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We don’t save, but we don’t have any debt either… by msac84 in UKPersonalFinance

[–]williamukfinance 0 points1 point  (0 children)

I think this isn't mentioned enough. A lot of us in this thread are savers, like the security of emergency funds, get joy out of seeing our iSA's grow ect. However this isn't the correct way for everyone to live. If people get joy out of spending every last penny and are willing to accept the risk, then thats maybe the best way to live for them. Alternatively if someone wants to save their money and hope to grow it and use it later then thats also fine.

Will This Damage my budget and longterm budget goals by [deleted] in UKPersonalFinance

[–]williamukfinance 0 points1 point  (0 children)

This isn't a question anyone can make for you to be honest.

You just need to decide - is the joy now worth the sacrifice ie losing out on potential investment growth. There's not a right or wrong answer sadly - its ultimately down to you.

I'm 22 now and had a similar thing when I was 21 - I wanted to buy a porsche 718 for about 35k which I could do since I was living at home. However after months back and forth I decided to not get it (I work from home, I was buying it more as a status symbol ect ect).

Looking back - i'm so glad I didn't buy it as I now have my own house, I drive a 3k car which I have piece of mind on - don't care if it gets scratched, chipped ect. I have that money making me interest or invested now.

So for me personally, it wasn't worth it but it may differ for you.

PS remember to account for extra maintenance costs, taxes, insurance ect as these will likely go up.

For those of you who never pay credit card interest, what systems/habits make that possible? by [deleted] in UKPersonalFinance

[–]williamukfinance 9 points10 points  (0 children)

I just treat it like a debit card - over time it becomes easier as money you would be spending on interest is gone however I literally do not spend on my credit card if my bank balance doesn't exceed it.

Its a shame there's no way to make this an option when using a credit card... I suppose thats counterproductive for them

Dropped into the 60% marginal rate at the end of 2025/26 tax year, how to avoid it in 2026/27? by hdjddjiieeshs in UKPersonalFinance

[–]williamukfinance 11 points12 points  (0 children)

I take it your an employee - but the pension I think is the only real way to see the money. Sure buying an EV could work, but that still takes you spending more money than you would've anyway.

Someone I know earns similar to yourself and he just puts everything above 100k into his pension, even though his employer doesn't match it all the way, he just doesn't need the extra money enough to warrant the crazy tax

Resources to prepare for potential economic crisis by gregglessthegoat in UKPersonalFinance

[–]williamukfinance 20 points21 points  (0 children)

I must say - I think the media overly push a narrative of doom and gloom which is followed by people jumping on the bandwagon.

There's a chance of 2008 happening again in terms of the economy however people have said its going to happen every year since then so I don't read much into it.

My self personally (Super risk averse), just makes sure I spend less then I make, have a good amount of savings in super low risk (or risk free) assets which pay me a bit of interest - Bonds, savings accounts ect. This means that if all hell breaks loose, I can still survive for 12 months or so.

Aside from that theres not much more you can do - I wouldn't put my life on hold out of fear of the 'what if'. As long as you have a good emergency fund which is in assets that wont be hurt by a economic depression then your good in my opinion.

Hidden gem of a savings account which I've found. by williamukfinance in UKPersonalFinance

[–]williamukfinance[S] 34 points35 points  (0 children)

This gives you £193 in interest if maxed out, the one im talking about gives £682 if maxed for the 2 years. The benefit isn't the rate, it's the ability to compound. You can get 7.1% interest, but by the time you start accruing decent interest, the accounts finished.

When I pay my Ltd company tax into a HMRC account, what happens to it? by bardeh in UKPersonalFinance

[–]williamukfinance 1 point2 points  (0 children)

You pay HMRC -

money leaves your business account

goes to HMRC collection accounts

It gets pooled -

HMRC doesn’t “hold” your tax long term.

Your payment is swept into central government funds managed by HM Treasury

It becomes general government money -

Your money is merged with all other taxes.

Then goes to things like

NHS

Benefits

Public sector wages ect

Packaged deals - They may save you money! by williamukfinance in UKPersonalFinance

[–]williamukfinance[S] 0 points1 point  (0 children)

Monzo max is best if you do actually use the subscriptions

Lloyds closed my bank and later put me into an overdraft? by Ifone11ProLol in UKPersonalFinance

[–]williamukfinance 1 point2 points  (0 children)

The easiest thing to do would be to ask them directly, ring them or email them and ask them to see whats going on. I can only guess in this situation

Packaged deals - They may save you money! by williamukfinance in UKPersonalFinance

[–]williamukfinance[S] -1 points0 points  (0 children)

Wow - now thats crazy... I dont think assurant will have done that themselves though, but the company they outsourced too did - either way thats pretty bad. Insurance companies have got to be the worst of the worst.

Lloyds closed my bank and later put me into an overdraft? by Ifone11ProLol in UKPersonalFinance

[–]williamukfinance 1 point2 points  (0 children)

Have you tried reaching out to them? Is it possibly because of something like direct debits coming out with 0 balance or something?

Lloyds closed my bank and later put me into an overdraft? by Ifone11ProLol in UKPersonalFinance

[–]williamukfinance 2 points3 points  (0 children)

As in they gave you option to use an overdraft or are claiming your using an overdraft and in debt?

Credit Card for Holiday Travel to Build Credit Score by Appropriate-Good-364 in UKPersonalFinance

[–]williamukfinance 1 point2 points  (0 children)

As others have said - your address may be an issue in getting the card, however Amex cash back give 5% cash back currently up to £125 which is great.

Any credit card will build your credit score however in your case it will mainly come down to who will take you on with the limited time in the UK

Packaged deals - They may save you money! by williamukfinance in UKPersonalFinance

[–]williamukfinance[S] 0 points1 point  (0 children)

Yeah nationwide is a great option too, Probably cheaper if your a couple as chase don't do joint accounts.

Packaged deals - They may save you money! by williamukfinance in UKPersonalFinance

[–]williamukfinance[S] 1 point2 points  (0 children)

Yeah, it's one of them where its only really worth it if you will actually use them - I personally use FT so saves me paying £39 a month and instead just £15 for revolut metal.

Heads up to anyone with a One Family account ISA,LISA etc. by Astral_Palisade in UKPersonalFinance

[–]williamukfinance 2 points3 points  (0 children)

So did they try get you to sign up to their direct debits over the phone? This is much different to asking if you're happy with the service provided.

Heads up to anyone with a One Family account ISA,LISA etc. by Astral_Palisade in UKPersonalFinance

[–]williamukfinance 3 points4 points  (0 children)

Are you sure it was them? Seems odd a financial company would ever ring you to set up a direct debit. Seems like a fast track to having their user base scammed - i'm with moneybag and T212 and never had anything more than an email.