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Anyone used this? - https://withplum.com/

 

Have been using it since July last year and I like it. It uses an (adjustable) algorithm to take often unnoticeable amounts of money from your account every 4-5 days based on your incomings and outgoings. Puts it all in an account where you can either just keep it as savings or invest it in a stocks & shares isa with various funds to choose from (0.08% and 0.90% a year fee depending on which funds you invest in).

 

Have been growing my savings nicely with it and it's good to have it all in a phone app. Although admittedly the stocks & shares ISA part of my savings hasn't been faring too well in the last week :lol:.

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Pension is taking a battering too  :( Last time I tried to time the market by moving to cash, I lost out. I'd prob be taking around a 7-10% hit if I bail out next week. If 2% of the global population die over the next couple of years though (which no longer seems preposterous), suppose my pension fund is the least of my worries.

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I'm hoping to be in a position to buy in a year. Have 3.6k in a help to buy ISA and 5k in savings but that's just sitting in my current account. I can save an extra 300 a month on top of the ISA payments if I'm tight, but that'll just stay in my current account with current arrangements. So by the end of the year I plan to have around 8k in personal savings that will be credit in my CA.

 

Any advice on somewhere better to put that 200/300 a month? Probably the 5k too. I'm lazy with this stuff so don't bother looking or bothering.

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Pension is taking a battering too  :( Last time I tried to time the market by moving to cash, I lost out. I'd prob be taking around a 7-10% hit if I bail out next week. If 2% of the global population die over the next couple of years though (which no longer seems preposterous), suppose my pension fund is the least of my worries.

Why would you sell anytime soon? It's the worst possible time to sell.

 

https://www.wealthify.com/blog/4-questions-about-the-coronavirus-with-david-semmens

 

For historic comparison, it’s worth noting that in the twelve months that followed SARS (2003) and the Swine Flu (2009), Emerging Market and Global Market shares experienced a sentiment-led dip, but quickly returned to rise above their pre-outbreak levels.
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Ta. 5% on 3000 is £150 :lol: Savings don't seem worth the effort, man. I could just save £150 over the year by choosing to not buy shit I don't need. Could do both and get 300 I suppose. What could I buy with 300? A pentium laptop? An hours legal advice?

 

:lol:

 

It's actually less than £150 because you accrue the £3.6k over 12 months :lol: If you're saving it and planning not to touch it anyway, it's a little bit more for about 5 mins of admin.

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If you are saving for a house deposit. Simply put it in a seperate account to your current account, where you are not going to touch it and drip feed until you hit your target. Don't think of it as an investment to grow, so I wouldn't focus on interest rates or returns.

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  • 2 weeks later...

We're in uncharted territory. Airlines, holiday companies, cinema chains, restaurants, etc aren't able to go weeks or months without income. Loads of companies will fail. Massive bail outs will be required all round. Once the Coronavirus pandemic is over there has to be an ability to return to normality. E.g. If all the airlines have gone bust there would be no air travel.

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Peoples Pension down 20%

 

Stopped checking mine for my own sanity. Not even sure it will ever recover in time as the damage could last for decades.

 

If people are forced to remain indoors and spend online, changes in consumer behavior may be accelerated and high street shopping plunges. Think we'll see many more boarded up shops in Newcastle in the years ahead.

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Just took advantage of the financial collapse and bagged myself a loan to consolidate all debts into one loan. To most it's a large APR (10.9%), but for me it's lower than all my other debts are currently on. Looks set to save me about £130 per month!  :D

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  • 3 weeks later...

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