Money question…

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  • Money question…
  • Dickyboy
    Member

    do you already have a british account? if not you might struggle to open one if you don’t have proof of address that banks will accept

    Premier Icon benji
    Subscriber

    I can put it in a safe place for you 🙂

    Nick_Christy
    Member

    I have just received a bonus of 5k.

    I am not living in the uk full time but i do go back every few months or so for a weekend so its possible to use an english account or so.

    I would like to basically know what i should do with the money as in trying to get the most out of it.

    I can also put in another 5k if needed to optimise something different or so…

    thanks for your time…

    b r
    Member

    If you are putting £5k in cash into a new account you’ll be expected to be able to ‘account’ for it.

    Also not sure of any HMRC issues, but if you’d just sold a car shouldn’t be a problem 😉

    teef
    Member

    http://www.fundsmith.co.uk

    I’d would never recommend an investment but take a look at the website, watch the video clips and make your own mind up.

    Premier Icon nickjb
    Subscriber

    5k is a good amount for an ISA. If you aren’t a UK tax payer then you might not get the full advantage but it would be simple.

    AndyF1
    Member

    Buy a Bike or Two with it,have some fun. Intrest rates are diabolical,you`ll be lucky to make £150 on £5k over a year.

    wobbliscott
    Member

    Have you got a mortgage or any other debt? If so my take on stuff like this is that there is no point in trying to earn a few pence of interest if you’ve got large debt, like a mortgage. You’re far better off reducing the interest you pay on your debt than earning the pittiful interest you’d get off £5k. So either chuck it at your mortgage if you have one, or if you own your home but have no mortgage spend it on your property to enhance its value. If you’ve no mortgage and own no property, then maybe blow it and treat yourself to something nice. Afterall, its a bonus to reward you for hard work you’ve done and sacrifices you’ve made in your personal life.

    Premier Icon prettygreenparrot
    Subscriber

    its a bonus to reward you for hard work you’ve done and sacrifices you’ve made in your personal life.

    harking back to Hora’s Yorkshire Day thread there’s this unpaid overtime calculator from the TUC’s Worksmart campaign. Handy if you want to know how much a ‘bonus’ has cost you in

    sacrifices you’ve made in your personal life

    Now if you’ve done the work because you enjoy it and would rather do it than something else that is a different thing altogether. I still relish the nights spent coding when I could have been doing something else.

    What to do with it though… Spend it! Or put it in your pension pot if you’re a higher-rate UK tax payer. Buy some palladium. Get an ISA if you haven’t already used your allowance. Pay off a chunk of mortgage with 3/5 of it and spend the rest would be my instinct. double benefit!

    Premier Icon Northwind
    Subscriber

    Hookers, blackjack.

    Nick_Christy
    Member

    Got a brand new bike. No debt. I have an English account but not an isa. I can’t pay every month into it as it would be to difficult. But 10k I could put into it Tommorow. Can I just leave it there? Or any other options?

    Nick

    will
    Member

    Invest in 26″ wheels, I hear they’re making a resurgence.

    konagirl
    Member

    As has been said, interest rates are pretty low at the moment, which is good news for people with mortgages but bad for savers. It depends on whether you want to save the money long-term or just want to make the most of it over the next year or so.

    If you are looking at long-term savings and are likely to return to the UK for a period of time, I would look at ISAs (or pension if you are a UK tax payer currently) to make the most tax-efficient savings in the long-term. Otherwise, for short-term gains, most accounts you will get around 2% APR at most. Moneysavingexpert and other sites can give you a good idea of whats available. Yes, you can just leave the money in an ISA or savings account. I wouldn’t worry about not being able to do a regular saver as when you look at the equivalent APR over a year, they generally aren’t much different from putting a lump sum in on opening a normal savings account.

    If you wanted a flutter, you could put half in an ISA / savings account and half on the stock market (in an ISA if you want), noting that you can lose it all and need to invest time and effort researching stock. You can invest as little as £500 with a broker like H&L and the AIM market stocks can fluctuate massively (think 90% losses or 100% gains in 3 hours). Funds are generally a good idea over the long-term because they buy stock from lots of firms so the gains and losses tend to average out.

    Or you could look at peer-to-peer lending like Zopa, but after the fees, defaults and tie in period (generally 3-5 year loans) I have found I have only made a little more interest than keeping the money in a bank. So if your primary aim is to make money in the short-term its not really appropriate.

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