From £6000 ----> £9000 in 2023.

NinjaSavingKat

Helloooooo...

£4000 hit.. 

Think I might aim for a well rounded £12000. That's the entire year. 

Not difficult to get despondent on age vs savings/investments etc. 

However things could be much worse. 

Onwards...

duesouthtwin2

Well done! 

NinjaSavingKat

Good Day One and All,

As we gear towards £4400 at the end of the week I have a pension update. 

I have done calculations. I have spent 4 years in this job - with P60's from 2019-2022 in my possession. I have calculated that the amount owing (mine plus theirs) with a guestimate of 20% tax relief amounts to around £5242.30. 

Now - that depends on my first year being added to the pot as the P60 registered an income below £10,000 as I joined the workforce towards the end of the year AND therefore will affect the total amount of tax credits. 

Without the first year my workplace owes me £1583.80.
I owe £2639.69.
This totals = £754.49 / although I don't know if tex credits are calculated on my contributions, theirs or both. 

Grand total - around about £4977.98.

Once I have my £6000 I will increase my pension contributions to hopefully repay this by the end of the year OR save it up and pay it in as a lump sum. 

Workplace accounts team have said they will pay it asap. To be sorted this coming Thursday. Watch this space. 

Skint_yet_Again

Sorry got a bit lost. Do you owe or do work owe or tax credits owe money for pension?

NinjaSavingKat

Both. They didn't auto enroll me to the government pension scheme as they are legally obliged to do. As they didn't do that I missed out on their contributions for 4 years (free money!) and resulting tax credits. 

They have now acknowledged this and are going to pay what THEY owe. I will then need to pay what I owe in order to qualify for the tax credits associated. 

MovingForwards

Well done reaching your target and setting another.

Hopefully the pension will be sorted out soon and can boost it as planned. 

NinjaSavingKat

GOOD MORNINGGGGGG!!!!!

Its been a while. I have been thinking about a much required update for you gorgeous people and TA DA! 

Don't get excited - there ain't nothing exciting going on really but I shall break it down as best I can. 

So as of today...

• Savings - £5600. 
• Credit Card - £0 / £332.24
• Rebate from Overdue wages - £600 / £0
  
• Pension Rebate from Work - £822.64
• Pension To be Paid by Me - £1371.07

First things first - my birthday trip was amazing. Although I had forgotten how expensive London was. 

I added a third aspect to trip to it to see a friend who reneged and cost me a further £200 in rearranging flight to the day I actually had booked to return home in the first place. However s it was Easter Friday it cost double to rebook. I lost £95 to a credit voucher for a different part of the same journey as well. I have less contact with this so called friend at the moment and am internally dealing with my own stupidity. This was my rebate from overdue wages almost taken up.

Credit Card Stuff.

My credit card debt is a £200 flight in July to see a friend who I do trust for some beach time. She came to me last year and its my turn this year. We do nothing but sunbathe and eat at home so I know this trip will be cheap.

I also purchased a new pair of gym shoes the day after the funeral of a school friend who dropped dead unexpectedly on my actual birthday. Lovely call to get while in London. My health is all I invest in and I needed these shoes last year, but with a massive 35% off that week I knew it couldn't wait. He died of a sudden massive heart attack at the age of 41. Life is too short to worry about shoes. 

Then I added a few silly things I use on a regular basis but had no cash for. Special shampoo anyone.. I only Watermans due to the issues I used to have with my hair falling out.. and hey presto my card is over £300. 

…..and a colleagues leaving do that I hadn't calculated for. 

Shameful. 

The CC will be paid off by the end of this month 3 paydays. 

Pension Stuff

Work finally figured out my pension and have paid that £822.64.

It just needs a week to show up in my Nest account.

I will pay the £1371.01 by the end of the year myself and leave work out of it. 

July 2nd - December 29th = 30 weeks. 
30 paydays @ £46 a week I will pay in £1380

I will also look to increase my actual pension contribution from the nominal 5% to 12% which means my total is a contribution of 15%. Work do not match my contribution.  There's is the standard 3%.

The parents have returned to Granny's house for a few weeks and I shall sit and do calculations tonight. 

Savings

Savings are slowly creeping up. I put half my weeks wage away every week without fail by standing order. Once it hits £6000 in a few weeks I will transfer it to my ISA and leave it there. 

This £6k = for sick cat / new car / new job. It will eventually be £12k. 

Then I need to start building up to £3000 to fill my sink funds. That should be from May 26th until Friday 8th September. 

This will cover life - car repairs until it completely dies / toiletries and cosmetics / small starter holiday fund / new glasses etc.. I think I have 11 sink fund categories. 

I will however look to breaking down my weekly savings contribution - partially helping towards the £12k, partially towards pension, partially towards sink funds. Just not sure how yet. 

The Dream. 

More to follow. It will cost my 6000 Euro and possibly my job. 


That's all for now.. ;-)

Skint_yet_Again

Sorry to hear about your friend letting you down and that your school friend has passed away. These things do make us re-evaluate things in our lives. 

Looking forward to hearing about “the dream” 

MovingForwards

My condolences too.

Financial plans look good and I'm intrigued about the dream.

NinjaSavingKat

My goal of a £6000 emergency fund was reached yesterday.

It will cover cat, car, job emergencies. If not required it will sit and earn interest.

I will use the CHIP app. Regulated with a 3.71% interest rate and easy access. 

I will now attempt a slow time increase to £12,000.

I have increased by pension contribution from 5% to 12% at work - this was a goal from the beginning once I had reached the £6k goal. I now have 15% total going towards my pension. This can be changed back however doesn't start until the 9th June.

This won't include what I need to pay back - that's an extra £45 a week if I want it gone by the end of the year - which is the ultimate goal. 

So. Pension starting to look a little healthier. 

Hoorah!