£££- Is it worth having any savings? -£££

Status
Not open for further replies.
D

Deleted User 11453

Striker
I've been saving cash quite a lot over the last few years, got about 5 months take home monthly pay in an ISA. It pays abut 2.8%, which is losing me money due to the high rate of inflation at the moment.

Is it worth maxing out the cash ISA next year in the hope that the inflation situation can be controlled, and that interest rates will rise?

Or should I just overpay the mortgage and spend some cash on my house which will probably fall in value over the next year?
 


if you have a mortgage then you shoudl have been overpaying that instead. just keep a slush fund of savings


alterantivley stick some in Zopa and realise between 8 and 10% gross
 
Epping said:
if you have a mortgage then you shoudl have been overpaying that instead. just keep a slush fund of savings


alterantivley stick some in Zopa and realise between 8 and 10% gross
Click to expand...

I have been mate, will probably focus on that over the next year.

Also considered investing in shares but don't want to lose cash either.
 
Epping said:
if you have a mortgage then you shoudl have been overpaying that instead. just keep a slush fund of savings


alterantivley stick some in Zopa and realise between 8 and 10% gross
Click to expand...

whats this?
 
Epping said:
not dodgy at all.. just peer to peer lending cutting out the bank.

peopel get loans at reasonable rates and people get a reasonable return on their savings..

all fully regualted and legit
Click to expand...

seems too good to be true Epps, are your savings guaranteed
 
Happened to be listening to Radio 4's money programme the other day. Their guy reckoned that there was nowhere in the country that you could put money and get net growth. The best suggestion he could make was a cover your bets option of property, precious metals/gems and some moderate risk shares.
 
lordy said:
seems too good to be true Epps, are your savings guaranteed
Click to expand...

all your doing is lending money out on 3 or 5 year terms. set your limit on the person your lending to to no more than £50 or so and that is yoru max liability to any one individual.

they now allow you to get your money back quicker by selling your loan book to someone.

I think they have more lenders than borrowers at the moment which obviusly drops the returns a bit as its supply and demand.

I've ben doing it for nealry two years and other than an odd late payment I've had no isse at all.. made over £300 interest on £2k aftr fees etc deducted. I think I'm avearging about 8.3% return. obviusly shoudl declare to the tax man but thats still 5% net
 
Windypants said:
Happened to be listening to Radio 4's money programme the other day. Their guy reckoned that there was nowhere in the country that you could put money and get net growth. The best suggestion he could make was a cover your bets option of property, precious metals/gems and some moderate risk shares.
Click to expand...

I've tried to diversify by buying some shares e.g. BP, BT, AstraZeneca etc. but still wary of another crash which would be the best time to invest more I suppose!

Still think that the general public will be shafted whatever they do. They will be turning to the stock market for a decent return but the people 'in the know' will be waiting for them to lose money and to pick up the assets at a low price.
 
Epping said:
all your doing is lending money out on 3 or 5 year terms. set your limit on the person your lending to to no more than £50 or so and that is yoru max liability to any one individual.

they now allow you to get your money back quicker by selling your loan book to someone.

I think they have more lenders than borrowers at the moment which obviusly drops the returns a bit as its supply and demand.

I've ben doing it for nealry two years and other than an odd late payment I've had no isse at all.. made over £300 interest on £2k aftr fees etc deducted. I think I'm avearging about 8.3% return. obviusly shoudl declare to the tax man but thats still 5% net
Click to expand...

very interesting, are they looking to float?
 
lordy said:
very interesting, are they looking to float?
Click to expand...

I dont knwo they operate in teh US, Japan and the Uk.. I know that much.

all heavily regulated areas.

If I had some cash at the mometn I'd happily put more in. all I do at present is reinvest any money that is paid back. don't take anything otu at all
 
cashed in me saving to buy me car, rather than take loan/ finance which i normally do

then just pay back into me savings what i would have paid the bank/ finance company, therefore saving about £35 a month interest, i was gaining about £4 interest in savings
 
In a similar situation myself. Don't really want to chuck it all in the mortgage in case something happens and I need the cash.


Epping said:
if you have a mortgage then you shoudl have been overpaying that instead. just keep a slush fund of savings
Click to expand...

What's an ideal size slush fund.
 
Gerrin said:
In a similar situation myself. Don't really want to chuck it all in the mortgage in case something happens and I need the cash.
...
What's an ideal size slush fund.
Click to expand...

I have a flexible mortgage so can under/overpay but should have got one of those current account mortgage thingies instead so I could switch the cash around more easily.

Don't want to tie all of my worth in the house either.
 
Gerrin said:
In a similar situation myself. Don't really want to chuck it all in the mortgage in case something happens and I need the cash.




What's an ideal size slush fund.
Click to expand...

check your mortgage a lot will allow you to release equity for no charge if you have built up a reserve.
 
Stevie Freestein II said:
I have a flexible mortgage so can under/overpay but should have got one of those current account mortgage thingies instead so I could switch the cash around more easily.

Don't want to tie all of my worth in the house either.
Click to expand...

Was planning on switching to a flexible one in 12 months when my current deal runs out. Who does the current account mortgages?
 
Status
Not open for further replies.

Back
Top