My Can i do it? Yes i can savings diary

cloud_dog

cocalls wrote: »

Can anyone tell me how to work out how much interest i'll make in this period? I have a yorkshire building acc which is 2.75.

I'll make an assumption that your caluclator doesn't have a '%' sign sooooo.......

((((Balance x InterestRate) / 100) / DaysInYear) x DaysInPeriod)

Example:

(2376.33 x 2.75)/100 = 65.349075

65.349075/365 = 0.1790385 (i.e. 17p per day)

0.1790385 x 31 = 5.550135 (i.e. For the balance you would get £5.55 interest during March)

By doing it on a daily basis you may introduce rounding errors.

cloud_dog

cocalls

Thats great ta i think i understand it!!

cocalls

Roll on nxt mon as im now totally skint!
Used our pizza express vouchers last night yum yum!!
Oh is going to put slightly less in at the end of the month as i dont think he can last very long he likes having ready cash all the time and is finding this very hard!

I found 7 euro coins in a pot the other day is there any way of converting them to pounds?

johncolescarr

cocalls wrote: »

Many thanks yes thats a good idea come the 16th i'll transfer the savings and we'll just live off the rest jan is always a pretty frugal month anyway and we've still got full cubboards from xmas and nice pressies to play with i reckon it'll hit us in feb.
A few have mentioned writing everything down and spreadsheets and the like-maybe later down the line maybe as im really rubbish at things like that i'll do them for a few days and then forget. But as you said i may get the bug!

Just make sure you budget for all expenses that month when you do this. transfer too much and you might push your account under your agreed limit and incur charges. I did this, got an unexpected direct debit payout and felt like an idiot. Also, remember if you use ISAs that if you take money out, your total amount you are allowed to pay it stays the same. For example, if you pay in £1000, you will have an allowance of £2600 left for that year. If you then take the £1000 out and pay it back in again at a later date you will have £1600 allowance , but still £1000 in your account

cocalls

thank you johncolescarr for that useful tip
Oh is now asking if we can use the money to buy a vw camper van-im thinking of houmering (sp) him if that'll get him to save more!

cocalls

Received council tax breakdown of charges yest for the next yr and the DD's are actually going down!! From £94/m to £88/m i thought they were going up 3%????????????????????
Spent my last 57p on a can of ginger beer yest so i could have a whiskey & ginger now have to wait till mon with no money!

gull5426

i look forward to the new council tax bill lol

cocalls maybe you over paid the council last year... i did that a few years ago by mistake and the following year the monthly cost was down on the previous year.

cocalls

ooh maybe will it say it on the bill? I only skimmed it this morning.

gull5426

yeah it would be on the 1st page

cocalls

mmm its v odd it doesn't mention anything re overpayment i think they must have made a mistake