Keep calm and carry on....

remote_control

Haha I'm exactly the same with her name! 
I agree with mini FIRE, I don't want pensions. I worked out my Coast FIRE number and it was huge. But I don't need as much to live on as we have now. We're comfortable now but are also paying for lots of children's activities and their food. So without them and the mortgage we need about half our current income, if not less.

QueenJess

Pensions v savings v ISA/LISA is just all about maximising the amount you have due to tax. Just really based on higher versus lower rate tax payer and how much you need when (I.e. they can all be accessed at different times).

A mix is usually the answer, although not always.

killerpeaty

I have caught up and I have my doubts about that video. For example, fire figures are calculated using your desired income (usually based on costs), so with the calculation assuming you want to have the same income as you currently you have, you are aiming a bit high. The lady says that her subject is saving 10% out of the salary so why is that 10% needed? Safety Cushion? Unlikely, there is a large amount of debate about the 4% rule of thumb, many are now preaching about using a 3% withdrawal rate. Plus, why does she take out tax, even RE individuals look at pensions as part of their strategy, which are taxed at receipt. Also, I find the growth rate a little high, the usual figure I see is 7% which is a lot when you compound it. I don't know, I might be out of date as I did my main FIRE reading about 5 years ago.

Regardless, I calculated my figure (using a 3% withdrawal multiplier and 7% growth) and it's bloody loads! But not that far away from my goal for when I'm 40, over by about 60k.

I'm recovering from a migraine so all of the above may be utter gibberish.

remote_control

That all made sense killerpeaty! It just goes to show how flippin' complex the whole thing is!

South_coast

I definitely agree on the income bit, everything else I've read about FIRE is based on your projected expenses, not your current income. If your current income includes money to put towards FIRE, then you don't need to replicate that figure afterwards! 25x salary would be 😮😮😮😮😮😮😮😮😮😮😮😮😮 as a target, as opposed to just 😮😮😮😮!

rugbymadfamily

Its so much thinking watching these videos, I started the other night but then been just with the new job. Want to spend a few hours over Easter weekend having a look through the and getting some thoughts together.

Great news on the OP btw, brilliant news!

Cheery_Daff

I think my head might explode if I watch those videos, especially as I'm considering dropping a day at work 😮😂 Wholesale relying on pensions here rather than any kind if savings/investments - and I'm fortunate that we already have Mr Cheery's so know how much that is, and mine both have good calculators to help you figure out how much you'll get and when. Part of me wishes I understood it all properly, and part of me can't/won't spare the head space right now 😮

Sholly

South_coast said:

Sholly, thank you so much for your lovely words 😍 You've not been too shabby yourself though! Sorry for dragging you into Streetbees, at least its randomness adds a bit of variety 🤣!

RC, I must watch some more of her vids, I think it's the name that puts me off. There's obviously some meaning to it that I'm not getting 🤔?

Ah! Thanks so much! I have been disappointed that my surveys haven't quite been as random as yours 🤣

Her name puts me off too! I wondered if the Furfur was to do with her name being Jennifer, eg when little ones can't say your name properly - she mentioned step kids so maybe they called her Mamafurfur. That's my theory anyway, I could be entirely wrong of course 😂 I'm so tempted to ask her!

South_coast

Ah, that's a much better theory than mine! I was working on it being "something Scottish" and hadn't got further than that 🤣!

Nothing wrong with relying on pensions Cheery, esp if they give a good indication of what you'll get. Mine are a bit vague, but that's probably because they think I'm too young to bother being more specific yet!

South_coast

Right, almost the end of the month so time to check in on the goals:

South_coast said:

Money....
* Save up £4k to transfer into the LISA at the start of the new tax year - This will earn me the maximum bonus of £1k for The Future and the overall "money needed" figure - Achieved 🧚‍♀️
* Once I have the £4k ready, pile all money into the mortgage - Simples! - Underway 🧚‍♀️
* No clothes purchases, except for work clothes, underwear and tights - I don't have loads of clothes, but I definitely have enough and they're all in decent enough condition. The exceptions are to a) make sure I look professional and b) ensure public decency, so are sensible enough omissions! - EPIC FAIL!!! It turns out that BF's playful jibes about the scruffy clothes I was wearing round the house at his place were masking the fact that he really hated the scruffy clothes I was wearing round the house at his place. One highly-inappropriate outfit as a birthday present later (this is why we don't do gifts 🤣!) and I struck a deal with him that I would get some new stuff that he would like, just as long as he returned what he'd bought 😮! £94.51 spent. Plus £81 on two pairs of trainers (my old ones were rubbing my feet, and I thought having a second pair would reduce any possibility of "Well I'd love to go out for a walk, but my trainers are at BF's" excuses). Plus £22 on new winter boots as mine were falling apart and I'd been waiting for the sales (reduced from £45). Plus £6.50 on a new work skirt (but at least that was a permissible item! And also reduced!) The money for all this came from my unspent petrol budget, so no impact on the MF plan (except that now I need to top the petrol pot right back up 🤦‍♀️). This amount of shopping does not sit well with me though, so stressful finding the best prices, placing the orders, waiting for/collecting them, then returning the rest, all the while with a credit card balance growing (which I normally pay off as I go, so the balance is usually zero). And the marketing harassment afterwards 😮😮😮! I have been getting 2 or 3 emails from JD Sports most days since I placed an order with them, and every website I visit has their ads on. No wonder people end up buying more than they intend! Definitely won't be doing any hardcore shopping again for a while....😮
* 1% of monthly salary to be donated to local homeless charity - Rolled over from 2020, as not yet a habit - Yep, done

2021, the year of health....
* Buy a 12-month prescription pre-payment certificate - I have been guilty of not using my inhalers at the prescribed dose to save on prescription charges in the past, so this feels sensible and grown-up. It will also save me money overall - Still not needed yet
* Act promptly on health concerns - No more ignoring back/chest pain for two weeks and telling myself it's down to sleeping on a lumpy mattress (although this did at least prompt me to buy a loooovely mattress topper 🤣!) - Not had any to act on 😀
* Continue to minimise alcohol consumption - No explanation needed here, I think! - Yep, reasonably satisfied with this this month. I've noticed though that I really struggle with not buying any if I go food shopping after work, regardless of what kind of day I've had. Note to self: Do not go food shopping after work!
* Avoid all processed sugar - I'm not going to refuse birthday cake if someone has taken the time to bake it, but I'm not going to go looking for it either. The same goes for biscuits, chocolate etc - More of a struggle this month. I've wanted jaffa cakes or a bar of chocolate every time I've entered a supermarket, but fortunately managed to stay strong 😀 I even resisted a free chocolate chip cookie from Lidl for my birthday. I did have some fruit juice when BF's son made some cocktails though - so easy to forget sugar in drinks! 
* Take steps to minimise processed food - A bit tricky as I'm veggie (I do eat fish, but not at home - mostly to make it easier for other people catering for me), so I can't just base meals round a piece of meat, but some of the meat-alternative products don't feel very natural so I'm trying to cut those out as much as possible. Just need to make sure I leave myself something to eat! - I had a pot noodle 😳 (my occasional guilty pleasure!) But it did at least qualify me for a survey on i-Say 🤣 A couple of bits at BF's again. Do mushy peas count 🤔? I'm saying no, as they're only fiddled about with a little bit, rather than created in a factory
* Exercise outdoors once a week and indoors once a week - I know this will sound really lame to you fit lot, but I have to start somewhere and also try and keep it achievable - I'm back up to date with the sit-ups and press-ups, catching up on skipping, but still a long way behind on walking. I did go for a walk on Saturday though. In my new trainers....which rubbed my feet....🤦‍♀️🤦‍♀️🤦‍♀️

Hmmm.... I reckon I get a D for that lot 🤣!