Ultimate Challenge. 457 days / £16600!!!

killerpeaty

Lilt; Have a look at specialist charity furniture & electric shops, you can get some incredible deals. I saw a (small) table and four chairs for £35 once, it needed some paint but otherwise it was good. I also managed to get a George Foreman Grill for £10 instead of the £30-40 it was retailing at.

My budget isn't really a budget. It is a literal strategic plan, the software I am using (my company's software- sorry it's very expensive! It's roughly £250 per license per year) is designed for top level analysis of business decisions. My assumptions of interest (while it seems like a really simple question!) is a complicated thing to explain so please bare with me. The software isn't spreadsheet based, it's object oriented/time-based, so it allows you to put in new interest rates in different years for different products all of which will compound as you would want. Currently I have 10 ISAs in my plan, each starting in April of each year with the assumption that in 6 years time interest will increase from 2.5% to approximately 6%. I need to work out when I want to "dispose" of my "investment" when I spend the money so my interest is not accurate yet to what I want it to look like.

Also I'd love to ask you some questions about IFA but I don't particularly want to annoy you.

Kat; this won't directly earn you money but might eat up some of your time: https://www.coursera.org/ It's an american university site that gives free courses, maybe there's something there that will interest you? You never know when a bit of knowledge will get you a little bit of money.

Sousxie; Massive well done for cutting down the debt! I love your detailing of your account-using-stuff, I feel like I should do more. So for a relative newbie to account shuffling, any get started tips?

Missus, great news about your electric/gas bill! What do you do on cruises? I'm not sure what happens...

liltdiddylilt

killerpeaty wrote: »

Missus, great news about your electric/gas bill! What do you do on cruises? I'm not sure what happens...

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

I LOVE THIS! I am not in any way poking fun at you peaty or you HM, but that is the most hilarious quote ever! I know precisely what you mean Peaty! I've always said I don't understand cruises in any way. This comes from a girl who barely got through a return trip on a ferry to France when I was 15. Vomiting into my hand and thinking that the toilet door was some kind of mirror because it had a raised lip you had to step over.. never mind that I couldn't see my reflection...:rotfl:

Your company software sounds tremendous!! We have some analysis software for investing funds that we also pay £250 per month for the license for. I love it though since I moved into other areas in the business I don't get to play with it as often now.

Fantastic that our jobs bring us such life experiences. I worked for Capital One in my first job role. In debt management would you believe. They gave me all this paperwork and devoured all this knowledge of what they expected income and expenditure to be for an average or not so average household... Then onto a gas & electric company with all the incumbent benefits, and then running an enormous office building on a shoe string... then an IFA for the last what seems like donkeys years! Looking at all that garnered knowledge makes me wonder how I ever got into debt!

Ask away, questions are welcome. If they are liable to have me replying in a long winded and slightly boring fashion direct them to my inbox & I can be as thorough as you like. I also reap the benefits of being able to ask advice at any point & spend all day discussing mortgages and credit scoring with the lovely mortgage adviser I sit with :T

Also, I do plan on looking for second hand items, gumtree etc. A solid wooden trunk will look just as good if slightly battered... and to be honest new and expensive furniture just as the littlie has turned one is probably not the best financial option eh!!

NinjaSavingKat

I am so glad I got this thread going as well. There are little things in my financial life that I want to iron out and as long as you all are happy to share and write and answer my stupid questions please do them all on here so others can read and benefit from them... I think I need to make my everyday use of bank accounts work harder and as you said Peaty this ismoney that I have worked hard for and no matter how small I need it to work hard.

So my number one question is possibly directed at Siouxsie and regarding current accounts. I won't lie, I want free cash. So the New Halifax offer of £100 to switch to them is appealing....

".The Halifax* Reward account gives a flat £5 each month you deposit £750 (reduced from £1,000 from 1 May) but you must remain in credit. On top you'll get £100 for switching until 7 July 2013, and it offers a 0% overdraft for six months, but after that, overdraft fees are huge. To get the £100 bonus, simply use Halifax's switching service to transfer all your standing orders or direct debits from your existing current account (this must be two or more standing orders or direct debits)....."

1. So techinically I only have to have 2 direct debits coming from this account - say the least important in my life...Gym and Cinema amounting to £50.40. Would this suffice?
2. I get paid on the last day of every month - if I continue to use my Dankse current account in Northern Ireland could I transfer £750 into this Halifax account and back out as you do within 5 minutes? Or does it have to stay there for a period of time to "count"..?
3. Does leaving £1 in the account (on top of the £51 I would deposit for direct debits ) count as being "in credit" to gain me the £5 per month..?
4. Is it worth changing the DD details with the companies myself incase Halifax try and change ALL my DD's which I don't want happening..?

Or should I read the small print on the Halifax website...?:)

Peaty.. I need to switch my ISA but as stated I only have £150 in there at the moment with no more access to cash in order to deposit a larger amount. What are your suggestions... Most are looking for exisiting cutomers / massive deposits or don't allow transfers. Considering this money and any accumulated until November will be taken out to fill gaps should I not hit my DFD of the end of the year is it worth worrying about just now - or should I wait until next year and choose a better one out right without the need to transfer...?

And what is IFA..something to do with Financial Advise.. I am becoming more and more fascinated by the world.. but Lilt sometimes what we know doesn't always help with whats in front of our noses.. like the Doctors who smoke and the overweight personal trainers...:)

So any suggestions / advise / comments are welcome. I will be doing some research into different accounts and making sure I am available every 1st of the month for physical transfers etc...

Onwards and Upwards - can't wait for replies... I am off to look at those courses Peaty and Halifax...

NinjaSavingKat

his_missus wrote: »

My Hubby has just opened a first direct account to get the joining bonus (£125) I think. As long as his wage goes into it and two DDs come out each month, it's ok. He also has Santander 123 so he pays most of our bills through that to get the money back, it's only a few quid a month but still... He just pays in exactly what is needed to cover DDs then he knows what is left over in the FD account is his to spend/save.

Just read your post again. Wonder if I could work this into my devious plan of money swapping, for the bonus for a start.. then get the money out and back to Dankse via Halifax..:rotfl:...Oh girls what have you started...;-)..

I'm off to read the small print - I think the Santander account wants my wages paid in in full....Hmmmmmmm

Onwards and Upwards...

his_missus

killerpeaty wrote: »

Missus, great news about your electric/gas bill! What do you do on cruises? I'm not sure what happens...

I've never been on one before so I'm not really sure. We visit a lot of European cities with the intention of "trying before we buy" for weekends away in the future.. There's lot to do on board - theatre, casino, pool, sporty things... my Hubby's the expert, he's read the brochure and memorised it:rotfl:oh and everything is way overpriced on board but it's a once in a lifetime trip.

Kat, I have the Halifax reward. When I switched they moved ALL my DDs as that was part of the t&cs, I don't think you can be selective. Hubby has just opened a first direct account (think that has £100 opening bonus) and as long as he has his wage paid in and 2 DDS coming out all is well. He now transfers a set amount to his Santander 123 to pay all the other DDs and gains the cashback, worth the £2 a month fee.

I suppose with Halifax if they did transfer all your DDs, you could always then change the majority back to another account

If you left £1 in there all the time so you were in credit you would get the £5 bonus, it's paid if your account remains in credit all month.

Not sure how long the £750 would have to stay in the account for. Could you afford to leave it there for 24hrs just to be certain? I suppose if it goes in and then is used to "pay" another of your accounts it's only like you depositing it and then it being used to pay bills straightaway isn't it?

Have a look at the First Direct account, they've got fab customer service ratings, including from my Hubby!

NinjaSavingKat

HM - thank you for that information! It's good to know. The only thing the First Direct do not offer is the £5 per month which is what I want if I am to go through the hassle of this in the first place. I am about to read the T&C's to see if the money needs to stay there long term but I just worked out that only £1076.93 ( I like being precise ) will come out on the 1st of the month ...

£275 of the above money goes straight out of my Dankse Current account to me Petrol/Travel Account at Nationwide. (This can be cancelled and rearranged by me)

£75 of that goes to my Nationwise ISA for Bike Insurance in November. (as above)

£297.43 goes straight back to Dankse who need it paid from their own current account for the Land...(cannot be changed)

£34.50 is for the gym...(cannot be changed)

£470 to my Landlady...(cannot be changed)

After that I have another Nationwide Payment / Phone Bill / Cinema Bill between the 2nd and the 8th.

So ultimately only £801.93 HAS to be in my account between payday on the last day of the month and the 1st so if neccessary I can leave money in the Halifax account for 24 hours..

I shall be looking at this a little more carefully at home etc and ensuring dates are correct etc....

I am not attahed to Nationwide like I am to Dankse so could easily close on of the two flex accounts and use halifax.. but would ultimately love to just leave it alone to accrue £5 every month..

HM - would Halifax change my wages payment as well..? If they don't I could simple set up a standing order from Dankse to Halifax to cover all DD's and just leave them there which is something I was planning on doing a long time ago...

NinjaSavingKat

I have just been reading a thread on the banking site about Halifax. Seems a lot of hassle in the long run for £5 a month that might not appear.. more to read I think..

liltdiddylilt

Things to think about - I've heard that changing bank accounts can slightly wobble your credit history. Opening a few accounts in a short space of time will be available to view on your credit history as each bank will leave a search record, also denting your credit history. It's definitely something to start, and move onto across a long space of time, maybe 6 months between applications.

Worth noting that First Direct offer you £100 to switch to them, but another £100 in 6 months if you aren't happy, & they will help you move to another account..

Kat, what you are doing with your ISA is a criminal waste of your tax free allowance. Once you put it in, regardless of whether you take it out again, that allowance is used for the year and not able to be re-used. Right now you are using it as a storing place for short term savings, and at a terrible rate too. Research NON-ISA savings accounts with no fixed terms, and move your money across immediately! Next year when you are debt free, open an ISA and shove in as much money as you can afford to. Remember the ISA year starts on the 5th April and you are trying to be debt free by the end of this year. You could store as much of your savings as possible into your (rubbish) ISA between January and April 5th... tax free for life!! But not if you have used the £5760 allowance for your bike loan.

IFA = Independent Financial Adviser.

NinjaSavingKat

liltdiddylilt wrote: »

Kat, what you are doing with your ISA is a criminal waste of your tax free allowance. Once you put it in, regardless of whether you take it out again, that allowance is used for the year and not able to be re-used. Right now you are using it as a storing place for short term savings, and at a terrible rate too. Research NON-ISA savings accounts with no fixed terms, and move your money across immediately! Next year when you are debt free, open an ISA and shove in as much money as you can afford to. Remember the ISA year starts on the 5th April and you are trying to be debt free by the end of this year. You could store as much of your savings as possible into your (rubbish) ISA between January and April 5th... tax free for life!! But not if you have used the £5760 allowance for your bike loan.

Sorry forgive me - I am a little confused. I haven't used the ISA at all bar for the storage of this £150. It's never been something that I have warmed to for the simple fact I haven't had any savings that I could "leave" without needing it quite quickly. So how can it be a waste when I have nothing to put in it? Ultimately as I said, this and previous years of having the ISA have never been important simply as I have never had anything that I can put in there and leave long term.

I am stashing £75 a month for my bike loan in there. This WILL be withdrawn in November to pay my bike insurance upfront. It has nowt to do with the bike loan which finishes next month. I have never come anywhere close to the £5760.
[STRIKE]
I will look at a simple instant access savers account as the online one held with Dankse charges me for withdrawal within a certain period. [/STRIKE].. I am so wrong. I could transfer the ISA money to this one??? It's an easy / instant access online esaver with 1.38%AER - rubbish no doubt but again used to instant use.

Do you mean between January 2014 and April 2014 I can stash and save cash before opening a better one come the 5th April 2014 and then transfer?

Another stupid question - whats the point in moving my money out of the ISA now? I am pretty much not going to use it much at all this tax year so is there any point in moving it.... #headingtoplaceduncehaton

I am not liking this whole "swapping current account" malarky so far. I am aware chopping and changing would affect my credit but would be opening one to hold onto for a long time at least. The idea of the second new one is not beneficial.

his_missus

Kat, I informed work of a change of bank details not Halifax. I'm just not sure whether you have to actually deposit your salary as opposed to any payment to qualify for the bonuses, it may have changed since I did it back in November. They didn't initially pay me the £100 and I had to chase it up a few months later, just an email of a job and got an extra £25 for my troubles.