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Making the most of your money ?


Dizzy
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I have another niggling thought....all brought on by having to pay a corporation tax bill :roll::shock::lol:

 

Like me maybe you probably not making the most of what money you have or indeed are you paying more for things than perhaps you need to or even that you don't actually need.

 

Obviously I hope we will NOT be discussing electric/gas prices in this topic as that has already been covered indepth recently :wink:

 

But things like mortgages vs saving maybe?

 

Is there any point in having savings in a bank/building society/isa etc gaining hardly any interest but at the same time having a mortgage that could be reduced by using that money ?

 

I don't even know what question I am really trying to ask other than 'why is something about it all niggling me' :shock:

 

So where could we all save money or where/how should we spend it to reduce tax bills.... or ?????????????????????????????????

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You can join the binge and spend, spend,spend on your credit card, using one card to pay off another; living on your nerves and eventually going bankrupt, or dying with debts. Or, you could save like a squirrel, getting next to no interest and losing 25% of it through inflation. Or you could buy gold in an inflated market, unlike Gordie who sold ours off cheap! :wink:

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OK so who wants to sell me their gold then :D

 

With mortgage rates so low at the moment does it make sense to reduce a mortgage with your savings or even pay it off completely if you could :?

 

Would that go against you if you ever needed to borrow money or like SL says... if you needed care :cry:

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better in a account that pays a little interest than in an ISA for three years that then only pays you back the money you put in.

 

mother put some money into an ISA for three years. at the end of the time she got back the money she put in and nothing more. she then put the money into her ordinary account and by the time they had finished sorting the paperwork out it had earned seven quid in interest. three years and nothing. ten minute and seven quid. she would have been better off putting it straight into her savings account where it would have got slightly more especially over three years :?

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OK so who wants to sell me their gold then :D

 

With mortgage rates so low at the moment does it make sense to reduce a mortgage with your savings or even pay it off completely if you could :?

 

Would that go against you if you ever needed to borrow money or like SL says... if you needed care :cry:

 

I think they can only get you if you transfer a property or give a load of money to someone within a certain number of years and it was obviously to avoid having to pay for care. If you have frittered it all away they can't do you for it!

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OK so who wants to sell me their gold then :D

 

Apparently the next big thing to sell/buy is silver, as gold has nearly reached its peak. I heard on the radio that China will be stock piling the stuff as well as rare earths, for the use in electronics etc and with money not being worth as much as once was, rare postage stamps may be on the increase as investors are looking to invest in alternative sources?

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That's not bad if you only have to tie it up for a year I suppose. I wasn't given that option it was 3 or 5 years when they tried to tie me up at the click of a button before xmas.

 

I don't tend to trust what banks and building societies say as after all they want what's best for themselves not what's best for us and the 'advisors' get commission :roll:

 

Speaking of advisors... figure this one out.

 

When I went in to collect my windfall interest which turned out to be a whopping ?11.11 :evil: they said I really needed to speak to one of their advisors ASAP as my money was in an savings account which no longer existed and was paying diddly squatt.

 

So I spoke to one... who like I say was itching to press the 'tie up' button but I wouldn't let her. When I said NO and that I would have to think about it and calculate what interest they were 'really' going to give me rather than what it appeared they were going to give me they just weren't interested :? Tie up or nothing it would seem

 

So then I mentioned we had our mortgage with them too.... 'do you want to increase it' she asked with a longing look in her eye.

 

NO...... I'm thinking if using my savings and some others we have (blag) to PAY IT OFF is that a good idea ?

 

A look of horror spread over her face and the PC screen was switched off and she said 'Errrm Sorry we can't advise you about that.... ermmm... thanks for coming in anyway' :?

 

It was like I had suddenly developed leprosy or something

and just about said it all... :lol::lol:

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better in a account that pays a little interest than in an ISA for three years that then only pays you back the money you put in.

 

mother put some money into an ISA for three years. at the end of the time she got back the money she put in and nothing more. she then put the money into her ordinary account and by the time they had finished sorting the paperwork out it had earned seven quid in interest. three years and nothing. ten minute and seven quid. she would have been better off putting it straight into her savings account where it would have got slightly more especially over three years :?

 

Missed your earlier post sorry Evils.

 

Was wondering about ISA's as I'd forgotten we opened 2 some years back (never seem to get anything about them and no wonder eh :evil: )

 

Seems we are getting nothing on those either now (our fault for forgetting about them though :oops: )

 

As for only getting the same back that you have paid in... I've just been looking through our Mortgage Endownment Policy and while YES it has gone up in the last year or so (lulling us into a false sense of security thats it's finally rising again although stll running at les that 1/3 of what it SHOULD have been giving us upon completion) it seems we are only getting back the EXTRA that we have ourselves paid into it monthly in the same time.

 

I actually wish I han't looked at all these things now as I thought gas and elec were bad enough... where on earth to start and what on earth to do... who knows as I certainly don't :shock::oops::cry:

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