Converting state pension to a monthly income stream

westv

I just have enough that I don't need to worry. Not rich but not poor.

westv

JoeCrystal said:

flaneurs_lobster said:

westv said:

I'm glad I don't have to worry about which bills get paid when or any need to budget for them.

Do you mean that you have no expenses or you are simply rich?

Or worse...., westv may be in a relationship or married! 

   

barnstar2077

westv said:

I just have enough that I don't need to worry. Not rich but not poor.

I feel the same way, I just like to know what I am spending and to make sure my money is workig for me.

Even if I had millions I would want to maximise value for money, and to know what I was spending, especially as I like to think I would help others once my needs were taken care of.

poseidon1

An alternative perspective.

I have a club lloyds current account with Lloyds Bank. It pays interest on balances  up to a £5,000 which currently averages £7.50 per month. Also comes with a free annual Disney channel steaming benefit. There is a £3 monthly fee but waived where monthly inflows are £2,000+.

This arrangement encourages me to maintain average £5k on current account, so I have no need to consider monthly budgeting disciplines, funds on current account considerably exceed monthly outgoings whenever they occur during the month. State pension comes in weekly and helps bypass the £3 fee, as well as earning interest as and when received.

Granted, I could improve interest return on the surplus cash on current account ( around an extra £110 per year on instant access savings paying around 4.5% would be possible with effort). However I far prefer spending time moving large cash balances around to capture best rates on instant access, notice accounts and fixed rate offerings, than finessing the operation of the current account to capture a small interest rate improvement.

I suppose what I am saying is utilising interest paying current accounts  ( other banks are available) to hold a part of one's cash reserves, avoids what seems to me to be  the self imposed tyranny  of trying to precisely match monthly outflows with monthly income.  Just a thought.

Sky_Dragon

As OP just wanted to say thanks for the various suggestions.

I've concluded, much like the last poster that:
poseidon1 said:

... utilising interest paying current accounts  ( other banks are available) to hold a part of one's cash reserves, avoids what seems to me to be  the self imposed tyranny  of trying to precisely match monthly outflows with monthly income.

and I need to get over having had income on a fixed monthly date for the last 40 years.