There seems to be something lacking in my life at the moment. Of course, it is money. Due to various commitments we seem to be short of money.
At this point in my life I would like to have a nest egg and plenty of money put away into a pension. I have a stakeholder pension which was once a final salary pension but the company started to reduce the amount of money in the pot. In one year they decreased it by 13%. This pension was due to pay £10,000 per year in retirement. The company said they could not rule out further reductions and offered the facility to transfer it into a stakeholder pension and take the 13% as cash, less tax, etc.
I have this amount of money in a stakeholder pension and based on current figures it will pay about £4,000 per year. This is a big shortfall compared to the final salary pension. I also contribute to a work pension in my current employment and this is projected to be worth about £2,000 per year. This is a serious shortfall.
This week we are making a 900 mile round trip to my brother’s wedding. It will cost a fair amount in petrol. We considered other modes of transport but these were far higher. The wedding is in the afternoon with afternoon tea. In the evening they are going to a restaurant and people can join them if they want at their own cost. There are four in my family and the main course meals were around £12.95. We made the executive decision not to attend this and may opt for fish and chips or something else in the low price bracket.
I am extremely unhappy with the current amount of interest I am paying on the loans, credit cards and overdrafts. I know it is our own fault we have the debt and am trying to sort out the issue. The debt figure increased earlier this month due to a purchase which was supposed to generate additional income. It is all above board. Although now it does not appear to be generating the income projected. It may be that we sell the item again.
I have not updated my debt figures recently and may wait until after pay day which is on the 27th this month. We are cutting back where we can and food shopping this week came to about £62 plus I spent about another £9 today. It is a lot less than it was.
I have renewed my car insurance and got a deal of £136 which includes legal cover and protected no claims discount. This allows myself and my wife to drive our car. I looked at cash back sites but the premium was higher to start with. We no longer have Sky so have a saving there. I think the only places we can realistically cut costs is on grocery shopping and myself buying food and drinks at work.