Best financial decision

Best financial decision?
To use savings up to not work and thus buy time with a sick relative.

Leaving my Local Authority job after 29 years was mine. I was 46. It was a final salary scheme and I took a risk by taking a job in a private school (admin., not teaching). I froze my LA pension and joined the school’s pension scheme. It wasn’t final salary but the school paid 9% of my salary into my pension, which I matched. I took my LA pension and lump sum at 60 but worked another 2 years at the school.

I was obviously taxed on the whole of my pension but by taking advantage of the school’s salary sacrifice I was able to put my pension money into my pension pot. This, in turn, gave me another lump sum at 62, which I used for a loft conversion to our bungalow.

The Government stopped this re-cycling of pension money just before I retired, but I still managed to build up another substantial pot in 2 years. That was as a result of the excellent advice given by the school’s financial adviser, whom I saw privately. I am now drawing down from this pot until I receive my state pension in 2021.

Apologies as well for going off on a bit of a tangent. My sister was asked if she would be a guarantor for her daughters husband to get a loan with Amigo. She stupidly said yes although she lives in a council house, retired, lives on her own and only has her pension. Her daughter died in November last year with cancer age 30 so her husband had to give up his job to look after the 3 children. He has now. managed to get back to work for 3 days but it doesn't cover the payments for the loan. My sister is sick with worry as the loan company is now coming after her.

Always absorbed the regular mortgage rate interest by pulling in our belts rather than extending the repayment time. Eventually managed to clear the mortgage. Such a relief! I remember my husband and I making a point of going together to AN to pay the final instalment it was such a relief/achievement for us. Guess what? They needed £5 for the 'final certificate'. We simply didn't have that so had to go back next payday. Embarrassing (but only a little).

Paying up our mortgage early. We didn’t owe much but managed to pay it off. Really pleased we did now.

Humbertbear. Was always advised that running a private pension alongside a company pension was illegal. Do you mean you had one then the other?

Gillybob, I'm with you on this one. All my financial decisions have had one thing in common - they've all been disastrous!

Best decision was selling a lovely house that I adored but which was mortgaged. Now in a smaller house but mortgage free with money in the bank.

We have a small business. This morning we received a letter from the bank telling the cost of just having a business account is going up 30% per month in June. On top of that we pay for everything connected, cheques, cash in/out, DD in/out. I only bank once a month. The bank's greed is breath taking. If I can find a way out of this I will. Has anyone any suggestions? I need a Best Decision!!

Advising my Son when he was only 20 to buy a property to rent, with a small inheritance he came into.
He was thinking of going to Goa for a year and "blowing it" as he said.?
Twenty years later, he now has 5 properties rented out and his own home, all mortgage free.
Clever Mummy! ?

We had
A repayment mortgage.
Never reduced payments when motgage payments went down.
Used a small windfall to reduce our first mortgage .
Payed off second mortgage in nine years which was six years early.
All good decisions.
We are not rolling in cash but OK

We never had much money, with 5 children to rear, but my best decision was to always manage to put a little away in savings each week, and never to buy anything on hire-purchase. We furnished our house with second-hand stuff, and hand-me-downs.

The only debt we ever had was our mortgage. It seems laughable, now, that it was a struggle to afford the £17 a month we started off with, on a house which cost £2,575! When the interest rates rocketed, soon afterwards, it was even more of a struggle.

Due to my late husband's poor health we never had a private pension, and now I just have the basic state pension. My unmarried son lives with me, though, and is very generous with his share of the expenses.

I'm still a saver. The "quick, quick, think!" advert on tv really makes me mad. Most people should be able to save a little for emergencies, instead of resorting to high-interest loans.

*Humbertbear. Was always advised that running a private pension alongside a company pension was illegal. Do you mean you had one then the other?*

This is 100% untrue. Utter nonsense

Buying our first home and paying off the mortgage as quickly as we were able.

We have been mortgage free for a considerable number of years, and able to spend money on what we wish, plus add to savings.

Instead of buying a car every few years we bought a better one with the aim of keeping it until we could no longer drive. It is now 20 years old, but still reliable, safe, and looking good. Not as economical as modern cars but very happy with my choice. And of course, it has has some repairs.

Our other good decision was to put as much as we could into our home and pensions by decorating ourselves, making own curtains, buying second hand and sprucing up, and so on. A decent pension took care of retirement.

There wasn't as much to spend money on while we were doing this, so no temptation to buy phones at £1000. No coffee shops, made own packed lunch, etc.

gillybob Can you appeal against this rent increase? Is it even legal?
Our council does this and it is so short-sighted because in the end businesses have folded here and there is no income at all from rent, from council tax, people paying income tax and shopping locally.

It didn't cross my mind when I went for the interview, but getting a job in the bank where my mortgage was. I enjoyed the job even more when I qualified for a staff rate of interest. This became even more important after my divorce, when I took on the mortgage by myself and pennies were tight.

Buying the council house that we shared with my in-laws,as they had been council tenants for over 30 years we got the full 50% discount so got our house for £12,500 ( bought at 1979 prices) sadly father in law died 4 years later but mother in law lived until 2006. We still live in the same house which husband was born in

Selling our flat in Copenhagen and moving to the other end of the country, where houses and everything else are cheaper.

Having my own bank accounts and not having joint ones. I am quite good at saving and not being a spendthrift my other half is not quite the same and this could have led to many problems i feel.

Gillybob,
A lot of farmers in our area rent out their redundant buildings. It may not be practical for you to move ( I have no idea what business you are in) but could it be s possibility?

The best financial decision I’ve made was taking control of my own wages and pension just 7 years ago....why husband was useless with money...and I’d always handed over every penny I’d earned...then had to. ask for money to buy essentials. I hated his control of my life. But now , despite the fact that by controlling my mother ey I’ve managed to replace both kitchen and bathroom at a cost of £17000 he still won’t admit I’m ‘good’ with finances. He hates he can’t control me anymore....I love it! Best decision I’ve ever made and only 40 years too late!

Money not mother.....could never control her!

I'm so glad that my Dad made me start paying into the NHS pension scheme when I was in my 20s. I also bought 'past added years' to make up for part time working while the children were small. A FSAVC too. All this meant that I could retire at 60 despite being a 'WASPI' woman and suddenly having to wait 6 extra years for state pension. Thanks Dad!

Our best decision was not to take out a private pension - the company we considered later went bust and we would have had nothing. We invested the money in property instead, and are now quite comfortable.