Selection of musings for today. Ranging from tidying up debt to random bank accounts I've not mentioned before to (nearly) the first step into the investing world.
- Credit Card loan was coming to an end of it’s 0% interest period so has been moved. I took out a balance transfer for £7k via Barclaycard for 0% until mid-2017. Have paid off the remaining £162 off the old card and closed that account.
- Self-assessment tax. Had completely forgotten about this. As I earn over an arbitrary amount (£50k) me and Mrs are not entitled to Child Benefit payments. Sadly if we both earnt £49k and had a household income of £98k this would not be the case.
Anyway, putting aside my grumpiness, at the end of January ’16 we will owe the HMRC £1300. Each month I put aside money to deal with this (which I’ve just realised has never been accounted for within the blog). That account has a total of £800~ available. So we’re still going to have to use £500~ of our savings.
Although I have a funny feeling that when completing the form I selected to repay this amount via my income tax. Will have to call HMRC tomorrow to confirm.
So either our savings will be £500 down at the end of January or £800 up but with monthly take home reduced due to higher income tax.
- I’m also having to go on a few work trips over the next 4-6 weeks, predominantly to Cluj, Romania. This will likely mess up my monthly reporting and summary of finances so will have to be careful there.
Really I should have an additional account to deal with expenses to keep it nice and clean. Something for the future I suspect.
- I came very close to beginning my investment journey this week. I didn’t complete it however, mainly as I think I need to do more research… it’s quite daunting starting off from scratch.
My current plan is to put £50 into Vanguards LifeStrategy 60% ACC fund – which is 60% shares and 40% safer bonds etc. I plan to do this via Cavendish (as the Platform).
Actually I think the only reason I have held off is I do not know the exit costs. Will look that up now and perhaps next time I write it will be about my new investment experience.
- Redundancy Update. My company and another have now nearly completed the formalities. On the 2nd February they will merge and become one. On that day I expect more will become clear.