How much can you save?

oshii

Hi everyone. This is a great thread – very inspiring!

I’m hoping someone might be able to give me some advice. My wife’s gran is not very well and not really up to managing her affairs anymore and has asked us to do it for her.

She has just over £50k in a Birmingham Midshires account that only pays about 1 percent interest. It had been paying about 4% until about August of this year. It paid her interest monthly and she lived of this payment and her pensions. What I would like to know is where would people recommend we out her money and how many accounts pay interest monthly like this? Is it rare or can you ask the bank to do it with any account?

Thanks in advance for any help

*Pingu*_2

Driving_Soon wrote: »

Heya Welcome! Good Luck with your Target! I am sure you will make it!!

I got a cheque today from someone .. £125.00 and I wern't even expecting it :eek: (Had forgot all about it! so thats going towards my savings! I am so near the 17k mark now!! Woooooooo!)

WOW £17k, well done you!

McSaver

* Savings Update - November 2008 *

Its a great month for me to get a move on with my savings despite the loss in Interest of Icesave (thats cost me around £300). I have managed to save around £1,300 this month and that takes inti fact that I will be spending money on christmas and stuff at this time of the year. Its a good month because of the annual bonus and overtime paid on my wages.

I have a possible auction on my new contract upgrade phone (SE C905) because I prefer my nokia n95 phone and I might Invest in a Nokia 3210 or something for a spare phone. I am also owed some missing overtime on my wages this month too but that will ofset the phone bill cos i sent loads of texts when I had only had 500. Now I have unlimited on my contract upgrade and It only costs me an extra 50p a month.

I look forward to posting my final update at the end of year and I can give a clear total on what I have saved during 2008 and what I can expect for 2009.

The Percentage Has Been Updated.

Lokolo

Thats pretty damn good.

Why buy a new phone? Why don't you keep the one you've got at the moment and buy a PAYG sim for £1 or something.

Lamely my contract isn't up for renewal for another year and I keep overspending on texts (I have 790 as well...) but nevermind.

Gone waaaay overbudget on petrol - I'm just being stupid about it rather than actually sticking with budget, but to be fair, my student ambassador wages were double to what they were meant to be.... so waiting to here back from my manager person about that.

Just can't wait for the new year (other than uni exams), as this is when I will really start budgetting, and hopefully, get a job for placement! (Still waiting to hear back from 3 people urgh)

fullstop

oshii wrote: »

Hi everyone. This is a great thread – very inspiring!

I’m hoping someone might be able to give me some advice. My wife’s gran is not very well and not really up to managing her affairs anymore and has asked us to do it for her.

She has just over £50k in a Birmingham Midshires account that only pays about 1 percent interest. It had been paying about 4% until about August of this year. It paid her interest monthly and she lived of this payment and her pensions. What I would like to know is where would people recommend we out her money and how many accounts pay interest monthly like this? Is it rare or can you ask the bank to do it with any account?

Just to be on the safe side I would reduce the balance in BM to £50.000 so if the worse does happen she would be fully protected. It might be worth having a look at some fixed rate savings accounts for 1 or 2 years.

http://www.moneysupermarket.com

fullstop

Forget to add: Barclays Monthly Saving scheme will be paying 6% from December 1st, you can pay in between £20 and £250 per month , interest is paid monthly, you can still get the fixed 7.75% rate in a Barclays branch before then.

McSaver

Lokolo wrote: »

Thats pretty damn good.

Why buy a new phone? Why don't you keep the one you've got at the moment and buy a PAYG sim for £1 or something.

Lamely my contract isn't up for renewal for another year and I keep overspending on texts (I have 790 as well...) but nevermind.

Gone waaaay overbudget on petrol - I'm just being stupid about it rather than actually sticking with budget, but to be fair, my student ambassador wages were double to what they were meant to be.... so waiting to here back from my manager person about that.

Just can't wait for the new year (other than uni exams), as this is when I will really start budgetting, and hopefully, get a job for placement! (Still waiting to hear back from 3 people urgh)

Dont see the point of switching back to PAYG when my average usage is 200 mins and 500 texts per month and I use the mobile internet a lot as well so it works out slightly more worth while to stick on contract. Maybe I should of took a SIM only deal.

And why buy a PAYG SIM for a £1 when I can get them for free.

Lokolo

McSaver wrote: »

Dont see the point of switching back to PAYG when my average usage is 200 mins and 500 texts per month and I use the mobile internet a lot as well so it works out slightly more worth while to stick on contract. Maybe I should of took a SIM only deal.

And why buy a PAYG SIM for a £1 when I can get them for free.

Ok free then

I meant for your new phone. You said you wanted to invest in it, you could just have your current phone, put a PAYG sim inside and theres your spare phone

McSaver

Lokolo wrote: »

Ok free then

I meant for your new phone. You said you wanted to invest in it, you could just have your current phone, put a PAYG sim inside and theres your spare phone

no im keeping the Nokia N95 as my main phone and the C905 is going to be sold and I will buy a Nokia 3210 which will be used as a spare should the N95 brakes down again. A Nokia 3210 will cost around £5.

Lokolo

McSaver wrote: »

no im keeping the Nokia N95 as my main phone and the C905 is going to be sold and I will buy a Nokia 3210 which will be used as a spare should the N95 brakes down again.

Ah good idea!

Hm my friend is coming over to stay on Sat after footy. I think if we win I shall get Dominos, if not I shall go to asda and buy a cheapo pizza.