Reining it in for retirement and sanity

badmemory

Just don't bank on those kids leaving home.  Mine is in his 40s & still here.  Just to make me feel really old, today I got the state pension letter for 25/26 which was kind enough to point out that the last few weeks of the year I get a whole 25p a week extra.  Rich beyond the dreams of avarice.

Blackcats

Well done on your reduction in spending.  I'm still training myself to treat a budget as a maximum spend that can't be exceeded rather than a spending target to seek to achieve 🤷‍♀️

The "how much for retirement" question is tricky.  When I was actively planning my retirement I started reading the pensions/retirement threads on here and got myself thoroughly jittery because some people seem to be aiming very high!  Your house will be your happy home, each month you will own more of it and owe less on it and over the years it will increase in value.  Try not to stress too much - I'm sure you will be fine.

Honeysucklelou2

Interesting reading…I’m 2 years into a 20 year mortgage taken out in my 40s due to divorce, but a now starting g to think about the boa ace of work and retirement!
Also pleased to read that there is another family that always has to buy milk! We go through 28 pints a week at least although that is less than the 40 pints we got through when my now adult children were at home!!!

LillythePink

Hey

Just stumbled on your diary and it's nice to see a fellow islander

I definitely feel your pain on costs - I don't think some people believe that it's as expensive as what it is and think that, as living here, we must be loaded - sadly that's not the case....I paid £2.06 for a litre of milk yesterday but to be honest, I would rather pay that for our lovely milk than imported.

It's nice that you were happy with your payrise, we had ours and it was rubbish in comparison to the cost of living % but I like my job and the people I work with so am not going to move but I am older than you so still have less years to retirement so don't really want to change jobs now.

Keep on going.......

RebeccaPAgain

@badmemory yes I guess that is the issue these days - our children may not be able to afford to live independently.  That letter sounds quite insulting!  We are discounting the State pension here as we've been told the money will run out - it will probably be means tested by the time I am due (70 at this rate).

@Blackcats thank you - ha, yes, I feel a bit like that too!  I will def check out those boards - I feel it's difficult as I know we'd like to travel and its so expensive even to get off this rock.  But I also query how much we will be bothered about if that makes sense?  Like, we always discuss whether, if we had more money it would change how we live and we came to the conclusion it wouldn't - we don't live a particularly extravagant lifestyle.  

@Honeysucklelou2 wow, you beat us hands down in the milk consumption stakes!  Such a long mortgage is daunting hey, but as BC says, each month that goes by we own a little more of our houses and owe the bank a little less!  A positive way of looking at it (which I am going to adopt)!

@LillythePink oh wow hello (waving).  Where did you pay £2.06?!!  I find the cheapest place is M%S (£1.75 a litre).  Agree with you though, our milk is delicious.  Also agree that it is not a rich man's playground for the average family.  Sorry your payrise was rubbish - there is def a lot to be said for liking where you work.  It's one reason I wouldn't move at the moment.

So DC's shoes were 115 in total - 2 pairs for DC1 and 1 pair for DC2.  But all needed.  They didn't eat their lunch today so not expecting their feet to grow any time soon!

This morning was park with the grandparents which was fun.  Then came home and baked a cake.  £1.25 in WR for some reduced unwaxed lemons and have made a lemon drizzle with a lemon and bay syrup so will see how that pans out as is currently cooling.  We had all the other ingredients in already.  Not sure what we are doing this arvo.  DH has taken apart all the kids' lego so they can rebuild which should hopefully keep them busy as strong winds and it may rain.  Might nip up to MIL's later but possibly not.  DH bought some mince from a local farmer so is currently portioning up and using some to make burgers for the freezer.  I guess he will freeze the rest in portions.

Tonight I am making sausage and chestnut pasta - will be loads left over so will get frozen to have mid-week.  Should do another 2 meals.

Going to try read my book this afternoon (presuming lego keeps kids occupied) - 7th book of 2025 so far!

badmemory

I doubt even if they bring means testing in that it will effect 95% of pensioners.  A large proportion of voters are over 50 & they are not going to vote for that.  Can you imagine MPs freely giving away over £200 a week state pension even with their other pension, it would only be those with accumulated wealth.  Can you imagine all those 40 year olds screaming Oh no my parents are going to have to spend all their savings & then take out equity release & there will be nothing left.  They can't possibly do it until they have made auto-enrolment pay in enough to actually give a sensible liveable pension, which at present it is nowhere near.  It will need to at least double & that will only work for new workers.

Blackcats

Hope the children enjoyed the Lego meaning you can enjoy your book and a slice of that yummy cake.

RebeccaPAgain

@badmemory we are not run by UK govt here, we have our own and they do whatever they like as no party politics!  So, I wouldn't be surprised....

@Blackcats I got a slice and a cuppa and a little bit of book which was good.  

Just finished for day and taking DC1 to park (half term here) before picking up DC2.  Taking snacks and water to avoid having to spend at the overpriced cafe!!!

New budget started thursday and we are not off to a flying start as much has been spent but I am hopeful that bar any unexpected disasters, we will come in under the reduced-reduced budget I have set as the remainder of the month looks relatively quiet.

Had managed to reduced the car insurance premium on our 2nd car (it is 20 years old and just a run around) by limiting mileage to 3000.  Was a little worried about it but have just calculated it has only done 859 since end July so that is fine, though it is probably why the battery went so a false economy perhaps?!  We really do need a new car but it is just not on the horizon at present (we also aren't ones for new new cars anyway and are quite happy with second hand - but we do need a new second hand car - maybe next year!).

Anyways, have a good week all and lets keep going with our MSE efforts!!!!

LillythePink

Hey

It was Tozers on the Bridge - I needed a prescription at Stonelakes so just went there for it - normally don't buy it there normally M&S as well

As for our local government - mostly muppets who think we can pay for everything - will be interesting come voting time - I certainly know who I am not going to vote for.

Our budget resets tomorrow as well as my payday - pity there aren't more in a year!

And I am lucky in that I don't have any young children to try to entertain - I used to love lego when i was a child - but nowadays it's not just for children is it

Your pasta sounds interesting

I hope you both keep sane this half term

RebeccaPAgain

Well it's been a week!  Can't go into it but things have not been good on the work front!  Anyway.

So we were doing relatively well on the MSE front.  DC1 had an eye test but I thought that DH's private health may well cover it so asked him to check.  He did and it does so that is £25 back in our pockets. I was also expecting his dental check up to cost but it was free so again, happy with that. Some cash has been spent on activities as it's half term - so a couple of rounds of crazy golf, swimming, snacks(!) but over now and not too bad.

The killer has been that DH has ordered some mypex and a load of gravel for garden - over £300!!!!!!  In fairness he had sold an item for £140 so that has gone towards it. He is also trying to sell some more stuff. 

I also noticed that Sky had put our monthly bill up - it was £25 and it's now going to nearly £50. I've told DH to get on to them as I refuse to pay that much per month. We just have a basic package as well. I know we could cut sky but I watch several shows on there but if they won't come down to near what we were previously paying, I think we will walk and perhaps just pay for the series we watch via another subscription.

Kids have haircuts today and then we are planning to take them to the beach to dig for razor clams.

The weekly shop has been relatively tame this week.  Had to get 2 x gifts and cards for kids parties.

Due to gravel/mypex we def won't come in under the reduced-reduced budget I have set us, nor the reduced budget. But I am hopeful we will come in under what I normally budget so at least that's something. 

Both cars also playing up so I am fully expecting to have to pay out on those soon!