Can you quickly look over our soa?

Toto

I am exactly the same with my savings Lyn, I really don't understand all of the different accounts. I've searched at length on the savings board but am none the wiser really. So, I have 6k (last year's and this year's allowance) in ISAs and the rest is split between 2 regular saver accounts with the direct debits going in there. I'm sure I could do better with it but it confuses me as much as matched betting, some people have 20 accounts with direct debits switching between them. I dunno.

I do want access, not that I plan on spending it but you never know. As I explained in my pm things are a bit up in the air for me, not really sure which direction I am going in, although I think I made up my mind this morning. I've a meeting this afternoon so I think the ball might get rolling. So, I don't want money tied up in long term investments.

It's funny, you would think that afte getting so good at managing debt we would know exactly where to make our savings work for us. Not true at all in my case, I daren't post on the savings board for fear they run this moron out of town.

Imelda

Toto wrote: »

I am exactly the same with my savings Lyn, I really don't understand all of the different accounts. I've searched at length on the savings board but am none the wiser really. So, I have 6k (last year's and this year's allowance) in ISAs and the rest is split between 2 regular saver accounts with the direct debits going in there. I'm sure I could do better with it but it confuses me as much as matched betting, some people have 20 accounts with direct debits switching between them. I dunno.


It's funny, you would think that afte getting so good at managing debt we would know exactly where to make our savings work for us. Not true at all in my case, I daren't post on the savings board for fear they run this moron out of town.

I agree with you Toto, I felt like I should be standing in the corner with a dunces hat on when I went in there! I did post though and found them helpful (and it's useful to read the threads to get a feel about which are the most popular accounts and the type of terms and conditions each have). I am starting off like you, small steps, I have just started my first regular saver (HSBC). Some of those guys must have spreadsheets built by Stephen Hawking to keep track of it all!

I also prefer coming on the DFW board.....

bobbadog

Can either of you get a Season Ticket Loan from your employers (maybe not yet but soon?) - I save a good £13 a month doing that, and one of our staff who lives far out in Farnborough saves £40 a month.

lynzpower

OH def cant geta season ticket loan, but I might be able to, Ill look into it, thanks a lot!

compeltely agree with imelda & toto- me & savings! No idea at all!

Storm

You may already have something in place, but I was wondering if you had looked at pensions now your DF? Depending how old you are (you seem wise to me, so assume you're older than me, but you;re prob not!) perhaps you should start either a personal or stakeholder pension if there's not one at your new work.

beverleyhills

Congratulations on your new job.

You have been managing on a tight budget for a long time now, lighten up and allow a bit of slack, say for a cheap holiday. May stop you mooning over the brochures for exotic places when you are feeling blue.

Do visit the Investments and Savings Board for advice on your savings. There a couple of IFAs who give good advice, with the usual forum proviso.
Remember you are graduating from DFW to being a saver. Start the Savings journey with the same efficiency as you manage your debt free one.

Good luck

Verbatim

Hi Lynz
Glad you've got a job with proper salary.

Did you know that Barclays has an ISA for 6.5%? It's just for the year so you'd have to watch it after that. It's easy to switch an ISA I believe and the co' to which you're moving handles it.

ZTD

Helonearth wrote: »

It may be the going rate or not. I don't know as ours works on commission he gets from placing the business. I don't mind as it saves us a lot of legwork and we still get the best deal on the market.

NO YOU DO NOT!

You will never be recommended anything that pays 0% commission. Ever. Primary examples are Unit Trusts and OEICs.

Also quote:Commission. Advisers paid commission may seem to be giving advice for free, but over the long run they tend to make more money this way than by charging a fee upfront.

Where does this "more money" come from? It comes from you. The more money you pay to your IFA, the less you have invested, the less you have invested the less growth you get - which costs you yet more money.

ZTD

tiff wrote: »

I dont think many people here have paid an IFA £150 an hour! lol, me thinks you need to come back to MSE and start again lol

If it earns you more than it cost, then it was very MSE.

If you can't/won't do something yourself - and it needs doing - then you pay for it. That goes for everything from financial matters to hair colouring to public transport.

tiff

I just meant that there is plenty of advice here on the savings board, I didnt think people would pay that sort of money for advice, but looks like I was wrong. (Not had money to invest, yet!)