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LucieCat's rolling down to retirement.

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LucieCat's rolling down to retirement.

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I've been inspired by everyone's savings threads to start my own. I'm 64 years old, not due to claim state pension for another two years. I have a small pension and have three very part-time jobs, which gives me a total net income of around £1400 a month. I will carry two jobs into retirement, and plan to drop one, which will I hope leave me about the same income. I have only £25,000 in savings, and about £1000 in a pension. I have no mortgage, but pay a monthly service charge of around £150 pcm for my leasehold flat, which includes the ground rent. I have always been bad with money; it just slips through my fingers on lots of nothing. 
I have been saving £250 a month to pay for car expenses and possible future vet fees for my cat - anything I don't use is going to pay for a new car when mine gives up the ghost. My flat needs lots of work doing on it and this may well take up a good portion of my savings. One of my jobs is becoming increasingly frustrating due to change of management so I may give that up before 2022. 

I need to completely rethink my spending - and the rest of my life. I have some physical heath problems and mental health problems, but they are pretty much in abeyance now. I don't do big holidays - don't like long haul and don't have anyone to go with anyway. I don't do designer goods or big cars. There's just me so I don't have to accommodate anyone else's needs or wants. I overspend on food, books, clothes, crafts and paid content from Amazon Prime TV.
I'm overweight, but pay for two expensive exercise classes every week, and often only manage to get to one. I have many unfinished crafting projects, and I have fabrics for clothes that I will make when I lose weight - which is probably never if I don't start. 
Whingy bit over - now need to take action.
August 2019 Grocery Challenge £53.23/£200 so far

Replies

  • Luciecat63Luciecat63 Forumite
    36 posts
    10 Posts
    First area to tackle: I am working unpredictable hours at the moment and tend to get up at various times, sit about for at least two hours drinking endless cups of coffee, just reading or on social media. Today I have had five cups of coffee and done nothing useful since I got up at 8am!! I have just had a call saying I need to go to work for 1pm.
    From tomorrow I will get up at my "normal time", have a cup of hot water with lemon right away, then feed the cat and have my breakfast. My book will stay in my bedroom, and my phone will stay in my bag. I will make a list of things I can do before 8.45 (the time I leave the house in normal times) and do my best to stick to it. There will be a money-saving aspect as I will save money on coffee and milk.
     
    August 2019 Grocery Challenge £53.23/£200 so far
  • Luciecat63Luciecat63 Forumite
    36 posts
    10 Posts
    Well today didn't go as planned. I got up with a migraine and spent the day feeling groggy and sorry for myself. It usually means that I will be full of energy by 10pm and wide awake until the small hours. If it happens tonight I am going to tackle some ironing. On a positive note, I've spent nothing today.
    I'm starting my morning routine at 6.45 tomorrow morning:
    get up, drink a cup of hot water with lemon, 
    feed my cat, have my breakfast, prepare lunch and dinner, tidy the kitchen and clean the cat litter tray,
    shower, dry my hair, teeth, dress, pack my bag if it's a workplace day (mask, gloves etc as well as lunch)
    exercise
    personal emails and correspondence, meal plans and shopping lists.
    swish and swipe of my bathroom.
    This should be doable by 08.45, if I don't get distracted. 
    August 2019 Grocery Challenge £53.23/£200 so far
  • Skint_yet_AgainSkint_yet_Again Forumite
    4.5K posts
    Eighth Anniversary 1,000 Posts Name Dropper
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    Hi Luciecat well done that’s a great amount of savings. I’ve only recently paid off my car & credit card and am now saving for retirement. I’m 51 so hoping to get a lump sum together & put that with equity from downsizing when I sell the family house to fund my retirement. 

    Hope your migraine has settled & you can get some rest. I’ve had a fall & am on crutches at the moment. I’ve been counting down the hours today so I can take 2 strong pain meds so I’m hoping to be asleep soon. 

    You could be describing me in your first post, some health problems, don’t do big holidays, designer goods or big cars. Am hoping to get another 5 years out of my current small hatch car. It’s 5 years old, nothing fancy but gets me from a to b. 

    Well done on getting to one exercise class, maybe you could drop the other & save some money. I usually walk the dog for exercise when I’m not on crutches! I budget to the last penny and love a “to do” list. I look forward to following your journey 😊
    0% credit card £1360 ~ paid in full
    0% Car Loan £7500 ~ paid in full
    JAN 2020 = NOW DEBT FREE :)
    Emergency fund £1000 now 51 and saving for retirement !
  • edited 6 June at 11:55AM
    savingwannabesavingwannabe Forumite
    15K posts
    Tenth Anniversary 10,000 Posts
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    edited 6 June at 11:55AM
    Hello Luciecat, welcome to the nut house!!!! You are never alone on here, I am ill & work part time and am learning everyday from this site. We have great friends that help us share our financial journey with me.

    This thread has helped me to save and feel more in control of my finances. Since joining I have learned how to OP my mortgage, to save an extra £250 a month, discovered NSDs, to declutter and not to buy designer things, to avoid buying rubbish food at work as we end up paying them to work there, also i learned about taking in a lodger so i share my house with a younger version of Rigsby and i also took on a summer job during my hols! 

    I agree with Skinty if you write a list on here daily of the things you want to achieve it may encourage you to achieve your goals . lol. You can sell your unwanted designer things on F*cebay to make money with no charge, or use fle*bay when they have free listings. Please do keep posting. It really does help.
    Trying to be frugal 18/31Jan; 15/29 Feb 26/31 March 23/30 April 18/31 May 20/300 Jun NSDs.
    Saving change in money box.
  • Luciecat63Luciecat63 Forumite
    36 posts
    10 Posts
    Thank you Skint_yet_Again and Savingwannabe, for your kind words and advice. Since I last posted, my router decided to stop working, but I now have a new one so I hope I am up and running with the thread. 
    I have updated my spreadsheet for outgoings, so that I know what I have committed to every month.
    My direct debits come to £400 per month, plus £50 which I pay into my NEST pension (which is very small but will give me a lump sum when I want it). I can probably pare another £20 off that -  I pay for my sister's mobile phone and often forget to claim it back, and I have a charity that I no longer wish to support financially (I give my time instead). I also transfer £250pcm to a savings account - it is set up for a year so last year's money will cover this year's car costs, and vet bills, dentist and opticians, plus subscriptions to organisations. Last year I didn't record what I spent from this account, but have started this year. Any surplus goes into my car fund. I need to get a grip on my other spends. In the past I have pretty much spent what I want, when I want - often landing myself in trouble. That can be a task for later. 
    I've been looking at other aspects of my life too - I need to smarten up (me and the house). I decided to follow the fly-lady (level 1 only) and see how I get on - I can do it over 7 days so if I miss one I can always catch up.
    August 2019 Grocery Challenge £53.23/£200 so far
  • ginnyknitginnyknit Forumite
    3.7K posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    Sounds like you have got your mind set on the track you want to follow. Well done so far. Everyday takes you a step further to your goals and there will usually be someone around on here to cheer you on. Always remember if things go wrong one day you just dust yourself off and get right back at it the minute you can x
    Clearing the junk to travel light
    Saving every single penny.
    I will get my caravan
  • Luciecat63Luciecat63 Forumite
    36 posts
    10 Posts
    Thank you Ginnyknit. I love your diary, and hope you do well with your blankets. Selling plants is a great idea too.

    August 2019 Grocery Challenge £53.23/£200 so far
  • savingwannabesavingwannabe Forumite
    15K posts
    Tenth Anniversary 10,000 Posts
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    I hope you are having a good weekend. Glad you have a new router. It's great that you know your finances it is a start to know where you are at. Onwards and upwards Luciecat. 
    Trying to be frugal 18/31Jan; 15/29 Feb 26/31 March 23/30 April 18/31 May 20/300 Jun NSDs.
    Saving change in money box.
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