Help to get my head around money !

[Ginandbitterlemons]

money was not discussed in our family as a child in any way - unless it was a source of competition or control.
my step mum kept her money for herself and charged df for a takeaway coffee she went to get him after and op things like that . It was awful . I remember after giving birth at home she asked me if i needed anything - we ran out of milk due to visitors- including them - so i said milk please. She got it - then charged me for it .

thats the picture.

Ive been thinking a bit about money these days . Made massive mistakes with it was I wanted in my own words” nothing to do with it “

Now at a grand old age of 61 money
We are retired from our professional jobs ( were we cd have saved , but didnt) and now both work , in early 60 s part time in a beautiful village .

We live simply - old car etc.
we live in a beautiful village and have a modest paid for house worth 300k? And a work pension of just under 2.5 k pm between us . ( dh gets nearly 2k of that and if he dies i get half for life) and we work part time ,
with occasional expenses- old boiler replaced, dc and partners here this week a few days- £ 200 in food ( young adults - love to cook x3 a day ) we plan to keep working to cover basic costs and additional expenses,plus save some
for the foreseeable .
we are giving dc some money because we have not had help and want to , even tho it may be unwise- but because we are concerned that if we need care our entire house will go on those costs and our dc will get nothing ( df has died- lefI all £ to step mum who is now doing extended long haul holidays to india, siri lanka etc and has bought new conservatory etc. … so dont expect dc to inherit) . Years and years of money related issues were really really horrible.

Given our situation- and that we will both continue to work part time for now - which cover s some ongoing bills , can anyone recommend anyways at all , for say ,30 k or our equity to be used to our advantge?
I am aware in the scheme of things that it is a not a lot at our age for many people who have saved or inherited- and I wanted to say why- to get it off my chest- as I struggle to think about money forthe reasons I highlighted.
thank you .

I recommend you post on the MSE website as well. The budgeting/ banking and savings forums are the best.

I also recommend you investigate an envelope budgeting system, either DIY or using something like YNAB.

My third suggestion is maximising the interest on any savings by looking for the best accounts and being prepared to move money. £30K at 4% will give you interest of £100 per month. Zopa's Biscuit account and Trading 212's flexible cash ISA are both worth a look.

I once read that you should treat your household budget as if it was a business, it takes a bit of effort but it's worth it. I'm retired at 61 as well and don't have a massive pension but I make the best of what I have.

I hear what you are saying about helping out your DC but I'd imagine your DC would be horrified if that left you short for your future needs or left you not being able to fully retire.

I think you need to start planning for a time you won't be able to work (or won't want to work) too.

Agree with @LivelyFinch the Money Saving Expert website has some great information about top rates of interest, etc.

What are you spending your money on currently? You say you live simply and have no mortgage, pension of £2500 pm plus both working?
Unclear why you need to release equity? Are you saving/already have savings?

Jmaho

yes we saved 50 k in bank
we try to save each month but we do have a months holiday once a year.
last 2 months we have a new tomus car - 4k and a new boiler- 2.5 k which we paid for .
When i say we work part time… i earn v v little as I only do a couple of cleaning jobs as well as look after a animals sometimes.
dh work s 18 .5 per week though.

Jmaho Re release equity - no we dont need to , but we would like to be able to give dc a lump sum each - but the significant amount of our money is in a paid for house .