FIRE Girls Pension Diary - Aim High & Dream Big

Sensiblesaver

Thank you, it's certainly not an easy sport, I'm still learning, but I found quite fun. I also find snowboarding super cool but never tried. My son had lessons this year but I stuck with the skis as I am just becoming comfortable going on the harder runs.

LL_USS

Sensiblesaver said:

Hi, I do have a diary Mortgage Free in 4 years. Although I should be focusing on the pension I can't abandon my dream of getting rid of the mortgage. I don't buy much stuff, but also like to spend on memories and holidays are a must

Last year at the age of 44 I decided to learn a new sport and booked kitesurfing lessons for the entire family. It is neither easy or cheap lol Me and my son really enjoyed it and will be having more lessons this year, hubby is too unfit and has given up lol

A few of us here around the same age as the thread host :-). A good age to plan for a mortgage free target or comfortable pension pot I suppose.

On the basis of trusting the pension schemes (to an appropriate extent), I do put a decent amount extra in pension - yet making sure I have money aside to use when I need rather than at retirement, hence ISAs too.

Indeed looking after our health is a priority. At this age I feel we start to be aware that we should gradually withdrawing from "selling our health to earn money". I picked up running a few years ago - only once a week at the weekend to reset the system, and dancing class (not pretty, but who cares ;-) ) which I will try to keep going till I cannot stand up any more :-). Would be cool to take on a proper sports like your case @Sensiblesaver

Firegirl

Oh wow lots of sporty people.

I have done various things over the years but never really keep with the same things.  Like indoor bouldering and sea swimming.  That makes me sound really sporty but I’m really not.

The only thing I’m consistent with is going for walks with friends.  I like a walk and then a wee coffee and cake to undo the hard work

MallyGirl

I started running at 50 - I figured it was cheap and flexible. I ran a marathon last year at 56 which may well be the only one I ever do. We go walking as a couple - OH says his knees couldn't take running so he swims instead. We'll be doing a 26 mile MacMillan Mighty Hike in June. We are not sporty.

Firegirl

Wow @MallyGirl! A marathon! I’m not sure I could run for the bus 

michaels

Firegirl said:

Oh wow lots of sporty people.

I have done various things over the years but never really keep with the same things.  Like indoor bouldering and sea swimming.  That makes me sound really sporty but I’m really not.

The only thing I’m consistent with is going for walks with friends.  I like a walk and then a wee coffee and cake to undo the hard work

Apart from the snowboarding my only 'sport' is over 50s walking football so I suspect you are well ahead my me in the sportiness ranks!

Firegirl

Walking football sounds fun!  I bet you have a bit of a social fun with that too. @michaels

Firegirl

Firegirl said:

Decisions made! Some news recently that the project I’m working on will continue until June 2025.  While not 100% it’s as certain as I can be that I have another year in this job.

Decision 1 - Any extra funds I have between now and June I will add to my ISA.  My ISA is out preforming my mortgage interest.

Decision 2 - If my contract is extended in June I will change to umberella company and heavily pay to pension to bring me out of high tax bracket.

Decision 3 - Abandon MFW journey and just let that ride its course.  I will keep my payment the same each month as it’s always been and hopefully interest rates will go down soon and effectively we’ll be overpaying more by keeping the payment the same.

Task - once moved to umberella set up regular payments to ISA again and settle into a new ISA/Pension savings rhythm that is a bit more predictable and less adhoc.

Onwards and upwards. 
 

Decision 1 complete. 7k now added to my ISA.

hugheskevi

Firegirl said:

Firegirl said:

Decisions made! Some news recently that the project I’m working on will continue until June 2025.  While not 100% it’s as certain as I can be that I have another year in this job.

Decision 1 - Any extra funds I have between now and June I will add to my ISA.  My ISA is out preforming my mortgage interest.

Decision 2 - If my contract is extended in June I will change to umberella company and heavily pay to pension to bring me out of high tax bracket.

Decision 3 - Abandon MFW journey and just let that ride its course.  I will keep my payment the same each month as it’s always been and hopefully interest rates will go down soon and effectively we’ll be overpaying more by keeping the payment the same.

Task - once moved to umberella set up regular payments to ISA again and settle into a new ISA/Pension savings rhythm that is a bit more predictable and less adhoc.

Onwards and upwards. 
 

Decision 1 complete. 7k now added to my ISA.

I'll be adding the remaining £5K of allowance to my wife's ISA later today

swindiff said:

I started Stoozing again when interest rates went up. Well worth it to me atm. 30k on 0% credit cards earning me £1500 a year. Halifax clarity CC offers free money transfer to your bank account.

And due to this, I'll be adding £20,000 to my ISA later this month. Just opened 4 fee-free 0% interest balance transfer credit cards with the best part of £50,000 limit to use and abuse. I didn't realise Halifax was free money transfer, I used to have a Barclaycard which gave me that, so great to be back to the good old days of free fast stoozing.

That should enable me to max out our ISA contributions and top up our Premium Bonds to maximum holding. The rest into savings, which will sadly push us into paying interest, but at least I'll put that interest in a pension to get some of the tax back.

atush

"Decision 3 - Abandon MFW journey and just let that ride its course.  I will keep my payment the same each month as it’s always been and hopefully interest rates will go down soon and effectively we’ll be overpaying more by keeping the payment the same."


That is how we got rid of our mtg early, worked a treat with no pain.