Setmefree's Diary: MFi5 journey

EssexHebridean

Thanks for the link SMF - I shall have a read of that. Glad your mileage payment has been confirmed as the 40p amount too - that's what I get although when our new Manager turns up he actually has a car I can drive (the big Mondeo's are too big for me, being a short ***, to drive safely, so I've been using my own which pays nicely!) so income from work stuff may well drop a little. Boo!

StuartGMC

abouttimetoo wrote: »

(i'm adding a bit extra this month so this means that for the first time the OP will cover the whole of the interest charged so the normal payment will come straight off the capital):j

Well done :beer:
You do realise you will soon want to surpass this too don't you?
I jest, but you're right that the feeling that all your money is hitting the capital is great.

StuartGMC

setmefree2 wrote: »

Hi:hello:

I feel really bad as I have just been into the Halifax and closed down our accounts. I started to feel abit worry that they seemed unstable. I know I'm probably being irrational.

TBH we had probably have over extended ourselves trying to put £500 per month more into a regular saver (10%;)) and if it just seemed like an extra worry, I began to think that it wasn't worth the effort. The kids money is for uni really. Been saving for 15 years to get a little pile of cash for them and we have money from relatives. In total there is just under £11k. So what shall we do with it? I might just put it into the mortgage and wait for this bank stuff to settle?

TTFN

SMF2

SMF I think removing a concern and the associated stress is worth doing, even if you felt it was irrational. Can you keep the majority of the cash in your own Cash ISAs (or, if kids are 16 and over in their own ISA too)?

Don't let the present global situation overwhelm you, 1987-1993 were bad years and we came through it; don't put "cash" under the bed:rotfl:

Can you access the cash again, or, confident that you can replenish it when needed?

HTH

setmefree2

StuartGMC wrote: »

don't put "cash" under the bed:rotfl:

LOL:rotfl:

TBH we don't really know where to put it. It takes 5 days to clear, so have a week to think about it.

The 10% regular saver probably wasn't worth the agro anyway as the money was spending three days a month in no mans land earning no interest, which sort of negates the 10% interest.

The children's money is a different matter. I looked at the NS & I accounts but the interest rates are pretty rubbish. Northern Rock have an instant saver for 6% - so that's a possibility but maybe a pain to set up as there is no NR branch near us.

We might just tip it into the mortgage and wait for this whole thing to blow over (is that optimistic:rolleyes:) and then see how the land lies.



Thanks for your posts. I do feel better that I've moved our money even though the Fed has lent AIG some money over night, which probably makes things better. I must admit yesterday I did feel like the sky might be going to fall in (I know it still might yet:rolleyes:).

Good News - our monthly payment of our mortgage has now taken us sub £130k - now we owe £129,700:j That feels really good.:D

EssexHebridean

Whey Hey! Another milestone reached then!

StuartGMC

SMF2, I guess the MSE article on banks and the £35k cover (£70k for joint accounts) was a little late to address your concerns. However, the table of interconnected operations under different institutions/common banking license may be worth you looking at:
http://www.moneysavingexpert.com/savings/safe-savings

The other thing to remember is why we're on this board; clearing our mortgages removes one very major concern in terms of having a roof over your head that no one can take away!

I really hope you have calmed your jitters now; this is going to last to December 2009 I think so I hate to think of you being stressed out for that length of time :eek:

TTFN

setmefree2

Don't think my jitters will go away for awhile yet:D. Markets seem calm & even happy this morning....just the small matter of that rather larger US budget deficit now and how much drag that's going to create on the US economy...

Happy Days

SMF2

StuartGMC

But it has provided a reason for the "general public" to show interest in finance!

setmefree2

StuartGMC wrote: »

But it has provided a reason for the "general public" to show interest in finance!

And I'm sure people are selling more newspapers...:D There's always a bright side isn't there?:o

poppyoscar_3

The Hali has only got £55 of mine - I owe them more than they owe me so I'm not worrying!
POxx