Dear all,
so after a bit of a break from the boards, health, work and family life all got a bit much I am starting to reengage (is that even a word?).
so finance wise I was thinking of what more I can do or should to prepare to do for life events as well as unforeseen natural events, and would welcome suggestions / feedback you can suggest
at the moment the situation is as below
no debt, no mortgage
credit card for large purchases paid off in full every month
cash in house for emergency use
savings in bank ISA - not stock / shares
a bit of gold saved
pension is final salary
I print out statements balance every month after pay day in case systems go down
I have records of accounts and keep up to date for next of kin in case of the worst.... (Still trying on getting partner to do same)
General finance planning
Re: General finance planning
Sounds like you are in a very good position. I think the key thing is to have a few grand available instantly. I only keep a couple of hundred in cash, but I like to have a few £K in easy access and current account. I think this is so important that I currently have a loan, even though I could pay it off.moominmama wrote: ↑Wed Aug 30, 2023 8:58 pm Dear all,
so after a bit of a break from the boards, health, work and family life all got a bit much I am starting to reengage (is that even a word?).
so finance wise I was thinking of what more I can do or should to prepare to do for life events as well as unforeseen natural events, and would welcome suggestions / feedback you can suggest
at the moment the situation is as below
no debt, no mortgage
credit card for large purchases paid off in full every month
cash in house for emergency use
savings in bank ISA - not stock / shares
a bit of gold saved
pension is final salary
I print out statements balance every month after pay day in case systems go down
I have records of accounts and keep up to date for next of kin in case of the worst.... (Still trying on getting partner to do same)
Re: General finance planning
If you are earning sufficient money,then financial planning is an excellent plan. Of course,if you are only just getting by,then that is just how it is. However,even in that situation,trying to save a little money - no matter how small - is a good idea. *Stuff* happens sadly.
The importance of financial self- help is something my wife and I are experiencing right now. Fortunately the house is paid for,there is a ‘maintenance’ fund to one side,and other moderate savings too. Zero debt. Also a good collection of gold and silver .I have two pensions ,of which wife my will inherit the lot ,owing to my illness - which is terminal. There is a big life insurance too. All this will make a positive difference.
We have never been on massive wages either,so all these things are possible. Indeed ,I would suggest that it’s more important than *traditional* prepping purchases! Right now,I have not worked for nine months. The biggest emergency of my life ( after my wife had her cancer! ) is right now. And right now needs cash!
The importance of financial self- help is something my wife and I are experiencing right now. Fortunately the house is paid for,there is a ‘maintenance’ fund to one side,and other moderate savings too. Zero debt. Also a good collection of gold and silver .I have two pensions ,of which wife my will inherit the lot ,owing to my illness - which is terminal. There is a big life insurance too. All this will make a positive difference.
We have never been on massive wages either,so all these things are possible. Indeed ,I would suggest that it’s more important than *traditional* prepping purchases! Right now,I have not worked for nine months. The biggest emergency of my life ( after my wife had her cancer! ) is right now. And right now needs cash!
In three words I can sum up everything I have learned about life: It goes on.
Robert Frost.
Covid 19: After that level of weirdness ,any situation is certainly possible.
Me.
Robert Frost.
Covid 19: After that level of weirdness ,any situation is certainly possible.
Me.
Re: General finance planning
Welcome back. 
As others have stated your "plan " seems to be working.
I follow a similar path as you.
I also include food wealth in that as well.
I'm eating/drinking foods that are 25% to 50% cheaper than what they are now to buy.
As others have stated your "plan " seems to be working.
I follow a similar path as you.
I also include food wealth in that as well.
I'm eating/drinking foods that are 25% to 50% cheaper than what they are now to buy.
Two is one and one is none, but three is even better.
Re: General finance planning
Hello moominmama, welcome back! Loving how up to date you're keeping the paperwork - my electronic info is up to date, but not so much the paper.
Excellent to hear your financial plans have worked out so far, and even better to hear you're open to tweaking them. I have some ideas:
- are there things you need to buy in the next year, or even two years if it's structural like wood, or windows? Or are there perennial food plants you've been meaning to buy for the garden and not got round to it?
- stocking up helps with inflation too, as pseudonym mentioned.
- the ISA - is it fixed, so you can't move the money? If it's moveable, I'd check the rate - go to moneysavingexpert, and check their best buys. I don't always use the very best buy, *probably* for the same reason as you, that I haven't heard of the financial organisation, or they're just that bit too new. But if there's an organisation you trust, that's giving good rates, check if you can transfer the money (not take it out and reinvest! never that!) without penalty.
- NSandI, the government national savings, have just started offering a one year bond, I believe - I haven't checked it out, but its said to be just over 6% p.a.
- check your utilities - there's a lot going on at the moment, phones/broadband, much less on electricity and gas, of course. Again, moneysavingexpert is the one I rely on.
- I don't know where you are, of course, but people living near popular train stations rent out their drive to commuters ... could be one for you?
HTH, and sorry if some of this is sucking eggs.
Excellent to hear your financial plans have worked out so far, and even better to hear you're open to tweaking them. I have some ideas:
- are there things you need to buy in the next year, or even two years if it's structural like wood, or windows? Or are there perennial food plants you've been meaning to buy for the garden and not got round to it?
- stocking up helps with inflation too, as pseudonym mentioned.
- the ISA - is it fixed, so you can't move the money? If it's moveable, I'd check the rate - go to moneysavingexpert, and check their best buys. I don't always use the very best buy, *probably* for the same reason as you, that I haven't heard of the financial organisation, or they're just that bit too new. But if there's an organisation you trust, that's giving good rates, check if you can transfer the money (not take it out and reinvest! never that!) without penalty.
- NSandI, the government national savings, have just started offering a one year bond, I believe - I haven't checked it out, but its said to be just over 6% p.a.
- check your utilities - there's a lot going on at the moment, phones/broadband, much less on electricity and gas, of course. Again, moneysavingexpert is the one I rely on.
- I don't know where you are, of course, but people living near popular train stations rent out their drive to commuters ... could be one for you?
HTH, and sorry if some of this is sucking eggs.
Re: General finance planning
I just moved a bit into my emergency current account. It's only got £200 in, just in case there's ever a problem with my main one.
I also opened another easy access account, purely because my main current account (which actually with a building soc not a bank) offered it. The rate isn't the best, and it's only for a year but it only took a couple of minutes.
I mostly use building socs as they are more ethical than a lot of the big banks.
I also opened another easy access account, purely because my main current account (which actually with a building soc not a bank) offered it. The rate isn't the best, and it's only for a year but it only took a couple of minutes.
I mostly use building socs as they are more ethical than a lot of the big banks.
Re: General finance planning
Pretty similar situation, we own the house and have no mortgage.
No loans.
Everything goes on the Sainsburys credit card, which gives us Nectar points and is paid off in full every month.
Got some savings spread about in Premium Bonds and shares (had them for ages, they're performing poorly so I'm playing the long game).
Also got some money in a pension that I dip into from time to time; I anticipated, when I retired early, that I might need to dip in a bit until I get my state pension in 7 years.
We have a joint bank account that the bills come out of but we also have separate accounts with Starling bank that have about a grand in each as an emergency measure.
No loans.
Everything goes on the Sainsburys credit card, which gives us Nectar points and is paid off in full every month.
Got some savings spread about in Premium Bonds and shares (had them for ages, they're performing poorly so I'm playing the long game).
Also got some money in a pension that I dip into from time to time; I anticipated, when I retired early, that I might need to dip in a bit until I get my state pension in 7 years.
We have a joint bank account that the bills come out of but we also have separate accounts with Starling bank that have about a grand in each as an emergency measure.
Re: General finance planning
A few things to consider.....
Water charges: I just cit ours from >£80 per month to about £36 per month just by requesting a meter. (Don't ask why it was so high for so long) We could get a further reduction if we removed the water butts and declared our drains as soakaways. Weird that you have to pay the charge if you have water butts collecting from the roof.
Subscriptions you don't get value from? Prime? Netflix? Various insurances?
Mobile charges: Lebara sim only is dead cheap.
Water charges: I just cit ours from >£80 per month to about £36 per month just by requesting a meter. (Don't ask why it was so high for so long) We could get a further reduction if we removed the water butts and declared our drains as soakaways. Weird that you have to pay the charge if you have water butts collecting from the roof.
Subscriptions you don't get value from? Prime? Netflix? Various insurances?
Mobile charges: Lebara sim only is dead cheap.
Graceful Degradation! Prepping's objective summed up in two words. Turning Disaster into Mild Inconvenience by the power of fore-thought
Not Feeling Optimistic. Let me be wrong
Not Feeling Optimistic. Let me be wrong
Re: General finance planning
Cutting expenses is also a big thing. My wife has done like yourself. Binned Prime and Netflix. Also changed internet provider and phone SIM. Not only that,but car and house insurance particularly over the next month.jennyjj01 wrote: ↑Thu Aug 31, 2023 3:47 pm A few things to consider.....
Water charges: I just cit ours from >£80 per month to about £36 per month just by requesting a meter. (Don't ask why it was so high for so long) We could get a further reduction if we removed the water butts and declared our drains as soakaways. Weird that you have to pay the charge if you have water butts collecting from the roof.
Subscriptions you don't get value from? Prime? Netflix? Various insurances?
Mobile charges: Lebara sim only is dead cheap.
In three words I can sum up everything I have learned about life: It goes on.
Robert Frost.
Covid 19: After that level of weirdness ,any situation is certainly possible.
Me.
Robert Frost.
Covid 19: After that level of weirdness ,any situation is certainly possible.
Me.
Re: General finance planning
I don't have a water meter and mine is £26. £80 is outrageous.jennyjj01 wrote: ↑Thu Aug 31, 2023 3:47 pm A few things to consider.....
Water charges: I just cit ours from >£80 per month to about £36 per month just by requesting a meter. (Don't ask why it was so high for so long) We could get a further reduction if we removed the water butts and declared our drains as soakaways. Weird that you have to pay the charge if you have water butts collecting from the roof.
Subscriptions you don't get value from? Prime? Netflix? Various insurances?
Mobile charges: Lebara sim only is dead cheap.
Council Tax has crept up to £145 now, a bit annoying.
Gas and Electricity £67, probably should be a bit higher.
Building and contents insurance £40
Boiler and c/h cover £14
Pumbing, electric and drainage and lock cover £5
Now TV £7
Phone £7
Apple music (my share) £8
Broadband/landline £30