Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • SAVVYSCOT
    • By SAVVYSCOT 11th Mar 19, 9:48 AM
    • 22Posts
    • 115Thanks
    SAVVYSCOT
    I Want To Retire
    • #1
    • 11th Mar 19, 9:48 AM
    I Want To Retire 11th Mar 19 at 9:48 AM
    I feel y'all will need a bit of backstory here...

    We lost My Auntie yesterday to the Big C. However, this very sad time it has REALLY got me thinking about my financial situation.

    She never really had a retirement. She got diagnosed a few months before she retired and all her grand plans of going to Australia etc. were put on hold whilst she put up a fantastic 2 year battle.

    I want to retire (currently late 30s, married with two kids), or have a plan in place that if things go wrong I can retire early. I dream to be able to spend time with my girls when I retire. That is ambitious, I know, but aim for the moon and all that...

    I am currently sat down (on this miserable Monday morning) whilst youngest babe sleeps, watching True Detective (season 3 -very good so far) and I am very VERY focused on our financial situation, with everything else that can go wrong in this life, I would like to remove money worries from the equation.

    Credit Card 1: 2.452.65
    Credit Card 2: 6,418 Car purchase
    Family Loan: 11k ()
    Mortgage: 160,630.74

    I'm currently on maternity leave so you would think we have reigned the spending in but NOOOOOOOO, I basically squander cash left right and centre. Soft play, coffees, daily T*sco trips. It all stops NOW. I need to be accountable. I'm a sneaky little sausage so if i'm not accountable to strangers on the internet I cheat So I'm going to update this diary and I've set up a instagram account (the_savvy_scot). I will do a statement of affairs but the current action plan is:

    ACTION PLAN

    * 200 Food budget for the month (family of 4)
    * No food shop except for some fresh fruit and veg this week. We got a HUGE meat haul from the local market this week so meat will not be required for rest of month.
    * No softplay visits - the local park is free and amazing or we have crafting supplies coming out our ears, she looooves baking and we also have a fab local library. Need to utilise these things more.
    * I need to stop buying my eldest daughter things. She's just getting to that age where she's really taking an interest in things (Elsa - Frozen) and I really need to reign it in. Mainly because I don't want her being materialist, but also I would rather the money went on holiday and making memories (see below).
    * Do a statement of affairs - Amazon prime, audible, data storage, tv, phone bills, heating, everything. I need to sit down and really access what is being paid where.
    * We have 3 holidays this year () Errr, we like a holiday
    - Spain for a week is paid for but we need spending money.
    - Centre Parcs down south is 30% paid for but aside from petrol and food spending money
    will not REALLY be required
    - A caravan in Scotland for a week. Not yet paid for.

    Anything else? Can anyone think of anything i am missing??

    All right, who is with me? Come on, who else wants to retire?? WHO IS WITH ME!!

    Last edited by SAVVYSCOT; 11-03-2019 at 2:32 PM.
Page 2
    • SAVVYSCOT
    • By SAVVYSCOT 16th Mar 19, 9:10 AM
    • 22 Posts
    • 115 Thanks
    SAVVYSCOT
    I agree that losing people makes you rethink your own future plans. In the last 2 years, I've lost both my parents & a dear friend, & I've noticed that Mr f & I are talking a lot more about how we envisage our retirement (when/where, etc) & keeping ourselves as straight as possible financially to facilitate the things we'd like to do. We have two tiers of plans - the first one is our ideal choice if when the time comes, we can afford it without leaving ourselves short. Then there's the back-up plan - not our first choice, but a likely to be more affordable option we would still both be perfectly happy about.
    Good luck with turning your finances around. I am now several years past my LBM & one of the key reasons I started a diary on here was to show that it IS perfectly possible to change from being a big spender to a born again sensible budgeter. I really was the world's worst frittered. Frittering is a choice, however, & I now simply make different choices. It can absolutely be done.
    F
    Originally posted by foxgloves
    Apologies foxglove I completely missed your post when replying yesterday!

    It really does make you reevaluate. I also have a plan. I'd like to be mortgage free relatively early into my 40s and start putting money aside to basically live off for retirement. I would also like a holiday home although I really like the idea of a caravan which we can move about. Hubby and I have actually discussed getting a caravan in the next few years for the kids.

    I actually cleared a good bit of debt in 2014, LBM was 2011 maybe? It was also from frittering away, at least this time i have a car and a few holidays to show for the money, back then I had a laptop for 16k of debt!!

    I was so good then, I stopped buying out AT ALL and hubby and I gave ourselves pocket money. I'm actually thinking that might be the way forward this time. Back to pocket money...

    Hmmmm. Defo some planning to do. But I'm glad that i'm back talking and thinking about it and you guys are giving ideas and inspiration. Thats why I'm here with the diary, as I would probably think about it but not ACTUALLY do anything about it
    • SAVVYSCOT
    • By SAVVYSCOT 24th Mar 19, 9:41 AM
    • 22 Posts
    • 115 Thanks
    SAVVYSCOT
    Hello everyone!

    Hope everyone has had a lovely weekend. I've been slightly AWOL this week as we have had an abundance of events and been spending alot of cash

    We've had my aunts funeral, a day out, a close family members 30th birthday at her home and we had friends and their 3 kids over for the day yesterday. It has all be so nice (even the funeral, although very sad, they had arranged it to be a celebration and catching up and reminiscing with friends and family - almost function like with tables and mingling and food and drink).

    But all the time with family and friends has just been lovely . We are all suitably knackered and slept in to 6.30am this morning. Considering everyone is usually up at the back of 5am, 6.30am is a lie in

    Spending has not been great, hosting and what not has cost 120 It was my first time hosting so it was a learning experience. I got faaaarrrr too much food and snacks. It was all a bit rushed because of everything else that was going on this week. So next time will be different! And significantly cheaper! And more organised.

    Been listening to lots of early retirement podcasts (despite the fact ive not even cleared the debt!) so it is very inspiring. One of the things that is suggested is to host events to save on going out. Just maybe cheaper than how i hosted

    Spanner in the money works. My very good friend has got engaged and is planning a little mini hen weekend to a large Spanish city. It's just an overnight. She is fabulous and her other friends are also fabulous so it will be fun. Costly, but fabulous fun.

    But also got a caravan holiday book for 145!!! Again another friend has one who rents out to only friends and family to cover her fees each year so she effectively gets it for free - if that makes sense! Not the ideal location but for that price for a week it will be perfect! Plus it has indoor swimming included! Just need to make sure and keep the costs down otherwise this cheap week will spiral out of control like the "cheap day with friends' that was 120

    That my updates - helps putting them in writing!

    Off to get ready as someone is buying a table for 10! better than nothing and i'll put it in the girls piggy banks!
    • Igamogam
    • By Igamogam 24th Mar 19, 11:39 AM
    • 5,814 Posts
    • 48,002 Thanks
    Igamogam
    Love your optimism Savvy!

    I lost my closest dearest and longest friend 18 months ago. She was taken ill,admitted to hospital, diagnosed with multiple cancers and died all within a week. She was 53 with teenage children and a life to live. We had such plans as we set our children on their way and then returned to our lives. It certainly pulled me up short and made me think about things differently. Work is no longer important but what I do and how I do it, for the rest of my life, is. I will retire early and the plan is to buy a van and b00ger off around Europe for 6 months and then maybe pick up some supply work on return...or maybe not!

    Fortunately I have paid towards my retirement since I started working in my mid 20's and I have a final salary pension but I have large CC debts to be cleared or at least substantially reduced before I retire....I dont want my pension pay out to just go and pay off the debt!!

    So you thinking about retirement now is a good thing....I dont think enough people do. If there is one thing I have instilled into my DDs is that to use their vote and plan their retirement....and if they only take up those 2 things I will be happy!

    Good luck *subscribes*
    Be the change you want to see -with apologies to Gandhi
    In gardens, beauty is a by-product. The main business is sex and death. ~Sam Llewelyn
    'On the internet no one knows you are a cat'
    • SAVVYSCOT
    • By SAVVYSCOT 4th Apr 19, 7:20 AM
    • 22 Posts
    • 115 Thanks
    SAVVYSCOT
    I will retire early and the plan is to buy a van and b00ger off around Europe for 6 months and then maybe pick up some supply work on return...or maybe not!
    Good luck *subscribes*
    Originally posted by Igamogam
    Igamogam that is my dream! I really want a carvan and to travel Scotland first, then England and Ireland! I'm going to see if you have a diary to subscribe to aswell!

    Husband and I are thinking if we have anymore children it might be cheaper to get one than go abroad for holidays for a couple of years!
    • SAVVYSCOT
    • By SAVVYSCOT 4th Apr 19, 7:38 AM
    • 22 Posts
    • 115 Thanks
    SAVVYSCOT
    WELL EVERYONE. IT's all went to sugar (insert bad word!).

    Grab a cuppa...this is a long one!

    THE UGLY
    We found bad mouldy dampness in our house, we got a damp guy and plasterer in to fix it and it turns out we had a leaking pipe at bottom of wall. Need to pull up flooring in two rooms to fix. Going to cost around 800-1,000 to fix and thats with the plasterer and pipe guy being family friends so doing us mates rates.

    My husband's car (that he uses for work) also went in for repairs (it was dangerous) and bill came back in at 600 . Mechanic (also a family friend) told us we also will have a few things that MIGHT need done to get the car through MOT at end of month.

    Currently have no hot water but we have cold water and heating - which we did not for a day - so it could be worse!! Especially as we just had snow !! House is also a building site which isn't ideal with two toddlers.

    THE BAD
    We have a large party booked which is going to cost us a couple of hundred pounds. As we go big once you see and then usually don't do anything for a couple of years. Not an option to cancel nor would we want to

    I'm going on a hen weekend at the end of the month that needs all the spending money for. Flights, accommodation and transport have been paid for. So It shouldn't be TOO bad. It's self catering and a very small group and I think we are going to stay in a few nights so it might be two dinner/lunches out.

    THE GOOD
    My husband and I have been good at not going to supermarket. We've had the odd slip up but we are trying to keep to a Friday night shop and if we don't have something then we do without and improvise (the way that normal people do and not ones with supermarket on their doorstep!). This hard limit seems to be what we need.

    He still also needs work though, tried to convince me this morning he needed new trousers cos the pockets needed sewn on his. I thought he was joking...he was not.

    My inlaws have offered to lend us 600 for the car and we pay them 300 next month and the month after. Just to help spread out costs. I think we might take them up on that offer- not ideal but every little helps and it's less on the credit card.

    THE PLAN
    The credit card payments will not be getting paid this month (aside from minimal) and we will be keeping ALL available cash aside to survive the month. If things need to go on a credit card then so be it. I'm all about surviving this month and then bunkering down in May, June and July.

    We will be using every morsel of food we have. We are running low on veg though, so we are going to need to get some on our friday night shop.

    That's it. I'm going today to see what easter egg bargains their are for the easter egg hunt i'm organising as part of our large party (i know, i know)....

    Big sigh. it will all be alright. It will all be alright.
    • enthusiasticsaver
    • By enthusiasticsaver 4th Apr 19, 7:52 AM
    • 8,457 Posts
    • 19,526 Thanks
    enthusiasticsaver
    Always hiccups along the way and one reason why you need an emergency savings account. Use the month as a challenge not to put any more on credit. Any extra income you can garner by selling bits or switching bank accounts or any other way of raising extra cash?
    Early retired in December 2017

    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
    • Igamogam
    • By Igamogam 4th Apr 19, 1:36 PM
    • 5,814 Posts
    • 48,002 Thanks
    Igamogam
    Could you ask your party invitees to bring small eggs for the Easter Egg Hunt???
    Be the change you want to see -with apologies to Gandhi
    In gardens, beauty is a by-product. The main business is sex and death. ~Sam Llewelyn
    'On the internet no one knows you are a cat'
    • SAVVYSCOT
    • By SAVVYSCOT 5th Apr 19, 4:36 PM
    • 22 Posts
    • 115 Thanks
    SAVVYSCOT
    Hello guys

    Yes we defo need an emergency fund, sods law these things happen just when you are getting on the straight and narrow!

    We need an emergency fund, however my goal is first to get the credit cards cleared. I know we should have the fund set up but i'm too focused on the credit cards to even care. The plan is to REALLY not add to the credit card this month. I like that and that is our goal.

    Good news is the party is working out slightly cheaper than planned! Ever so slightly but it's a small win. Easter eggs are already sorted (but out of this months pay). I think we might get by okay. I hope we do...

    I also have already purchased everything for Easter (which we make a big deal of in this house) and dished out half the family eggs so thats just nice to have fewer things on the to-do-list. We have a kids party and day out which are also all ready paid for (including gifts and snacks and "accessories". SOOOOOO we will have a very fulfilled month that has already been organised despite the fact that we are totally skint

    Shopping list and meal plan is prepared for this evening. Hubster will head to Asd4 once kiddos are in bed and get the shopping. I am very happy with how we are doing with this, lets hope we get better and can start working to a good budget. I feel we are being healthier aswell, yeh know? We had cucumber and strawberries and blueberries that needed eating and the girls have been eating them, as opposed to packets of crackers etc.
    • SAVVYSCOT
    • By SAVVYSCOT 7th Apr 19, 7:05 AM
    • 22 Posts
    • 115 Thanks
    SAVVYSCOT
    Hello all.

    No change here. Husbter spent 69 at Asd4 and we got a huge shop with far too many treats... I don't think I'll let him go shopping hungry again

    So we are completely sorted for food this week Only thing might be some more blueberries or bananas but that's it.

    TOTALLY got my dates mixed up and we have a kids party today! I thought it was next Sunday We are re-gifting a gift!! I feel bad HOWEVER this friend is the one who told me to start re-gifting kids toys, especially when you get doublers! AND we got two. AND even if i was out buying a gift I would have got a very similar item so that makes me feel better ! Also I'm happy that it will be another item out of our house. Just need to wrap it and make a card with the girls! We love making home made cards because:

    A) I think there is nothing better than a homemade card
    B) it is zero waste (ish) meaning my girls get to craft away and it doesn't go to waste and some of our card was stuff ordered by accident at my old work which would have sat and eventually got the bin
    C) It's free as we have lots and lots of crafting supplies to last us a while. We may need to top up on sticky on stuff soon though.

    We are just going to go out a nice walk and then head back for some lunch and to get party ready. So should be a nice FREE Sunday!
    • SAVVYSCOT
    • By SAVVYSCOT 7th Apr 19, 8:41 AM
    • 22 Posts
    • 115 Thanks
    SAVVYSCOT
    Change of plan. Youngest has fallen asleep so I'm going to stay at home (and drink coffee) and organise the girls clothes boxes (youngest going into next size up and clothes to go up loft incase we have a 3rd) whilst hubster takes eldest to park! I have the categorised by age in big clear plastic boxes!

    Present wrapped and card ready. We are officially party ready as-well
    • jwil
    • By jwil 9th Apr 19, 6:40 PM
    • 10,471 Posts
    • 36,840 Thanks
    jwil
    I always re-gift the duplicate toys. There's nothing wrong with it, it saves waste and money!
    "If you can dream it, you can do it". Walt Disney
    • enthusiasticsaver
    • By enthusiasticsaver 9th Apr 19, 8:54 PM
    • 8,457 Posts
    • 19,526 Thanks
    enthusiasticsaver
    Nothing wrong with re gifting. Makes sound financial sense as well as being environmentally friendly. Less clutter around the house too.
    Early retired in December 2017

    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
    • SAVVYSCOT
    • By SAVVYSCOT 15th May 19, 8:18 PM
    • 22 Posts
    • 115 Thanks
    SAVVYSCOT
    Things are bad, very bad.
    Helllo friends.

    Well, it's been a tough month or two. And now things are very very tight financially. So tight that we are considering a loan. Things are not great.

    Many factors have resulted in us ending in this position by mainly... my handbag was stolen on the first day of holiday along with ALL my money (including my emergency cash that I hadn't even had a chance to take out my bag) but it wasn't covered in insurance because I only went and covered myself for medical things and flights etc and not my handbag (FYI I was aware I did this - I was not duped). I then had to go and withdraw the same (ish) again to actually live off.

    Appears we have bitten off more than we can chew/over committed. I take sole responsibility as my husband will say can we afford this and i usually respond "it's finnnneee". Well. It's turns out, I was wrong .

    Huge party overspending - again I take responsibility - as I was terrified people wouldn't enjoy themselves (spoiler - everyone had a blast)

    My family member has asked for their money back... just so we're clear on how catastrophic that request is - it's 11k we owe them . I have about 7k in my pension ISA (which is actually my pension) so we will us that and take out a loan or cash on a credit card (ideally 0% one) to repay. They asked for it next Friday but have said to wait just now until they sort some things out - buying us some time - but we don't know how much right now.

    Our credit card is now up at around 5.5k.

    In my defence life has been getting on top of me, two toddlers who do not sleep the last few months has made me feel like a walking zombie. I'm very VERY tired. Also got bad stomach issues causing ALOT of pain all the time. I think i've just put my head in the sand...which is funny as I used to wonder how people did that...but now I know!!!

    I know we should be trying to not put anymore on anything etc. but I am in just pure survival mode until our next payday (end of the month). Once that happens I feel we will be able to...i dunno...breathe?

    Moral of this post - Get handbag cover. Don't go on holiday. Don't have parties. Don't put your head in the sand and get some sleep.

    On that note...i'm off to bed
    • SAVVYSCOT
    • By SAVVYSCOT 15th May 19, 8:33 PM
    • 22 Posts
    • 115 Thanks
    SAVVYSCOT
    Ohh and I've got tonsillitis and hubby has been working late at work the last few weeks.

    Soooo if i sound grumpy, it's because i am
    • SAVVYSCOT
    • By SAVVYSCOT 16th May 19, 6:12 AM
    • 22 Posts
    • 115 Thanks
    SAVVYSCOT
    My sister had a health scare last night, which was basically down to an infection and FATIGUE. Always going at 100 miles an hour. Rest is important all.

    Before this (again, just last night) I considered taking the kids to a messy play group today (would put on cc). Just wanted to do something fun that I know they would love. Would also cost just under 10.

    But realised - what am i thinking?!?!?!?

    The weather is glorious, we have no money AT ALL and we are all very very tired after alot going on. we are staying put and playing in the garden and I am going to get some tasks ticked off the list! Eat some good healthy food and recover.

    Today and tomorrow we will rest, so expect me to be reading your diaries
    • jwil
    • By jwil 16th May 19, 9:03 AM
    • 10,471 Posts
    • 36,840 Thanks
    jwil
    I hope you are all feeling a bit better today. You are right, rest is so important.

    It's a shame about your family member wanting the money back, but I always find money to family the hardest debts as there is emotion involved, so it might be best to just see the back of that one. If you are using the pension money, you'll only need to borrow the 4k, don't be tempted to get a little more or consolidate otherwise you are just exacerbating the problem.

    Have you sat down and done a full soa and proper budget? Try and budget some for childrens activities, they shouldn't go on a credit card (you know that, and I was just as bad before )

    In this lovely weather you can just go to the park, play outdoors (you can do messy play in your own garden), there's no need for going to paid places.

    It's only 2 weeks til the end of the month, have you got stuff in the house you can eat up to reduce the grocery spends? Anything you can sell?

    You'll be fine
    "If you can dream it, you can do it". Walt Disney
    • redofromstart
    • By redofromstart 16th May 19, 11:06 AM
    • 2,374 Posts
    • 15,207 Thanks
    redofromstart
    Just catching up, hope you find an acceptable solution to the family loan.

    I was mostly at home with my boys, and what I found was that I was buying them something/doing something paid for nearly every day. They were not rude and ungrateful, but it got to be an expectancy, that we would get sweets on the way back from the park or if we admired something in a shop it would be bought. Things lose their value along the way. It's is possible to have fun and make happy memories for free, in the park, in the woods. My pair still say their best memory of a day out ever was being allowed to jump in every puddle round the flooded reservoir and having to drive home in their underwear.
    • SAVVYSCOT
    • By SAVVYSCOT 17th May 19, 9:18 PM
    • 22 Posts
    • 115 Thanks
    SAVVYSCOT
    Guys. Your posts have been SO helpful. This is why people should start diaries, it really is.

    jwil - THIS!!!! Why can't we do messy play in the garden?! I was thinking aww it's a waste of lentils/food colouring/spaghetti etc - but you know what! They are much more cheaper to replace than 10 for the exact same thing at the class!! And more creative and less stressful for me.

    It's a complicated situation. We were actually planning to pay it back before they asked (which was always the deal to be fair) as it was constantly, kind of, i don't know any other word to use other than it felt like it was being "held" over us? Does that make sense? But my husband and i have agreed that if it is asked for again, regardless of whether they actually want it back or not, we will be getting a cc loan (0%) and paying them back whether they like it or not.

    I promise we will get the exact amount that's due - I am actually quite debt adverse just seem to have a bad run of luck and complete disorganisation this last year.

    redofromstart - I'm so glad I never replied to this this morning like I was initially going to. You have no idea how much I was reminded of this today. My eldest is very well behaved (for a two year old anyway ) but this last week I have saw some behaviour that I'm not happy with. Today was the straw that broke Mummy's back. Not just with toys etc. but with sweeties and treats aswell.

    I have been better than I was (pre diary) but I'm nowhere near where I want to be. So it ends today. I've been picking up things in abundance because they were cheap or on sale or just soooooooo many sweets and treats and chocolate left over over from easter but it's stopping today. It's not just about money, i don't want my girls to be materialistic. People think materialistic is about expensive stuff, but it's not, it's about material item - free, cheap or expensive. Material items.

    My kids are spoiled by aunts and grandparents, so from now on I'll leave the spoiling of them to them and I'm going to cut back. Showing them the best things in life are free.

    Tomorrow is an already planned playdate and I've arranged one for next week at a park (free) with friends. Picnic and snacks (healthy ones!!).

    Thanks again, guys. Your posts have helped more than you will know! I will keep you updated.
    • jwil
    • By jwil 18th May 19, 6:57 AM
    • 10,471 Posts
    • 36,840 Thanks
    jwil
    I think that's a great plan - family loans are so hard. When it's an anonymous business, it's so much easier to manage.
    "If you can dream it, you can do it". Walt Disney
    • redofromstart
    • By redofromstart 18th May 19, 9:46 AM
    • 2,374 Posts
    • 15,207 Thanks
    redofromstart
    I'm the same, still buy bargain stuff for them. You don't want to know how many bags of mini eggs we have. Homemade play dough is great fun with littles. Making worms with leftover pastry too. It's hard work filling time without spending lots isn't it?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

466Posts Today

4,124Users online

Martin's Twitter