Five Year Fix, Five Year Plan

FlacosFloozie

Congratulations!

We had the same with the doors- site manager got their joiner to plane a little off the bottom as part of our snagging.

LadyWithAPlan

15% of your annual income (pre tax) is a great goal for your pension. Of course if you are paying catch up and have no DB then I understand why you might want to push it.

I have started over the last few years investing enough into my SIPP to ensure I don't pay HR tax - thats a doable fun goal for me.

The weighting of SIPP V ISA contributions  v OP is something that you have to ensure works for you. Maybe a % thing so whatever excess after your planned  £200 OP  - you could split 33/33/33 in 3 ways.
A maxed out annual ISA could be a great goal.
 I also have a fair bit now in PB's as at least any winnings are not taxable there.

How exciting with your house I look forward to that but all these hidden expenses just prove how much we all need an EF even when we are buying a home.. Note to myself dont put everything down on the deposit

Merlin's_Beard

LadyWithAPlan said:

15% of your annual income (pre tax) is a great goal for your pension. Of course if you are paying catch up and have no DB then I understand why you might want to push it.

I have started over the last few years investing enough into my SIPP to ensure I don't pay HR tax - thats a doable fun goal for me.

The weighting of SIPP V ISA contributions  v OP is something that you have to ensure works for you. Maybe a % thing so whatever excess after your planned  £200 OP  - you could split 33/33/33 in 3 ways.
A maxed out annual ISA could be a great goal.
 I also have a fair bit now in PB's as at least any winnings are not taxable there.

How exciting with your house I look forward to that but all these hidden expenses just prove how much we all need an EF even when we are buying a home.. Note to myself dont put everything down on the deposit

My YNAB says that I've spent £13,000 excluding the deposit on this house so far! And that's with the mortgage application fee being rolled into the mortgage rather than upfront. Absolutely terrifying to think about.

I'm going to be a HR taxpayer with this raise, so that's going to lean more into pension - but I will need to think about ISAs, as well as saving for more short term things in cash. My ISA allowance doesn't renew until April, though, and I can imagine that any extra cash will be going towards furniture and house until then. It is on the list to review though!

killerpeaty

I can safely say that the unexpected costs basically never ends! But it does get a bit better. I think.   

I would definitely put some of that increase into pension since you've hit the HR. But that's just me.

savingholmes

Ouch to the £13K and rising bill.

It sounds like you are putting in what you want. I am so grateful we put engineered wood floors downstairs in this home. My regret if any is we didn't do upstairs as well.

Merlin's_Beard

@savingholmes I actually really love what has been put in so no complaints there. I'm hoping that with things like the floor it's a "do it once, do it right" kind of thing, and I paid for the people I thought would do the job right rather than the cheapest. When you break it down it's all pretty reasonable but it's terrifying how it adds up.

Talking of adding up, curtain poles sadly beyond my dad so handyman hired to sort those - luckily could find someone pretty sharpish so shouldn't be sleeping in broad daylight! Thinking that if he does a good job will be a good person to have in the phone book.

Blinds on the other hand are enjoying a leisurely royal mail strike holiday somewhere. Hopefully the redirect will kick into action and they'll make their way to wherever I am at some point.

killerpeaty

I feel similar about things with my flat. It's worth spending the money if you have it.

Putting up curtain rails is knackering. This is why only one of my rooms has them....

WelshmansDaughter

My dad's answer to a proverbs quiz- if you want something done right, ensure you get the right people to do it for you. Not the answer they were looking for but true nonetheless 🤣🤣🤣

Merlin's_Beard

In a strange twist of fate, HMRC have issued a tax refund that is pretty much the same as the handyman cost.

Thanks for the curtain poles, taxman!

(It's a mileage claim that has been rejected several times since April for various reasons such as "your employer hasn't paid you mileage" and "you haven't given a reason why your employer hasn't paid you the mileage why should we". Perseverance pays off!)

LadyWithAPlan

Well done on your tax refund curtain pole

ISA's for cash are great and important for FIRE but if your budget (and home) can take it I would aim to put every bit of that HR extra into a SIPP or work pension..  Single best thing you can do by far - 40% rebate - your isa will not do that well..Vanguard sipp is great and low platform fees.
Every year I am there end March sorting out my end yr accounts to exactly plug the HR gap as SE. Now I have set up my company so I pay my SIPP direct from company but I will still be looking at withdrawals and profits to maximise this brilliant tax advantage.

Ouch on the 13k costs, I am sure it all looks fabulous though.