My year of living dangerously

Homegrown0

Oh, pensions. One of my least favourite topics! I have absolutely no advice, since I just do the basics. 5% of my monthly salary goes in, and my company matches 5% so 10% total. I have no idea what it does or how it performs etc, but I'm quite a bit away from retirement at the moment. I think when the kids are a bit older and we've got the house the way we want it, my plan is to focus on overpaying the mortgage and upping pension provision.

I'd second seeing an independent financial advisor to get a rounded, whole market view on what you should be doing for the best. Have you taken a look at the pension boards on here? I'm sure there's plenty to be learned from there as a first step?

I absolutely feel your pain about the mess quickly reappearing. Seems like you're motivated to keep on top of it though

doingitanyway

savingholmes wrote: »

If I were you I would arrange to see an independent financial adviser regarding your pension provision. It depends how quickly you are going to want to access savings / investments to what the recommend you do with your money ie how low risk, medium or high risk you want / are prepared to be. High risk for potential high gain can seem attractive if you haven't got long to go - but if you were to lose it - it would have a bigger impact as you can't wait for the market to recover the same...

Our pensions are all through work. I haven't started the investing lark yet - clearing debt first.

Homegrown0 wrote: »

Oh, pensions. One of my least favourite topics! I have absolutely no advice, since I just do the basics. 5% of my monthly salary goes in, and my company matches 5% so 10% total. I have no idea what it does or how it performs etc, but I'm quite a bit away from retirement at the moment. I think when the kids are a bit older and we've got the house the way we want it, my plan is to focus on overpaying the mortgage and upping pension provision.

I'd second seeing an independent financial advisor to get a rounded, whole market view on what you should be doing for the best. Have you taken a look at the pension boards on here? I'm sure there's plenty to be learned from there as a first step?

I absolutely feel your pain about the mess quickly reappearing. Seems like you're motivated to keep on top of it though

Thanks Homegrown0 I guess my mind has turned to pensions as like you I paid in via work and work also paid in but when I freelance I need to save something somehow for retirement.

Thanks Savingholmes I will go and lurk on the pensions boards.

Re the mess, I dealt with the clothes (ironed and packed away), tidied my bedroom and got all the bins emptied and the car packed up ready to deliver more decluttering. I thinned out all the stuff hanging in the hallway too and watered the plants. The kitchen and living room are still a mess but progress has been made

beanielou

Always good when progress is made

mark55man

pensions are a minefield but there are pots of gold - however also persons who wish to steal them!

the first thing I would advise is just to read and reread the basics so you understand the differences. eg you have to choose what to invest in and also how to invest. "What" is primarily about your attitude to risk, your timing needs (how many decades) and results in a decision about asset allocation - whereas "how" is about your personal tax circumstances and predicted incomes/needs,and about combined different investment platforms pension, ISA, cash, .....

A SIPP is taxed on the way out (payment), but you get tax relief on the way in whereas an ISA is built with taxed income but paid out tax free

also understand your state pension provision
understand the pensions you have built up with previous employers

Especially if you are living in frugal circumstances now, you maybe surprised at how little you need on top of state provision

retiring early is mainly a juggling act of how much of your pot you consume before you are entitled to claim other payments.

good luck, but do it. its not that every day counts but leaving it years makes the problem worse. self employed carries its own set of challenges

doingitanyway

Thanks Marks88 Very helpful post.

So, the hottest day of the year/any year? is upon us.

Lucky for me as it is my day off so I will be staying in. No commuting! Yay!

I made headway with mess yesterday and will continue today.;) I also plan on catching up on reading today.

I made a sweet pepper frittata and a batch of spiced quinoa and pan fried some mushrooms before the heat really kicks in. Making lunch for tomorrow as I am in the office and I am determined not to waste any money eating rubbish expensive food from food outlets.:money:

I rarely keep to menu plans. Does anyone? Anyway, I’m taking a different approach and listing main protein source, making sure I have it in then adding loads of whatever seasonal/cheap veggies I can find and building my meals around them.

Veggie 5 days and meat or fish 2 days feels like a good balance and will be cheaper.

I am also ordering a seasonal veg box from a local farm once a month. I will set that up today for delivery next week.

Beans
Lentils
Eggs/cheese
Meat/Poultry
Fish
Chickpeas
Nuts

Stay cool everyone

beanielou

Stay cool

Homegrown0

Answering your question on meal plans, we stick to them around 80%, and only really divert from it if our plans change or if we end up getting home a lot later from work and it's too late to cook the thing we wanted to.

However, we generally plan 7 dinners and then we decide in which order to consume them based on expiry dates and or whatever we fancy at that point.

I think you just need to find the way that works for you

doingitanyway

beanielou wrote: »

Stay cool

You too Beanie

Homegrown0 wrote: »

Answering your question on meal plans, we stick to them around 80%, and only really divert from it if our plans change or if we end up getting home a lot later from work and it's too late to cook the thing we wanted to.

However, we generally plan 7 dinners and then we decide in which order to consume them based on expiry dates and or whatever we fancy at that point.

I think you just need to find the way that works for you

True Homegrown0. When you have others depending on you to eat you are likely to be less flaky when it comes to meal planning. I stick 50% of late and as a result my budget is out of control so trying to wrestle this down. Time to get real

This week I plan to shop at Aldi for everything and do just one shop not little top ups whenever the mood takes me...

beanielou

It is the top ups that are the killer.
Mind you today I did manage to only buy strawberries today.
Must be the heat. It's a blooming miracle!

savingholmes

My drinks and ice cream top up wrecked the food plan and next week's food budget... Despite having a meal plan... bought pizza and salad for tea.