Learning to walk before I run

savingholmes

Well done on staying in the black at a difficult time and for doing Overtime.

edinburgher

@Greying_Pilgrim - That definitely didn't feel like a bonus point win - what on earth happened after Wales got their first couple of tries? You have to credit Wales for their determination to win in front of a home crowd. Italy were pretty inspirational for the first half of their game, too.

@Suffolk_lass - I don't remember saying that there were no IO mortgages available but I trust your recollection better than mine as I have a short-term memory like a leaky sieve. I know that I can vacillate in my plans but as far as I'm aware, 6 months IO is universally available to most borrowers with short-term finance issues from their current lender? My attitude is that, even with the horrible rate we're on at the moment, I'd rather be 6 months closer to the goal. I wouldn't get that with IO as the capital would still need to be paid in future.

My thinking is that we almost definitely won't pay off our entire mortgage if we are able to retire by 58. The plan at that point would currently be to sell up and buy what we can afford with our equity at that point. We like a nice house but don't think our current tastes are ruinously expensive. Something like a decent 2-bed tenement in a reasonable area with money to renovate. That or something on an accessible island/somewhere semi-rural. Our focus remains very much on future income, which is why I am a fraud on this board!

@savingholmes - thank you - I managed to get some more time in (even starting at 06:30 this morning despite my sleepy brain's protestations)

In finance news, I was able to withdraw a few £ cashback from TCB and Chase which I have paid into our pocket money spends for March. I have also started an AVC plan to run alongside my work pension as an attempt to finesse my way out of a high income child benefit charge. Only 1% per month to start with (I just want it up and running) but that's a bit of a bargain due to Scottish tax rates. I think £100 will cost me c. £59, although 1% of my current gross salary is something tiny like £36 (pay split between 13 payments and I don't think AVCs will be taken for overtime hours worked)??

*Edit: do I need to do a self-assessment tax return for the HR tax?

savingholmes

I'd ask your payroll team about the self assessment bit as every place is different in how they do it

LadyWithAPlan

edinburgher said:

*Edit: do I need to do a self-assessment tax return for the HR tax?

As far as I am aware yes - you need to do a SA to claim back the difference  on HR tax and SIPP contributions ... and will thus gain a rebate - maybe check with your company payroll as I am SE/Ltd company so thats where my main knowledge lies..
I assume moving forward if you doing a AVC thru work though they should sort that out at source but again I would check 

edinburgher

@LadyWithAPlan - thanks for that - I think you are probably right re. AVC and will find out soon enough. I have no particular urge to do a SA.

I started work before 6 this morning, so am cream crackered! Taking the rest of the week off for QT with Mrs E and childcare reasons, so thought it best to make hay while the sun shone.

I have been paid today and paid 2% of this into my ISA. It was the grand sum of £59, so I will no doubt be a millionaire in a matter of weeks I have also managed to withdraw my next fiver from Prolific, have another tenner waiting and have signed up for a 2-hour long study that will pay £17 if I am accepted for it. This is considerably less than overtime but it would be walking around money (i.e. personal spends cash, not general household budget). 

In less positive news, our expensive baby car seat is faulty. It's one of those swivelling ones and can be pushed out of position even when it is safely "locked" in place :oI have contacted the seller (John Lewis), sent them pictures and a video but they haven't acknowledged these. I'll need to chase them after lunch - our replacement loaner is nowhere near as sturdy as the broken one and is forward-facing, which is a no-no for us.

*Edit: in more positive news, I made one of those magic meals from random ingredients that forumites always rave about and it was delicious! Ham stock from the smoked gammon I cooked at the weekend, 1/2 the usual quantity of red lentils as it was all I had, a stalk of celery, an onion, a leek that was going slimy (quick trim to fix that) and a small turnip. Let it simmer for 1/2 an hour, blended, added S&P and some tiny bits of leftover gammon and then let it come back to temperature. Lovely and savoury, if a little salty and on the "more watery than usual" side. Would intentionally make again.

Baileys_Babe

Your magic meal sounds lush.

QueenJess

I don't know anything about AVC's, but for pension contributions in general, you only need claim back if your contributions aren't salary sacrifice (i.e. taken from the gross amount of pay before any tax is calculated).  If not, you should get the 20% immediately, but have to claim the extra 20% back yourself.  If you do need to do the extra 20%, then you don't need to complete a self assessment - you can ring up HMRC to let them know and I believe they change your tax code to factor it in for you.

Definitely check how they work with your employer first so you know what route you need to go.

Suffolk_lass

If you had a sad potato to add to your magic soup with ham stock next time, it helps to absorb the saltiness

Greying_Pilgrim

Well done with your kitchen/ingredient based alchemy Ed.  It is particularly satisfying, isn't it? to take what to the uninitiated would be 'nowt' and transform it into something nourishing and filling.  Although speaking entirely personally, I always find the 'made up on the hoof' meals that taste magical, lose 'something' if I try to make them following a prescribed recipe......... 😉 But as most of my recipes are forever 'made up on the hoof' or are full of substituted ingredients,  we end up with more 'acceptable' meals than we do duds (thank heavens!).

Greying X

LadyWithAPlan

Magic soup sounds lush indeed 
I have bought a Lidl free range chicken largely so that I can roast the meat and then make a stock, already bought some organic beetroot so planning a nice beetroot  soup at the end of the week