to lockdown but getting some bits together ready to put on in December.