Money thoughts …

ecoleman said:
We are aware of that which is why we have structured the savings in the way they are.

The Cash ISA's are tax free with a £20k/annum limit so we each have one of those
Our fixed terms savings is a joint account which will just about eat into each of our £1k savings limit.

That means we will have to pay the appropriate tax on the the Flexible savings account which is also a joint account. My wife works part time and generally doesn't earn over the tax threshold so she will have no tax to pay on her portion.

So all in all, I'll have to pay tax on 50% of the interest from the flexible savings account. Nothing we can do about that. I'll still much better off than having it all in PB's
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It sounds like you have a good set up there, however your last sentence is untrue of the future, only true of the past.
 
beyond the blue said:
It sounds like you have a good set up there, however your last sentence is untrue of the future, only true of the past.
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Of course, you can’t predict the future. There is a very very slim chance of winning a large sum of money. I could also spend all the money on lottery tickets.
 
ecoleman said:
Of course, you can’t predict the future. There is a very very slim chance of winning a large sum of money. I could also spend all the money on lottery tickets.
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Yes but you would loose your stake money. I'm fortunate enough (I say fortunate, but worked bloody hard for it) to be in a position where I don't need my saving to live off, but if I did it certainly wouldn't be tied up in premium bonds. Come the day, l'll bet my kids wished I would have invested it more wisely.
 
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I have a general pondering, what are people expecting/think is a good roi (I understand we maybe at different stages of life with different desires) however as generally speaking as we can be.

For example using ecolemans numbers(tax discussions aside) the 5k made from 20k in 12 months really good or really bad in your eyes ?

In my opinion it’s good considering there’s no risk and no work involved as such, yes there is no “chance” of more like with pb but as I think is proven, that it’s more then pb is “likely” to get you over the same time period or even double.


Thoughts ?
 
Well i did it.. Been in nationwide today.. had a meeting but the bulk of my savings into two isa and fixed rate bond all giving me 5.50% instead of the measly 1.6% I got from bonds

however I have left £5k in the bonds as I look forward to the draw... you never know :)
 
Trouble is you never know if next month…..

I do not think that Premium Bonds are the likeliest form of gambling, but addiction starts with chasing losses. Probably best to cut out and take an income from your money in an ISA as it is sheltered from the taxman and relatively safe. £20k at 5.5% would give you £91.66 per month and (to me at least) that is a good wedge.
 
Me £100
Wife £75

:(
 
ecoleman said:
I was quite horrified to learn that despite keeping £25 PB's I won nothing this month :eek:
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I left £1 in and had same result... gutted ..

have got a few k going in (that i didnt want to tie up in bonds) this month but wont be eligable until Nov draw will they :(
 
Omg everyone has had a go so must join in .......
Here we go..................
I took some lump sums from pensions that matured a couple of years ago, enough to pay the mortgage off did I do it .....no.
I treated SHMBO but retained enough to pay the mortgage off and stuck it in a savings account just incase. Still working and my theory being each month I owe a little less on the mortgage boring I know but feels nice to know the safety net is there. The monthly pension payments go into another account and get used for the unexpected.

15k takes alot of accumulating no doubt its taken a while my advice is dont chase the quick buck put it someware safe and think long and hard about what you want to do with it ...............



or buy a pro body and your choice and massive lenses



Just joking
 
Me £100
Wife £200
 
November;

Me £50
Wife £25

Very poor!
 
ecoleman said:
I was quite horrified to learn that despite keeping £25 PB's I won nothing this month :eek:
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Somewhere, I think I last came across it about 15 years ago, I have a £1 premium bond that was given to me as a child.........never knowingly won a thing. However, "they" probably don't know my address now :LOL:

Next time I come across it I will have to apply to find out if there are any dormant outstanding prizes???
 
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December PB draw
Mrs Cordy £125
Me £50

We have several £K coming to us in January.
No idea where to invest -- Stock Market is a No No - I don't trust accountants or financial advisers.
Already maxed out on PBs and ISAS.

Genuine ideas welcome.

PS, I have more than enough photography toys.

John
 
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Cordy said:
December PB draw
Mrs Cordy £125
Me £50

We have several £K coming to us in January.
No idea where to invest -- Stock Market is a No No - I don't trust accountants or financial advisers.
Already maxed out on PBs and ISAS.

Genuine ideas welcome.

PS, I have more than enough woodworking toys.

John
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If you can afford to and if no one in the family is in dire straits how about not investing it in banks or bonds but in happiness? Go out for meals, have a weekend away or something...
 
The gaffer gets £100, she nearly smiled- might have been wind?
Me , big fat zero but that is expected.
 
I'm really going to need to look for alternate options as another poor month. Understanding that the way Premium Bonds work is some win and most loose, I seem to be firmly on the loosing side and it'll need to take a hell of a win to recapture lost interest.
 
For those in this thread looking for ideas of where to invest spare funds, it may be worth remembering that you can usually put upto £4k into your private pension each year even if you are drawing from it. Failing that, if it's a substantial amount, I'm told that annuity rates are much improved.
For savings with ready access, fixed rates are quite good, with various notice periods, but tax will be due.
The question has to be asked (of oneself): do I actually need to preserve additional wealth (shrouds have no pockets), or can I improve my lifestyle with the extra money?
 
lindsay said:
The question has to be asked (of oneself): do I actually need to preserve additional wealth (shrouds have no pockets), or can I improve my lifestyle with the extra money?
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I like the idea of this but….I am past my Best Before date but still (usually) smelling okay so good to use. The trouble is we don't know when our use of money will be curtailed so we tend to keep hold of it as best we can.
 
Me £50
Wife £150

Agree with others, pretty poor results but what else is available with instant access and tax free?
 
January P/B draw
Wife;- £250
Me;- £25

2023 saw us win a total of £3,125 -- so equivalent tax free rate of 3.125%
 
lindsay said:
For those in this thread looking for ideas of where to invest spare funds, it may be worth remembering that you can usually put upto £4k into your private pension each year even if you are drawing from it. Failing that, if it's a substantial amount, I'm told that annuity rates are much improved.
For savings with ready access, fixed rates are quite good, with various notice periods, but tax will be due.
The question has to be asked (of oneself): do I actually need to preserve additional wealth (shrouds have no pockets), or can I improve my lifestyle with the extra money?
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Lots to ponder.....
My RIA has taken a hammering in the last 3 years and my IFA advice is that 2024 should be a flat year with some funds/geographic areas showing an increase but 2025 onwards 'should' (start to) show growth.

All the above on the surmise that inflation is controlled and there are no more global shocks to the stock market!

Decisions, decisions....... :thinking: :thinking: :thinking: :thinking: :headbang:
 
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Tulipone said:
I like the idea of this but….I am past my Best Before date but still (usually) smelling okay so good to use. The trouble is we don't know when our use of money will be curtailed so we tend to keep hold of it as best we can.
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This, on the basis that care costs are stupendously high and for any quality of life in latter life care you need money.......as the state will not cover to 'that standard ' ???
 
Box Brownie said:
This, on the basis that care costs are stupendously high and for any quality of life in latter life care you need money.......as the state will not cover to 'that standard ' ???
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Well yes but was looking at getting the kitchen replaced tail end of last year. Bearing in mind that this is 7 boxes to hold stuff in, a couple of worktops, a sink and a bit of flooring - £12k. We decided to see what our winnings would be today but sadly our £50 ‘winnings’ wouldn’t pay for tea and biscuits they’d probably want to fit it.

The thought that spending it to improve lifestyle is an interesting thought, but I lean more towards a new lens and she’d prefer a kitchen. If only we could find some middle ground!
 
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