Edinburgher gets cracking!

Calfuray

Hey Ed, you seen like a man in the know, so thought I'd ask

You know how Vantage etc give you 6% savings, with a maximum deposit of £350 a month?? Like you've said to me before, you can't just assume 0.06*12*350 to get the interest. Do you know a calculator anywhere that works these things out? Or am I right in thinking:

6% per year, divide by 12 months = 0.5% per month

£350 * 1.005 gives you interest and balance on month 1
(result + 350)* 1.005 gives you month 2

etc etc and sum these values up?



Cal x

edinburgher

Calfuray wrote: »

Hey Ed, you seen like a man in the know, so thought I'd ask

You know how Vantage etc give you 6% savings, with a maximum deposit of £350 a month?? Like you've said to me before, you can't just assume 0.06*12*350 to get the interest. Do you know a calculator anywhere that works these things out? Or am I right in thinking:

6% per year, divide by 12 months = 0.5% per month

£350 * 1.005 gives you interest and balance on month 1
(result + 350)* 1.005 gives you month 2

etc etc and sum these values up?



Cal x

Hi Cal

You are just about right, although you haven't allowed for tax? Assuming Vantage is taxed, it's actually 0.4% a month (after tax), otherwise your assumptions are pretty much correct.

The MSE calculator covers regular payment scenarios like this, although my favourite way to calculate these sorts of things is to use the FV function in M*crosoft Excel.

edinburgher

It feels lovely and warm for October today

I started with a lie-in (no bread maker noise pollution today) and got lots of tasty groceries from L1dl, including staples to re-fill the fridge and freezer and a few treats like a big free range chicken.

Then off to the local aquatics shop, where I suspect that I'm keeping them in business! I picked up some java fern, which I super glued onto some pieces of rock to make some instant decorations. I also got some Amazon swords and picked up 3 corydoras eques. Feeling somewhat skint - I have spent £35+ on my blimmin' tank since the holiday. Still, it is looking lovely and Amazon-y.

Then home for a lovely breakfast of HM bread and smoked trout, followed by some underwater gardening and QT with Mrs E.

I am currently salivating, as there's a massive pot of HM poultry stock steaming away in the pressure cooker :j

• £1 to the Freedom Fund
• £1.79 to the Remortgage Pot
• 39p to the Kitchen Pot

Calfuray

edinburgher wrote: »

Hi Cal

You are just about right, although you haven't allowed for tax? Assuming Vantage is taxed, it's actually 0.4% a month (after tax), otherwise your assumptions are pretty much correct.

The MSE calculator covers regular payment scenarios like this, although my favourite way to calculate these sorts of things is to use the FV function in M*crosoft Excel.

Ooo, thanks very much! I forget to say, I'm a student bum, don't work just now so need to fill out one of those S85 forms (I think they're called).

Can I be cheeky and ask if you have any sources for reading up about S&S ISAs? They confuse me..

I've need to play about more with Excel and see these fancy functions

Also, what's a Freedom Fund?

Cal (with lots of questions today)

Calfuray

Squee!!! Just saw the fish you picked up. I used to have albino corydoras catfish, they were (and still are) my favourite fish!

edinburgher

I strongly believe that passive investing is the only game in town. I put my money where my mouth is, too, and every penny I have invested in pensions etc. is in low cost index tracking funds.

The best book I've read on the subject is 'Smarter Investing' by Tim Hale. Not a cheap read, but cheaper on Kindle (if you have one, or a device that can use the Kindle app?) It's well written, completely convincing and backed up with nothing but lots and lots of quality data :beer: There's a new version coming out, but it appears to be even more expensive.

My favourite blog on the subject would be Monevator.

A Freedom Fund is my reaction to 3 hours spent in a deaf awareness seminar :rotfl: While being a MFW is all well and good, I want to try and save myself a little freedom. I don't earn enough to lift Mrs E and I out of the rat race and we have different approaches to these things (I secretly think she *likes* working). So it's the new and improved attempt to save and invest my way to something meaningful. With any luck it will go somewhere this time round The £20 target is my starter for 10 - I think I might need a bit more!

*Edit: sorry, had offered to lend it, but apparently that only works in the US

Calfuray

Thanks Ed, that's very useful. Don't worry, I don't have a Kindle to have the lending library anyway, but I have Kindle apps on phones etc. I will definitely check it out, trying to help OH sort his pension.

Thanks again

Cal

Alchemilla

E you need to read a horribly American book called QUITTER by Jon acuff.

edinburgher

Alchemilla wrote: »

E you need to read a horribly American book called QUITTER by Jon acuff.

You have 10 seconds to wow me - why so?

Alchemilla

all about how to get into doing a job you love while not costing yourself a fortune or leaving your current job too soon.