Nearly 60 - where did that time go?

MoneyWorry

https://forums.moneysavingexpert.com/discussion/6176755/need-to-organise-budgeting-and-saving-more-effectively

This is the thread that I originally posted in the Budgeting thread and Moving Forwards made the excellent suggestion that I popped along here. My updated savings are below, but next payday is 28th of the month, so will have a bigger update then.  Just a couple of points. The House budget will be going down to zero as am having both decorating and new furniture in lounge. I haven’t done anything for over 10 years so looking forward. The Holiday budget is high as I was going on a big trip for my birthday, but this was cancelled last week. Hopefully, will do a similar trip next year. 

1. Teeth & Glasses - £140
2. House Maintenance £2720 - paid deposit for lounge internal door without touching this. 😊
3. Clothes £520
4. Redundancy Contingency £1960
5. Cat Health £425 - he needs a small op in 2-3 months which will cost £350
6. Car replacement £5820
7. Gap between pension & SPA £10940
8. Long term & emergency £6020
9. Beauty £550
10. Holiday £2150
11. Entertaining & Nights Out £520

I think I’m getting a better handle on what I need to do now and not feeling quite so frazzled about everything. I think, unless you are a big earner, realising you don’t have all that many years left in full time working is always a daunting thought. 

Skint_yet_Again

Welcome MoneyWorry 🤗 your savings pots look very healthy. Are you buying preloved furniture for the living room. We bought a sofa for our kitchen & saved a fortune and it was like new from our local Sue Ryder shop. Have also bought from British Heart Foundation in the past. 

Your entertaining/ going out fund is very healthy. How much do you save a month & how often do you go out ? Same for your clothes pot. I set aside £50 a month for entertainment & put anything not used in my savings fund. I spend approx £100 a year on clothes / shoes & include this in my annual bills fund. 

It is a worry as retirement looms. I’m 52 & my pension is not great as I work part time due to health issues. (not enough to claim benefits) & will not get my state pension until I am 68. I will need to sell my house & downsize & use the equity to survive until then as I cannot imagine me being able to work until I’m 68!

edit - can’t see anything for Christmas/ birthdays or medical or car maintenance/mot/service ?

Also have you though about doing a statement of affairs (SOA) you don’t have to post it on here but I find it’s good for keeping track each month & will be posting mine soon for September. Just format for MSE first if you decide to post it here

https://www.lemonfool.co.uk/financecalculators/soa.php

MoneyWorry

Thank you for warm welcome. If the link I have posted works, there is a budget/SOA at the beginning. I do budget for birthdays etc, but nothing in there at moment. My boyfriend’s birthday is September and both of my sisters in October. All of their presents and cards for those have been bought, and I also have presents and cards for Christmas. I don’t have anything for actual car repairs, but my monthly garage payment includes one service a year, MOT and 10% off parts, so is good value. 

Have been keeping an eye on places like Facebook marketplace. I need some dining room chairs, an office chair, a bookcase and an accent chair. My current poor bookcase was an Argos self assembly one that was gifted to me having been in two other houses. It has definitely seen better days. 😂

I’ve tried to work hard on general savings and saving for retirement. Think my lightbulb moment came in November 2016, when I was made redundant. I’d been there 1 year and 10.5 months so no redundancy. Was definitely a scary time.

You are right, it’s a hard task trying to get pensions etc together. I do have a couple, but who knows if they will eventually be enough. I sometimes have a look on the Pensions Board on here, but most people posting there are way out of my league and are working on pensions that are more than my gross salary!! 

clive0510

im 60 next year so thinking the same way. it used to be work all your life get to 65 and retire and get looked after. but thats all changed now of course. which is why I have a financial advisor putting all my stuff in order.

MoneyWorry

Yes, you’re right. I have never had a problem with the age you get your state pension rising, but sadly a lot of employers are still living in the dark ages and think anyone over 60 is unemployable. 

MoneyWorry

Well, I had a surprise today. Am currently with Octopus Energy for gas and electric ,but must be 3 or 4 years ago, I was with SSE. They have just realised they never returned a credit balance to me and have sent me a cheque for a whopping £1.65 🤣. I think I may pop it in my pension, at least I’ll get another 30p or so tax relief. 

MoneyWorry

I’m at home today, waiting for my lounge internal door to be fitted. It’s the first step of my lounge refurb, so quite exciting. It’s a no spend day today. My only spend is going to my stay at my OH’s tonight. I think he’s taking me out for something to eat so my only outlay will be petrol and I’ve plenty in the car.

One thing I found out today, is we’ve got an outlet open that gives you cash for clothes, shoes & books. They pay by the kg, so you would have to have loads to make anything significant. I took a couple of bags and got £2.50 so happy with that.

Task for the afternoon is having a look at how my pension saving is going. Not my favourite task as you never seem to have a great amount of pension forecast, compared to the total amount saved. Still, it has to be done. Looking forward, it’s pay day tomorrow. 😊

JJ_Egan

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Nearly 60 - where did that time go?

Hope you realize that past 60 their are only 4 days in a week , 3 weeks in a month , and five months in a year /

Time will fly even faster .

MoneyWorry

I know. I have two older sisters and was always referred to as the crazy baby sister. Now, they will be 69 and 72 respectively this year. It’s crazy. 

MoneyWorry

Well, I’ve looked up my pensions and they come to 
Pension 1 - £615 a month from age 61 - it’s a personal one so realistically can take it anytime
Pension 2 - £210 a month from age 65
Pension 3 - £25 a month from age 65 - this is my current job so will go up

I think the hardest thing is my OH will retire either September next year or year after. I’m not that keen on my job so may want to finish too. I will just have to knuckle down and not think about it. 

Skint_yet_Again

Oh that’s not fair if your OH retires before you 😆 At what age do you get your state pension ? Mine is 68 so I will need to work till then as my pensions are not enough to live off.