I have £100k in my savings account :)

atush

jimjames wrote: »

Totally agree mollycat. It may be nice to have a new car but I can't see many, if any, situations where it is money saving.

Op, have you pensions etc sorted? You probably should also look at S&S ISAs rather than cash unless the money is to buy your own property to live in.

I am running a 14 yr old and a 9 yr old right now lol. Got an 8 yr old for the boys.

have been thinking of replacing for years, but still can't part with the cash.

dale_cotterill

I'd probably ensure that you have some Critical Illness provision if you don't already. If something awful was to happen that you were to recover from, it would be a shame to have spent most of your savings on that.

You said you had a 'fallback' amount that allowed you to work how you wanted, you should probably keep that amount entirely liquid if it is also how you intend on going forward. It would be a shame to use your savings but cramp flexibility for the future.

As for the rest of it, it probably goes down to what you want. If you want a new car, then you could get one, it's your money and you've worked hard for it.

If you are happy with how everything is at the moment, maybe you should just continue saving. The likelihood is you will eventually want something, and then you will have what you need.

Just make sure you are making the money you have work as hard as it can in it's current form. So high rate current accounts. It's also probably a good idea to max the ISA in anticipation of interest rate rises, and the benefits of compounding, though this year probably don't do that until right at the last minute.

Eco_Miser

I was a bit like you, in that I was accumulating money with no particular purpose in mind (already bought a house for myself). Then one day I discovered the reason: early retirement when my services were no longer required :undecided

So keep going the way you are, take another look at investments, since they usually keep their value better than cash savings, and don't be afraid to spend a little if it's going to improve your life.

planteria

bigadaj wrote: »

On a practical point I hope you have that money in at least two separate institutions as the Fscs limit is only £85k.

a fair point, but the chances of losing the £15k if it is with a High Street Bank or Building Society is very slim, isn't it?

ruinen

Eco_Miser wrote: »

I was a bit like you, in that I was accumulating money with no particular purpose in mind (already bought a house for myself). Then one day I discovered the reason: early retirement when my services were no longer required :undecided

So keep going the way you are, take another look at investments, since they usually keep their value better than cash savings, and don't be afraid to spend a little if it's going to improve your life.

Or even consider 'mini-retirements'. Google it for more info - http://www.getrichslowly.org/blog/2008/06/03/how-to-take-a-mini-retirement-tips-and-tricks-from-timothy-ferriss/

ChesterDog

£100k is a nice, round amount isn't it? To have got there in just five years is fantastic and an indication of what more you could achieve.

Why not put that to one side and keep it as your 'level one' achievement? Carry on saving hard for a while and buy yourself your newer car (ahem... immaculate condition too, by the way; got to sell it before September) out of that new saving, keeping your £100k as a foundation for the future?

I have always lived by 'locking in' savings at increasing levels, each level then becoming untouchable (except in emergencies), spending on stuff for a while with savings above that level while striving for the next one.

Not the way everyone would do it, but it has served me very well.

guitarman001

Sad to see that buying a property to get rental income is always top of the list God we're obsessed in this country!

ruinen

guitarman001 wrote: »

Sad to see that buying a property to get rental income is always top of the list God we're obsessed in this country!

And funny that people seem so bullish about housing as an investment, yet you very rarely see suggestion of investing in real estate via REITs (http://www.investopedia.com/terms/r/reit.asp). Buying a house as part of an investment portfolio could be argued as quite a strange option. It is very illiquid relative to other investments and it is very undiversified. And if you are investing via debt you are gearing that investment.

The upside of housing as an investment, is if you are undisplined as a saver/investor. House buying is a good way of forcing people to save/invest. Better to own a house (even with it's downsides) then make no effort to save/invest and just spend all money on consumerism.

bigadaj

planteria wrote: »

a fair point, but the chances of losing the £15k if it is with a High Street Bank or Building Society is very slim, isn't it?

So why risk it with no tangible benefit, even if the risk is very low.

MrBeans

JohnRo wrote: »

If I was looking for trackers L&G wouldn't be my first choice.

What is it they offer over rivals that justifies the inflated OCF anyway?

The charge on the Legal & General all share tracker is 0.06%. Is there a cheaper one than that? With charges that low the difference is going to be miniscule anyway!

This fund buys all the shares in the index. Some funds don't, so this fund should track the index more exactly.

http://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/l/legal-and-general-uk-index-class-c-accumulation/key-features