Advice on drip feeding

frenchplonka

masonic wrote: »

Well, if memory serves me correctly, we know the OP works for Plusnet and is planning to max out on a BT sharesave scheme shortly. Given his last plan was to go right ahead and buy a load of BT shares on the open market, we seem to be moving in the right direction at least...

My thinking behind this was were due to by EE shares should rise on the back of this but in hindsight id not have enough invested in the short term to make this a sensible play and they could drop in value as well on the back of this so better to buy shares at lower value with the discount

masonic

frenchplonka wrote: »

1) have 3k in the TSB current account plus which pays a decent %

I'm sure it was pointed out to you once before, but keeping more than £2k in a TSB Plus account means you are missing out on an opportunity to earn interest on the excess balance... unless the money is spread between two Plus accounts?

BLB53

We know just about nothing about the OP's financial circumstances

I guess this will always be the case with forums - its not like we are doing a face to face fact find like an IFA would do. So, just trying to be helpful to the OP - I suppose the response could be qualified by saying 'if I was in your situation'...

colsten

frenchplonka wrote: »

Don't get me wrong i'm not dumb or anything I understand there are differences as you mentioned other things this is what i'm currently doing.

1) have 3k in the TSB current account plus which pays a decent %

2) I pay into a cash ISA with TSB currently this is around £125 a month

3) Debt wise i have around 3k of debt all historic and not due to fall off my credit report till 2018 so makes no sense to pay all that off in one lump sump as it wont improve my attractiveness to lenders so paying that off till 2018 interest free.

I might completely misunderstand what you are saying but I can't help to think your management of your finances is - for want of a better expression - in a chaotic state. Or may be it is just your way of explaining it.

1. a single TSB Plus does not pay any interest on more than £2K - why have you got £3K in there?
   
   
2. why do you pay/keep any money in a TSB cash ISA?
   
   
3. Are you saying all your debt is 0% interest? If so, with what money will you pay off your debts come 2018?
   
   
4. what emergency cash fund do you have? Usually people should have some 6-12 months living expenses in readily accessible cash

frenchplonka

masonic wrote: »

I'm sure it was pointed out to you once before, but keeping more than £2k in a TSB Plus account means you are missing out on an opportunity to earn interest on the excess balance... unless the money is spread between two Plus accounts?

Yea i'm aware of this but my credit rating prevents me from getting accounts like the 123 account etc I'm happy with my ISA my TSB as my main easy access saving options now i'm after more options hopefully ill get more good advice

colsten

BLB53 wrote: »

So, just trying to be helpful to the OP - I suppose the response could be qualified by saying 'if I was in your situation'...

I appreciate you are trying to be helpful. But as we know not a lot about the OP's situation, can any of us really say "this is what I would do if I were you"?

frenchplonka

colsten wrote: »

I might completely misunderstand what you are saying but I can't help to think your management of your finances is - for want of a better expression - in a chaotic state. Or may be it is just your way of explaining it.

1. a single TSB Plus does not pay any interest on more than £2K - why have you got £3K in there?
   
   Because I cant get other current accounts like the 123 etc
   
   
2. why do you pay/keep any money in a TSB cash ISA?
   
   Why not?
   
   
   
3. Are you saying all your debt is 0% interest? If so, with what money will you pay off your debts come 2018?
   
   In a debt plan at the min or shall i say ive said ill pay x per month till 2018 at which point ill be debt free and have a clean record
   
   
4. what emergency cash fund do you have? Usually people should have some 6-12 months living expenses in readily accessible cash

I dont have any fund as such this is one area I can work on

frenchplonka

colsten wrote: »

I appreciate you are trying to be helpful. But as we know not a lot about the OP's situation, can any of us really say "this is what I would do if I were you"?

im not sure what your trying to achive maybe your looking out for me

masonic

The emergency cash fund that colsten asked about would include your £3k in the TSB plus account and whatever is in your cash ISA. It seems like some restructuring of this cash is warranted and your credit rating may limit this, but you will still be free to choose from available cash ISAs and savings accounts. £1k moved from the current account to the best available of these means you will no longer be earning 0% interest on that money. The TSB regular saver is an option even. The cash ISA could be moved to get a better rate.

colsten

frenchplonka wrote: »

im not sure what your trying to achive maybe your looking out for me

I am not 'looking out for you', I am just trying to give balanced comments.

You have provided a bit more information that explains why you may be unable to get other current accounts right now, and why a cash ISA might be the best place for your money.

Being on a DMP isn't good enough reason to have £1K linger in a TSB Plus without earning interest. It's also not a reason to throw spare cash at investments you don't understand.

I don't know whether your DMP prohibits you from building up an emergency cash fund - though if it did, it probably would also prohibit you from building up any investments, whether inside or outside an ISA.

I appreciate you might not want to lay your entire financial situation bare on here but I do think you are not in control and lack financial knowledge. You might be able to get some confidential assistance from your CAB or from Money Advice Service.

My opinion is, based on what you have posted in this thread and others, that you shouldn't go anywhere near investments before you fully understand your financial situation and what investments are about.

I am out now as I have contributed as much as I can to this thread.