Finances

Resolutions update…

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22 January 2024

As we approach the final week of January, I pause to think about how my resolutions are going…

Let’s recap my quartet of intentions:

Saving money: aiming for £400 per month

January brings the annual tax bill when I have to pay back most of my Child Benefit in one of the UK’s harshest penalties against those is us not living in happy coupledom. (Even the Tory Chancellor, as recently reported in many media, recognises the unfairness ”There is a very big distortion in the marginal rate of tax that people earn and I fully accept there is an unfairness with what happens with dual income families” ). Fortuitously though, as I log in to pay my dues this year, I am pleasantly surprised to find a tax refund sitting on my account.

Scarcely has the good fortune sunk in however, before two unexpected costs hit the family budget.

Small boy, hurtling rapidly towards his 18th birthday, suddenly realises that, to make the most of his newly found adulthood in our local hostelries, he needs ID and his passport has expired. So I have to find £82.50 to apply for a new one. 

And, on a far less cheery note, prepped and crammed with chemistry facts, my nervous son also attends a university interview at his institution of first choice and …it is awful. I am tempted to name and shame the establishment but, unlike the arrogant, asinine specimens who interview him, I do have a shred of integrity and professionalism, so shall refrain. Their behaviour is absolutely disgusting, laughing at my child’s answers, making cheap jibes and leaving him shell shocked and demoralised. It takes a lot of time to help him get over this … and I am also forced to blow the strict food budget on an emergency recovery take-away!

So financial ups and downs but, with a week to go, I think I might just scrape it, which is a great start to a year of saving.

Buying a nice item for the foodbank as part of my weekly shop

This one is a big tick. I love deciding what to buy each week. Plus, as I add my offerings to the crammed foodbank crate, it a gloriousreminder that there are a lot of kind folk in this world and that together our small acts do combine to make something of significance.

Running/walking at least a mile a day in January

Ughh … what a chore! I completed this challenge a few years ago and breezed through it, but looking back, that was a January in semi-lockdown, when working partially from home and having absolutely nothing to do with any evening made things a lot easier. Roll onto the busyness of 2024 and already I have given up on Wednesdays when late night meetings, grabbing food and dashing off to orchestra mean that I can’t even think about exercise until 10pm and … who wants to be lacing up their trainers at that hour?

Then there is the weather; dark and snowy. On two occasions, I narrowly avoid being run over by cars coming out of their drives without looking. On another icy evening I fall flat on my ‘posterior’ – ouch! And on slippy Saturday, grinding around the local woods with my run buddy, we are moving so slowly that she eventually starts walking and overtakes me, with a parody of the famous Harry Enfield jockey sketch , “Hello … how are you?” That run gets abandoned, as we collapse in laughter and decided tea and cake is a much better way to spend the morning.

Thank the Lord, there are only 9 more days to go

Taking part in Bloganuary

Last but by no means least. This is an utterly fabulous resolution! The daily prompt actually makes me enjoy waking up each morning, a creativity boost that even beats caffeine! (See my Bloganuary page for the full set of … pretty random thoughts!)

So, all in all, I think I am doing OK and in any case, it has all kept me so busy that I’ve scarcely had time to bemoan the misery of January this year. So here’s to resolutions…

Resolutions resolutions resolutions …

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6 January 2024

Now I know that not everyone’s keen on the traditional New Year’s Resolutions but I happen to be a big fan! As a busy single mum, I actually find it quite luxurious to have 31 days out of the full 365 (this year 366!) when I routinely make time to focus on my own quests and challenges. And even more importantly, January is such a grim month that any kind of distraction is a welcome relief! So without any further ado, here I go!

  1. Saving money: I found out last year that my Eldest child cannot apply for a maintenance loan for her fifth year at Medical School, because Student Finance only provide money for 4 years of any degree. Do not get me started on the injustice of this, for students from less affluent backgrounds and the sheer ridiculous notion that this will in any way help to address the UK’s doctor shortage … or we shall be here all day. It is an unavoidable reality and so I am aiming to save £400 per month for 8 months, as my contribution to bridging the gap between the £1 000 bursary that the NHS provide for the year and the £9 000-£10 000 that students usually live on. Could be a tough one in the midst of a cost of living crisis, but I’m throwing myself in at the deep end with direct debit to a savings account and … we’ll see how I fare!
  2. Buying a nice item for the foodbank as part of my weekly shop: whenever you are feeling despondent about the state of the world, take a trip to your local supermarket! During December in particular, there were so many wonderful people in the foyer, raising money for the community and trying to make life a little bit better for everyone, that I was inspired to help in a small way too. So I started to add an extra purchase to my weekly shop and drop it into one of the food banks on the way out. And I am going to continue.
  3. Running/walking at least a mile a day in January: this one marks a determined effort to limp back to fitness after having huge problems with my knee in 2023. Exercising daily does, however, place unusually high demands on my rather limited sportswear wardrobe. When Small boy complimented me upon my ‘cool retro’ leggings yesterday, I did have to confess that they looked vintage because they actually were! I was sporting a very old pair, dug out of the drawer, that I first bought in the 1990s!
  4. Taking part in Bloganuary: at 6 days in, I am loving this one! The blogging community all respond to the same writing prompt each day throughout January, which I joined to give my writing a kickstart. It is very flexible and huge fun: sometime I write a couple of sentences, on other days I’ll write more. I have enjoyed the writing but the unexpected bonus is that I have discovered so many other great blogs along the way, such as My Tatty Sketchbook and Dan Loves Film.

And that’s me! All good so far, but I am only a week into the opening month of the year. Let’s see how I’m doing next weekend…

I was looking for a job…

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Saturday 22 April 2022

” … and then (they) found a job”

Heavens knows I’m Miserable now: The Smiths

As we move into the second half of April, two of my offspring find themselves on the payroll…

In the Scottish capital, Prom-dress daughter secures a job in a trendy cocktail bar and closer to home, in the pretty village up the road from our house, Small Boy is taken on at a local coffee shop. They are both very excited, well for my daughter, struggling to stretch a student loan to cover living costs, there is also a lot of relief.

Is it wrong, however, that I feel a little concerned?

Of course, I understand the attraction of some extra funds for a teenager and I also accept that I have never experienced the financial challenges and worries that today’s University students face. Nonetheless, I also know that one route to real financial choice and security comes from a decent set of qualifications and my question is this; can you have both? Can you get the best grades if your time is divided between work and study?

I’m not the only one to wonder. Oxbridge continue to actively discourage term-time work. But, in a landscape of spiralling costs, many students find that they simply have no choice because loans frequently fail to even cover the basic rent. Sir Peter Lampl, founder and chairman of the Sutton Trust, highlights the additional pressures on students from less affluent backgrounds,

“For many, wages from part-time work are the only way they can make ends meet …. It’s tough and it’s often the students’ academic work that loses out.”

Others point out that it is not only studying time, but also social time that is squeezed by the addition of a job into the student schedule, which can lead to isolation and stress. One student, in the Guardian Article, ‘How much part-time work should I take on while studying?‘ reported “getting really run-down and ill” and being “always envious of friends who could just concentrate on their studies”

Well ‘heaven’s knows I’m miserable now‘, that all sounds rather grim, so what of the benefits? Clearly there’s the cash, but does part-time job have any other advantages?

Reassuringly UCAS, in the article ‘Balancing work and study’ point our several plus points,

“As long as it doesn’t take up too much study time, finding a part-time job is a great way to gain more money, less debt, and new skills for your CV“

The cite a range of generic employability skills such as: communication, team work and time management. And, dependant on the nature or the role, point out that students can also learn various technical skills and that ‘above all, employers will want you to display the same skills in fresh thinking and systematic working that make you a success academically‘ . This positive view of part-time employment is echoed by several other Universities too, as well as, less surprisingly, most employment agencies.

The key seems to be the balance and two pieces of sage advice ring in my ears as I read through the various pieces of guidance in this area. The first is the recommendation from most course providers that part-time work, during term time, is kept to a maximum of 15 – 20 hours per week. The second is not to lose sight of why you are studying in the first place and to be prepared to lose the shifts if your grades or health start to suffer.

“Remember that you’re paying to be at uni and get a degree, so don’t waste that by running yourself into the ground”

Sound and sensible words indeed. I’ll keep it in mind as we enter the new world of the teenage workers …

Blue January …

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January 21 2023

Gosh; is anyone else struggling with January? Setting off for work at 7am and returning around 6pm, I feel as if I live in darkness at the moment. So this morning’s run, in the glorious, snowy sunshine is a real pick-me-up. But, aside from ‘living for the weekend‘, if only to see daylight, are there any other tips for getting through the dreary 31 days that start each year…

Much is written about poor old January. An entry entitled ‘Why is January depressing?‘ for the Foundations wellness center by Justin Baksh on 2 January 2022, claims that,

It is often said that January – dubbed “the Monday of months” – is the most depressing month of the year.

And many of us would resonate with a catalogue of reasons why: end of the holiday season, dismal weather and mounting debt. It is, I read, scientifically proven that shorter daylight hours and lack of sunlight do lead to SAD (seasonal affective disorder) which can play havoc with our body clocks and reduce energy and motivation. Possibly this is why the cheery resolutions of New Year’s Day can so often often wither away as we descend into sluggish despondency?

Psychologist Cliff Arnall, even hit the headlines in 2004 with a proposed formula for low mood! I think he has since admitted that this was a partial publicity stunt and a mathematics model for mood feels unlikely, nonetheless, you cannot argue with the list of variables that definitely do contribute to the misery of our much-maligned opening month of the year.

So what can we do about it?

Canadian blogger ‘Mommy Kat and Kids‘ promotes self -care and ‘sit and soak‘ is her number one tip. Kat espouses the merits of a candle-lit bath and I can vouch for this one in a slightly different guise as, after months of inactivity, I fire up the hot tub on Friday night and have a fantastic evening in there with a friend.

The joy of a hot tub, which is not often mentioned, is that it is wonderful way to enjoy the great British outdoors, because as you sink into the deliciously depths of the steamy water, you are actually warm and can just relish the peace and stillness of beautiful winter’s evening. It is great for conversation, relaxation, shaking off the working week and having fun!

So folks; if you’ve a hot tub; hop in. Or get running those bathtubs and basking in bubbles with candles, music … and escape the wintry chills!

Cygnet Health Care have ‘keep fit and stay active‘ as tip number three. I must concur with this one too; I am loving my January running. I do actually like to exercise in the cold, running on a hot day is my nemesis and, as the icing on the cake, I got blue tooth earphones for Christmas so I am also pounding the pavements to the beat of my favourite rousing anthems! For an hour each Saturday, it has become my definition of ‘happy’.

Few would argue with the benefits of bring active eorher. So when we’re lucky enough to see a glimmer or sunlight, pull on the trainers or enjoy the beauty of a snowy walk. In grimmer weather, and let’s face it, we’ve had a lot, blogger Kat recommends digging out your yoga mats. Worth a try… again if only to warm up! .. it’s all about the weekend! Are the delights of Friday nights and the rare glimpses of daylight that Saturday and Sunday bring, enough to sustain me through the relentless, gloomy grind of the working week? I fear not. And I’ve yet to mention the desperate need for a pay day! Whose idea was it to put two 31 day months back to back at the most expensive time of the year? Not a parent I’ll wager. Sheer insanity!

On the bright side… we are over half way through! Nonetheless, please hurry up February…

There’s a hot tub in my garden…

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Saturday 23 April 20222

Golly gosh; can my two girls shop!

As the Easter holidays draw to a close, I hardly recognise my own home! Cheered on, at times propelled on, by my daughterly duo of retail fanatics, not only does my conservatory proudly boast a new furniture but our aged plastic garden chairs have also been binned in favour of ‘zero-gravity‘ recliners.

Have I taken leave of my senses? Well I just might have done exactly that, because the shopping frenzy all began….with a hot tub!!

Gosh the hot tub! Now that is a long story which at some point demands a post of its own but for now can go down as a fanciful notion floated after some bargain deals bounced into the inbox. And now here it is, at least until my energy price fix runs out in Summer 2023, our very own outdoor spa!

It is certainly an extravagance on its own, yet, scarcely has the froth subsided on our first dip in the bubbles, when purchase number 2 is in the boot of the car. I innocently agree to potter into town with my Eldest, to pop into Boots for a new moisturiser when my girl steers me into a store promising ‘unbeatable bargains‘ on garden furniture. Before I know it, I find myself trundling to the till with four new ‘zero-gravity‘ recliners in my trolley!

“Mum, you have been looking for new outdoor furniture for years!”,

my Eldest smiles reassuringly, as I appear a little flustered. This is true, but I had anticipated at least another half decade of looking and wondering and weighing-up before I actually made any daring dash to the cash-till. In addition, I am not at all sure what ‘zero gravity‘ chairs even are! But, as we try them all out upon our return home, they are very comfortable. And apparently, my offspring tell me, together with the hot tub really ‘freshen up the garden experience!‘

I know what you’re thinking, by now I had surely learned my lesson! But no, as Prom-dress daughter arrives home to swell the youthful and carefree ranks of the household, I am persuaded to head out to Ikea to replace a few broken glasses and try out the new ‘plant balls’. Five minutes! We are there for only five minutes, before we are are snuggling on a new sofa and admiring the display of accompanying rug and table!

“You’ve been looking for ages, Mum”

“Don’t you just love it – so comfy!”

“The poor conservatory has been completely bare for 18 months now!”

They do actually allow me to stop and consider this one, over (delicious) plant balls, mash and gravy. Possibly, I am distracted by the delights of my redcurrant jelly but equally the fact that they are correct and that my lovely, sunny, garden room has been an empty shell, for a very long time, does also register and I decide to go for it, rug, coffee table and all!

At the warehouse, things are slightly complicated. We discover that, despite endless permutations of collapsed seats and car-boot boxes plus much hilarity as the three of us career around the carpark with the weighty beast, the sofa is never going to be squashed into my car. In now rueful resignation, I wave my credit card at the cashier and fork out for home delivery!

So the time honoured clash of their youthful exuberance and that dash of ‘carpe diem’ with my single-mum (crippling) caution. There is a clear victor on this occasion. I’ll admit however that, for once, I am glad to have been defeated. Left to my own devices I would doubtless have a few more £100s in the bank, awaiting the proverbial ‘rainy day’, but the conservatory would still be an empty room and the tired old plastic chairs not up to the task of tempting anyone to sit in the garden this holiday. Whereas, we now live in the conservatory and the new garden equipment has also been fun. It has made the Easter holidays seem pretty idyllic and contributed to me falling a little bit in love with my own home again.

Nonetheless, the bank manager and I do heave an audible sigh of relief as my two shopaholic students set off back to uni-land …

Is it time for a 5 year plan?

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21 February 2021

It’s a funny old half term and it all start with this Monday morning call.

” Am I speaking to the one and only Becky ….”

Yes, one very confident, chirpy cold caller! And life insurance broking is his game. Whilst I choose not to invest in any of the deals, he does make me stop and think about the insurance I do have. I root out my policy to find that it covers me for a bizarre number of years, with a seemingly random sum of money. It is clearly no longer fit for purpose and needlessly pricey. As I start to research alternatives however, I hit a brick wall of indecision…because making a wise choice depends on where I see myself and the teens in the next 5 or 10 or 15 years . And I just do not know. A lot can change in 5 years…

Here I am 5 years ago. It’s my birthday 2016. I am coupled up, dressed up and out for the evening!

Fast forward 5 short years to my recent 2021 Birthday and here I am, single, sitting in my lounge and Locked Down with a take-out curry!

Who could have known quite how different life would be? And the next quinquennial, promises to be no less dramatic in terms of change. No more teens, no more mortage, no need to work as many hours, no need to live in this corner of the North-west. It is difficult to know how to even start thinking about it all.

It has been a year when I have grown accustomed to living; day to day, tier to tier, Bojo press conference to inevitable U-turn! But if I thought I could run away and hide behind the covid curtains for a bit longer, I was mistaken. Half term also brings necessary negotiations with tree surgeons and roofers. Thinking through some fairly substantial financial decisions keeps bringing me resolutely back to the same daunting, dithering ground. Because, ‘How much to pay?‘ and ‘How much to do?‘ are all balanced by looking ahead to how much longer I expect to be here.

There is certainly a lot of advice out there for those of us facing the prospect of ’empty nesting’. Indeed the Citizens Advice reports finding “a huge demand – nearly half its enquiries” – from the 50-plus age group, for whom the main issues were pensions, mortgages, wills and life insurance. I have to be honest though, at the heart of my unease is the fact that I’d never expected to be facing these choices and ‘resetting the life plan’ as a single person. Without a partner to bounce ideas off and help me to frame a way of thinking about it all, I’ll confess to feeling absolutely terrified. So I start smaller. Next week I have an appointment with a, Independent Financial Adviser to talk… about me. Not stereo-types, not ‘typical case studies’ for my age group, just me. And I feel calmer. It was clearly time to stop avoiding the issue, I am a long way from a plan at the moment, but getting some facts hearing some options, doing my homework…none of that can hurt…