Future planning

[7yo7yo]

Hi
I’m looking for some wisdom.
i am 46 and have ADHD. I am really poor at saving and future planning. I dork want to work forever and I would also like to give my 2 kids a leg up. I have £800 a month I would like to use, pls pls what would anyone recommend?
I literally have no savings as when I try to save I have emergencies or birthdays, Christmas or kids need something. But I need to do better. I worry and think I’ll be working till over 70! I have a small NHS pension and still work for the NHS pls help me!

I use Starling as it's so good for budgeting! In the app I create 'spaces' which are basically separate savings pots. I give each pot a name, so one for Xmas, emergencies, home improvement, holidays... etc. You can also add a savings goal for each pot, I've got £1k for emergencies for example. Then set up an automatic payment from your main starling account on pay day into each of your pots. After a few months you'll have a lovely cushion for emergencies etc so no more nasty surprises to derail your bigger goal.

Once you've got your cushion I'd increase your pension contributions as much as possible. Comes out pre tax so you're saving way more money, plus the money is never in your current account so can't spend!

This channel is really helpful, clear and no nonsense about savings and pensions.

@Sixpence39 thank you. I’m just worried that I’ll be working till at least 70 then on the breadline as a pensioner and have nothing for My kids I feel like i need a side hustle but don’t know what i could do!

I literally have no savings as when I try to save I have emergencies or birthdays, Christmas or kids need something

You need a change of mindset here. A lot of 'emergencies' eg car repairs, vets bills or white goods replacement, plus things like insurance, Christmas, holidays, birthdays, school uniforms, shoes, etc etc are really expected expenses that need budgeting and saving for as the expense will crop up fairly regularly so shouldn't be considered to be an 'emergency'.

But if you work for the NHS, at least you're saving into a decent pension scheme, so that's one thing less to worry about until you've got everything else covered. Don't forget you also have the state pension, so that and your NHS pension is likely to be decent and for many will mean they have as much money in retirement as they did when they were working.

Have a look at the budgeting advice on Moneysaving Expert and also the financial flow chart, which can be reviewed as a to do list to work through.

Once you've set a budget, you can move money into savings accounts on pay day and try not to spend it on things you haven't budgeted for.

https://www.moneysavingexpert.com/banking/budget-planning/

https://ukpersonal.finance/flowchart/

Yep, everything that @Bjorkdidit said 🙂.

@Bjorkdidit thank you for that. It’s all very true. I’m in my 40s and it’s strange how habits of my childhood still affect me today.

I would really recommend the Meaningful Money podcast. They have some episodes from a while back where they go through the financial flow chart mentioned above and talk through all the steps you should take.