Does money paid into Pension pot count as savings?

Jami74

My SIPP payment is counted as an outgoing on my spreadsheet. It's money that is (temporarily) available in my current account, that is paid out to Vanguard and instantly becomes unavailable to me, similar to the mortgage.

In ten to fifteen years time it will then reappear on my spreadsheet as income as I draw it down.

Its_all_Dinx

Thanks everyone,

This was helpful, the summer gets busy but I will start adding new tabs to my spreadsheet. Investments / pension.

The idea of stoozing tab is excellent. Maybe I might need Ai to help create this. I am enjoying buying for goods and services and then earning interest. Biggest watch out for anyone. The minimum repayments can become easy 3 digits depending on the size of the pot you MUST plan for these. I very nearly I got caught out. (We learn from mistakes)

Once I have created a master spreadsheet, I can share it on here.(if allowed) It has helped so far budget for the last 9 tax years. Also helped me grow pots create spending budgets and now not worry about spending my money as I know I still have saved or invested what I think is enough.

Appreciate Your thoughts everyone. Please do add in more comments.

ZeroSum

For qualifying for benefits, pensions dont count as savings as you dont have access to them. However if for your own records, just do whatever you think is best as its just for yourself. I use MS money, and I write my pension conts off as an expense & record gross pay. However I have a DB pension, if it was DC, I may well treat it more like I do with my investments.

I do also have a spreadsheet for my stoozing balances, but track the cashflow through MS money in terms of fix rate maturity & 0% endings, and cash required to meet minimum payments. I also use Atom due to the flexibility of their fix rate accounts