Learning to walk before I run

edinburgher

@rtandon27 - that must be taking quite a chunk out of your income (unless you have a tiny mortgage). I am optimistic that we will be able to remortgage to a better rate come the new year. As it stands, we pay £1344/mth on a 26 year mortgage (ish). Better rates since mini budget debacle suggest that we could pay off our mortgage in 16 years for about £1400. That wouldn't include OPs, so quite an exciting prospect.

@Cheery_Daff psychologically, I think I need to at least match whatever I'd have got for staying to 58. As things stand, I'd be looking at roughly £16,000 a year from 58 from my DB pensions. We also have about £165,000 of DC pensions and 15.5 years to go, as well as full state pensions to come. The period 58-68 is already going to be a bit leaner that 68 onwards unless we get more into our pensions. Then again, we'd be £16,800 a year better off sans mortgage!

Along such practical lines, £4.38 OPed, £5 paid into my S&S ISA and I may sin tax myself later (considering a lottery ticket but too hot to get very excited about the prospect).

turtlemoose

I like your sin tax Ed. I annoy myself whenever I am drawn in by the allure of a shiny scratchcard at the checkout.  I might adopt your approach and see if that dulls their appeal! 

rtandon27

Haha - the sin tax does not deter me in any way shape or form from the lure of the big win, it does however prove that small amounts of diligent savings are the way to go!  I too pay myself the same amount payable to the whim and eventually stash it in the savings account.

We have a small house Ed, the mortgage is not tiny but we did have a 25% down payment saved up and currently a very low fixed interest rate.  We live quite simply & our main vices are food and travel, so no huge or recurrent spends.  We plan and keep to the budget.  OH's children are adults with babes of their own, so by default we are past the stage where we are thinking of providing for our littlies.  It is indeed a chunk, but a well considered one, I'd rather retire at a 'normal' age then have to work or run a business to bring in an income when older!  I think I take the example of my own mom who worked very hard, saved well and retired at 65.  Now, at almost 80 she still lives in her own home and has a comfortable life full of social activities, daily visits to the gym and plenty of art classes to enjoy.

greent

Jumping in late (and I've still got several pages to read) My dad was an addict of several things and died with about 6.50 in his account and no assets. I hadn't been in proper contact with him for years when he died aged 61, but saw him at extended family dos. So no handouts or inheritance there. My mum (from whom I'm now estranged due to choices she's made that ended up with me being a victim of serious crime and for which she takes no responsibility) never did handouts - she even sold me and DH her old dining table and chairs when we had our first house (which she'd had as a gift from my nan and grandad, and it wasn't of any great value) I'm fairly sure that she's removed me from her will - but hopefully left something to my kids instead (although it would be a 50% share of her 3 bed semi house in an inexpensive area then split between the 4 of them - she never planned on leaving any of us any cash). DH' mum lived in rented accommodation and lived on benefits - no handouts or inheritance there. DH's dad will not engage with him, despite DH's efforts, so nothing from there, either. We really did do it ourselves! Oh - my mum paid for my wedding dress - we paid for the rest of the wedding/ honeymoon.

DH and I both worked from early teens.

We have helped our kids with uni, in as much as their loans aren't sufficient to pay rent, let alone live on. DD has approx 65/70k student debt,  DS1 about 60k and DS2 has only done one year of uni so far..... (DS3 is only 16)

DD has bought a house this year - we bought her a fridge freezer and a heated airer - although she did take all of her bedroom furniture, so we've had to buy more for DS2 to move into her room 🙂 She also took all of the items that she had for kitchens at uni - but I'm not sure I really count that as a true handout (cheap tesco saucepans, duplicate utensils, an asda set of crockery)

Oh - DD and DS1 had access to my old car when I got a new(er) one - however, they covered all running costs/ insurance etc. I did pay for a bigger cost repair one rime, as I didn't think it was fair. DD has since bought it from me for market value.

Our kids all have a laptop - essential for uni and, tbh, school nowadays. Phones they have either bought themselves (DD when she got her job) or have come from backmark3t. Any games consoles have been presents - and they've had to contribute with present money from others if they were expensive. Thankfully, all 4 are fairly low maintenance overall.

edinburgher

Did I lose a post? 

£30 odds OPed, £1.50 from a Prolific survey. 

Paddling pool filled, BBQ at noon so as to avoid hottest part of the day 

edinburgher

Lovely day, ended up with the whole family in a smallish paddling pool BBQ was good - rainbow trout, steak, sausages, burgers, HM potato salad, roast veggies and corn on the cob. Glad I skipped breakfast!

Lottery ticket bought, £2 paid into my SIPP

KajiKita

That sounds fabulous 😊

KK

edinburgher

After a huge increase last year, this year's car insurance is almost 50% less than I had budgeted for I have paid for a new policy and OPed £356.74 left over!

I have also added our mortgage to YNAB (hat tip to @rtandon27 - no idea this was a thing)

teapot2

Is it me?  I don't understand about your car insurance, or am I reading it wrong?  Was your insurance less than you budgeted for which was why you had money left over to OP or.......... 🤔🤔

edinburgher

Yes! Last year = big increase. This year = budget for similar figure to last year + 10%, be pleasantly surprised when price drops.