Saving help

Start and join discussions that are not related to BMW. Talk about anything that takes your fancy: jokes, cars, music, anything......

Moderators: Rich196, marco_polo, Producethis, Lambster, babybmwadmin

Tiggstar1
Experienced Member
Experienced Member
Posts: 224
Joined: Mon Aug 13, 2012 2:07 am

Re: Saving help

Post by Tiggstar1 » Tue Nov 14, 2017 10:58 pm

Actually I take the no debt thing back I have my flat and the car if they count.
2013 F20, 120d M sport, glacier silver, few extras - Gone
2017 Seat Leon FR

OneTwenty
Too Much Time To Waste Member
Too Much Time To Waste Member
Posts: 2375
Joined: Wed Jun 06, 2012 10:33 pm
Location: Lancashire

Re: Saving help

Post by OneTwenty » Wed Nov 15, 2017 7:48 am

You should definitely get a financial advisor as they will sort it all for you.

Our IFA has done our mortgages which we change every 2 years, our savings accounts, ISA’s, 2 x investment accounts for the kids they get when 18 and all our various life insurance policies.

He even put us in touch with a chap to do our wills.

We never have to pay him either, he earns commission from all the things he sets up for us.
66 M240i Coupe, MW, Coral, Auto, Vis/Comfort/Sun, Pro Nav, Heated Wheel/Seats, Elec Seats/Lumbar, Adaptive, Camera/Park Assist, Speed Lim, HK, Split/Fold, WiFi/EBT, F/M

09 320d E91, Silver, Pro Nav, BT, Auto L/W, Ht/Leather, SPG, Cruise

User avatar
ihadablackdog
Too Much Time To Waste Member
Too Much Time To Waste Member
Posts: 3411
Joined: Sat Mar 05, 2011 7:32 pm

Re: Saving help

Post by ihadablackdog » Wed Nov 15, 2017 8:45 pm

Tiggstar1 wrote:
Tue Nov 14, 2017 10:56 pm
I work for the NHS so I have that pension too, which isn't great but better than nothing.
I thought the NHS pension was one of the better ones?

robsaboy
Enthusiastic Member
Enthusiastic Member
Posts: 1274
Joined: Wed Nov 11, 2009 7:27 pm

Re: Saving help

Post by robsaboy » Wed Nov 15, 2017 9:43 pm

GeeDee wrote:
Tue Nov 14, 2017 7:51 am
robsaboy wrote:
Mon Nov 13, 2017 9:39 am
+1 for premium bonds. I had £5,300 in and won £5,000! Pretty good interest rate :D
For you, yes. However, the average interest rate is exceedingly poor although I believe winnings are going to be increased a little in December.

Quote from Money Supermarket:

"Line up everyone with £1,000 worth of Premium Bonds in order of their year's winnings, and the person halfway along would have won… not a penny! In fact, you'd need to walk past two-thirds of the line until you hit the first £25 winner".

The question is, are you a gambler or investor?

If you have a mortgage, pay some of it off - will save a potential fortune.
As well as the £5K I have had some £25 too! Paid all we can off the Mortgage so I have put some more into the premium bonds... They are a bit of fun as you could win big - Alan Sugar likes them :lol:
M140i, Mineral Grey

User avatar
Sonic1506
Too Much Time To Waste Member
Too Much Time To Waste Member
Posts: 7864
Joined: Wed Mar 26, 2014 9:08 am
Location: Here, There, Everywhere.

Re: Saving help

Post by Sonic1506 » Thu Nov 16, 2017 3:40 pm

Tiggstar1 wrote:
Tue Nov 14, 2017 10:56 pm
Regarding debt I don't have any which is a blessing, I have always been ok with saving but this is only with the bank, investing is all new to me.

I'm turning 30 soon, it almost feels like a midlife crisis I'm having regarding my future lol.
+1million!

Tiggstar1
Experienced Member
Experienced Member
Posts: 224
Joined: Mon Aug 13, 2012 2:07 am

Re: Saving help

Post by Tiggstar1 » Fri Nov 17, 2017 2:19 am

ihadablackdog wrote:
Wed Nov 15, 2017 8:45 pm
Tiggstar1 wrote:
Tue Nov 14, 2017 10:56 pm
I work for the NHS so I have that pension too, which isn't great but better than nothing.
I thought the NHS pension was one of the better ones?
I suppose I shouldn't really complain because it is better than most tbf, in my working life I think this and Royal Mail are the best ones I've had
2013 F20, 120d M sport, glacier silver, few extras - Gone
2017 Seat Leon FR

Tiggstar1
Experienced Member
Experienced Member
Posts: 224
Joined: Mon Aug 13, 2012 2:07 am

Re: Saving help

Post by Tiggstar1 » Fri Nov 17, 2017 2:22 am

OneTwenty wrote:
Wed Nov 15, 2017 7:48 am
You should definitely get a financial advisor as they will sort it all for you.

Our IFA has done our mortgages which we change every 2 years, our savings accounts, ISA’s, 2 x investment accounts for the kids they get when 18 and all our various life insurance policies.

He even put us in touch with a chap to do our wills.

We never have to pay him either, he earns commission from all the things he sets up for us.

This is what I need to start doing

Does an IFA give you advice with what account and ISAs to switch to?

Regarding life insurance, it's a joke for me because of my health issues. I searched high and low to find a provider but got refused more than a few times, so I don't really think I got a good deal there
2013 F20, 120d M sport, glacier silver, few extras - Gone
2017 Seat Leon FR

OneTwenty
Too Much Time To Waste Member
Too Much Time To Waste Member
Posts: 2375
Joined: Wed Jun 06, 2012 10:33 pm
Location: Lancashire

Re: Saving help

Post by OneTwenty » Fri Nov 17, 2017 9:10 am

Tiggstar1 wrote:
Fri Nov 17, 2017 2:22 am
OneTwenty wrote:
Wed Nov 15, 2017 7:48 am
You should definitely get a financial advisor as they will sort it all for you.

Our IFA has done our mortgages which we change every 2 years, our savings accounts, ISA’s, 2 x investment accounts for the kids they get when 18 and all our various life insurance policies.

He even put us in touch with a chap to do our wills.

We never have to pay him either, he earns commission from all the things he sets up for us.

This is what I need to start doing

Does an IFA give you advice with what account and ISAs to switch to?

Regarding life insurance, it's a joke for me because of my health issues. I searched high and low to find a provider but got refused more than a few times, so I don't really think I got a good deal there
Ours gives us advice on all aspects and who to use. They do have affiliations with certain providers sometimes so you don't always get the cheapest/best rate but the fact they sort all the paperwork out is a winner for me.

Where are you based?
66 M240i Coupe, MW, Coral, Auto, Vis/Comfort/Sun, Pro Nav, Heated Wheel/Seats, Elec Seats/Lumbar, Adaptive, Camera/Park Assist, Speed Lim, HK, Split/Fold, WiFi/EBT, F/M

09 320d E91, Silver, Pro Nav, BT, Auto L/W, Ht/Leather, SPG, Cruise

User avatar
AndyBish135i
Enthusiastic Member
Enthusiastic Member
Posts: 1500
Joined: Wed Nov 25, 2015 9:56 pm
Location: Wurzel country

Re: Saving help

Post by AndyBish135i » Fri Nov 17, 2017 1:42 pm

I went to see an IFA just over two years ago when my Grandmother passed away and left me some money.
I explained what I (thought I) wanted and the level of risk I was prepared to take and the kind of investments I was happy with.
After a couple of sessions and some more research on my part we settled on an approach that suited me.

I have just passed the 2-year anniversary of my investments and (until this last week) have seen a 48% growth in that time (including fees).

It's taken a bit of a knock over the past 10 days or so but is still hovering about the 45% mark.

Get yourself some professional advice but don't be afraid to try something a little bit different to everyone else... :wink:
10 plate N54 135i in 475
6MT/CIC/CC/Xenons/Custom mids/BMWP v1 MFSW+handbrake+gear/Darklines/Zito935/BBMW CF Splitter+Diffuser/SSDD CF spoiler
viewtopic.php?f=19&t=94948

jimBabyBMW
Enthusiastic Member
Enthusiastic Member
Posts: 451
Joined: Sun Jun 04, 2017 8:34 pm

Re: Saving help

Post by jimBabyBMW » Fri Nov 17, 2017 2:08 pm

I'm in the midlands, anyone know a good financial advisor?

I'm afraid of stocks and shares until after Brexit, i'm well over paying on my mortgage and it's only just gone upto 1.74% anyway.

Thought about buying a rental in the wife's name, but i cant get the numbers to work, so again, waiting until after Brexit.

I've thought about going to see the bank, but my friend used to work in finance and spent all day selling products for lucrative commission, so I've always stayed away from them.

Could do with our cash working a bit better for us, might spend less of it too! lol

Tiggstar1
Experienced Member
Experienced Member
Posts: 224
Joined: Mon Aug 13, 2012 2:07 am

Re: Saving help

Post by Tiggstar1 » Sun Nov 19, 2017 12:40 am

OneTwenty wrote:
Fri Nov 17, 2017 9:10 am
Tiggstar1 wrote:
Fri Nov 17, 2017 2:22 am
OneTwenty wrote:
Wed Nov 15, 2017 7:48 am
You should definitely get a financial advisor as they will sort it all for you.

Our IFA has done our mortgages which we change every 2 years, our savings accounts, ISA’s, 2 x investment accounts for the kids they get when 18 and all our various life insurance policies.

He even put us in touch with a chap to do our wills.

We never have to pay him either, he earns commission from all the things he sets up for us.

This is what I need to start doing

Does an IFA give you advice with what account and ISAs to switch to?

Regarding life insurance, it's a joke for me because of my health issues. I searched high and low to find a provider but got refused more than a few times, so I don't really think I got a good deal there
Ours gives us advice on all aspects and who to use. They do have affiliations with certain providers sometimes so you don't always get the cheapest/best rate but the fact they sort all the paperwork out is a winner for me.

Where are you based?

Is it easy to change life insurance providers and if so what happens to payments already made.

I'm based in north London but I will travel for the right advisor.

Thanks for your help
2013 F20, 120d M sport, glacier silver, few extras - Gone
2017 Seat Leon FR

OneTwenty
Too Much Time To Waste Member
Too Much Time To Waste Member
Posts: 2375
Joined: Wed Jun 06, 2012 10:33 pm
Location: Lancashire

Re: Saving help

Post by OneTwenty » Sun Nov 19, 2017 1:58 pm

It’s just like car insurance, you swap to a new one and cancel your old one.

Nothing happens to previous payments, it’s literally insurance rather than saving for anything.
66 M240i Coupe, MW, Coral, Auto, Vis/Comfort/Sun, Pro Nav, Heated Wheel/Seats, Elec Seats/Lumbar, Adaptive, Camera/Park Assist, Speed Lim, HK, Split/Fold, WiFi/EBT, F/M

09 320d E91, Silver, Pro Nav, BT, Auto L/W, Ht/Leather, SPG, Cruise

Post Reply

Return to “General Chit Chat (Off Topic)”