Sealed Pot Challenge ~ 19

AntoMac

Hello @MrsShazbat Sorry things  didn’t work out for you but please don’t think that you failed in any way. It just wasn’t meant to be on this occasion. 

Sue-UU

A very warm welcome to you, RedLipstick  (SPC 022) it's lovely to have you with us. Enjoy yourself saving. You'll find your number alongside your name above as well as on the 2nd Post of Page 1, and please read through the 1st post as it'll let you know exactly how to save with the challenge. We always empty our pots and declare what's in them in October, this year's date Declaration Date is Thursday 24th October 2026  However, please declare on or before, but no later .  Please pop your SPC No on your signature as it's a great help. 

Ah, RedLipstick, the hot chocolate tin is exactly how I first started off, anything does when saving. All the very best.

Hello SPCers I hope everyone had a wonderful weeekend and today on this far milder Monday!

To all those feeling poorly or down in anyway, do please get well soon! Meanwhile

love and hugs from all of us here at SPC 

Thanks goodness it was only nips MrsShazbat, it could have been so very much worse.

Very well done on your potting!

So yesterday was indeed your lucky day Lucy! So you've got a nice amount that's gone in your pot!! 😀

Very well done Dizzycap.... roadkill too!!  😯 Brilliant!

Good for you ThriftyPrincess40!

I quite agree Tattypud, the amount really doesn't matter, but by golly the potting does!

Well done Hetty! Oh your poor young lad, they always get disappointed.

I must admit to liking myself, though not too much after 1963 brrr 😲!! 

Happy Monday Vicky! Ah well, you might not be able to recall what you've potted, but at least you can put it all down to perimenopausal problems. I've still got many many years to go yet!! 😂😂

Very well potted ThriftyPrincess40!!

Don't worry, we're all possessed!

Ooh wasn't it cold and wet yesterday Tattypud. 🥶 Still you've a reason for it. All the best with FB. 

Ah so there you are Siju!! 😧 I hope you thoroughly enjoyed your cruise, especially as you been before. Great to be able to relax.... and eat a little. 😂

Very well done with the £10!!

Have a great week ahead folks!

Sue

Declaration Day for SPC 0026 is October 22nd.............BEFORE --- BUT NO LATER, please!

If anyone would like to join the thread, please just ask at anytime and you will be made very welcome

RedLipstick

@AntoMac thank you for warm welcome! I hope so! Last year I was collecting £2 coins for fun and ended up with £68 at the end of the year, not too much but I only used the cash when I had some leftover notes from holidays or online sales. I've started this year with monthly cash allowance and playing around with envelopes, so I have quite a bit of change on regular basis so I'm planning to put it into the pot. Very excited for the challenge!

@Sue-UU Thank you!  

Frogletina

Trying to catch up on my records from last year I couldn't see how much interest I made on one of my savings accounts. 

I decided to see if a record of it was still on the app on my phone and to my surprise not only was the interest showing but the savings too earning very little interest now.

Not only did I have about £35 interest from the last two tax years but also I had £1000 in savings which I normally would have taken out. 

Sue-UU, can I count this £1000 as part of my sealed pot money? 

I also contacted HMRC to see what records they had of my interest sent to them in the tax year 2024/25 as they have amended my tax code as some of it is taxable. They reduced my work pension by nearly £100 this month and will be more the next two months then less until it is paid by the end of the tax year 2026/27.

I'm already losing some of my state pension to tax which is taken via my work pension. I think it is crazy that the tax allowance has been frozen for so long that those on the basic pension alone will end up paying tax soon. 

In April I'll contact them about the interest in 2025/26, which should be a lot less. I will also be putting my income into a flexible ISA and withdrawing as and when I need it. I certainly won't exceed the £20,000 limit.

Tattypud

10p today courtesy of hubby - happy because I didn't think I would be posting any amount this week.

LittleMissDetermined

Morning
£2 added to the pot today
LMD x

Sue-UU

Hello SPCers I hope everyone had a wonderful weeekend and today on this far milder Thursday! To all those  poorly or low in anyway, do please get well soon! Meanwhile

love and hugs from all of us here at SPC 

You're very welcome RedLipstick. 🙂

Very well done Frogletina, and yes, I'll most definitely add the £1,000 to your declarations but it'll be a pleasure to add it to the Grand Total!! 👏👏🤗 Don't forget to add it to your total on your siggy.

I really can't respond to the rest of your post as these days I don't fully understand it. However, I do hope it works out for you.

Well done with the 10p via your husband Tattypud, a nice surprise!

Very well done on your £2 too LMD!

Hi Potters I hope you're all enjoying a good, though very wet, Thursday!

Sue

Declaration Day for SPC 0026 is October 22nd.............BEFORE --- BUT NO LATER, please!

If anyone would like to join the thread, please just ask at anytime and you will be made very welcome

LittleMissDetermined

Good morning potters
£107 added into the pot today
LMD x

AntoMac

Great to see this challenge nice and active. My own potting is unspectacular and steady and I reckon very much on target. £4 a day on average gets me around about the £1500 I want to get to.
I think @Frogletina is saying that the amount of interest earned is above the annual allowance. There was a time when all interest earned was taxable, but now we have an annual limit and higher interest rates have meant more people have to pay tax on savings interest.
I could be wrong of course with my understanding, and yes the long term freezing of the bottom tax band (£12750 pa?) making the state pension become taxable is not great for sure. A decent paying cash ISA helps reduce the tax on savings but a decent paying INSTANT ACCESS cash ISA is hard to find.
I wonder if anyone thinks I know what I’m talking about here   
Premium bonds are a good way of reducing  savings tax as the winnings aren’t taxable, but of course there is no guarantee of winning anything at all with Premium bonus’s. I think the average expected return with average luck is 3.6 per cent, although smaller holdings are less likely to achieve that level.
Well done with the £1000 ‘find’ though Frogletina. I’ll be amazed if anyone actually reads this far 

siju

I read it all @AntoMac 😇, very well explained 👏  I agree with @Frogletina that the freezing of tax thresholds is ridiculous as many pensioners will soon be paying tax on their state pension. With interest rates dropping, it's particularly difficult to find easy access savings offering decent rates. Personally I'm sick of juggling my money to try to find the best rates but I keep looking for the best deal 🤣

Enjoy the weekend, I'm off to look for another savings account 😉