Disillusioned saver

obsessed_saver

After saving a number of years, I have built up about £20k in cash savings, most of it in cash ISAs.

Tis' being the season of new ISA accounts, I really feel quite low with the current offerings.

What's the point of saving when the interest is only a pittance? The exchange rate has gone down so drastically that it's not worth anything out of the UK.

I might as well blow it all on fast cars and women before inflation wipes out the value within UK!



Sorry. Just had to rant.

Stavros_3

If you don't need it bang it in a fixed rate account for 12 months

obsessed_saver

3% fixed for one year is hardly exciting. Inflation is also at 3% at the moment! Plus you and I know that the gov's inflation measurement is really a few % lower than reality.

missile

4.4% fixed for 3 years with Nationwide.

Put it in NS&I index linked, if your concern is inflation.

Audi R8 spider would be choice for a fast car.

Cannot help you find a loose woman.

spike87

I've just blown half of my savings on a fast car. Just do it!

LeeSouthEast

missile wrote: »

Cannot help you find a loose woman.

Feel free to contact my ex. Name, address and telephone number on request.

Batchy

Ive blown money on a fast car, and it got keyed 3 times. Only a Civic type R (not the fastest, but a lot of fun and it was brand new).

Just keep saving buy your house, clear your mortgage, sorted.

Women who love fast cars love others cars which are just as fast too, they wont hang around long, lol. There is a word for them? ... loose is a term i'd put as bland, beginning with S and ending with R would be more appropriate.

Loose women, best ones and cheapest ones can be paid direct for lol

Your savings might get 3% but BOE are expecting rates to come down for inflation, I also expect interest rates to creep up, so get one that tracks the BOE base rate too. that way as inflation falls and IR rise, so you benefit with savings. Without savings you will never be able to buy a house now, with all the hard work done, don't blow it now. If your that worries, transfer cash ISA into a S&S and risk a little to gain a little more. plenty of funds to keep you occupied.

Its a better risk than a fast car, that will just COST you dear... in one way or another...
Repairs
maintenance
insurance
fuel
tyres (yes it will eat them)
WOMEN who love big pockets
tickets, yes speeding ones... lol

If you want a dabble... learn to ride a bike (motorbike) and get a rapid bike for pennies say 6k... ;-) you wont be disappointed, the women will come flocking, and you will !!!! your pants with the fun you will have... ;-) trust me.

I also brought my bike for 3500 its still worth over 4000 two years later!! you just dont lose money on them like a car.

bendix

obsessed_saver wrote: »

After saving a number of years, I have built up about £20k in cash savings, most of it in cash ISAs.

Tis' being the season of new ISA accounts, I really feel quite low with the current offerings.

What's the point of saving when the interest is only a pittance? The exchange rate has gone down so drastically that it's not worth anything out of the UK.

I might as well blow it all on fast cars and women before inflation wipes out the value within UK!



Sorry. Just had to rant.

So stop saving and start investing.

Simple.

Batchy

LeeSouthEast wrote: »

Feel free to contact my ex. Name, address and telephone number on request.

pmsl... lol, gotta laf

Batchy

bendix wrote: »

So stop saving and start investing.

Simple.

if you had 20k, how would you invest it... and why?

I am in the same boat as guy above... but already have the car and the bike... what do i do now, I dont want to risk all capital, but am willing to go with funds, and ride the storm if necessary, this last 5 years has give me confidence that with all the bad times that are possible, you can work it to your advantage.

Is it a good time to get in now FTSE 100 is at a 12 month high? 5700

obsessed_saver

I can't quite afford the R8. Maybe an RX-8!

Yeah, perhaps going S&S is the only solution for higher returns. Problem is that it's a one way transfer, and I can't transfer it back to cash in the future. *sigh*

I just feel like the gov and banks have got me right where they want me. Saved for years in the ISA and can't bear to take it out of the wrapper, while they pay crappy interest on it.