Mar 16, 2021

The Mattress

 

Mar 16, 2021

Nike shoebox under my bed, I don't trust bankers

 

Mar 16, 2021

5 different current accounts, 8 different savings accounts. 3 stocks and shares accounts and 3 pension pots (although I do need to combine those).

No joke.

 

Mar 27, 2021

Imagine keeping your money in the bank

 

Mar 24, 2021

This is also very good advice. Don't know what it's like for other countries but in the UK, anything you pay on top of a monthly repayment is direct capital (ie, interest is not added to it).

However, depending on mortgage rates Vs compound interest factors, it may still be better value in the long term to invest in stocks than to overpay a mortgage. Getting a mortgage now when rates are at rock bottom is great, but investing in the stock market generating a 5% dividend would generate more income over 20 years than you would pay in interest so it's the better bet. Just.

If you can manage your finances so you're doing a bit of both then you've hit the promised land!

 

Mar 16, 2021

I used to be awful with managing my money. But now I have different bank accounts for different things.
1 for day to day spending
1 for food shopping
1 for holidays/vacations - whatever you want to call them
1 for my business expenses
1 for savings

That way, I have my salary paid into one account and then I have direct debits to push money out to the other accounts the day after pay day. That way I know all of my essentials and savings are dealt with, whatever I have left over is mine to do whatever I want with until next pay day.

If I can give anyone any advice at all with money management it would be to put your savings aside first, then spend what's left. Spending what's left at the end of the month will always end on nothing.

 

Mar 16, 2021

But I need to seriously re-evaluate my holdings. Shots scary with the threat of negative interest rates.