Best way to use a £25000 windfall...?

Eco_Miser

ronaldadio wrote: »

So put money longer term that I won't touch into the highest interest account, say Lloyds, then put the £6k into the lower interest account and set up some kind of DD with £6k divided by the 21 months in say the Tesco account?

That would be one way.

ronaldadio wrote: »

It is Tesco that I have the balance transfer set up with, but that won't make a difference?

No idea, but you're using Tesco anyway.

ronaldadio wrote: »

I can see the thinking behind that, but why would I not put the £6k into an account, pay of monthly minimum and then when I hit the 20th Month, pay it off in full. I would then get interest on a larger amount of money for a longer time - or am I missing something?

It was you who said divide the debt by 21, I just said pay it from Tesco.

ronaldadio wrote: »

I see what u mean about Lloyds 4% v Tesco 3%, but I might struggle to get an account with them due to past dealings

My generic musings don't cover personal problems. How about just your partner?

ronaldadio

As a bit of an update...
What a chew on to open bank accounts!!!
Opened them all on 15th Jan 2016 and I'm still waiting with some of them.
3 x Lloyds account - 2 solo accounts easy enough, money in. Joint account got to go into bank with I.D.
3 x TSB Classic - 1 solo account eventually sorted. Wives account and joint need I.D.
3 x Nationwide Flexi - still trying hard.
Just wanted to point this out as I know some people were saying it is 15 mins online job...

atush

I just want to know, if you have done the savings diary, posted an SOA, and raised the rent you are charging the well paid adults who live with you?

I fear for your future, I really do.

ronaldadio

atush wrote: »

I just want to know, if you have done the savings diary, posted an SOA, and raised the rent you are charging the well paid adults who live with you?

I fear for your future, I really do.

Thanks for the vote of confidence :rotfl:
Spreadsheets set up with ALL money likely to go out.
Not sure what you mean by a savings diary? I have a list of where all the money is, what has to happen, when, etc, etc.
We have, on the spreadsheets, an amount of money that goes out once a month into another account for savings.
Posted on another part of the forum and put into action some of the suggestions.
One of the highly paid adults has now bought a house and is moving out end of March. She is also staying in Kendal 3 - 4 days a week.
The other highly paid adult is in the process of buying a house and is expecting to be away by late summer.

atush

A spending diary is writing down every pound you spend (even on newspapers, parking, a coffee etc) to see where money is being wasted. So that you can cut waste. And save more.

With over 50K a year, you were in debt with no savings and dont own a home. That made the rest of us here feel you were overspending. Well you must have been to be in debt?

Basically it is one of the ways to make sure things go as planned going forwards. You seem to be handling the new money well for now, we ere talking about how you got where you were, and of you might overspend in future.

You havent seemed to be able to afford your own home, but have been putting up/paying for your well earning kids so they can save for homes of their own. Which it what all parents aspire to do, or at least after they own their own homes and have their own finances in order.

At the very least, even if they didnt pay you what it cost to keep them in the past, the fact that they are now going means your outgoings will lower (at least on food and utilities) so you can save more in future.

Have you set up pensions?

ronaldadio

atush wrote: »

A spending diary is writing down every pound you spend (even on newspapers, parking, a coffee etc) to see where money is being wasted. So that you can cut waste. And save more.

With over 50K a year, you were in debt with no savings and dont own a home. That made the rest of us here feel you were overspending. Well you must have been to be in debt?

Basically it is one of the ways to make sure things go as planned going forwards. You seem to be handling the new money well for now, we ere talking about how you got where you were, and of you might overspend in future.

You havent seemed to be able to afford your own home, but have been putting up/paying for your well earning kids so they can save for homes of their own. Which it what all parents aspire to do, or at least after they own their own homes and have their own finances in order.

At the very least, even if they didnt pay you what it cost to keep them in the past, the fact that they are now going means your outgoings will lower (at least on food and utilities) so you can save more in future.

Have you set up pensions?

I thought I mentioned earlier.
A business failure in 2004 meant I had to eventually go bankrupt in 2008 - losing the house. The rest, as they say, is history.
The money we are on has only been achieve over the past year or two.