Finances Thread

Martin

@Everyone I want to build a document of what people do with their finances to best serve their requirements. So for example most people have some kind of saving or pension plan. I am really interested in seeing if we can come up with something that helps members have a great financial situation, that allows trading to be a part of that wider structure. If you are interested please feel free to contribute below, or message me privately if you do not want to share it publicly.

Disclaimer note - this is not financial advice, this will just be an example of what myself and others do, we are not financial advisors! Don't give any personal details on here.

Document so far:
https://docs.google.com/document/d/1tPseyK8tRWXNxfwLv8obEBbInU4_ueHW2ya54yV4PiM/edit?usp=sharing

Let's stay on topic I want to keep this thread fairly seamless in that regard.

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Your advice is worth 10k Keith

Akiva Anderson

Currently I have lots of historical debt that needs paid off!!

Aiming to pay off about £20k in about 18 months!

Ryan

@alan-steward Happy to help, not an expert by any accounts but will share my learnings.

Martin

@karl-goulding 'The point of all this is not how much you put in but rather putting as much as you can afford to into it. Some of these can be £10 or less a month depending on how someone is doing.'

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At the rate I'm going I'll check this when I've won the lottery.

Notice the pathos!

Disclaimer: I thought it was good reading but only for those further down the road. Maybe not for those currently knocking 10 bells out of their keyboards right now.

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This is a fab thread. Thanks for pulling this together.

Martin

Updated with what we have so far: https://docs.google.com/document/d/1tPseyK8tRWXNxfwLv8obEBbInU4_ueHW2ya54yV4PiM/edit

Martin

@john-folan yep that's relevant too need to add a section for things like this good advice!

John Folan

@Martin-Futter mentioned his electrical and drains problems. No really going to make you money but not a bad way to avoid nasty repair bills is British Gas Homecare. We have it for our boiler and central heating, but we also have it for electrical, plumbing (including drains) and home appliances. We've had large contributions new dishwashers and tumbledryers out of them if they can't be fixed. New radiators again if they can't be fixed. Stops large bills and allows easier budgeting.

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Wow, awesome thread will digest more later... Totally agree with ISA'S & Pensions re long term... Would love to learn more re @Ryan-Carruthers ... However for short term easy access funds I now keep this in Premium Bonds... You never know, and you can get funds into your personal account easily within a week!

Martin

@ryan-carruthers I'll add a reading section to the document!

Ryan

Oooo I love this!

So I have MoneyWeek every week come to the house this gives me some good indicators for what's happening in the world & I read the book how to own the world which made a huge difference.

Currently I am in HL with a SIPP and Stocks and Shares ISA.

SIPP - FTSE 250
Stocks and Shares ISA:
S&P500
Merian UK Small Companies
JPM Emerging markets
UK Outstanding Unicorn

I am going long on the USA and UK & I have some small holdings in HK and India due to emerging markets!

Martin

Currently I have:

An ISA with HSBC - Just a savings account really, I don't invest with it and the aim is to have 2 years of expenses in there. Very low interest.

An investment ISA with Hargreaves and Lansdown - @Ryan-Carruthers gave me some tips on what to invest in, what were they again mate? This is long term I just put a little bit in each month. I'm not too worried about this pot, I'm happy to invest it fully.

A pension plan with Hargreaves and Lansdown - Same as above I put a little in each month and the government tops it up with a few hundred quid each year. If you aren't employed this is a no brainer as the payment limit is fairly low.

Not really investments but things that have helped me handle my money better:

A split pot where me and my wife put a few quid in each month for unexpected bills - so examples from the past couple of months - having electricians round to work on a fuse trip problem. Having the roofer round to fix the drains.

A split pot where me and my wife put a few quid in each month for a holiday fund. Helps me enjoy spending money on a holiday rather than it feeling like a big unnecessary expense.

A split pot where we put a few quid in a child trust fund ISA using One Family.

The point of all this is not how much you put in but rather putting as much as you can afford to into it. Some of these can be £10 or less a month depending on how someone is doing.

The big difference for me is it has meant spending money does not go to waste as often on things that aren't really needed but also gives goals for the future. If I want to go on holiday somewhere good I can save for that and one day it can happen.

John Folan

This is shiny. I like it.

ISA's. Use your full ISA allowance every year if you can. If you can't just save as much as you can. Even £20 a month adds up eventually. There are some pretty tasty limits now. I'm not advocating any particular provider or whether you should do cash or shares. I spread mine and I never get near the total limit.

This link explains the limits nicely.

https://www.halifax.co.uk/isas/isas-explained/isa-allowance/