The Best Is Yet To Come

joedenise

@slm6002 I would keep an absolute minimum of £500 as an emergency fund but gradually build up to £1,000 and then eventually 3-4 months living expenses.

slm6002

Thank you Joedenise. That is certainly achievable.  I have many pots at the moment to cover something if it happened today, but wanted to build a specific pot up so that if i get to move i wouldn't need to touch and then i would feel safe in the new home.  Currently the emergency pot is at £274 so i will concentrate on this pot more

Kitten868

Just my thoughts and you know I'm not an expert. Don't get more than the limit on savings for claiming benefits. (I don't know if savings in a LISA would count, I imagine they still would) Have a look online to check you've paid enough national insurance for each year you've been able to work. I think you'll be fine as child benefit covers for years you earn less. You can pay to make up for any missing years by paying later. 
Definitely look at getting yourself a pension. You can pull all your pensions from old employers to one pot using pension bee I think it is but have a look on the pension bit for the real story. 
Have you got one of those help to save savers the government top up? Have you got a LISA? Might be a good idea as you can use that toward house purchases too. 
And there's my brain dump. I've finally got a pension through work last couple of years so I'm not a great role model for what to do with money. Plus you know I'm still in debt. But that's what I've got for you. I'm sure others will be better. You're going to get everything all sorted for you and your future. I'm starting to think I'm going to win that bet. Xxx

slm6002

Kitten we are certainly getting closer to the end of the month aren't we lol.  I have never qualified for a work pension, so i am totally pension free.  I am too old just for a LISA (shame i didn't get to this point a few years earlier) but do want to get a pension on the go.  I did have a look a few months ago at my NI contributions and was surprised to be up to date.  I do have the government help to save account and that is building nicely,  Re benefits yes i do have to watch things.  Up until £6k i wont be penalised, but between £6k and £16k i think they start reducing things until the top limit and then benefits stop.  What i need to check is if the amount in the pension pot counts towards my savings or not.  Once i know if the new house will happen i will look at putting money into a private pension - don't want to reduce available cash as on paper things are tight compared to the reality where i can afford things.

Kitten868

Oh yes. The affordability that mortgage companies come up with. What fun! X

Bargainhunter30

A pension doesn't count for your benefits but a LISA does. You may find you get more benefits if investing in a pension as your take home pay will be less. Good luck, I'm another with almost zero pension 🤦‍♀️

slm6002

Thanks Bargainhunter30.  Its good to know I am not alone and that the pension isn't counted.  I guess any spare money will either all go to pension or if i can move 50/50 split with the mortgage overpayments.  Its nice to dream where we will be in 5 / 10 years time

slm6002

Still waiting and becoming even more impatient.  Still no progress re the house, and now also waiting to see if i have an interview.  I currently don't have any umph to get off my bottom and tidy the house even though it needs to be done.  All i've managed is to sit under my blanket and play with my money spreadsheet, dreaming away with lots of what ifs.

FtbDreaming

I feel exactly the same as you today @slm6002 hopefully he will put it off until you’ve passed the erc date. 

I’m thinking it’s got something to do with it being a year since lockdown too. What a depressing anniversary 🤯

slm6002

Even though we have enjoyed lockdown - i think partly because i didn't have to deal with people while i was getting used to XH having left us - it really does seem longer than a year ago it all started.  I think because i don't know what's going on re house move/ not moving, there is no point in tidying and getting it ready to put on the market, because it might not happen, but then the other half of me thinks get it done just in case its all go and then at least it will be ready to put on the market straight away as soon as i know.