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    • Seasidegal58
    • By Seasidegal58 18th Sep 16, 12:27 PM
    • 2,910Posts
    • 18,391Thanks
    Paid off the £31,000! BUT - still scrimping!
    • #1
    • 18th Sep 16, 12:27 PM
    Paid off the £31,000! BUT - still scrimping! 18th Sep 16 at 12:27 PM
    Here’s 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 it’s called “Scrimping Behind the Scenes – with Debt of £31,000!” (sorry, I can’t 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 don’t 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 employer’s 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 employer’s company scheme and both they and I pay into this – though again it’s 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.”

    I’m 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

    My diary: “Paid off the £31,000! BUT- still scrimping!”
Page 74
    • milann
    • By milann 16th May 19, 8:53 PM
    • 2,510 Posts
    • 14,373 Thanks
    I know just where you’re coming from worrying about retirement. IF the inheritance we’re expecting ever actually finds it’s way to us - I’ve dared to dream of cutting my hours but I really think I’d be quite frightened to do so - as if I’m tempting fate in some way - totally irrational but the way things seem to be going I could well be retired by the time we receive it
    • Sunshine girl2
    • By Sunshine girl2 18th May 19, 6:05 PM
    • 120 Posts
    • 801 Thanks
    Sunshine girl2
    Glad to hear the renovation costs aren't as much as you expected but still a large amount. I am determined to be in a better financial position by the time I am 60. My biggest worry is renting in retirement, but will cross that bridge when I get there.

    Hope you have had a good week, the weather has been great.
    • Sun Addict
    • By Sun Addict 19th May 19, 2:37 PM
    • 7,131 Posts
    • 52,260 Thanks
    Sun Addict
    Good news that the renovations were less than expected and that there's some money left in the pot.

    Hope you're having a good weekend
    Virtual Sealed Pot 2019 £251.96
    Weight loss 7.5/9LBS
    Emergency Fund £3260/£10,000
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