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Savings Log of a 26yr old on low pay

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Comments

  • Hi, I'm back!!

    The end of this month will see me hit £8k!!! Quite happy with that. Only problem is I need £30k to put down on a flat. Feels like I'm still near the bottom of a very big hill.
    Total in ISAs = £8,863.50
  • Primrose
    Primrose Posts: 10,704 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've been Money Tipped!
    Well done! If you feel you're still at the bottom of a big hill, go back and read your first post where you mentioned big debts. Patience and perseverance will get you where you want to be.
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    Feels like I'm still near the bottom of a very big hill.

    Keep going - - you have at least one massive advantage over many others: at least you can see the hill! Some others think it's all a downhill run.

    I confess I haven't read much of your diary - - just in case: trust you are you maxing your interest potential with 123, Halifax Reward, Nationwide FlexDirect, FD Reg Saver etc? If not, please find the relevant threads.
  • Thanks Primrose and innovate. Feel I have come a long way but still got much further to go. Seems ill be nearing 40 years old before I can move out of this flat/bedsit hybrid. Something might turn up though, who knows. 123 is no good to me as I don't pay bills. Thanks for ideas though, liked the running downhill comment haha! :)
    Total in ISAs = £8,863.50
  • linz
    linz Posts: 1,971 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Look at it as if you are almost a third of the way there, then when you hit 10k focus on getting half way there. Once you get to 20k youll be on the home straight :) and who knows, maybe before then you'll meet a nice lady then there'll be two of you saving. Nice to hear how you're getting on anyway..
    #39 - Save £12k in 2025
  • Loved that post Linz thanks :):)
    Total in ISAs = £8,863.50
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    123 is no good to me as I don't pay bills.
    You pay no council tax, gas electricity, telephone, broadband? 123 cashback calculator: http://santander123.co.uk/

    Even if you can avoid all that stuff, a Nationwide FlexDirect will pay you loads more on £2.5K a year than an ISA. And you should be able to cash in on the Halifax Reward (£60 a year if you get it right). And then are the Lloyds and BoS Vantage accounts - - - all of which do pay better interest these days than ISAs, even after basic rate tax.

    What is the interest %age on your ISA?
  • My rent includes all bills, such as council tax, electricity etc. I do however pay for my phone and bb. Not sure that I'd benefit from the 123 acc for this bill solely? Maybe I'm wrong.
    I have the Halifac curr acc which pays me £60 a year, great account, plus for the free £100 for switching (after I'd got £100 from Santander for switching to them).
    Just switched all my previous years ISA's to Cheshire bs at 2.2% from Santander at 3.3%. Current years isa is with Coventry at 2.6%. Don't you need to be a nationwide customer to qualify for their high interest acc?
    Total in ISAs = £8,863.50
  • matttye
    matttye Posts: 4,828 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    My rent includes all bills, such as council tax, electricity etc. I do however pay for my phone and bb. Not sure that I'd benefit from the 123 acc for this bill solely? Maybe I'm wrong.
    I have the Halifac curr acc which pays me £60 a year, great account, plus for the free £100 for switching (after I'd got £100 from Santander for switching to them).
    Just switched all my previous years ISA's to Cheshire bs at 2.2% from Santander at 3.3%. Current years isa is with Coventry at 2.6%. Don't you need to be a nationwide customer to qualify for their high interest acc?

    No need to be a Nationwide customer to get a FlexDirect account.

    First Direct has a joining bonus for their 1st account and having that account also allows you to open a 6% regular saver, so might be worth looking into that too if you don't already have an account with them. They tend to be quite picky about who they allow to open accounts, but shouldn't be a problem if you have good credit.

    Santander 123 account pays 3% of 'communications' bills, which includes broadband and mobile phone, so you'd get 3% cashback on those bills. It also pays 1% on balances of £1-2k, 2% on balances of £2-3k and 3% on balances of £3k+.
    What will your verse be?

    R.I.P Robin Williams.
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    Seems you are pretty much on top of most offers but may be there's a bit more to squeeze out. Great to hear you are on the Halifax Reward. Have you heard of the £100 if you switch an account (existing customers)? https://forums.moneysavingexpert.com/discussion/4690969

    123 does indeed pay you cashback for phones and broadband - please see link I posted previously.

    FlexDirect is open to anyone http://www.nationwide.co.uk/current_account/flexdirect/default.htm?ppc=1&cmpid=Paid_128150&gclid=CIXHh77xpbgCFaTItAodaEEAnA

    Some cashback deals on Quidco/TB for the 123 and the FlexDirect, provided that you can switch another account (which can all be done if you are really determined - though it does need some imagination and effort)
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