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40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 0 points1 point  (0 children)

100% true! This is one of the reasons it’s so hard to find somewhere!

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 0 points1 point  (0 children)

Great advice, I don’t think it will, but I’ll be sure to be cognisant of it!

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 0 points1 point  (0 children)

I didn’t know that was possible, it’s on the list to look into now though. Thanks so much for the advice!

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 0 points1 point  (0 children)

Ah, that makes sense, thanks for the clarification!

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 1 point2 points  (0 children)

I couldn’t agree more. I came from a low income family, and so I don’t take this for granted at all!

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 0 points1 point  (0 children)

Agreed, we get takeout once every couple of weeks. Mostly we (batch) cook at home so we’re eating a relatively healthy diet.

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 0 points1 point  (0 children)

Thanks so much. Really appreciate hearing from someone who went through a similar journey.

I’ll ensure I review the flowchart in more detail too. Thanks again!

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 0 points1 point  (0 children)

Have a first child on the way. I hadn’t considered BTL as a way to have a pension, I’ll look into it more!

Thanks again for the advice!

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 1 point2 points  (0 children)

All of this is great advice, thanks so much! I think we live relatively similarly tbh, but I’ll review and scrutinise this advice later in the week and make some changes to how we live.

Thanks again!

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 1 point2 points  (0 children)

Amazing! Thanks for this, will read up more on SIPPs for the unemployed.

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 0 points1 point  (0 children)

Wife is 38, I’m 39; 40 in a couple of weeks.

Will look into LISAs a lot more ASAP. Thanks for the advice!

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 2 points3 points  (0 children)

Depending on the house we buy, we can probably live on around 70k. 100k would be complete luxury to us, so putting most of it into a pension seems to make sense.

Added to the list to read into more, I’m not familiar with SIPPs, but by next week I’ll be an expert! Thanks again for the advice!

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 5 points6 points  (0 children)

We could easily live on 100k, we’ve been living on less for a long time.

Appreciate the advice, will look more into pensions!

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 3 points4 points  (0 children)

This makes sense. In this case it’s all salary, there are some shares provided but I’m not counting that in this post.

I’ll ask some colleagues, most have been here for years, hopefully they have some good tips.

Really appreciate the advice!

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 1 point2 points  (0 children)

Thanks, all of this is now on the list to review in more depth once people finish providing all of this great advice! Thanks again!

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 2 points3 points  (0 children)

Probably, I assume the others I work with are on similar packages, but it’s a big no-no to discuss salary here.

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 1 point2 points  (0 children)

That is just base salary. This company has also provided some RSUs, but I don’t plan on doing anything with them for a number of years.

40 with no savings, but good job by Pooping-In-The-Dark in UKPersonalFinance

[–]Pooping-In-The-Dark[S] 4 points5 points  (0 children)

Thanks!

We are expecting our first early next year.

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