Tag Archives: income

Novemeber 2015 – Savings and Income

From this month on, I’m going to provide monthly updates to my savings. This will show the (hopefully) monthly increase in savings to reach a goal of a house deposit.

I will try and complete each post by the 1st of each month, so this month is a little late…oops!

Account Name Account type Amount
TSB 1 Current £   2,000.00
TSB 2 Current £   1,370.59
TSB 3 Current £                 –
TSB 4 Current £   1,226.85
Halifax Current £       794.10
Halifax Credit -£   2,959.47
Virgin Credit -£   2,724.24
Halifax H2B ISA £   1,200.00
Ratesetter P2P £       220.00
Fidelity Stock & Shares ISA £   2,471.39
Total in credit £   9,282.93
Total debts £   5,683.71
Total Net worth £   3,599.22

As you can probably see I have my money spread out quite a lot, this is for a number of reasons but each account has its benefits.

TSB Current Accounts:

The TSB current accoutns each provide 5% interest upto a maximum of £2000. So if I was able to (hopefully soon) max out these accounts then I could earn £400 interest (minus tax).

Halifax Current Account:

If this Current Account is in credit and has at least £750 paid in every month then it will pay out £5 per month.

Halifax Credit card:

This credit card is used for “Stoozing”. The long 0% interest on purchases that the card offers means that I can spend on the credit card and still gain interest from the money in the TSB accounts

Virgin Credit card:

This is another type of “Stoozing” card, the card provides 0% interest on money transfers (there is a 1.89% fee). I transferred this balance to the TSB accounts to gain interest

Halifax Help to Buy ISA:

The help to buy ISA is a great way of saving for a house deposit, I ran into more details about the benefits HERE.

Ratesetter:

Ratesetter is a provider of peer 2 peer lending, the website provides people loans funded by other people. The benefit is two-fold, firstly the lender (you & me) gets a great interest rate on our capital. Secondly, the borrower can get a low interest loan. If you are interested, please click HERE (Referral link)

Fidelity S&S ISA:

I opened up the S&S ISA last year and pump £200 per month into it, the past year hasn’t been great for my index fund (Vanguard Lifestrategy 100%) but I’m hoping it will pick up over next year, just in time to buy a house. I will go into more details regarding Index Funds in a later post

Income VS Expeditures

Nov 15 income

Income at the moment is fairly consistent, the “property” portion is rent contribution from my girlfriend

Main Salary £             1,875.65
Interest £                   9.39
Property £               300.00

Nov 15 Expenditures

Ill be honest, November was a BAD month.

Household: includes rent, food and bills, I pay bills on a quarterly basis and they both come out during one month. I will change this to a monthly to make comparisons easier.

Insurance: Being a 24 year old male, insurance is still sky high for me even though I have a boring car. At least its only a yearly expense

Gifts: I bought one significant gift this month, very costly and out of character for me. But she deserves it 🙂

Other: This consists on mainly Fuel and cash, I can only think the cash withdrawals are from nights out… its bad I cant remember ha

Going Out: We went for a long weekend in Rome on the cheap, this expense is usually a lot cheaper

Household £1,249
Insurance £513.73
Gifts £299
Other 173.08
Going out 141.71

Total savings for November: -£192

BAD MONTH