Cutting it Fine - the challenge is on!

SandyShores

We all had a bit of a windfall today, a late christmas pressie from a lovely relative.  Then DH had some good news about an annual subscription and is getting a refund/reduction due to Covid of around £300.  Time was when these amounts would have barely touched the sides, because our debt was constant, so its nice (and I know I have been saying this a lot lately) to be able to choose which fund to pay it into.  

We aren't loaded, we have a humongous mortgage, but it is really nice.  I've started looking at the Which pensions calculators as recommended by savingholmes.  They are really useful, much better than my guesstimates.   At state retirement age, it looks like my pension income will be around £18,500 a year, but that's not including the pension I'll be earning over the next 10 years or so.  Mr Shores also has 3 pensions to look forward to (state, occupational and private).  It looks like he will have around £17k at retirement age.  I'm going to leave any decisions for now, but when the time comes I will need to decide whether to take a larger lump sum (not recommended from a final salary pension) and Mr Shores will have to decide about income option, where you can lump sums from your pension tax free.  https://www.which.co.uk/money/pensions-and-retirement/options-for-cashing-in-your-pensions/overview-of-options-for-cashing-in-your-pension/income-option-take-lump-sums-from-my-pension-aqv6w2l1gbp1  It all depends on how much of the mortgage we've paid off by then (all of it of course !!).

savingholmes

I am glad it helped. Well done on looking after your windfalls too. It is amazing when you get to a point on your debt journey where you can finally see the difference from where you started... We were at £70K debt outside the mortgage at our worst and are now down to just over £9K... Massive difference... 

SandyShores

savingholmes well done on getting your debt down - its a long journey but you are so nearly there.  I can see how £70k quite easily adds up.  We've still got the car we bought 10 years ago with a loan for £21k - not sure what we were thinking of as we already had a loan for my car and £20k+ of credit cards.   I don't think I was ever brave enough to add up the total debt, it was enough just seeing the total of the credit cards.  But, having that overview is what gives you the wake up call.  Its much easier to have that clarity these days, with access to your mortgage online and interest being added daily to loans etc.  I am starting to look forward to tackling the mortgage now and as....

rugbymadfamily said: ......Sounds like you've done well getting debt free before, just about applying similar principles to the mortgage pay down. .....

So I am just going to see it as my next challenge - keep in employment and pay the mortgage down, while enjoying life as frugally as possible (once we've finished the house off of course).

SandyShores

Just read another thread on here and they used the phrase 'financially incontinent'  🤣🤣  That definitely describes my situation a few years ago, and I have the odd bout of it now and again still.

At the moment I'm waiting for a refund so that I can pay this month's mortgage overpayments.  They said around mid-March latest, so getting closer, but I know that the interest is building as I wait.  The food account is looking a little healthier this month.  I've started doing a few small shops again each week, as I find it easier to budget/organise, its less tiring and the shops are so quiet around here - it means I'm in and out a lot quicker too and I get a good walk in at the same time.

Just having a moment about the past.  Things done and regretted, things not done and regretted.  This actually cheered me up for some strange reason, perhaps because its not just me:  "Time marches on but memory stays... Torturing silently the rest of our days..." Tennyson.  I'll have to try and find the rest of that poem.

savingholmes

I like the Tennyson quote - but we have a choice. Small rear view mirror - large front windscreen

SandyShores

I love that analogy SH.  And don't you always find that things you think you would never get over do diminish.  I listened to an amazing talk with Frida (of Abba fame) and Christopher Green, they were both talking of their own personal losses and Frida said something along the lines of the tragedy becoming a part of your life and as you move forward you wouldn't change it because its led you to where you are now.  I love the idea that its in the rear view mirror, always there but its the larger mirror where life is now and where you are heading.

Edit - here is the recording - its the one called 'Like an Angel Passing through my room'.  http://christophergreen.net/radio-4/

SandyShores

Feeling exhausted today as DH needed help yesterday.  It wasn't planned and he was adamant he could do it all alone, but in the end he was really grateful and was pleased we'd worked so well as a team and achieved so much.  Its quite interesting to see how the building process comes together.  I'm helping again today and suspect it won't be the last weekend, but it will be good to get this done and it will mean a lot to have the extra space.  I've also been looking at adding a flower bed to the garden and perhaps a raised bed for some herbs and a few veggies.  I'd also like to grow some sunflowers this year and I've seen some packets of seeds - flowers for birds and butterflies.  I've also got a little spot for one of those small plastic greenhouses for seed propagation, but that might have to wait until later as we've got the 'extension' to concentrate on first - something to look forward to though.  Off to watch Monty Don's giant sunflower trial.

SandyShores

Watched Monty Don and just had to order some sunflower seeds.  Looking forward to seeing them grow in the sunshine.  I'm not sure where I'll start them off in their pots.  I'm planning to buy a shed soon, maybe I'll get one with a window to have a place to get them going next year.  Really miss my old greenhouse, it was a lovely warm spot to work in when there was a little bit of sun like today ....... those were the days .....  Had a glimpse behind, lets face forward now.  Looking at getting a couple of raised planters too - and maybe put a few runner beans in the beds - I love the pretty red flowers, although don't like the beans unless they are quite small and tender.

caeler

I start my sunflowers on 1 April in pots indoors on my window sill, a little bit of cling to keep them warm initially.  Generally they are 20cm tall by the end of April so weather dependant they go outside early May. 

SandyShores

Thanks Caeler, I'll aim for 1 April then.  Bought some Giant ones, can't wait to see how they do on our South facing garden fence.   🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻🌻