Do you splash your hard earned contract income?

[shaunbhoy]

But no - I most definitely don't sit in limbo waiting to meet someone appropriate. As if!

Stop hiding your bushels under your light MP.

[d000hg]

Advice for bad savers.

Make a Budget.

Decide how much you need to save to hit your target (Cards,Loans,Mortgage, car etc. paid off)

Decide on an amount you can afford. Rationalise it as a small sacrifice and count the sleeps until you will hit your target!

take the money out of your account before you spend it (Standing order if poss) and save it somewhere.

Survive the month.

Smile at your pot of money.

Repeat until surviving the month is easy.

Look to put the amount up- and continue the same way.

if you get a pay rise up the amount by half the rise.


I'm not mortgage free or able to give up work yet but I'm not short of a bob as a fairly low level permie (No reports etc). I could live on average wage & the wife's earnings.

There are some great online tools to help creating a budget too, makes it even easier.

[MaryPoppins]

Stop hiding your bushels under your light MP.

My bushels aren't hidden I don't think. Bulb in the light might need changing mind.

[vetran]

It does worry me a bit. Which means I bury my head about it obviously! This thread is making me think a bit, mind.


I suppose until recently life has felt like a bit of a whirlwind and has given me enough of an excuse to ignore the general long term stuff. But no - I most definitely don't sit in limbo waiting to meet someone appropriate. As if!

Look as it as a days work that will pay you more than you could ever earn in a day (Unless you are Sas).

If you can save a 2 Days nett money a year that is a day less you have to work.

Nice start is being a Utilities & Insurance tart using MSE or Uswitch or similar. Save £200-600 on utilities + £300 on the average Insurance renewal gouge.

Great you have saved 3 days of almost anyone's take home money and you are still in your jim jams now take some time to work out long term saving / investment and revel every month at how your pot grows.

[Wilmslow]

I am very glad I have seen this thread today - I have actually just now sorted out making regular payments into my pension pot as a result of reading this.

I actually live off the salary and expenses quite happily - mortgage is peanuts, house almost paid off, and warchest will see me through 4 years if it needed to.

I have had a recent raid to the company account up to the dividend allowances for a new car and house extension - so reigning it in somewhat now - maybe I will get a new driveway next year, but other than that I am ticking along nicely.

My problem was not paying into a pension, but got that sorted out today - thanks to this nudge.

Just need to find the right woman to enjoy life with now.....

[vetran]

I am very glad I have seen this thread today - I have actually just now sorted out making regular payments into my pension pot as a result of reading this.

I actually live off the salary and expenses quite happily - mortgage is peanuts, house almost paid off, and warchest will see me through 4 years if it needed to.

I have had a recent raid to the company account up to the dividend allowances for a new car and house extension - so reigning it in somewhat now - maybe I will get a new driveway next year, but other than that I am ticking along nicely.

My problem was not paying into a pension, but got that sorted out today - thanks to this nudge.

Just need to find the right woman to enjoy life with now.....

You think you are man enough for MP? Imagine a CUK wedding sniff I would wear blue

[greenlake]

Advice for bad savers.

Make a Budget.

Decide how much you need to save to hit your target (Cards,Loans,Mortgage, car etc. paid off)

Decide on an amount you can afford. Rationalise it as a small sacrifice and count the sleeps until you will hit your target!

take the money out of your account before you spend it (Standing order if poss) and save it somewhere.

Survive the month.

Smile at your pot.

Repeat until surviving the month is easy.

Look to put the amount up- and continue the same way.

if you get a pay rise up the amount by half the rise.

FTFY. Plan B....

[northernladyuk]

Question just out of interest. You are pretty young, single and probably not a bad catch so does not having a pension worry you? Do you plan some of your future on the fact your circumstances will change when you meet someone and there are two of you or do you plan your future on what you can do and the rest is a bonus if and when it happens?

Am not insinuating you are planning on gold digging, just that all these pension models and savings plan often revolve around a 2 adult household rather than one person making ends meet?

It would only take one bullet to make me pretty young and single.

[Elliegirl]

I am very glad I have seen this thread today - I have actually just now sorted out making regular payments into my pension pot as a result of reading this.

I actually live off the salary and expenses quite happily - mortgage is peanuts, house almost paid off, and warchest will see me through 4 years if it needed to.

I have had a recent raid to the company account up to the dividend allowances for a new car and house extension - so reigning it in somewhat now - maybe I will get a new driveway next year, but other than that I am ticking along nicely.

My problem was not paying into a pension, but got that sorted out today - thanks to this nudge.

Just need to find the right woman to enjoy life with now.....

Hello.
Own hair and teeth? ok, will settle for teeth? doesn't have to be the full set?
Sorry, low blood sugar ..

[redgiant]

I can never get excited about a pension without an employer to match my contributions... I don't see how it's better than other options. With mortgage over payments, maxing out two ISAs at the new higher allowances uses all our funds and I think even £15k savings a year is far more than most people save and/or put in their pensions. The wife has a teaching pension which while no longer the gold-plated thing of former years is still better than any private pension AFAIK.

Same here. I don't have any pension of note and have just used ISAs (maxed out but it's harder to do that nowadays with the increased allowance and that savings accounts have such high to tax interest and better than ISA interest rates) and invested in some shares (ISAs and Bonds). Rent is expensive here in the US but overall we are enjoying a higher standard of living than in London.

I had the option when I started working of putting my and my first permanent employer's pension contribution into either a pension or a savings account that become available to me after three years to use how I pleased but the intention of the scheme was to buy a home. I thought this was an excellent idea for a new grad and eventually used the money to buy my first place a few years later.