I'm wasteful with money, need advice and have a goal...
Discussion
Help to buy ISA info.
1st month you can put £200 in PLUS an extra £1000 in the same month.
Thereafter, it's maximum £200 pm.
By the time you get to the governments £3k max bonus, you would have been saving for 5 years.
You want to buy in 2-3 years so this is isa might not be for you.
You cannot have used or had another isa within the last year (not 100% sure though)
You never see the actual bonus money. It goes straight to the solicitors or whoever is dealing with the sale.
1st month you can put £200 in PLUS an extra £1000 in the same month.
Thereafter, it's maximum £200 pm.
By the time you get to the governments £3k max bonus, you would have been saving for 5 years.
You want to buy in 2-3 years so this is isa might not be for you.
You cannot have used or had another isa within the last year (not 100% sure though)
You never see the actual bonus money. It goes straight to the solicitors or whoever is dealing with the sale.
You have to look at 'you' first. The best thing you do when you're lost is not look even more intently at the map. Find high ground. And have a cup of tea.
http://www.fiveraday.co.uk/blog/life/
My advice. Don't sweat the detail at this stage. You've made the most important step, the first step. Take your time now for a bit. Sorry for the zen like blog, I'm not normally that up myself.
http://www.fiveraday.co.uk/blog/life/
My advice. Don't sweat the detail at this stage. You've made the most important step, the first step. Take your time now for a bit. Sorry for the zen like blog, I'm not normally that up myself.
thenortherner said:
TwigtheWonderkid said:
That's the full allowance of £10600 without any BIK deductions. Very weird.
How do I know it's correct?
The very best way that I have found to budget is use cash. Pay yourself £100 a week cash, use that for food, fuel and anything else that is not going out by Direct debit. If you run out tuff, you have to wait until next weeks pay.
Paying by credit or debit does not feel like real spending, use cash and it does!
Paying by credit or debit does not feel like real spending, use cash and it does!
As said previously the company car if £600 pm is a lot for a Mini. But if it can't go back then it's not an option.
Your 10 years behind most on the pension front so that's a priority. The healthcare can be found cheaper elsewhere if you really need it.
Drip feed money into savings accounts not the full amount into an ISA just incase you need it next week. There are 5% current accounts out there open one set up a DD and forget about it for a year or two you will get used to the money going.
As for the house £650 pcm you can easily afford the mortgage repayments on a Manchester city centre apartment at less than £100k rent a second bedroom out to a mate and cut your house costs in half.
Your 10 years behind most on the pension front so that's a priority. The healthcare can be found cheaper elsewhere if you really need it.
Drip feed money into savings accounts not the full amount into an ISA just incase you need it next week. There are 5% current accounts out there open one set up a DD and forget about it for a year or two you will get used to the money going.
As for the house £650 pcm you can easily afford the mortgage repayments on a Manchester city centre apartment at less than £100k rent a second bedroom out to a mate and cut your house costs in half.
A bit of an update:
I've an appointment with a chartered account in January. I spoke to him briefly on the phone today about what I was looking for and he's advised that I bring as much documentation with me as possible.
http://www.markgreeve.co.uk/aboutus.html
I cannot believe my car costs me £600 PM in tax. Hopefully the accountant will get to the bottom of it.
I've also decided to go down the high interest savings account route and will possibly give the government backed savings account a miss. Over 24 months I'll be capped at putting £4800 in there, with the government adding £1200 when it comes to house purchase time.
I think I'd be also more motivated with just one big pot of money and seeing it grow.
I've allowed my personal work expenses to mount up over the past 5 months, but I've also the receipts and it's been signed off today. So that's £3500 straight into my future savings account.
It's a 1 bed flat so no chance of a room mate I'm afraid. The lease is up in 4 months, so maybe I should consider a house share.
I've an appointment with a chartered account in January. I spoke to him briefly on the phone today about what I was looking for and he's advised that I bring as much documentation with me as possible.
http://www.markgreeve.co.uk/aboutus.html
I cannot believe my car costs me £600 PM in tax. Hopefully the accountant will get to the bottom of it.
I've also decided to go down the high interest savings account route and will possibly give the government backed savings account a miss. Over 24 months I'll be capped at putting £4800 in there, with the government adding £1200 when it comes to house purchase time.
I think I'd be also more motivated with just one big pot of money and seeing it grow.
I've allowed my personal work expenses to mount up over the past 5 months, but I've also the receipts and it's been signed off today. So that's £3500 straight into my future savings account.
It's a 1 bed flat so no chance of a room mate I'm afraid. The lease is up in 4 months, so maybe I should consider a house share.
Edited by thenortherner on Tuesday 15th December 21:37
Good work - doubled your savings from the original post!
Keeping on top of little admin things, like expenses, making sure you're getting a good deal on utilities etc is a good way of saving money.
As well as main savings I also have a savings account for toys/treats, I add to this each month and any big purchases for myself come out of there. I find that it stops me buying things I can't really afford.
Keeping on top of little admin things, like expenses, making sure you're getting a good deal on utilities etc is a good way of saving money.
As well as main savings I also have a savings account for toys/treats, I add to this each month and any big purchases for myself come out of there. I find that it stops me buying things I can't really afford.
What works best for me as a habitual money waster is to break it down to how much I should spend per day. Draw that amount out at the start of the week, and if it's say £20 a day stick to it. If that includes £50 of shopping then you're down to £10 a day (plenty for lunch and coffee). If you want to say spend £20 in the pub one night then reduce your day rate. Do this for any out of the ordinary expenditure and then scrimp and save accordingly.
Thanks for the advice everyone.
Applied for 2 ISAs yesterday, having had a look at the government supported first time buyer one and decided I'd go for it. I can tip in £200 there and take it out without any penalty etc. I'm also allowed another ISA to run at the same time, so applied for a separate one too.
Applied for 2 ISAs yesterday, having had a look at the government supported first time buyer one and decided I'd go for it. I can tip in £200 there and take it out without any penalty etc. I'm also allowed another ISA to run at the same time, so applied for a separate one too.
rb5er said:
£230 to fuel a diesel mini for a month?
Get rid of that crap.
Based on what? And you'd know how many miles I'd travelled that month, or any month, to come to that conclusion?Get rid of that crap.
Have a read of the rest of the thread. I'm sure I mentioned it didn't look right and I'd be looking into it. I have since done - I'd not completed my mileage submission before cut off, therefore all fuel spend (read £230) was deducted from my wage in a month where over half of this spend was business related. I got the difference back the following month.
Thanks for your input though.
thenortherner said:
Thanks for the advice everyone.
Applied for 2 ISAs yesterday, having had a look at the government supported first time buyer one and decided I'd go for it. I can tip in £200 there and take it out without any penalty etc. I'm also allowed another ISA to run at the same time, so applied for a separate one too.
What are the rates on your ISA? I opened up a Halifax HtB ISA last week - 4% (no tax) and then 25% extra when you buy seems like a bit of a no-brainer if you're looking to buy at some point in the future. Set up a standing order for £200 to go out the day after payday and forget about it Applied for 2 ISAs yesterday, having had a look at the government supported first time buyer one and decided I'd go for it. I can tip in £200 there and take it out without any penalty etc. I'm also allowed another ISA to run at the same time, so applied for a separate one too.
I'd then look at something like the Classic Plus from TSB which pays 5% (pre-tax) on balances up to £2000 or the Sandander 123 at 3% (pre-tax). You have to stick £500 in to those two accounts each month but you can set up £500 to cycle through them, i.e. pay £500 into TSB and then £200 out of that into a HtB ISA.Best of luck
If you have a company car, how come your PAYE Tax Code is 1060L? 1060L indicates that the full, normal, personal tax allowances for 2015/16 of £10,600 is being offset against your salary.
However, when an individual has a Benefit in Kind, such as a company car, HMRC will tax them on this benefit by reducing the level of personal tax allowances. In fact, in many cases, a company car can completely wipe out your personal tax allowances.
Are you therefore paying too little tax?
Is there a big tax shock heading your way when HMRC realise they haven't taxed you properly on your company car?
However, when an individual has a Benefit in Kind, such as a company car, HMRC will tax them on this benefit by reducing the level of personal tax allowances. In fact, in many cases, a company car can completely wipe out your personal tax allowances.
Are you therefore paying too little tax?
Is there a big tax shock heading your way when HMRC realise they haven't taxed you properly on your company car?
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