Not Pay Day

Today is not my pay day for the first time in nearly two decades. From now on there will no longer be a welcome injection of money into my bank account on the twenty seventh of each month. As my NHS pension hasn’t yet been finalised I’ve had no significant income in June. Luckily I put away some emergency pennies

I’ve mentioned before that, once I receive my pension, it will bring in about a third of what I was earning in full-time employment. It’s enough to cover my share of the household bills but there’s nothing over after that. I don’t want to dip into my savings too much so need an alternative source of income for treats, travel and anything untoward that happens. I’d also like to continue investing until my state retirement age in ten years time.

Now my lovely boss wanted me to go back and work part time, perhaps a couple of days each week. In some ways that would have been the easiest solution: reasonable pay, regular work and a familiar environment with great colleagues. But there are downsides. No doubt there would still be stressors associated with working in mental health and also costs involved for subscriptions and travel. I’d also have to spend time my continuing professional development to keep my registration. And I saw an advert the other day for home working that compared commuting to unpaid overtime. I can really relate to that.

So I’m not returning to the NHS. Final decision. I’ll get a bit of extra money over the year from dividends paid into my investment portfolio. I’m going to look at ways of optimising that when I receive the lump sum from my pension. Some shares and investment trusts are better earners than others. But the exciting part is that I’m going to explore generating income several different sources and have fun doing it! Selling secondhand finds on Ebay, making mosaics for money and a little digital design business are on the cards. And if self employment doesn’t work out a little job in a local shop might appeal. I don’t think the piggy bank needs to be worried after all!

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