2008 - Live on £4000 for a full year.

BlueFleur

MarkyMarkD- thank you! I have little or no experience in accounting, only one module in my first year. I just like playing with numbers and spreadsheets, and I hope it is the career for me! I finish uni in May, so I hope to get some tangible experience then. Not too sure about the finer details yet :cool:

Well done with not smoking mumzyof2! You’re doing so well :T

The Apprentice was interesting. I’d have been tempted to add 30% to the wholesale price and then agree with the team that you can be negotiated down to 10%. Or something along those lines anyway. Managed another NSD again, but that is sort of in preparation for tomorrow. I have a check up with the dentist so that’ll be some undisclosed sum. I’m really happy about how I’ve stopped spending on random junk. Again, thanks for the inspiration guys Off to find the thread that DG mentioned- five meals for £19 seems amazing to me!

Frugaldom

MarkyMarkD wrote: »

...People who argue for keeping money in other forms, because they don't want it to be "lost" if they die young, are being blind (generally) to the risk that they'll live forever, and their savings will run out and they'll be left on means-tested state benefits (and the state pension)...

Thank you for that, Marky, although I'm still not convinced by the possibility of living forever and I don't quite understand what you mean about, "savings will run out and they'll be left on means tested state benefits (and the state pension)". Does owning a house constitute having savings? In your opinion, which is wiser?

A) Clearing off debt, renting and saving to buy a house or
Clearing off debt, renting and saving into a private pension?

Is it just me or does anyone else worry about how they'll afford to live when they are no longer capable of earning a living? Switzerland's looking better by the day. :rotfl:

whitewing

Nyk,

As far as my limited understanding goes re non-state pensions: you save into a pension. Then when you retire, you use 75% or so of your pension savings to buy an annuity. That gives you a guaranteed income for the rest of your life (even if you do live forever).

I asked my accountant what was best for me: mortgage overpymnts or pension. He told me to find out if my company contributes to pensions (they do), and he will at some point get back to me.

PS to argentinian person: my hamper was a prize in a comp from the comps board. The hamper was from a company that supplies 'gourmet food'. I'll pm you with the web address at some point today or tomorrow.

whitewing

BTW: the other 25% or below of the pension fund can be used as a tax free lump sum (in case anyone is wondering which thieving burgers get their mitts on it!)

mumzyof2

whats everyone think about the earth day?

sophiesmum_2

nykmedia wrote: »

Thank you for that, Marky, although I'm still not convinced by the possibility of living forever and I don't quite understand what you mean about, "savings will run out and they'll be left on means tested state benefits (and the state pension)". Does owning a house constitute having savings? In your opinion, which is wiser?

A) Clearing off debt, renting and saving to buy a house or
Clearing off debt, renting and saving into a private pension?

Is it just me or does anyone else worry about how they'll afford to live when they are no longer capable of earning a living? Switzerland's looking better by the day. :rotfl:

I've pondered this before, having been in all situations, house owner, renting and now housing provided as part of job.
Looking at my oldies many have had houses but have sold up to fund their retirement, others have rented throughout their lives and are still renting.
Generally they have told me that as they get older a house becomes a liability,repairs and maintenance issues, running costs, council tax levels,trying to keep it warm, keeping the garden under control etc etc on a reduced income. They have an asset but their money is locked up in the value of the house a sort of locked savings account.
Having seen a lot of this I have decided to go down the rented route (unless I win the lottery and can buy a property and have substantial savings;) ) but i am hedging my bets with the finances by paying for life insurance, paying into a pension plan and also savings too. I think basically it boils down to a personal choice.

Prudent

nykmedia wrote: »

Is it just me or does anyone else worry about how they'll afford to live when they are no longer capable of earning a living? Switzerland's looking better by the day. :rotfl:

No, its not just you

sophiesmum_2

whitewing wrote: »

Nyk,

As far as my limited understanding goes re non-state pensions: you save into a pension. Then when you retire, you use 75% or so of your pension savings to buy an annuity. That gives you a guaranteed income for the rest of your life (even if you do live forever).

I asked my accountant what was best for me: mortgage overpymnts or pension. He told me to find out if my company contributes to pensions (they do), and he will at some point get back to me.

PS to argentinian person: my hamper was a prize in a comp from the comps board. The hamper was from a company that supplies 'gourmet food'. I'll pm you with the web address at some point today or tomorrow.

My company contributes to pensions too. I figured this was a good deal getting a percentage from them , then tax relief on my own contributions too, Meant i was getting pension savings each month considerably more than I was actually paying...... free money is good in my book:j :j

Prudent

Whitewing - the hamper sounds lovely.

sophiesmum_2

mumzyof2 wrote: »

whats everyone think about the earth day?

I love the idea behind it, but would hate resetting all the clocks etc on OH gizzmo's and gadgets afterwards. :eek: