London Dreams

MoneyQueen

I have received the closing balance from a BS for which I had sent a letter few days ago for both DH and me. The same has been transferred to Lloyds vantage account so that they can earn 3% interest which after 40% tax will be a measly 1.8% but I am not complainng as that's still better than nothing. I need to look into some regular savers soon to earn a bit interest now that we have filled up the cash ISAs and need to look at non ISA savings for this year. Also need to find suitable broker for the S&S ISA. Time to do some research me thinks!!

On the non financial fronts, we went out with some friends for drinks which felt nice after a long time. Spent £40 though!!

MQ

mouche

Good going on getting the BS accounts closed MQ. Would you advise filling up cash ISAs before regular savers? My regular savers have a better interest rate than my Cash ISA but I have a feeling I'm missing a trick somewhere by not filling my cash ISAs.

Hope you enjoyed the drinks!

MoneyQueen

Hi Mouche, My understanding is that filling up Cash ISAs is more important as they retain their tax free status year after year and if you don't fill them you loose that opportunity. I always try to fill them earlier rather that later in the year as that means, I have less months to pay tax on the non ISA savings in the year. Though this will also depend on the difference in interest rates between non isa account and isa account. In your case, I will compare the cash ISA interest rate with after tax interest rate on the regular savers and fill the one with better interest rate first as long as you are confident that you will have sufficient funds available before 6th April in 2014 to fill up your target for this year for the Cash ISAs. If you a not sure you will then it's best to fill the Cash ISA first as being tax free they will pay you better in the long run. Once interest rates start rising you can transfer them to a higher interest paying ISA account.

Hope this helps. I love ISAs and savings in general so feel free to ask as many questions as you want.

MQ

MoneyQueen

DH has been working at a different location this week which means we are saving £5 per day on parking. The place has free parking nearby(not exactly nearby as it's 10 minutes brisk walk but it means free exercise). DH is parking the car there and then walking to work. He is not sure how long this will continue for at the moment though but any money saved is very welcome :j

MQ

MoneyQueen

Grocery expenses are better this month rather than last which is good news. We have spent £66 till now and we are 12 days into the month so still have £134 to last till 22nd of the month.

It's only couple of months left before I have to join work again so I need to make sure the house is clean, all the work clothes are ironed, there are lots of meals in the freezer etc. as I am sure the first few weeks are going to be very tiring and difficult. I am going to do a regular task list from now onwards. This will also take my mind off my baby hopefully.

MQ

MoneyQueen

Again, I have been absent from my diary but things have been mad the last couple of weeks. I haven't been able to find time to do the savings and debt balances but have managed to calculate the spending for this month. Miscellaneous spending has been more than expected but it's been due to some medical expenses for DH for which he had had to go private.

Anyways here is the spending for the month

Parking: £50
Grocery: £207.38
Car Fuel: £81.77
Eating Out: £16
Miscellaneous: £396..11

Yearly Expenses (running totals from the start of the year)

Birthdays/ Occasions: £111.16
House Maintenance: £757.74
Clothes shopping: £265.88
Haircuts/ personal expenses: £35.95
Family Days Out: £39

MoneyQueen

Eating out seems low but my dad has kindly paid for couple of times we have gone out to eat so I am not including them.

MQ

Beckyy

Can you get a season ticket for the parking by any chance (if it would be any use)? I know the local council here do one for a slightly reduced rate than paying daily.

mouche

MQ you seem to prefer private medical (as I do). Just wondered if you had looked into getting insurance - either a full policy or a cash plan? I have a cash plan and have made good use of it while it was reasonably priced. It's gone up now so I am planning to leave but may be an area to look into?

Wishing you all the best for 2014.