How to fall in love with saving money

Eco_Miser

For £1000, I'd use a Nationwide FlexDirect @5%AER. Bounce it to and from your normal current account each month. If you're doing that already, Clydesdale/Yorkshire @4%, or the various Lloyds Group, or Santander @3%. Use the same account for other savings too.

115K

Eco_Miser wrote: »

For £1000, I'd use a Nationwide FlexDirect @5%AER. Bounce it to and from your normal current account each month. If you're doing that already, Clydesdale/Yorkshire @4%, or the various Lloyds Group, or Santander @3%. Use the same account for other savings too.

I was going to shut our Natwest account and open a Nationwide one but does that mean I could just open a Nationwide one and move the £1,000 in and out every month to Nationwide and keep our Natwest one and have the same effect?

(If that makes sense.:p)

Eco_Miser

Nationwide, and the other interest-paying current accounts, requires a specified monthly amount paid into the account. It doesn't need to stay there. If your actual net salary is at least that, then you can simply pay that into the account, but many people prefer to circulate £1000 around all their interest-paying CAs - it's possible to have 13 of these, holding over £90k, plus the Halifax reward, which pays £5 a month whatever the balance, provided the other conditions are met. Some of the accounts also need Direct Debits set up, sorry I can't remember which ones. There are threads about each of the accounts, and one listing ways of meeting the direct debit requirement other than your household bills. Which account(s) suit you depends on your individual circumstances. (I don't have a Nationwide account myself, with an upper limit of £2500, the extra interest I could earn didn't seem worth the hassle. If you're opening an extra account anyway, it is.)

115K

Eco_Miser wrote: »

Nationwide, and the other interest-paying current accounts, requires a specified monthly amount paid into the account. It doesn't need to stay there. If your actual net salary is at least that, then you can simply pay that into the account, but many people prefer to circulate £1000 around all their interest-paying CAs - it's possible to have 13 of these, holding over £90k, plus the Halifax reward, which pays £5 a month whatever the balance, provided the other conditions are met.

Ok thanks! I will have to read up, I thought for some reason that you had to change your whole bank account with all your direct debits to Nationwide which seemed like a hassle.

cathybird

Eco_Miser wrote: »

Too hot! I put my central heating on a few days ago. When the room temperature reached 15C I turned it off because i was too hot.

Put £500 or more away as soon as you get it, along with what's left over from the previous month. You don't want to actually leave yourself short, nor give yourself the impression that you've got plenty of spare money.

Yes, you're quite right ... actually 30 degrees is an exaggeration, to be honest (even if I am from Oz originally). Probably about 22 is as warm as I go these days. Maybe I should try to accustom myself to a colder mean temperature, though.

Putting £500 away to start with would not be a bad start.

cathybird

115K wrote: »

Ok thanks! I will have to read up, I thought for some reason that you had to change your whole bank account with all your direct debits to Nationwide which seemed like a hassle.

115K, I'm going to set up the Nationwide current account as a savings account too, and am not going to change bank accounts, just transfer £1,000 every month etc.

cathybird

Good news story of the day (for me at least). Once a month a book company come and sell cheap books in the canteen at lunchtime. Normally speaking I avoid going to look at them as if I do I usually abandon all self-control end up spending £50 or £60 and carrying away a big pile. Today I went to the canteen to heat up my home-made chicken soup. While I was waiting I thought, I won't even go over there. Then I thought, oh I'll just go and have a quick look. ... I knew I shouldn't, but I strolled over there. There were two rows of lovely glossy food books, about my favourite item to spend money on. Normally speaking food books call to me with a siren call and all my resistance melts away. But not today. Nothing appealed. I thought, I've got plenty of food books anyway, you know, and after perusing them for a minute or so I walked away, back to my chicken soup. I think hanging out on MSE with all you lovely people must be doing me some good

atush

[Re Excel, sadly I think it starts with giving Bill Gates some money. :mad: /QUOTE]

given what Bill Gates is doing with his money, I think it is a good enough place for you to put some.

YoungBusinessman

How are we all this fine evening?! Some not so good financial news......boiler packed in!!! Lucky we are covered and it got sorted today for nothing! We overpaid £2k each to our mortgage so instead of 19 years left from 20 year term it's now 17 and years 9 months! Did the sums and can't pay off any of the loans before August/September next year without it costing me in fees so will get saving for then and pay off as much as I can.

Also booked in with dentist, finally!! Going to keep them in a job for a few months as I need a fair bit done...almost dreading the expense but looking forward to sorting a tooth that's been chipped for longer than I care to admit. Need some frugal living get the bank balance restored, looking entry just now!!

Eco_Miser

cathybird wrote: »

Good news story of the day (for me at least). Once a month a book company come and sell cheap books in the canteen at lunchtime. ... I walked away, back to my chicken soup. I think hanging out on MSE with all you lovely people must be doing me some good

:j:j:beer::j:j

Well Done! I know that would have been hard for you, but you did it. Keep up the good work,