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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

How much would you put into savings with this monthly income?

266 replies

Booooot · 11/03/2023 17:55

In a Great position after years of hardship of selling a property which means we will be mortgage free, debt free and have 50k to go straight into savings. Our combined monthly income is going to be 5000, our outgoings around 900.

I’m a “can’t take it with you! Might as well enjoy it!” Kind of person while my husband is a “No we must be sensible and not spend anything and save it all.” Kind of person. I want to meet in the middle somewhere.

what would you do?

OP posts:
Meandfour · 12/03/2023 08:44

I don’t think you’re cut out for MH nursing if you call people freaks and wierdos…….

bibbybox · 12/03/2023 08:44

I'm so confused now! is this a trolling thread? I don't get it, what's the point?

FusionChefGeoff · 12/03/2023 08:44

Unbearably "TIGHT" that should say!

Also, we are in a very similar position with a lump sum gifted that is invested so have a big cushion which is why our actual saving amount is quite low.

Meandfour · 12/03/2023 08:45

Tuilpmouse · 12/03/2023 08:43

It's not just cheap, it's free apparently, including the meals! I've given the benefit of the doubt, but this thread is very likely complete b/s. Come on OP, if you're going to make stuff up, at least make it about a more sexy topic than budgeting!

Show quote history

More sexy 😂😂😂😂

bibbybox · 12/03/2023 08:45

I mean if you're bored there are things like netflix....

bibbybox · 12/03/2023 08:45

Come on OP, if you're going to make stuff up, at least make it about a more sexy topic than budgeting!

Amen 😆

Meandfour · 12/03/2023 08:46

This reply has been deleted

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Original poster
Booooot · 12/03/2023 08:46

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

I don’t have to explain myself to you but that was to buy a new house but we’ve decided to remain where we are. Selling another property we own is how we are paying off the mortgage we have here, paying off debt and having the 50k left over for savings.

OP posts:
Original poster
Booooot · 12/03/2023 08:48

You know troll hunting isn’t aloud? I’m not trolling about something as dull as this. I’m asking for advice on how to split our income into savings while making everyone happy.

OP posts:
DuvetDownn · 12/03/2023 08:48

My honest answer would be to save the 50k in
a S&S ISA’s in each of your names . Do
one each now and a cash one next month for the remaining 10k and live on the rest. Use some of your disposable income for a pension for yourself so you’ll attract tax relief and keep claiming child benefit or at least the credit for it.

bibbybox · 12/03/2023 08:49

Our childcare costs are covered by STUDENT FINANCE

I thought that was for full time students & low household income?

Also do you not need to pay for childcare when you qualify?

Original poster
Booooot · 12/03/2023 08:49

bibbybox · 12/03/2023 08:49

Our childcare costs are covered by STUDENT FINANCE

I thought that was for full time students & low household income?

Also do you not need to pay for childcare when you qualify?

I am a Full time student!

OP posts:
Dibbydoos · 12/03/2023 08:50

Booooot · 11/03/2023 18:05

Do I just contact a pension firm? When I start work will they pay into it too or would I have to have 2 different pensions?

Yes OP unless you opt out of a works pension, they will contribute and do will you. I'd suggest investigating the works pension and doing a proper evaluation. It may be if its good you want to add voluntary contributions directly. Alternatively you can opt out and have your own but you will then lose your employers contribution.
Also ref savings, make sure you are using tax efficient ways of saving or thunk about investment eg buy a holiday let or buy to let.

Talk to a financial adviser.

Dibbydoos · 12/03/2023 08:50

Oh and interest of what to save, I'd suggest 50% of the excess.

bibbybox · 12/03/2023 08:51

I am a Full time student!

I thought you said you worked p/t? And what happens to childcare costs when you are no longer a student?

This is so convoluted!

Idontgiveashitanymore · 12/03/2023 08:51

I would put some into joint savings and a little into your own bank account so you can have a treat occasionally . Top up your pension

Original poster
Booooot · 12/03/2023 08:52

Dibbydoos · 12/03/2023 08:50

Yes OP unless you opt out of a works pension, they will contribute and do will you. I'd suggest investigating the works pension and doing a proper evaluation. It may be if its good you want to add voluntary contributions directly. Alternatively you can opt out and have your own but you will then lose your employers contribution.
Also ref savings, make sure you are using tax efficient ways of saving or thunk about investment eg buy a holiday let or buy to let.

Talk to a financial adviser.

Show quote history

We did have a property that we rented out but the no that income wasn’t touching our outgoings as due to Covid we both lost our jobs and ended up in quite a lot of debt. That’s when we decided to sell the property, use it to pay off the mortgage and all our credit card debt and have money left over for savings. My brother in law is putting us in touch with a financial advisor so going to get some I for from there too!

OP posts:
Tuilpmouse · 12/03/2023 08:53

You get a max of £315 per week for two children as a student.... I don't see how that covers 60 hours a week and 3 meals!

Original poster
Booooot · 12/03/2023 08:53

bibbybox · 12/03/2023 08:51

I am a Full time student!

I thought you said you worked p/t? And what happens to childcare costs when you are no longer a student?

This is so convoluted!

You’ve never heard of a student working part time while studying? I don’t know anyone who doesn’t work while studying.

OP posts:
Original poster
Booooot · 12/03/2023 08:54

Tuilpmouse · 12/03/2023 08:53

You get a max of £315 per week for two children as a student.... I don't see how that covers 60 hours a week and 3 meals!

My older child is at school.

OP posts:
Meandfour · 12/03/2023 08:55

bibbybox · 12/03/2023 08:51

I am a Full time student!

I thought you said you worked p/t? And what happens to childcare costs when you are no longer a student?

This is so convoluted!

She said she had to quit her job on the nursing thread 🙄

Meandfour · 12/03/2023 08:55

Tuilpmouse · 12/03/2023 08:53

You get a max of £315 per week for two children as a student.... I don't see how that covers 60 hours a week and 3 meals!

3 meals a day at school and 6am - 7pm?? What kind of a state school is this?!

bibbybox · 12/03/2023 08:55

i worked whilst studying but didn't claim free childcare.

How can you be eligible for free childcare as the household cap is low but have 5k a month take home?

Original poster
Booooot · 12/03/2023 08:55

Idontgiveashitanymore · 12/03/2023 08:51

I would put some into joint savings and a little into your own bank account so you can have a treat occasionally . Top up your pension

Are there benefits to joint savings? We have our own separate savings accounts due to a friend we know having real trouble accessing joint accounts when her husband suddenly passed away.

OP posts:
bibbybox · 12/03/2023 08:56

@Meandfour make it make sense!