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Learning to walk before I run
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Well done on staying in the black at a difficult time and for doing Overtime.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £3K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £22.5K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 28.2/£127.5K target 22;12% updated 6/7
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.6K updated 6/7/256 -
@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?6 -
I'd ask your payroll team about the self assessment bit as every place is different in how they do itAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £3K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £22.5K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 28.2/£127.5K target 22;12% updated 6/7
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.6K updated 6/7/256 -
edinburgher said:*Edit: do I need to do a self-assessment tax return for the HR tax?
I assume moving forward if you doing a AVC thru work though they should sort that out at source but again I would checkDON'T BUY STUFF (from Frugalwoods)
No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things... You can and should take advantage of discounts.... But at the end of the day, the only way to truly save money is to not buy stuff. Money doesn’t walk out of your wallet on its own accord.
https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest5 -
@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 weeksI 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.7 -
Your magic meal sounds lush.Fashion on a ration 2025 0/66 coupons spent
79.5 coupons rolled over 4/75.5 coupons spent - using for secondhand purchases
One income, home educating family7 -
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.2025 decluttering: 3,324🌟🥉🌟💐🏅🏅🌟🥈🏅🌟🏅💐💎🌟🏅🏆🌟🏅
2025 use up challenge: 280🥉🥈🥇💎🏆
Big kitchen declutter challenge 77/150
2025 decluttering goals I Use up Challenge: 🥉365 🥈750 🥇1,000 💎2,000 🏆 3,000 I 🥉12 🥈26 🥇52 💎100 🏆2503 -
If you had a sad potato to add to your magic soup with ham stock next time, it helps to absorb the saltinessSave £12k in 2025 #2 I am at £4863.32 out of £6000 after May (81.05%)
OS Grocery Challenge in 2025 I am at £1286.68/£3000 or 42.89% of my annual spend so far
I also Reverse Meal Plan on that thread and grow much of our own premium price fruit and veg, joining in on the Grow your own thread
My new diary is here7 -
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 XPounds for Panes £7,005/£10,000 - start date Dec 2023
Grocery Spend July 2025 £191.42/£300
Non-food spend July 2025 £65.39/£50
Bulk Fund July 2025 £9.10/£106 -
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 weekDON'T BUY STUFF (from Frugalwoods)
No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things... You can and should take advantage of discounts.... But at the end of the day, the only way to truly save money is to not buy stuff. Money doesn’t walk out of your wallet on its own accord.
https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest6
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