Future Finances: Time vs Money
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ShyAndRetiring wrote: »We're also using the PO one year lock-in account, they do seem to have lots of variations so also an option? And to answer your other question, I still have my old Girobank account book, from when the PO started doing that kind of banking, so yes, I'm with you on the satisfaction of watching the numbers grow in a book! I've just had to get used to watching the numbers grow on screen instead.
As above Humpty, maybe look at the T*cso current account, as you get the 3% interest but also the convenience of being able to pay for things easily ... something likely to be needed for wedding spends!
Thank you so much for that. I've done so many searches and looked at most banks and haven't found that or anything close. My job for tomorrow.0 -
humptydumptybits wrote: »The interest rates are so low it is hardly worth bothering so I'm thinking of just buying premium bonds every month and at least I have a chance of a nice surprise. DDs wedding is 11 months away, they just got engaged, so too late for me to tie into one of the 12 month saving accounts that pay a decent amount.
:T Oooh, short timeline, how exciting, that'll just fly by Humpty! The other account to look at is the Nationwide Flexaccount, it's paying 5% up to £2.5k for one year only. Sounds perfect for your timeline and is a current account so you'll get a debit card to use for all those cheeky wedding costs! Worth looking into?~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~0 -
Hi CRV ...Hi
S&R- Hope you have a fruitful weekend, I'm going to tackle the garden, then see how the weather pans out, aiming to think through how I'll put my own thought onto my thread in some sort of order rather than a chaotic mix of them.
Weekend proved super-busy and the week has picked up in pretty much the same way! My garlic is sprouting so I plan to get it into the little planter I prepared by the coming weekend (weather and OH's perpetual visitors permitting)!
I can see my problem is that I waste money buying wants rather than needs and tying up money that I can access in a few days is probably better for me. Great to read what others do and how I can adapt their ideas to my circumstances.
It's great that you know this is the issue CRV, and that sounds like a good plan to address it!
I remove my debit cards from my purse so I can't have one of those 'oh well, I'll pay now and sort it later' moments!
You're right, the threads are a great source of info and inspiration which can be mulled over and reapplied to suit individual situations. Must pop over again and see how you're getting on!~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~0 -
thriftytracey wrote: »"My advice is to really monitor what you are spending, record everything, either in a spreadsheet or even what I do, I just write daily spends in my diary so I can keep track of where the money goes. "
I LOVE my spreadsheet! I record everything and categorise spends, Food, Fuel, Pets, Personal (toiletries, books, cds etc), Entertainment (meals out etc), Discretionary (impulse), Caravan, Holidays and Home. I then reconcile to the bank account and it is really satisfying to see surplus saved each month from my salary, even if it just £100. Also, planning for retirement you can see where the "heavy" months are e.g. Pet vaccinations etc. I know I spend too much on food for example and can cut back.
Then, when I was doing the numbers I could see where too much money was going!
Sounds very organised Thrifty ... I love a good spreadsheet too, but I've recently swapped to two large squared note pads - one for the monthly ins and outs, and one for savings. Everything's in there and it kind of makes it easier for OH to see where it all is and what's going on with it, seems to make it easier for him to be involved as well as informed.
He also knows where to find them if I get hit by a bus, something he'd not be able to do with the password for my Chromebook, even though I've told him what it is at least a million times! :rotfl:
So I'm mainly using the spreadsheet for projections now, love changing some of the numbers about and seeing the effect on the finances, depending on the scenario. Such fun!~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~0 -
:wave: Hi SukySue ...While l am here l am wondering about just doing our own wills on a piece of paper and getting them witnessed and dated by some ppl not related to us or going to benefit from our death. I also wondered if the witnesses die before we do is the will still legal? Will just be mirror wills to each other tbh. It all seems very simple and will save a fortune . What does everyone think?
Yes, getting the will sorted seems to go with the retirement planning territory! There's been lots of great advice here from everyone and although we too flirted with the idea of a DIY will, we're now going to do it through the solicitor. It could be worth you ringing around a few for costs or hanging on for the free wills month in November?I have listened to you and agree l will go to a solicitor and get it drawn up, thank you for making me think again and see sense .
Really lucky over here to have such lovely helpful visitors! Happy Will sorting SukySue!~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~0 -
:wave: Hi chums, thanks for bearing with me ... lovely to see you've all been busy over here, I think I've replied to most of you, sorry if I've missed anyone.
Now, although I'm posting at a ridiculous time on Weds a.m. I'm updating as if it's still Tuesday because that's where my head is at the moment so, to update on progress so far ...
* Spending
#1): No FleaBay spending - haven't given in yet, total 14 / 31.
#2) Quite a bit of food shopping since last update: market spends £ 26, additional spends for jam / chutney extra ingredients £ 6, extra C00p spend for visitor feeds & drinks £ 11, so food spends so far this month = £ 76 / £165.
More jams & chutneys made, both apricot flavours. Store cupboard and Xmas prep box are both starting to look healthy!
Blackberries are ripening everywhere locally so we've made sure we've got plenty of sugar in so we can get cracking on those when we get a spare moment.
The few fruits we have on the plum tree (yes, found some!) are ripening nicely too, but have my eye on them for maybe making some may fancy dessert tarts and plums in brandy to make Xmas pud with later on, rather than jamming!
* Saving
# 1) Have really been strict with personal spending & put extra £10 across to holiday purse, total = £ 50 / £75.
# 2) Have resigned myself to not getting anything prepped for selling this month because it relies on me taking over the spare bedroom for measuring, photographing etc, and there's just been too many people around to do so! However, I did cash out £75 from TCB - left £25 in there to top up my NOTHS gift card (to help with all these birthdays).
So extra into ISA saving £ 75 / £120 but might have to be creative about how I find the extra cash to meet this challenge, because I really don't think I'm going to get anything sold for the time being!
* Sorting
# 1) OK, the Bored Meeting was useful and productive. I'll do a separate post on the Bored Meeting update and mid-term planning, otherwise this post one will be huge and long and send you all to sleep :rotfl:
#2) Will: am waiting for a call back from solicitors to arrange time to go in, so all in hand to at least start the ball rolling with a consultation before the end of the month.
Simple Pleasures
* Hearing what we think was a Nightingale the other night - from around 1 a.m. until about 9 a.m. Just amazing.
* Seven swans walking up the lane yesterday evening when we were walking the dogs. We had to walk past them but everyone was very well behaved, just a little swan hissing to keep the dogs in their place! Lovely to be so up close to such magnificent birds.
* Managing a cheeky bike ride for the first time in 2 weeks ... and I didn't fall off this time! :T
So there we are! I suppose I should try again with that whole sleeping malarkey now, SaRx~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~0 -
moneyistooshorttomention wrote: »Another vote for getting wills done "properly". Though I'm single and childless - so I don't have to worry about anyone else's welfare - I still think it's worth it.
I had a will anyway - but changed it after moving here - and it cost me £100 if I remember aright. It's a very basic simple Will and other peoples might cost a bit more for being a bit more complicated - but I can't think it would be a vast amount.
In my case it was done not so much to look after peoples welfare (with that not being applicable) but to ensure the person that would probably count as my "next of kin" at the time doesnt get anything. That being my brother - we're on "polite" terms whilst my parents are still alive and I strongly suspect "that'll be the end of that" when my parents die (as I know what my brother is like - ie grabby etc).
So very necessary still to have one even in my circumstances imo - or I know him well enough to know he'd cheerfully take everything of mine, even if he'd already helped himself to as much as he could from my parents direction (which I already know he's after a lions share there:cool:).
I confess I shall be "sitting up on a cloud" after I'm dead and watching where my money is going with interest - ie how the charity it's been left to is spending it.
That's a good point, Money ... it's certainly important to ensure that what you leave behind ends up where you want it to, rather than being up for grabs.
I volunteer for a small local charity and also know people at another one. Neither of these charities receive any national funding and they've both just received small bequests courtesy of a couple of local people.
It's surprising just how much difference an unexpected windfall can make to the plans a charity has or wants to get started on, so I think it's great that you're going to be able to make a difference to a charity in that way.thriftytracey wrote: »Simple Pleasure: Deep Clean of the kitchen which was well overdue, in fact ashamed to say first time! This involved, cleaning all cupboards, washing down the walls and removing all cobwebs and dust from ceiling, skirting boards, doors, tiles, removing (hands and knees) all pet hair from carpet that vacuum does not find, washing all crockery on welsh dresser and cleaning same etc etc. A joint effort too. Most satisfying and a real visual improvement. Repeat each room. This way when I retire next year (fingers crossed) new house. Next job: getting downstairs loo replastered and 2 walls one in hall and one in living room.
Funnily enough I washed down all the kitchen cupboard doors after work today ... OH made one of the chutney batches and the kitchen looked like a disaster zone. Bloomin' sticky too! You're right, it's satisfying once it's done though.
Not a simple pleasure: coming down this morning and finding that Molly has had a "tummy upset" in the night......
:eek: Oh noooo Thrifty... not in the lovely clean kitchen? Hope she's better soon!Hi SAR,
just found your diary and have been reading all the comments, very useful information on here.
Hello Lindez, thanks for stopping by!
I am semi-retired just work 3 days a week now since January. I still have a mortgage and things but at 59 and working full time for years I thought about time over money.
I think there's a surprising number of us who feel this way, there does come a point when it's a choice of which holds most value for you, and certainly full-time work can really make you appreciate the idea of having the time instead! How are you finding the drop down in hours, are you enjoying your extra time?
Very little savings and things so I am just going to be a little frugal and stop spending on things I don't need.
:money: Yes, that's another key thing, I think. Needs definitely change once the decision about time over money's been made and somehow things which seemed really necessary before seem quite easy to go without. That said, I'm trying to teach OH that being frugal doesn't mean going without, it just means getting the max value out of what we do have and doing as well on what we've got as possible (with a few bargains on the way)!
I completed a will and trust fund earlier this year wow looking at the prices on here that people have paid for wills I paid above and beyond that. Mine was £1200.00 pounds though like I said I have put mine into a trust fund with my two children. Not that there is much there it just I wanted to make sure my home went to them.
I lost my husband 2 years ago and it was a second marriage for both of us. We had wills set up then and both of our wills anything we had went to our children respectively. So my late husbands estate went all to his daughter and nothing to me. And I would like to believe that if it had happen the other way around he would have respected my wishes as I did his. A lot of people thought we were mad for doing it the way we did, but he had a lot more than I did so I agreed.
I'm so sorry to hear about your husband. It sounds like you planned everything how you wanted it and that's what counts, particularly if it reduced stress at the time by knowing everything was dealt with according to your husbands wishes.
It also seems entirely sensible for you to have spent extra on your own will but to have established Trusts so that your children receive everything you want them too. Definitely worth paying the extra to a solicitor to get that right.
I have subscribed to the thread and look forward to reading. x
Thanks for subscribing, lovely to have you along! ~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~0 -
Hi S&R,
Glad I'm not the only one who lurks about in the middle of the night! Sounds like you've had a busy time and still not overspent. There is something satisfying about growing and picking your own fruit and veg. Our hens seem to have settled in, now getting daily eggs here. I've even managed to get a couple of no spend days in and busy sorting work stuff out!
Mrs CRV has been very busy, I came home kitchen sorted top to bottom, new homemade curtains up there - 3 windows, along with all her dressmaking stuff sorted. So we're both working hard along our path to retirement.
Only a few weeks left and off to my new role!
Good luck sleeping, I'm up for the day now, one dog by my side, cat on my lap purring loudly! No chance of going back to sleep to get up at 5 am!CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!0 -
moneyistooshorttomention wrote: »Another vote for getting wills done "properly". Though I'm single and childless - so I don't have to worry about anyone else's welfare - I still think it's worth it.
I had a will anyway - but changed it after moving here - and it cost me £100 if I remember aright. It's a very basic simple Will and other peoples might cost a bit more for being a bit more complicated - but I can't think it would be a vast amount.
In my case it was done not so much to look after peoples welfare (with that not being applicable) but to ensure the person that would probably count as my "next of kin" at the time doesnt get anything. That being my brother - we're on "polite" terms whilst my parents are still alive and I strongly suspect "that'll be the end of that" when my parents die (as I know what my brother is like - ie grabby etc).
So very necessary still to have one even in my circumstances imo - or I know him well enough to know he'd cheerfully take everything of mine, even if he'd already helped himself to as much as he could from my parents direction (which I already know he's after a lions share there:cool:).
I confess I shall be "sitting up on a cloud" after I'm dead and watching where my money is going with interest - ie how the charity it's been left to is spending it.
Do you have any nieces or nephews you might want to include. I think it is lovely to help young members of the family as it is so hard for them to get started now.0 -
When my husband died in 2010 neither of us had a will. While he was ill I was constantly being told I should get him to make one but it seemed to me that by suggesting that to him it would make it appear I'd given up all hope for him (even though I knew he was dying). So the will didn't get made.
Fortunately we were married and had no children of our own (I have 3 from my first marriage) so everything came to me anyway.
One of the first things I did after he died was to get my will sorted. If I hadn't made one then everything would go to my 3 kids, and they aren't having it all. We're estranged so although they're in the will they're only getting 1/6th share each. The other 3 shares are going to 3 members of my husbands family.
I went from full time work to part time in April 2016 as I'd got to the point when I wanted time and not money but was too nervous of the unknown to take that final step of retiring. It took a further 16 months before I decided I didn't want to do it anymore.
I am very, very lucky. I am financially secure (thanks to my late husband and my own careful investing). I'm not rich by any means but comfortable.
All in all I have no regrets about retiring early and time (for me) really is more precious than money.
Some people only exist as examples of what to avoid....0
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