Do you have savings?

PostRe: Do you have savings? by **Grumpy David** » Fri Mar 22, 2013 12:19 am

Let's talk Bitcoin. (So I can leech GRcade's knowledge).

Does anyone buy Bitcoins? Mine Bitcoins? I like the idea of holding onto a few because they seem to gain value against the Pound and the Dollar. Not sure if they're actually something you invest in though.

PostRe: Do you have savings? by **Igor** » Fri Mar 22, 2013 2:30 am

No but I intend on starting soon. From next week I'll be working 20 hours a week. My plan is to have those wages paid into a new current account that I'm going to set up. Then, when my next lot of student loan/grant/bursary get paid into my student account (and so putting that account back into the black), I'll start using the new current account for my living expenses (should have a months worth of wages in by then).

What I'll then do is swap all DD over to the new account and then transfer everything in my student account (overdraft and all) into a cash ISA.

If I can continue to work 20 hours a week for the rest of my degree, my intention will be to not spend my loan/grant/bursary whatsoever and to only use my wages to live on. By the time I graduate, I should have around £8000 saved. Thank God for £30 a week rent. Hopefully there'll be no shock bill payments that'll strawberry float it up.

How does that sound? Any suggestions for a new current account? Decent online banking facilities and a decent Android app are major plus points. As is things like additional insurance, etc.

PostRe: Do you have savings? by **BizzyBarra** » Fri Mar 22, 2013 4:51 am

There needs to be another option in the poll....

PostRe: Do you have savings? by **Fatal Exception** » Fri Mar 22, 2013 8:46 am

My savings are higher than what's left of my student loan. Will I pay it off? Will I strawberry float :lol:

PostRe: Do you have savings? by **BizzyBarra** » Fri Mar 22, 2013 9:08 am

Fatal Exception wrote:My savings are higher than what's left of my student loan. Will I pay it off? Will I strawberry float

Pay that gooseberry fool off and be done with it. My student loan was there since 2004 and when I went back home in January I went to pay it off:

"Can I pay off my loan please".
"How much would you like to pay off today?"
"All of it." *drops two grand on the counter*

Felt good.

PostRe: Do you have savings? by **Fatal Exception** » Fri Mar 22, 2013 9:09 am

Dropping 13K just to save me a little over £100 each month just feels wrong.

PostRe: Do you have savings? by **BizzyBarra** » Fri Mar 22, 2013 9:16 am

13k!!

Jesus ye really get screwed over. But I only took one loan over the 5 years I was in college, work the summers.

PostRe: Do you have savings? by **Fatal Exception** » Fri Mar 22, 2013 9:19 am

Yep, I got butfucked. Not not quite as butfucked as students these days, leaving with over 30K in debt :fp:

PostRe: Do you have savings? by **jiggles** » Fri Mar 22, 2013 9:19 am

I think my student loan's at £22k.

PostRe: Do you have savings? by **Slartibartfast** » Fri Mar 22, 2013 9:53 am

Mine was £18k before interest.

PostRe: Do you have savings? by **Fatal Exception** » Fri Mar 22, 2013 9:59 am

Mine was 14K when I left, but for a few years it was going up faster than it was going down.

PostRe: Do you have savings? by **Peter Crisp** » Fri Mar 22, 2013 10:47 am

Fatal Exception wrote:Dropping 13K just to save me a little over £100 each month just feels wrong.

You will save yourself much more on the interest than you will earn from those savings and you will have £25 extra to spend a week. That's a few pints and games of pool a week or a new game a fortnight.

PostRe: Do you have savings? by **aayl1** » Fri Mar 22, 2013 10:53 am

Peter Crisp wrote:
Fatal Exception wrote:Dropping 13K just to save me a little over £100 each month just feels wrong.

You will save yourself much more on the interest than you will earn from those savings and you will have £25 extra to spend a week. That's a few pints and games of pool a week or a new game a fortnight.

Interest is charged at inflation on student loans.

I would say leave it, and just pay the minimum, FE.

PostRe: Do you have savings? by **Gario** » Fri Mar 22, 2013 11:22 am

Let's get this thread to 100 replies, folks

7256930752 · PostRe: Do you have savings? by **7256930752** » Fri Mar 22, 2013 12:49 pm

If anyone is interested I found out how much I would earn in an ISA (top result on moneysupermarket) putting in £100 a month for a year - a whopping £14. Looks like I'll go with premium bonds.

PostRe: Do you have savings? by **Slartibartfast** » Fri Mar 22, 2013 12:56 pm

Hime wrote:If anyone is interested I found out how much I would earn in an ISA (top result on moneysupermarket) putting in £100 a month for a year - a whopping £14. Looks like I'll go with premium bonds.

Ideally with ISAs you fill them up each year, because then you've gained the real bonus of protecting a sum of money from tax forever more. Once you've tax protected that money you can invest in other things (or more realistically, split the money throughout the year, but the aim should be to fill the ISA by March). It's less about the returns now as attaining that tax free status for the future.

PostRe: Do you have savings? by **jiggles** » Fri Mar 22, 2013 4:07 pm

Well, here we go. ISA opened. First deposit when I'm paid.

PostRe: Do you have savings? by **Tomous** » Fri Mar 22, 2013 4:18 pm

aayl1 wrote:
Peter Crisp wrote:
Fatal Exception wrote:Dropping 13K just to save me a little over £100 each month just feels wrong.

You will save yourself much more on the interest than you will earn from those savings and you will have £25 extra to spend a week. That's a few pints and games of pool a week or a new game a fortnight.

Interest is charged at inflation on student loans.

I would say leave it, and just pay the minimum, FE.

Yep, current interest rate on student loans is 1.5% and so if you can earn more than that on your savings (which you can) you should never pay it off earlier. It's the cheapest form of borrowing.

7256930752 · PostRe: Do you have savings? by **7256930752** » Fri Mar 22, 2013 4:21 pm

Slartibartfast wrote:
Hime wrote:If anyone is interested I found out how much I would earn in an ISA (top result on moneysupermarket) putting in £100 a month for a year - a whopping £14. Looks like I'll go with premium bonds.

Ideally with ISAs you fill them up each year, because then you've gained the real bonus of protecting a sum of money from tax forever more. Once you've tax protected that money you can invest in other things (or more realistically, split the money throughout the year, but the aim should be to fill the ISA by March). It's less about the returns now as attaining that tax free status for the future.

Excuse my ignorance but isn't it only the interest is tax free?

PostRe: Do you have savings? by **melatonin** » Fri Mar 22, 2013 4:22 pm

Unlike a mortgage, credit or car loan, nobody's ever going to kick down your door and demand you pay off your student loans. I keep that in mind every time I receive my annual statement, just before it ends up in the bin.

I've absolutely no idea what to do with my savings here in the US. I've set up a joint account between me and my wife, but the interest rate is absolutely pitiful - think we earned something like $0.75 last month :dread:

. Only benefit is that I have instant access to it, which will probably be required when buying a car in a few months time. I'll probably look into doing something more worthwhile with the rest then.

Do you have savings?

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