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

Queen_of_the_Hive

Hi @missymoo81,

The separate business accounts sounds like a sensible way forward especially as the business grows. I think I'm trying to say the faff maybe worth it. 

For your pension and savings building, have you considered using a company like Nutmeg. They have a user friendly platform and do both pensions and stocks & shares isa. You complete a questionnaire which works out which risk level your prepared to go. My pension is with another provider but stock and shares isa was opened with £500 initial amount and £100 per month thereafter. Oh they also do a LISA too. From memory LISA was easy to set up too. I tend to put in spare amounts of cash into mine when I have it but make regular payments into pension.

missymoo81

Hey @Queen_of_the_Hive bless you thank you so much! That’s very helpful! I will check them out. I haven’t caught up with your thread for ages! How’s the rental house? I’ll pop over over the weekend and catch up! 

missymoo81

Ok so we go home today 😢. We have a 5-6 hour motorbike journey for me to think about things on the way back. We don’t need to leave until 11. Which is way better than our last 0930 check out. Desperately going to miss this place. Going to sit and think about things I want to implement when I get home. Apart from the competition tomorrow (dreading it!) I have nothing planned all Sunday or Monday and OH is busy, so it’s time for me to get myself sorted.

I will of course write myself a list and see what I can achieve. I think I’ll do what @Cheery_Daff does and allocate blocks of time to certain things.

DasDachs

missymoo81 said:

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! 

That doesn’t sound right at all @missymoo81 I served in the RN and then the Army. Even though my time in the RN was brief - 3 years, it was still pension earning. It is worth you contacting the MoD to check or one of the various armed forces pension societies. My understanding is that broadly under AFPS75 any service after age 21 for officers and 18 for other ranks was pension earning. Under AFPS05 all
paid service counts irrespective of rank or age. There are some variations under AFPS75 dependent on when you enlisted.

There’s an overview at this link which also has additional detail and some contacts
https://support.veteransgateway.org.uk/app/answers/detail/a_id/381/~/armed-forces-pension-schemes

missymoo81

@DasDachs wow thank you so much! I served for nearly 7 years and they’d set up a new system JPA. I will absolutely check this out! Thank you so so much! I love all of the wonderful helpful people on here! 

DasDachs

No problem at all @missymoo81 - it’s something to definitely chase up and get it looked into. Dependent on when you left it’s also worth checking if you have an entitlement to enhanced learning credits. I tapped in to mine a few times since leaving and they’ve helped part-fund qualifications I’ve taken.

jwil

I'd get a LISA opened quick.  You may decide you don't want to use it but you don't want to miss a chance.  Mine's a cash one with Skipton Building society and you can open it with £1 so it's worth just doing that. You get a govt top up of 25% so it's really worth having the option.  You can always switch to a different one later if need be.

missymoo81

I’m wondering whether to get myself a binder and some plastic envelopes. To put in my cash savings. I think it would help to physically see it and that way I can’t just wave my bank card around to spend money. What are your thoughts?

missymoo81

Also thank you @jwil I will look T setting one up over the weekend.

Kakiste

I personally would be worried about having large amounts of cash in the house, what if you were burgled?