What were your 2016 Financial Lessons?

darkidoe

ColdIron wrote: »

Google Calendar, I've never missed one (and it can email two early reminders)

Or just keep coming back to MSE forums, you will never get outdated here.:beer:

KNJ_2

The best financial advisor is yourself.......sometimes

Apodemus

Put additional cash into your DB pension before they change the rate of return!

fabsaver

[1] Time spent working out how much your investments are costing in terms of fees is essential. Significant savings can be made by switching to a different share dealing service, or from managed to tracker funds. [2] Cash ISAs aren't worth having as the rates are so low. I should have switched mine to a stocks and shares ISA much earlier. [3] A stock market crash could happen at any time, but you could miss out on a lot of growth sitting it out of the market waiting for one. [4] Bonds are much riskier than the experts would have you believe. Cash is king for safe investments. [5] I should have opened a SIPP years ago, to take advantage of all that free added money from the government. [6] Setting up multiple high interest current and regular savings accounts is well worth the effort. It's easy to think that the amounts involved are not worth bothering with but it soon adds up. [7] Switching banks for the incentives is easy, once you spend some time on here and know what you are doing.

Cotta

TheShape wrote: »

Leaving your money in a cash ISA is, in general, a poor option.

How so? I don't understand this statement.

Eco_Miser

TheShape wrote: »

Leaving your money in a cash ISA is, in general, a poor option.

Cotta wrote: »

How so? I don't understand this statement.

Cash ISAs, in general, pay way below selected current and regular saver accounts, even after tax (and the first £1000 interest is 0% tax for most people, anyway).
For long term ( over 10 years savings, using S&S ISA is likely to be much better).

HTB cash ISAs are the best thing going, thanks to the government bonus, but that's not 'in general'.

jimjames

Cotta wrote: »

How so? I don't understand this statement.

Have you looked at the rates available? Can you give a link to one that beats the 3% I'm getting outside a cash ISA?

Cotta

Eco_Miser wrote: »

Cash ISAs, in general, pay way below selected current and regular saver accounts, even after tax (and the first £1000 interest is 0% tax for most people, anyway).
For long term ( over 10 years savings, using S&S ISA is likely to be much better).

HTB cash ISAs are the best thing going, thanks to the government bonus, but that's not 'in general'.

Why are cash ISA's even still available?


I haven't had any ISA's or indeed savings since I bought my house.

Eco_Miser

Cotta wrote: »

Why are cash ISA's even still available?

There may be exceptional occasions when they are appropriate (highest rate taxpayer with all better options already used); and what Chancellor would dare announce their demise?

jamesd

Cash ISAs typically pay higher interest than uninvested money in a S&S ISA and so far I know of only cash ISAs that offer the flexible ISA features. That's handy to do things like P2P investing that doesn't yet have great IF ISA options.

The help to buy ISA is a cash ISA and lifetime ISA can be.