My savings journey

calypso_rhapsody

Mary, you should only be paying 5% on your domestic heating oil and it is only the standard 17.5% rate that is increasing (i've just double checked that on the hmrc website) so no need to worry about buying the oil before January - though of course you don't want to run out!!

If you are paying 17.5% contact your supplier - they may ask you to prove it's domestic use .... and claim a rebate for the excess VAT you've paid!

am not sure about VAT on coal - as we use wood - but you should check, it may well be 5% or possibly even zero if you buy from a small non-VAT-registered supplier?

UnluckyT

Paid last week, managed to sort bills etc.
Went a bit ott with saving but it needed, managed just over £300 if i remember rightly plus hoping to do well at the end of the month when paid again.

MaryMurphy

Hey calypso rhapsody thanks for the info, I'd just assumed oil was taxed at the normal VAT rate, I didn't realise a different rate applied for this. Really appreciate it, thanks!

They'll definitely know we're domestic users but I'll keep an eye on the bill just to make sure (never assume anything). Not too sure about coal either but I'll ring around a few places and see, who knows.

Thanks for dropping by UnluckyT, good to hear from you and great work on saving £300 (wow!).

I tried to sign onto DooYoo this evening but the site must be down, can't get logged in at all, so will head to bed soon.

MMxx

MaryMurphy

40% in eIsa account

MaryMurphy

I've been thinking about the things that I still need to do and it's bothering me that I haven't made time for them yet (partially due to proper reasons, partly because I am lazy) the most important of all being signing up to the Credit Union.

I am also considering putting my Base Savings money in some sort of one year fixed term Isa when the new financial year starts, as I'll not be using it and (let's face it) I have a wedding to pay for, along with our normal bills, so I think in the long term it would pay me more if I put the eIsa money into a 1 yr fixed account (provided the rate is good), and concentrate on the wedding.

I'll still put some money away towards this throughout the year so I can then get this added on, but it'll not be as much as I've been able to do so far.

Sooo I'll put away as much as I can before the end of March, wait for my interest to come through in April, see what good deals are out there and then save save save for the big fancy wedding and other everyday things. Can't do all three, and emergency fund and wedding are priority now (or will be come the new financial year).

Hope this makes sense.

MMx

MaryMurphy

It's mid-month and things so far as going ok, was hoping they'd be better (financially speaking) but nothing I can't cope with just yet

I've been toying with the idea of dabbling in investments (shares) for the last few weeks now but I'm still in the process of deciding what to do.

www.iii.co.uk seems to be a good starting place and from what I can gather it's been reccomended by others on the site, but it's early days yet. If I decide to pursue this I'll post it on the forum.

I'd like to start small (as I can risk to invest a relatively small amount, and iii.co.uk allows you to make investments as little as £50.00) but the whole point of it is long term projects so it's something I'll need to think about.

MMxx

ILGPink

Hi MM you sound like your really trying to think about the long term both with finances and the wedding.

I agree a 1yr fixed would give a better option and it also will prevent you from dipping in to it here and there.

Well done for also getting to the 40% mark :T

ttfn for now hun x

MaryMurphy

@ILGPink Thanks It'll definitely stop me from wanting to withdraw £££ for trivial things! (I have been very good and haven't taken a penny, but out of sight out of mind).

I am really enjoying writing reviews on DooYoo, it's good fun though I am taking it easy with it. I'd say I'll have enough DooYoo miles to withdraw as cash by the first few months of next year, so yay.

This will probably go towards the wedding if I can't take the money out before the end of March.

Anyway, I get paid on the 22nd, it's going to be a long month! Trying my hardest to say out of my overdraft

MMxx

MaryMurphy

I hope everyone had a good Christmas, I did but I've spent the last two days nursing what I suspect is mild food poisoning (never experienced it before ) Dodgy pork on Monday night apparently.

I haven't eaten anything today other than chrisps (odd but it did actually make me feel better, something to do with the fact that it's full of salt - which your body loses through sweating and other unpleasant bodily functions that come with food poisoning - and plus it's dry food. I don't usually eat chrisps but hey, I had to try it to believe it). Hopefully will be back to 100 % tomorrow

After everything I have £200 spending money for the month of January (this excludes some of the grocery shopping we'll need to do). It's also a close friend's birthday so I will be getting her something nice, but I am starting to become good with this MSE stuff so Im not worried about spending too much on that

It's the start of a new year, and I have many resolutions but I'm trying to narrow them down to something that I will actually achieve. I have another day to think about it so we'll see.

Has anyone else watched DIY SOS tonight? I've been following "Mike's Mob"'s thread since the start, and it was so good to actually see how the house turned out. There really are some good people out there.

MMxx

UnluckyT

Hope your feeling better MaryMurphy.
Had to increase budget for things slightly with the vat increase. Hopefully should have £200 to save although it means being really mean still with budget, going out and so-on. Dont really drink, not too fussed about going out too much as long as i get to see people as i'm really keen to keep saving.
Been pants again with spending savings on crap again, although im hoping it'll be a new year, fresh start and really cracking down on not doing it anymore. Could do with increasing budgeted amount for the prescriptions, drama etc pot though, as im thinking it'll be a good idea to have an emergancy pot/sum of money and just adding it to one account like ive now added in it for the cat that partly mine at mums. especially as im bound to need a new washing machine and carpets in the next few years as both are about 8 and a half years old.