Finally Debt Free After 34 Years, But Still Need to Live Frugally

shapala

Thanks for all the info re premium bonds.

I think I'll get into that, and put £50 away each month. TSB recently have changed interest from 5% to 3% and other 'high' interest accounts are no more than 3%, so think wife and I will put some money aside and into premium bonds. Always thought it wasn't worth while but having read into it, sounds a good bet (not that I bet, don't even play the lottery). Thanks all for the info.

Willowtree222

HairyHandofDartmoor wrote: »

I've been thinking about why it is that I'm so willing to let books go at the moment. I think it's because I've identified two types of books, those I want to own and those I want to read. The ones I want to read I can borrow from the library and this realisation made me happy to let go books by over fifty authors. Some books I do want to keep and I will have a lot more room to store and enjoy these now .

I really like this. I have a lot of books that I want to read, but not actually a lot that I'd like to have to keep. I never thought of it this way, but thinking about going through my book case now. x

HairyHandofDartmoor

shapala wrote: »

Thanks for all the info re premium bonds.

I think I'll get into that, and put £50 away each month. TSB recently have changed interest from 5% to 3% and other 'high' interest accounts are no more than 3%, so think wife and I will put some money aside and into premium bonds. Always thought it wasn't worth while but having read into it, sounds a good bet (not that I bet, don't even play the lottery). Thanks all for the info.

You're very welcome Shapala . Most of the useful information has come from my readers (like Daisy) but I do think the idea has a lot of merit. As you say interest rates are low and if you re-invest any prize money then it's like earning interest.

HairyHandofDartmoor

Nicnak wrote: »

I really like this. I have a lot of books that I want to read, but not actually a lot that I'd like to have to keep. I never thought of it this way, but thinking about going through my book case now. x

It does help to make you see more clearly which books are keepers doesn't it .

Sun_Addict

Usually once I've read a book I pass it on, either to work friend or charity shop. I have a very few classics I keep and occasionally re-read - Wuthering Heights, Rebecca and Christmas Carol, they're my all time favourites (I watch the films quite often too). I love my books, have done so since I was about two years old.

HairyHandofDartmoor

I like Rebecca too . I've never read a Christmas Carol though. I enjoyed Bleak House .

Willowtree222

I love A Christmas Carol. The messages in it are just amazing, and how he changed society at the time. Albeit with a bit of emotional blackmail about purgatory, but it worked!!

doingitanyway

HH, you have another premium bond convert. I had not thought about them before.
I also don't do the lottery but £25 a month is 3 lottery tickets a week so I get the hope of a win, better odds and I still have the original money.

I will do a monthly standing order.

Thanks for the heads-up and have a good day

elizabethhull

Just another 3d worth about Premium Bonds: although you do indeed get back out what you put in in nominal terms, inflation needs to be considered as well. Whilst inflation is very low, what you get back is worth largely the same, but once inflation rises that will not be the case (unless you are lucky with wins). It's just another factor to be considered, that's all.
My accountant OH has a slightly different view from me, but then he's into careful investing, and generally takes the long term. Good thing I married him - my approach has always been much more cavalier !!!

HairyHandofDartmoor

doingitanyway wrote: »

HH, you have another premium bond convert. I had not thought about them before.
I also don't do the lottery but £25 a month is 3 lottery tickets a week so I get the hope of a win, better odds and I still have the original money.

I will do a monthly standing order.

Thanks for the heads-up and have a good day

It's certainly better than doing the lottery as you get the money back .

elizabethhull wrote: »

Just another 3d worth about Premium Bonds: although you do indeed get back out what you put in in nominal terms, inflation needs to be considered as well. Whilst inflation is very low, what you get back is worth largely the same, but once inflation rises that will not be the case (unless you are lucky with wins). It's just another factor to be considered, that's all.
My accountant OH has a slightly different view from me, but then he's into careful investing, and generally takes the long term. Good thing I married him - my approach has always been much more cavalier !!!

It's true that you could get a better return on your money if you put the savings into a long term savings scheme. Premium bonds wouldn't be for everyone as there is no guarantee of a win and inflation means your money would be worth less every year.

However some investment schemes or savings accounts need you to save a set amount each month.

I can't guarantee that I would always be able to put a regular amount away each month into an investment scheme, as we may have a bad month. Plus I like the idea of (almost) instant access in case of emergencies. I also like the psychological barrier of having to sell the premium bond to get my money back. And if I invested any wins into more premium bonds then that would be like earning a small amount of interest.

There are definitely pros and cons .