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    • Seasidegal58
    • By Seasidegal58 18th Sep 16, 1:27 PM
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    Seasidegal58
    Paid off the 31,000! BUT - still scrimping!
    • #1
    • 18th Sep 16, 1:27 PM
    Paid off the 31,000! BUT - still scrimping! 18th Sep 16 at 1:27 PM
    Heres to my new shiny diary now that I am debt free!

    I have finished my previous diary which detailed my debt free journey. This went well for some months I then failed dismally, managed to pull myself together to pay off half then had a lucky windfall which cleared the rest. If you want to have a look its called Scrimping Behind the Scenes with Debt of 31,000! (sorry, I cant manage to get the link to work!).

    In the diary I detailed how I was trying to pay off the debt without alerting the fact to family and friends as I was too embarrassed to let anyone know the extent of my folly!

    I have however decided to carry on scrimping as I have a few retirement issues coming up. One of the things that will make scrimping easier is that I dont have to do this in secret anymore! My reasons for cutting back financially will be out there for friends and family to see which will let some of the pressure off!

    I am now in my early sixties but my State pension will not kick in for another four and a half years. I will not be getting the full whack as I have had contracted out of the second State pension because I was a member of a previous employers final salary scheme. Luckily this pension will take a little of the headache away and I have a couple of small DCB schemes from other employment over the years though these will not amount to much. I am in my current employers company scheme and both they and I pay into this though again its not going to be life changing!

    I calculate that I when I retire my income will be slashed by well over half so to carry scrimping would be a good run up to retirement test for me.

    A big worry is that the firm I work for was recently bought out. I have been through this sort of thing with previous employers. What tends to happen is this:

    1. Big lovey-dovey honeymoon period between new owners and old owners (who have been paid out, but stay on for goodwill).

    2. New owners and old owners start to fall out over the management of the company. The new owners want to run the company their way and old owners think they know better.

    3. Bad feeling hits all round and new owners start to have a people clear out.

    Im rather apprehensive about the possibility of a people clear out because of my age. I think I will be ok as long as my boss is there but unfortunately he is older than me!

    Accordingly, my next scrimpy goal is to fully fund my Emergency Fund. It currently stands at 3,000- but I would like to see it at 10,000 to feel safe. If I can fund it with 1,000 per month (like I did with my debt), I will have 10,000 by end April next year.

    So today is going to be a NSD. I have 26.90 left spending money and 18.33 in the grocery budget till I get paid next Friday.

    So here we go again interesting times!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- 10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 16/05/2018: 621.59
    MONTHS TO RETIREMENT: 36!
    My diary: Paid off the 31,0000! BUT- still scrimping!
Page 37
    • enthusiasticsaver
    • By enthusiasticsaver 13th Mar 18, 9:58 PM
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    enthusiasticsaver
    Thank you so much for letting me know ES. Didn't know that. I think I might just wait until then!
    Originally posted by Seasidegal58
    My DD had one put in at the end of last year and a friend and my hairdresser and they all said the same. October is the magic month.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Seasidegal58
    • By Seasidegal58 13th Mar 18, 10:07 PM
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    Seasidegal58
    My DD had one put in at the end of last year and a friend and my hairdresser and they all said the same. October is the magic month.
    Originally posted by enthusiasticsaver
    That date is definitely going into the calendar.......
    Finally Debt Free! - July 2016
    Finished Emergency Fund- 10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 16/05/2018: 621.59
    MONTHS TO RETIREMENT: 36!
    My diary: Paid off the 31,0000! BUT- still scrimping!
    • enthusiasticsaver
    • By enthusiasticsaver 13th Mar 18, 10:12 PM
    • 6,367 Posts
    • 13,009 Thanks
    enthusiasticsaver
    That date is definitely going into the calendar.......
    Originally posted by Seasidegal58
    There are quite a lot of threads on MSE about it as well. Our plan is to line up our builder and get the design team in August/September. You know Howdens only sell through a tradesperson presumably?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Seasidegal58
    • By Seasidegal58 13th Mar 18, 10:20 PM
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    Seasidegal58
    That's sounds like a good plan. I do have a builder in mind - my sister employs him for jobs at her work and he's also done work for both her and me over the years so will be using him as my Howden's "link"

    I'll also have a look at some of the threads you have mentioned

    Thanks very much again ES!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- 10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 16/05/2018: 621.59
    MONTHS TO RETIREMENT: 36!
    My diary: Paid off the 31,0000! BUT- still scrimping!
    • Seasidegal58
    • By Seasidegal58 14th Mar 18, 2:10 PM
    • 1,906 Posts
    • 11,681 Thanks
    Seasidegal58
    My friend and I were given a free drinks voucher each in Pret on Monday when we had our lunchtime coffees so tried to use it today (in true spirit of a NSD!) However, the nice guy in there told us to keep them and gave us free lattes anyway! What a result!
    At the weekend I was discussing with DD and her OH my retirement plans. In nearly three years when I get my State Pension I will retire - the idea is I will have a year living in my current home as I'm very fond of where I live, but don't really get the chance to take advantage of my town because of my long working hours. After a year I will sell up and move in with DD whilst I look for a new home to buy in her town - where incidentally property prices are very much in line with my own town. I love it where she lives and it was always the idea to move to be nearer to her and OH when the time comes. They eventually want to move to a more northern, rural destination when they both retire - so I might be seeing in my old age in a country abode!

    In the meantime, as I now have funds for the new kitchen, I'm changing my signature on my "Next Scrimpy Goal" to reflect a new title - "Ad Hoc Savings for Retirement - which will be my pot to build up some savings for things like the extras I will need when I move, etc, so I won't have to dip in the emergency fund. I'll probably need to stop it at certain stages, i.e. when I need to redecorate the flat before moving, but at least the fund will be building up!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- 10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 16/05/2018: 621.59
    MONTHS TO RETIREMENT: 36!
    My diary: Paid off the 31,0000! BUT- still scrimping!
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 14th Mar 18, 6:39 PM
    • 4,108 Posts
    • 27,791 Thanks
    HairyHandofDartmoor
    Your mother's day weekend sounded lovely and the new kitchen sounds lovely too, very tasteful.

    I like the sound of your retirement plans. I won't get my state pension for thirteen years; am I very sad to be looking forward to getting money I don't have to work for?
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = 58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund. Then save up for repairs to the house.
    Emergency Fund 1 = 81.59/Emergency Fund 2 = 41.81/Loss of Income Fund 0
    • Seasidegal58
    • By Seasidegal58 14th Mar 18, 8:03 PM
    • 1,906 Posts
    • 11,681 Thanks
    Seasidegal58
    ..... am I very sad to be looking forward to getting money I don't have to work for?
    Originally posted by HairyHandofDartmoor
    Not at all! In my book Hairy we've paid our dues over the years in tax so have worked for it!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- 10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 16/05/2018: 621.59
    MONTHS TO RETIREMENT: 36!
    My diary: Paid off the 31,0000! BUT- still scrimping!
    • redofromstart
    • By redofromstart 14th Mar 18, 8:42 PM
    • 1,674 Posts
    • 9,975 Thanks
    redofromstart
    I agree with you Seaside, I worked hard for the right to claim that money, eventually. Even if they do keep on pushing the date back
    • Seasidegal58
    • By Seasidegal58 15th Mar 18, 9:33 PM
    • 1,906 Posts
    • 11,681 Thanks
    Seasidegal58
    Thanks redo - I live in fear that 'they' will push my retirement age back further just as I'm coming up to retire!

    Busy day today in work, but ended up a NSD! I joined my friend at lunchtime for her clothes shopping trip and lived vicariously through her!

    Got home to revised Council Tax invoice for the next year - up 3 per month!

    Had someone come round to measure up for my new front door so now wait for quote. He didn't have any door numbers that I liked so will get one at the weekend.

    Running late after he left - just finished oven chips, egg and peas!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- 10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 16/05/2018: 621.59
    MONTHS TO RETIREMENT: 36!
    My diary: Paid off the 31,0000! BUT- still scrimping!
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 16th Mar 18, 2:05 PM
    • 4,108 Posts
    • 27,791 Thanks
    HairyHandofDartmoor
    I would be devastated if my retirement got pushed back, I can't retire until I'm 67 as it is and I'm looking forward to it . My mum retired at 60 and is 82 now!

    My council tax has gone up too .

    I hope you find a nice door number.
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = 58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund. Then save up for repairs to the house.
    Emergency Fund 1 = 81.59/Emergency Fund 2 = 41.81/Loss of Income Fund 0
    • badmemory
    • By badmemory 16th Mar 18, 2:41 PM
    • 1,600 Posts
    • 2,098 Thanks
    badmemory
    I do my budget Jan to Dec so of course don't know what the council tax will be. This is the first year in over ten that I have underbudgeted. It's over 6% up. I know the council can't help it, they've also shut over half the libraries, the situation is becoming dire for anyone needing help of whatever form.

    The company I worked for before I retired all gone, one pay rise in the last ten, just bought out because one of the owners (51%) wanted to retire. So bought out asset stripped & bye bye.

    Thankfully "I'm all right Jack" except that I don't actually feel alright. I used to think that when I retired I'd be able to stand there with a banner protesting life's injustices, but I think eveyone now is too battered to have the energy to object.
    • redofromstart
    • By redofromstart 16th Mar 18, 2:54 PM
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    redofromstart
    I think if 'they' make any more changes it will only hit those over a certain age. I would hope the under 45s! *coughs* not self-interested at all there.

    badmemory I think a lot of people are in 'head down, batter on' mode, me included. Our retirement plans have been hit by the Carillion collapse, still not clear how much by though.
    • HairyHandofDartmoor
    • By HairyHandofDartmoor 16th Mar 18, 3:08 PM
    • 4,108 Posts
    • 27,791 Thanks
    HairyHandofDartmoor
    Life does tend to batter ordinary people down financially. Most of the population are just 'just about managing' it seems to me, not just a few .
    My Diary http://forums.moneysavingexpert.com/showthread.php?t=5716867
    Debt in July 2017 = 58,766 DEBT FREE 31 OCTOBER 2017
    NEW GOALS - Build an Emergency Fund & Loss of Income Fund. Then save up for repairs to the house.
    Emergency Fund 1 = 81.59/Emergency Fund 2 = 41.81/Loss of Income Fund 0
    • Seasidegal58
    • By Seasidegal58 16th Mar 18, 8:28 PM
    • 1,906 Posts
    • 11,681 Thanks
    Seasidegal58
    Thanks for your posts ladies. I get cold feet about my final salary pension. Although it's from my employment from a big financial institution, I still worry that large funding holes will appear. I'm old enough to remember the Daily Mirror pensions scandal/fraud when Maxwell raided the pension pot and ruined his employees' retirement. The pensions rules have been tightened I know since then but of course some really big financial names disappeared in 2008 during the last big crash.

    On a cheerier note it was a NSD today!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- 10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 16/05/2018: 621.59
    MONTHS TO RETIREMENT: 36!
    My diary: Paid off the 31,0000! BUT- still scrimping!
    • redofromstart
    • By redofromstart 16th Mar 18, 8:51 PM
    • 1,674 Posts
    • 9,975 Thanks
    redofromstart
    Looking at the pensions regulator stuff you are mostly ok these days - losing 15% is better than losing it all like in the bad old days of Captain Bob.
    • Seasidegal58
    • By Seasidegal58 16th Mar 18, 9:04 PM
    • 1,906 Posts
    • 11,681 Thanks
    Seasidegal58
    You're quite right redo. I should really just forget about it till the time comes. I did ask for a transfer value on it a few months ago - it was quite a tidy sum. A few people I know have done it and put theirs into a SIPP - I bottled out I'm afraid.......
    Finally Debt Free! - July 2016
    Finished Emergency Fund- 10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 16/05/2018: 621.59
    MONTHS TO RETIREMENT: 36!
    My diary: Paid off the 31,0000! BUT- still scrimping!
    • badmemory
    • By badmemory 17th Mar 18, 12:29 AM
    • 1,600 Posts
    • 2,098 Thanks
    badmemory
    With the financial crash to come, if you have a DB pension I'd stay with it.

    I still haven't taken my DC pension. It has increased by over 50% since my specified retirement age but with the plummet in annuity rates when I take it this year (7 years on) it is only worth the same as it would have been. I didn't take it because I was still working, my biggest ever financial mistake. It wasn't large & it has probably already cost me about 40% of its total value.

    I think bottling out was a good idea. With the proviso that they don't decide to reduce life expectancy by 10 years. I do expect some reduction in life expectancy at some point in the near future though, just not ten years.
    Last edited by badmemory; 17-03-2018 at 12:33 AM.
    • brizzlegirl
    • By brizzlegirl 17th Mar 18, 8:37 AM
    • 205 Posts
    • 1,230 Thanks
    brizzlegirl
    Darn it..just lost a longish post...

    Agree re building up an EF. We are aiming for 20k in easy to liquidate investments...currently stands at 250 so some way to go.. We are also throwing money into the private pension provision. OH has a good pension through his employer too, Me obviously not. Up until now its all been from the household account, paid in every month, but from next month we are putting funds in from the company too.

    I think its all uncertain. Yes as you say there are more protections than when Maxwell raided the pension funds of his employees and then had the temerity to slip off the back of a boat...but even so. There are always minds at work trying to to work out how to maximise gain, and maybe a chunky pension fund is in their sights..if I were you I would have a back up plan.

    Have a great day folks...much love, Brizzle xx
    MFW..aiming to pay it off in 2022.. 2018 Savings Rate - Goal 25% [25.2% March 13% April ] Income Goal 56/750 May Goals: AFDs xx/15; Declutter 60 items xx/60; LSDs xx/10; NSDs xx/10 Exercise xx/30 Aiming to be a true Frugalista!
    • badmemory
    • By badmemory 17th Mar 18, 2:19 PM
    • 1,600 Posts
    • 2,098 Thanks
    badmemory
    Slipped off the back of a boat! I may believe that what goes around comes around but that is one I have never believed - just to darned convenient! He was (obviously was by now) in some South American country living on his pensioners money. At least his behaviour has made all pension schemes safer for the rest of us.
    Last edited by badmemory; 17-03-2018 at 2:22 PM.
    • Seasidegal58
    • By Seasidegal58 17th Mar 18, 4:16 PM
    • 1,906 Posts
    • 11,681 Thanks
    Seasidegal58
    With the financial crash to come, if you have a DB pension I'd stay with it.

    I still haven't taken my DC pension. It has increased by over 50% since my specified retirement age but with the plummet in annuity rates when I take it this year (7 years on) it is only worth the same as it would have been. I didn't take it because I was still working, my biggest ever financial mistake. It wasn't large & it has probably already cost me about 40% of its total value.

    I think bottling out was a good idea. With the proviso that they don't decide to reduce life expectancy by 10 years. I do expect some reduction in life expectancy at some point in the near future though, just not ten years.
    Originally posted by badmemory
    Darn it..just lost a longish post...

    Agree re building up an EF. We are aiming for 20k in easy to liquidate investments...currently stands at 250 so some way to go.. We are also throwing money into the private pension provision. OH has a good pension through his employer too, Me obviously not. Up until now its all been from the household account, paid in every month, but from next month we are putting funds in from the company too.

    I think its all uncertain. Yes as you say there are more protections than when Maxwell raided the pension funds of his employees and then had the temerity to slip off the back of a boat...but even so. There are always minds at work trying to to work out how to maximise gain, and maybe a chunky pension fund is in their sights..if I were you I would have a back up plan.

    Have a great day folks...much love, Brizzle xx
    Originally posted by brizzlegirl
    Slipped off the back of a boat! I may believe that what goes around comes around but that is one I have never believed - just to darned convenient! He was (obviously was by now) in some South American country living on his pensioners money. At least his behaviour has made all pension schemes safer for the rest of us.
    Originally posted by badmemory
    Ha! Yes I would think the boat business was too convenient! And with his ego, he wasn't the type to commit suicide! Probably ended up swigging drinks at sunset somewhere hot with Lord Lucan....

    Still have to decide what to do with my DCB as well badmemory and brizzle. As I have previously posted I'm currently consolidating my small schemes into my workplace pension. When the time comes it'll be the choice between annuity or SIPP. As you say badmemory, annuity rates have been shocking, but a SIPP portfolio has its risks as well. Never easy is it?

    I woke up today to swirling snow outside and it's been like that on and off all day. Ventured out for some bread, milk and yoghurt and bought my house number ready for the new door. Very cold when the wind blew. Now nice and toasty inside - ready for "Troy" tonight and will also record a Kirstin Scott Thomas film on BBC2 that I've always wanted to see.

    Have a warm relaxing evening tonight everyone!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- 10,000 April 2017

    Next Scrimpy Goal - Ad Hoc Savings - 16/05/2018: 621.59
    MONTHS TO RETIREMENT: 36!
    My diary: Paid off the 31,0000! BUT- still scrimping!
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