An in-between phase

PennysIntoPounds

Mr PIP and I had a couple of days by the seaside as part of my most recent birthday present from my mum.

Travelled outside of peak hours for better tube and train prices

Brought water from home so didn't need to buy drinks for journey.

Got train snacks from M&S but went to shop outside station as it's cheaper than the one in the station, and used Sparks card and got receipt to do feedback survey for the chance to win a gift card. And I did put one bag of sweets back on the shelf 😁

Used Camra vouchers to get 50p each off a pint. I must find someone who regularly goes to W*therspoons to sell some at a discount to, there's no way I'll be able to use them all up

Got dinner from Ald! and ate where we're staying instead of going out

The next morning we got pastries and a carton of juice instead of eating out, then saved money by doing very little apart from reading and snoozing

Went to one local attraction but that wasn't too pricey and was somewhere I particularly wanted to show Mr PIP, so it didn't feel like spending money for the sake of 'doing a thing just because we're on holiday'

Went for a free dip in the sea

Had a beer at a lovely place where you get 50p off if you pay in cash, and happily for once we did have cash

Also won 300 squid (sorry, I'm on a seaside theme 😁) on the premium bonds, that's going straight in the flat pot

Annoyingly I missed out on a job that was decent pay but that's the risk you take if you have a break as a freelancer. Even skint people need to relax occasionally I suppose but I'm still a bit miffed at losing income

But I had lots of snuggles with the in-house dog, lots of tears and smiles as it's where my Dad lived before he died, lots of lucky weather (and I'm not counting cost of sun cream because that is too essential). Back to the work and admin and trying to get a few quid in the pots tomorrow, will try to remember to feel revitalised!

PennysIntoPounds

Today was mostly a catching up with myself day, as best I could in 32 degree heat. I am a puddle in a floaty dress

Sent PiP money to dental pot
Sent correct I.O.Me's to the tax pot
Sent premium bonds to flat pot

Entered the Om*ze competition, I wouldn't usually spend £10 in one go on 'gambling' but a two million pound property is a good return to be in line for! And I had a random few quid in my p*ypal account so it hasn't come out of any allocated budgets

Entered some normal free competitions- today I am mostly looking forward to winning a bundle of marigold gloves because I'm cool like that

Went to Ald! and their cheapo merlot is 10p lower than their other in-house wines so got a couple of those to check out, as we all know, it all adds up!

I usually drink red wine but fancied something chilled for this evening, and just before I went out with the aim of getting a bottle of rosè, I remembered I had a bottle of cava left over from a gift so that's gone in the fridge. How good is it to be able to shop from home *and* upgrade yourself?!

If anyone knows, can someone please explain to me like I'm an idiot how to work out how much money one should put in an ISA to bring interest income under a taxable amount whilst still retaining as much as possible in better paying savings accounts?

badmemory

Have I misunderstood you?  Interest on ISAs is not taxable.

Blackcats

Glad you had a nice break - sounds like a bit of a trip down memory Lane too.
I hope you remember your MSE friends when you get your hands on or should I say in the marigold gloves prize.
No tax to pay on interest from an ISA!  

PennysIntoPounds

See, I'm so bad at maths I can't even talk about it clearly!

I meant, if we're being encouraged to put savings in ISAs rather than pay tax on interest earned in taxable savings or current accounts (if it might be more than the permitted £1000 per year of interest for basic earners), how do I work out how much to put in an ISA and how much to keep in a taxable interest-earning account that has a better interest rate than an ISA?

Does that make any more sense @badmemory
I really am thick as the proverbial when it comes to equations and whatnot!

badmemory

It depends on how much interest you are earning.  If you have reached your £1k taxed at 0%.  Yes it is not actually interest free it is taxed at 0% for now.  That could be changed in any budget quite easily.  To go back - if you have reached your £1k or £500 if you are a higher rate tax payer.  Then. If your normal savings are making 5% then anything saved in ISAs needs to be getting more than 4.0%.  Put it another way.  Interest on £100 at 5% for the year is £5 & after it is taxed it is £4 @ 20% tax rate.  If it puts you in 40% tax range then 3% would do.  That is why they get away with lower interest rates on ISAs.

PennysIntoPounds

Thank you so much for your explanation @badmemory that's really helpful. I will process that and ask again if that's okay! I'm good at budgeting but an embarrassment to the human race faced with working out anything else involving numbers

badmemory

If you really want answers on anything to do with tax or pensions then pop along to that part of the forum.  They may not be as chatty as we are but you will get solid & knowledgeable answers.  It will only take minutes to realise who knows their onions.

PennysIntoPounds

I think I'd be too embarrassed to expose my stupidity to people on the actual section! I'll bear that in mind though, thank you @badmemory

PennysIntoPounds

I have gone from being a puddle in a floaty dress to a lake in pyjama shorts as they're the shortest I own and a baggy vest top with no bra. Trying to remember not to turn around too quickly in case rogue bosom concusses Mr PIP

Today's mse efforts:

Listed five things on Ol!o for entry into their competition

One of the collectors was a lovely chap who collects used wine corks from me when I've gathered a pile, so some nice environmental saving there too- and in exchange (unasked for) he brought me some lasagne sheets, which was a nice thing and a mse thing- particularly as I'd been thinking I need to buy some soon

Cracked open some new lip balm which I always ask for as a christmas present, the handful of pots I get keep me going for much of the year

Had a frustrating to and fro session trying to set up various bank apps to recognise each other, more work to be done on that tomorrow but at least progress has been made

Tomorrow is now also predicted to be 32 degrees but I shall endeavour to get at least some productive things done before seeking solace in a shady pub garden. I had to have a little lie-down just reading about the immense productivity of @EssexHebridean today!

Hope you're all having enjoyable Saturday evenings and haven't melted too irreparably x