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||H2B ISA||£ 1,200.00|
|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 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
Income at the moment is fairly consistent, the “property” portion is rent contribution from my girlfriend
|Main Salary||£ 1,875.65|
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
Total savings for November: -£192