Missy’s family of 4, paying off debts, saving for a house and just trying to survive!

missymoo81

Still need to do my budget/SOA will get to that. But it’s our last day here in what I thought was Yorkshire but apparently it’s Lancashire! We’ve had an amazing time. Usually when I go on holiday, I come away with big plans and thoughts for the future. But I don’t seem to have any this time. So I’m sat outside with a cuppa, trying to figure out what I’m taking away from this holiday, from here. Apart from wanting the entire kitchen that is 😁. I’ve really struggled to switch off and to sleep to be honest, need to sort my head out really.

slm6002

I know the feeling.  I've decided that until the house is the way I need it to be I will not be happy and only the I can focus on me.  Maybe work out what you need to do to feel happy / content and work your way through the list.  Maybe even just crossing one thing off the list will help a little (white photo frames as its a fairly cheap option, or painting as I think you said  you already had the paint?)

missymoo81

Ah @slm6002 thank you. I think you’re right, a list is the starting point, or several lists as it may be. This place is beautiful and makes me think our home should be nicer, although hard with children and pets. And it’s in the countryside and we live right in the middle of a housing estate. But it’s where we are at the moment.

Ok so things I’d like to get in order:
House
Pensions/savings (as have none)
business.

I will write lists for each.

It’s OHs birthday today, he’s still sleeping. One of his presents didn’t turn up, and one is coming today. But it’s fine. But for the first time ever I haven’t gone over board. I bought him a big present a few months ago but the little things usually mount up to hundreds. But I’ve spent around £25. I got him a keyring, a got him a hat, or which I need to sew or iron the patch on, And a book! He’ll hopefully love them all. 

missymoo81

Ok you lovely lot….. I’m after some advice if I may please. I have no pension and not a lot of savings, to be honest I don’t really know how much I’ve got in savings, some are with PB but some are in the bank, as most of it is going to OH for his training. I’d like to have a Pension, but I’d also like a big house in the country…… so I don’t know where to start re savings/pensions, or maybe a LIsa, but I’m 40 in 10 days so would need to sort that out soonest. What would you do? Or where would you go for advice? Thanks so much.

slm6002

I was in the same position as you until the end of last month when my first pension payment was taken from my wages.  I am 44 so missed the chance of a lisa.  Will be watching to see what is advised

WinterWarrior

Are you self employed Missy? I have a workplace pension, which should have been a good one, but I lost a massive chunk to a layabout XH, so it will be more about surviving than enjoying retirement ☹️ Workplace pensions are the best as the employer puts in too. There are all sorts of options now and you can buy annuities (where they give you so much a year), or draw down (where you have a pot and can dip in when you want, but when it’s gone, it’s gone). It’s weighing up/gambling on how long you’ll live….which is grim! If you have a draw down and spend it all before your final years…or have an annuity and snuff it before you’ve got your monies worth 😬. My feeling is, if the house is paid for then at least you have a roof over your head even with a small pension…but then if someone makes you sell up to pay for a care home 😖 It’s a minefield…hopefully someone will give some good advice! 

missymoo81

Ah @slm6002 thanks for posting. It’s hard isn’t it! I should have had an RAF pension, but apparently I didn’t tick the box. I will chase this up though, as I’m sure that can’t be right! 

@WinterWarrior thanks for posting. I have worked part time for 7 years so no pension, then have been self employed for the past 3. So no work place pension. And we have only just bought our house with a 22 year mortgage…… so lost, and so annoyed I didn’t do this sooner. But my money only ever stretched so far. Having never been paid huge amounts. Really hope someone can offer some more advice. Thanks so much.

missymoo81

So in other news I have been sorting out my budget, and writing up an electronic envelope system. I’ve been watching YouTube videos and I love the envelope stuffing, I wish I could do that with  actual cash and with all the pretty folders but cash doesn’t really work for me!

so budget looks like this:

Outgoings:

£770 - Bills and mortgage (my half)
£50.  - HMRC
£34.  - Sofa
£16.  - Phone (going to change this as too expensive for what it is)
£20.  - Public liability insurance 
£3.    - Apple Storage
£120 - Food (my half)
£100 - Spends / any expenses $
£48.  - May and Roo Swimming 
£45.  - May Dancing / Roo Piano $
£100 - Birthdays and Xmas Presents $
£40.  - Clothes & Shoes (Me, May & Roo) $
£420 - debt pay back / Savings / OH course $

extras I would like:

£50.  - Pension / Premium Bond
£45.  - New bed and Mattress C
£47.16 Roo savings (to make £5000 by the time Roo goes to Uni) PB
£41.66 May Savings (to make £5000 by the time May goes to Uni) PB

The extras all depend on how much I get paid from business as it changes each month.

To make separating things easier. Everything marked with a $ will have its own account so I can track it. I’ve got my main current account then I’ve got 4 extras accounts all with their own bank cards of which I’m going to mark up on each card so I don’t get confused, and I have my other account which is where the £420 goes.

Food I’ll draw out cash, and for the extras will all go in PB’s need to look into children’s ones and the bed will be cash. 

I’m hopeful this could and should work!

slm6002

Do you have a separate business account.  Might be easier when it comes to doing your accounts if you did.  Public liability and maybe some other bits of the bills amount can go in there as i assume they are just business expenses.

I have separate accounts for all  of my different pots as it makes it much easier to keep track

missymoo81

@slm6002 no I don’t…… maybe I should. Will have a think, it’s all integrated into another system so think it may be a major faff to change.