Assitance with saving

aayush

Hi 
Hope all are well 

I am 60 and earn 24k rent a flat as recently split from my wife paying maintenance and using my car to work pay the usual elec, tv broadband sky council tax 
but since moved to heml been od in account at month end 
need to ask how can save  put money aside for future have 3 pensions frozen but see am getting admin charge made to look after it thus not sure if will have anything left 

Thought would have surplus cash now on my own son comes to stay at weekend

Any help would be very usefull 

eskbanker

This sounds more like a budgeting question than a saving one as such - if you're finding that you have no surplus money to save but feel that you ought to have, then you need to review your income and expenditure in detail, and understand exactly where it's all going, which can then lead to areas for improvement.

There's a template used on the debt-free board, which offers a structure through which such analysis can be done:

https://www.lemonfool.co.uk/financecalculators/soa.php

Edit: just noticed that I'd misread your original post and thought that you were earning £24K of rental income, but now see that you mean you're earning £24K full stop, which probably leaves little room for manoeuvre.  Was the maintenance payment calculated with sight of all of your financial commitments?

born_again

Could you merge the pensions into one to limit the charges?
While not helping day to day spending. It will reduce their charges.

Short of knowing what you physically spend your money on (as per above) I'm afraid no one has any real idea's Other than reducing your outgoings.

aayush

eskbanker said:

This sounds more like a budgeting question than a saving one as such - if you're finding that you have no surplus money to save but feel that you ought to have, then you need to review your income and expenditure in detail, and understand exactly where it's all going, which can then lead to areas for improvement.

There's a template used on the debt-free board, which offers a structure through which such analysis can be done:

https://www.lemonfool.co.uk/financecalculators/soa.php

Edit: just noticed that I'd misread your original post and thought that you were earning £24K of rental income, but now see that you mean you're earning £24K full stop, which probably leaves little room for manoeuvre.  Was the maintenance payment calculated with sight of all of your financial commitments?

no my salaary is 24 k as work live rental flat privately landlord 

Altior

As eskbanker says, do a SoA and post it up. Or what you can do yourself is list out all of your consistent monthly expenses and see where you can reduce them down. You're probably not going to get a huge amount of change out of that salary, but there's usually always something can be done. Sky for example is going to be proportionately expensive, and probably not value for money for you when there are low cost alternatives available. Changing where you get your groceries from can yield a significant difference, a single man I would expect this to be no more than 200 per month. Lots of tactics available to reduce grocery bills. 

There are three elements to attack overall. i) reduce expenses where possible, ii) make any excess income work as hard as it can iii) review the pension situation overall.

For iii, I recommend creating a separate topic on the pensions board as this needs much more detail to be provided for decent pointers. With regard to what's happening with the pensions you have, and also taking advantage of existing options. At your age if you have not triggered MPAA then you have pensions access currently and a large possible contribution limit, so running any excess income through a pension seems quite appealing. But we don't even know if you're are getting employer contributions currently (or could get them).