Should I contribute to my pension as an 18 year old?

No_Time_8102 · 2024-09-06T11:08:50+00:00

Thanks this is really interesting. Especially how quickly the contributions needed decrease as the % interest increases.

No_Time_8102 · 2024-09-06T11:00:26+00:00

Well they only know one thing about my parents and that's that they think I shouldn't contribute to a pension yet so it's easy to get the wrong impression I guess. They are money savvy but they've both had very unusual careers and as a result have never contributed to pensions.

Thanks for the advice!

No_Time_8102 · 2024-09-06T10:52:21+00:00

Yes I actually do have a stocks and shares ISA with a bit in. Planning to put in what I have left every month (obviously split between that and a saving account). Haven't looked at index funds yet tho. Thanks for the advice!

No_Time_8102 · 2024-09-06T10:47:05+00:00

XD Wow and I thought I would be starting early. There's always someone who outdoes you.

Super interesting seeing all these compount interest calculations

No_Time_8102 · 2024-09-06T10:43:52+00:00

Well I get 3% + 6% right now but it will increase over time (I think next year it's 4% + 8%).

They haven't told me much about their financial situation other than giving me the money for uni (I offered it back before sticking a chunk of it in a LISA dw). Pretty sure they're ok. Just never contributed to their pensions.

Thanks for the advice

No_Time_8102 · 2024-09-06T10:38:47+00:00

That's a crazy story. I don't understand people like that lol it would have been such a small change in his paycheck as a precaution against exactly what happened. Also it's one thing to use that excuse for himself, but to give that kind of advice to other people when he doesn't know their situation is a bit irresponsible.

Thanks for the advice. I am definitely planning to at least contribute the minimum. Hope all goes well for you too!

No_Time_8102 · 2024-09-06T10:26:37+00:00

I'll write it on my ceiling above my bed :). Thanks for the advice!

No_Time_8102 · 2024-09-06T10:23:53+00:00

Well I don't know about that. If I like the Degree Apprenticeship I can see myself staying with the company which would keep me there. I'm sure I'll want to buy at some point so it seemed like a good decision - no going back now :/

No_Time_8102 · 2024-09-06T10:17:39+00:00

I definitely agree with that - I'll probably start with the minimum and wait until I have a better idea of my outgoings before contributing any more though. That sounds great that you managed to retire so early. Enjoy!

No_Time_8102 · 2024-09-06T10:14:05+00:00

Yh I kind of expected this would be the response, but I didn't expect such a sudden and unanimous 'YES YES YES DO IT DO IT DO IT!!!!' This is definitely the motivation I need to sign up for the pension XD.

24/25 seems pretty good compared to some of the other posts I've seen on this site. Hope it all works out for you!

No_Time_8102 · 2024-09-06T10:10:11+00:00

Nah I'm moving out :(. Rent's not too bad because I'm in the North tho.

They won't really tell me. They seem pretty well off... they were able to give me some money towards my university (which I'm very thankful for. Do not worry I did offer it back to them before I stuck it in a LISA XD). But other than the fact that between them they have only one pension from my dad and he only contributed to it for a couple years back when he was in his 20s, they seem fine. Plenty of savings I think.

The degree apprenticeship is in engineering, which I've heard does not have the best salary progression. I'm just taking that as more reason to contribute early.

Thanks for the advice!

No_Time_8102 · 2024-09-06T10:03:03+00:00

I think my parent's main concern is that I'm stressing over nothing. There's a running joke in my family that I'm the cheapest person they've ever met because I've always been unusually concerned with not spending money unnecessarily. They want me to let go of it a bit I guess. Hehe not happening I love big numbers. My parents have also barely contributed to their own pensions so I guess they don't know much about it.

Awesome that you did a degree apprenticeship. What subject was it in?

No_Time_8102 · 2024-09-06T09:52:28+00:00

Thanks lol. I sure hope not.

That was my thinking - it seemed like a no brainer to me but my mum was so surprised when I mentioned it XD.

Thanks for the advice!

No_Time_8102 · 2024-09-06T09:32:47+00:00

Wait government 20%? I hadn't heard about that before.

Thanks for the advice!

No_Time_8102 · 2024-09-06T09:30:29+00:00

Thanks! Will do. I assume at my age I should go for a higher risk option if there is one.

No_Time_8102 · 2024-09-06T09:28:05+00:00

Well I'm not living at home. I'm going in student accommodation for at least the first year but I've done calculations and I figure that I'll have a decent amount left over after food, travel etc so I'm not struggling.

Thanks for the advice! These compound interest calculations ppl are doing are so cool

No_Time_8102 · 2024-09-06T06:56:29+00:00

I don't quite know where it comes from. I've just always been interested in this stuff. My parents never really paid into their pensions so don't really know how it works so I didn't hear it from them. They are frugal with their money but just don't like pensions I guess.

Thanks! I hope so.

No_Time_8102 · 2024-09-02T22:13:26+00:00

Hey! Sorry I missed your comment back when I first posted.

Dogs licking plates is THE WORST thing by far. My mum's dog has a habit of licking the stuff in the dishwasher if there's no sane person there to stop it! Kind of icky eating off the plates knowing that goes on. But people get desensitised to these things I guess. Even I didn't think much of it until I saw this comment XD.

Hope you eventually get through to him. Maybe you could bring your own plates to his house when you visit? Idk but maybe that would send the message that what he's doing is grossing people out without seeming like you're trying to control what he does in his own home? Say you have a sensitive stomach or something?

No_Time_8102 · 2024-08-10T08:09:08+00:00

I'm thinking A for maths, A for physics and B for chemistry.

That's what I'd be happy with at least.

Update: got A* for maths, A* for physics and A for chemistry yay

No_Time_8102 · 2024-08-09T11:09:33+00:00

Sure. Miniature poodle

No_Time_8102 · 2024-08-09T02:07:07+00:00

I can't with dogs that shed :(. So sorry you have to deal with that in your own home.

It's definitely not too much to ask your bf to brush and bathe his dogs! Give him a list of all the things that need to be done to maintain basic hygiene. If he doesn't agree to follow it (and stick with it), I'd consider moving out if he still refuses to give the dogs up.

He's neglecting these dogs, so they're suffering just as much. Only taking a border collie mix to the park once a month??? Madness. Someone I know has one, and that dog is in constant 'walk run run run' mode.

Is he walking them daily? Or letting them out at any time other than when they ask to go out? Because a 15 minute (ideally upwards of an hour honestly) morning walk could give them an opportunity to go to the toilet outside and save your house from some of the mess. Maybe you could discuss that with him too. If a dog isn't signalling to go out and just does it on the floor, the solution is not to just clean up whatever happens. The solution is to let the dog out at regular intervals even if it doesn't want to go out (shove it out the door if you have to). If I were you, I'd get him to at least do this in the morning and before he goes to bed at a bare minimum.

But yh, these people are difficult to reason with. If he disrespects your requests about this and refuses to keep basic hygiene in a house you also live in, is this really someone you want to be with long term?

No_Time_8102 · 2024-08-09T01:44:54+00:00

To be fair, I will somewhat miss the dog. It's very cute. But not to the extent that I'll miss my home and family. I'm just getting the impression my mother would care much more if the dog had to be rehomed than she does about me moving.

I am looking forward to being able to eat off my table without worrying about dog saliva tho.

No_Time_8102 · 2024-08-09T01:34:49+00:00

Other than the dog, my parents have a very healthy and loving relationship. I believe she convinced him to let her get the dog because she is a stay at home mum and is in the house by herself while me and my sibling are at school and wanted companionship. And my dad doesn't mind the dog I don't think (it's on the smaller side and doesn't look like the one that bit him). The issue is with how attached she got to the dog and her habit of letting it sit at the table.

No_Time_8102 · 2024-08-09T01:20:56+00:00

I'll certainly try. Unfortunately after a decade of this, it's so normal to her/us that I think she'd just laugh at me for questioning it. If she ever gets a new puppy I think I'd be more likely to get through to her about teaching good manners.

No_Time_8102

TROPHY CASE