Stoozing v regular Saving

YorkshireBoy

I'm just starting out on the stoozing road, but I figured that between the wife and I we can achieve £1000/yr profit so I think I'll class this as a free holiday EVERY year (or until 0% deals dry up anyway!)

Clariman

In answer to the original question, Stoozing is not a replacement for saving your own money. Stoozing just gains you interest on someone else's capital, whereas with real saving, you are building up your own capital and saving for future emergencies, major purchases or perhaps retirement.

I use my Stoozing money in 2 ways. A couple of years ago we went from being fairly free with our spending (but still LBYM) to living to a budget, so that we could maximise our savings and use of our money. Because I implemented this budget out of choice rather than necessity I felt that I couldn't be too strict with it otherwise I would lose my wife's support. So, we live to the budget most of the time, but I use credit card cashback and some of the Stoozing money to cover overspending. That way we can save what we intend to without be too strict on the budget.

Having said that, with Stoozing/cashback earnings expected to be approx £2000 this year, that is more money than I want to fritter away to cover overspending !!

Clariman

Walletwatch

obeywan_kenobe wrote:

Wow!!! What a response.
I was only comparing the difference between the gains of stoozing and high interest savings. Ofcourse you should do both and I will continue to do so. I just find it strange that the returns are higher for something that financial organisation dont want us to do.
Power to the stoozer!!

Not disputing the power of stoozing, but your initial comparison in your first post between a Regular saver, where you dripfeed your money, and a stooze-deposit, where you deposit a lumpsum at one shot was not a valid one. In one case, you start off with a small amount of £250 and then put in £100 every month, which will obviously mean a lesser average principal amount earning you interest compared to a stooze exercise.

obeywan_kenobe

I know that but to get these high interest accounts they wont allow you put a lump sum in!! Most insist you drip feed it like the Halifax regular saving account only allows an initial payment of £250 with a maximum of £250 per month.
So my statement is still valid !!! nan nee na ne na na !!!

deemy2004

obeywan_kenobe wrote:

I know that but to get these high interest accounts they wont allow you put a lump sum in!! Most insist you drip feed it like the Halifax regular saving account only allows an initial payment of £250 with a maximum of £250 per month.
So my statement is still valid !!! nan nee na ne na na !!!

You would need to add the return from the drip feeding account .... take Halifax regular saver and the websaver as the drip feed.

So lets do this plain and easy 4.9+7 = 11.9 / 2 = 5.95% effective return.

£3000 * 0.595 = £178.50 (gross) = £142.80 Net.

smartsaver

Bargain_Rzl wrote:

Absolutely.
I'd be interested to know how other people treat their stooze money....

Have a look here:
http://forums.moneysavingexpert.com/showthread.html?t=7262
Maybe we should raise the profile of this thread again...

Walletwatch

obeywan_kenobe wrote:

I know that but to get these high interest accounts they wont allow you put a lump sum in!! Most insist you drip feed it like the Halifax regular saving account only allows an initial payment of £250 with a maximum of £250 per month.
So my statement is still valid !!! nan nee na ne na na !!!

No I don't think so. You are comparing the attributes of a savings account with that of a Regular Savings account. You could have put your stoozing money into either of the two, and the results would still have been the same.

This comparison of yours has nothing to do with stoozing !!!