regularsaver MFW journey - Achieving a dream.

regularsaver

Good evening everyone, 

Hope you are all well. I have just made this months OP of £111.36, back up into 3 figures after the last few months being lower than I wanted.

Its been a crazy busy time since my last update, work is really busy and going really well I am pleased to report. I have had some excellent feedback since being in my new role. Out of work I have embarked on an exercise and eating regime for the last 4 weeks which has seen be lose 9lbs, get a bit stronger and begin building my steps back up since my knees are also feeling a bit better too. 

So all in all a positive time which is great, I am really pleased. I know I keep saying it and failing but I intend catching up on your own threads asap! I will get there and I am sorry for being so rubbish at it. 

LadyWithAPlan

regularsaver said:

LadyWithAPlan said:

Just read your journal and well done on the  consistent OPs.

On the savings v pension v OP mortgage debate, it obviously changes all the time, but there is a useful rule of 15% of your gross income going into your pension (so get a SIPP if you cant add more into your work pension) - Vanguard is low cost and very easy to understand as it only has their great funds.  If you are or become a HR tax payer then investing in your pension is even more useful as the tax advantages are huge of investing in your pension.


Then split whatever you have left over into OP and savings if you feel they need bulking up.  I am single and freelance so have a 6 months basic bills EF fund.

Or just set percentages % of excess eg 10% extra going additionally in to your pension, 30% to savings and 60% to OP..
I find deciding my percentages  takes a lot of the stress away. Then if I need to change them to save for something in particular then I am clear why, how long for etc.

I like this! Thankyou thats all useful and helpful information to mull over. To confirm would the 15% of gross income include the employers contribution or is that exclusive of that? Funnily enough I have been working out pension % this week as I am early adopting into my new companies pension and they put 3% in so I would need to do 12% to hit your rule, presuming it allows for employers % contribution.

Thankyou LadyWithAPlan

Sorry just saw your response. 

The 15% can be either including or ignoring your employers.. I am SE so I don't have tha but I would say ignore the employers.. pensions are the most tax efficient way of saving so all extra counts so do the 15% yourself. Or again split the 3% difference so say 13.5% from you on top of the 3% Employers contrib. Find out what you can max out what you can on that ,match as well.  It may not be possible now  but at least you know for your next pay raise.
If you are or get to HR tax payer than pension contributions are the best investments with the hmrc added 20%  more. 

It is less about the final details and more about you having benchmark percentages to work with that suit you, it takes the stress off being all or nothing cos you can do 15% on this, 50% in pot B and  35% on that etc.

Plus you can change it round, as with me I have massively lowered down my 15% of gross income SIPP contribution this tax year as I am saving heavily for the flat deposit, however  after 3 months I have realised I need to put something into my pension  so I am now edging nearer to 10% over the year. It won't hurt my deposit that much but it does make me feel better and I get the tax relief. 
Plus I think when you have targets - the next £1000 in pot X etc you can then manoeuvre extra cash across the pots as make sense but you have an underlying base line.

Also with some forms of income - as I have various, I also split it 50/50 house savings and pension.. I  split my Matched betting income 50/50 mortgage /SIPP. 

I have just spreadsheet out a rough FIRE, when pensions are coming, my age, current various pension pots. It is all very rough and noone knows what the future will be but at least I have some rough ideas and goal posts to hit on that as well.

Your EF should also reflect your life so if you have a steady job 3 months of expenses if you lost your job tomorrow gives you time to get back on your feet. I aim for 6 m as SE. However as I have not yet bought and have a deposit I have just put an extra £1k into my sipp from my ef. Once I buy my home the first thing will be getting the EF back up and bigger as outgoings will really go up.

Well done on the nutrition and training, thats great results!

Sistergold

Hello @regularsaver, nice to hear that your new job is going great! Also well done on a good three figure OP! 

Wow well done on losing some weight and regular exercise! Keep it up, very encouraging health benefits you are already getting! Xx

regularsaver

@LadyWithAPlan and @Sistergold I really appreciate you taking the time to comment. Some great insights and thoughts there @LadyWithAPlan of which I will take onboard. 

Progress in a number of fronts have been good this month. I have just made Novembers OP of £150.65 so I should easily hit by year target of £1270 as I currently sit on £1218.89.

Training and weight loss have remained consistent, I have now lost over a stone in weight in 8 weeks. I feel better in myself, more energy, lighter on my feet, dropped a jean size etc so I am really pleased with that and aim to keep it up. I have also met someone who things are progressing with steadily and thats made me happy too. Its got me thinking about all the little things I can do for her to let her know how much I care and like her as she really appreciates these things and I am enjoying them, such as sending her little good morning texts etc. Haha, I sound a big softy but I dont mind

Work is also going well still and I have just had some days off too, catching up on house jobs, meeting friends, doing some more normal things again which has been great having been locked up for so long with covid etc. Its made me feel better in myself. 

I have even taken the step of cancelling my online shop now things feel a bit better and looking forward to going to do it myself, I always enjoy a peruse around the supermarket and its so much more convenient etc, rather than having to wait in. Not complaining though its been a godsend whilst covid has been bad but I feel its another step I am taking to getting back to normal etc. 

I am feeling so positive right now and looking forward to the next month ahead. Fingers crossed everything continues to go well and for all of you too, I hope you and your families are all safe and well and you are achieving your targets!

regularsaver

Evening all, hope everyone is well and feeling festive and ready for the big day! 

I have just made the final OP of the year, December has come in at £109.11 meaning I have paid £1328 for the year and my target was £1270 so I am pleased to have hit and exceeded target in my first two years of OP'ing. 

Also I have just signed up for the 2022 challenge so I guess you will all have to put up with me for another year haha!

In other news, all seems to be going well on many fronts, from health, to work which is still going great and I am really enjoying. 2 of my 5 clients have given me excellent feedback in the last few weeks which have gone to my bosses so thats great! 

Also before I forget the person who I mentioned in my last post that I had met has now become my girlfriend so this is excellent news and we have been spending lots of time together although not much money saving going on on that front haha! But we have been having a great time and enjoying days out and nice food and not everything in life can be money saving I guess. Its made me really happy though so not complaining. 

Merry Christmas everyone and a happy, prosperous and safe new year to you all and your families! 

South_coast

You sound so positive and upbeat, go you 😀! Enjoy your Christmas and have a wonderful 2022

regularsaver

South_coast said:

You sound so positive and upbeat, go you 😀! Enjoy your Christmas and have a wonderful 2022

You too @South_coast

regularsaver

Happy new year all! Hope everyone had a good Christmas! 

I had an enjoyable time I spent Christmas with family and new years with my girlfriend. Had a lot of food and done a lot of walking so not such a bad combination!!

I have just made my January mortgage OP, of £108.27 so now into my 3rd year of doing the OP challenge and it feels great! 

Hopefully I can go another year without missing one and I hope you all do too. 

regularsaver

Good evening everyone and I hope you are all well. Its been a little while since I updated my thread and I thought it about time! 

Since the last update I have made Feb & March OP's of £108.63 & £108.45 respectively so a solid start to the first three months of the year. 

In March for the first time I was sub £200 in interest for the first time which is great! 

Feeling the squeeze of things going up in price as I am sure we all are, from food, to petrol, to energy prices etc. Not looking forward to the big rise approx 54% as of next month! Ouch. Are any of you guys fixing in on energy prices of keeping on the cap? 

Things are going really well at work which is great and things are going equally well with my girlfriend which is great. As expected I am spending more on fuel to go and see her and more on food and socialising but I dont begrudge that, but just having to keep a close eye on things as you do but also balancing that out with living, enjoying myself and progressing things with my GF. We seem to be spending more and more time with each other which is great and making plans for a future together which I am looking forward to. Life feels like its in a good place right now for the first time in a long time and long may that continue.