to be up at night worried about money?

[bongla]

I'm 30, work earning approx 31k a year... no children. I own my own home outright (saved very hard during my 20s in order to do that). My only outgoings are bills and shopping. Debt free.
I'm freelance and don't have a pension set up and am worried about that and how I'll finance my old age.
Part of me says enjoy having money in my pocket now... I had a frugal 10 years whilst I saved up for my own place and I should splash out a bit. But the anxious part of me says that I should start saving NOW for old age... :/ Any tips? Been biting my cheek so much with anxiety I've given myself a mouth ulcer over this...

Make an appointment with a financial advisor who can show you the best ways to ensure your financial stability when you're older. Laying in bed worrying won't help you. Taking action and educating yourself will.

Congratulations do for owning your own home outright. That’s pretty good going for your age!

Do you have room for a lodger? I think you can earn £7,500 tax free. equivalent of earning 1% interest on £750,000. Though you can’t write off costs if you take advantage of this tax freebie income so don’t get one who has the heating on high all the time!

You're a home owner so in a good position! You can sell it and downsize when you're older?

Well done op for owning your own home outright. That’s a massive achievement.

I’m 30, own (mortgaged) home. I’ve got a 5.5 month old and have returned to my self employed position part time.

I too, worry about my non existent pension. I’ve always found it impossible being self employed to put money into a pension when the business has needed it to be ploughed back in.

I’m now in an even tougher position, especially as business took a hit having 16 weeks off.

Me and dh are hoping to buy a second property next year to give us something.
No advice, just to say you’re not alone in worrying about it.

Part of me thinks stuff it, I might not even make it to retirement.

You’re in a fantastic position at your age so yes yabu for worrying so much. Please stop feeling so anxious about it all and make an appointment with a financial advisor about a pension soon but it’s nothing that can’t wait a little while. Try and relax, compared to most people you are doing brilliantly.

My biggest tip would be to go and get some counselling. Worrying to this extent isn’t normal. You own a home outright at 30 and now you’re panicking about pensions? When you have a good pension in place what will be your next worry? You are 30 years old, this level of anxiety isn’t normal.

Agree you need to empower yourself! Set some goals - emergency fund usually being the first big one, and start reading about investments. I’ve been browsing FIRE (financial independence retire early) communities recently and found them rather inspiring

I'm not sure why you are worried about money tbh, as you are (supposedly) mortgage free (and were before you were 30,) and you have no kids, and are on £31K a year.

Have to say I don't know a single soul who is mortgage free at 30 (unless they have won the lottery or got a huge inheritance.) Not one. Not even people on an income higher than yours, no matter how hard they worked and saved in their 20's!

Is this some weird kind of stealth brag?

You really have nothing to worry about right now xxx

Could you speak to a doctor about your anxiety? Bear in mind most doctors won't have been paying into a pension scheme for long, though.

Most doctors your age, I mean.

See a financial adviser. They should advise you to pick a low cost SIPP with low fee funds and start contributing by paying in monthly a small amount you can afford. If you have a bumper month, put aside some more. Check it once a year. Otherwise don't worry about it and get some sleep.

Second listening to podcasts on FIRE, I think it might be right up your street.

Im sure why you are so worried. Financially you are very lucky.

winterfellwench - I suppose it depends where you live. I’m in South Yorkshire and you can buy a house for 50k in some areas.

I wouldnt bother saving for your retirement because you wont be able to bring yourself to spend a penny of your savings anyway. Spend some of your disposable income on counselling to find out why you are up all night worrying about money when you are in a far far better position than the vast majority of people.

Its not normal and you will make yourself very ill if you carry on like this.

Why are you losing sleep and giving yourself mouth ulcers? Just set up a pension, it’s not hard. It sounds as if you are fixating on the subject. It’s not binary: you don’t have to put ALL your money into a pension, you know. You can spend some of it on buying nice things and having fun.

Erm, stealth boast, much?!

I am late 30s, and after most of my 20s as a student, have no assets, a small nest egg and no pension. Most of my uni friends are the same, even my friend who is a Dr!

If this is for real, you are doing brilliantly and you know it, girl!

And wow, TillyTrotter, where I live, the tiniest, crappest flat is £250k, leasehold! Not London, btw!

This will make me sound mean, but seriously? My first thought was odfod!
You own your home, you earn a lot, and you have zero responsibilities.
If it bothers you that much, buy a funeral plan.
If you ever need care, your house will be your asset to pay for it.
Apart from that, you have nothing to worry about.
Save up, or start a pension plan, but seriously? Losing sleep? Ulcers? I say again (meanly I know) ODFOD!

I don't understand the maths, (unless your house was very cheap) but maybe you are run down from eating only rice for 10 years while saving.
you definitely need help with the anxiety. Good luck.