Help ideas for using savings?

[tris-]

sorting my cash situation out now. pretty soon i will have about £380 saved up. going for a job which ive got experience of doing already so im HOPING i can get that. it will get me about £3,500 before tax in 13 weeks.
i dont know how the tax works out, this tax year ive not earned anything. and last tax year i only earned 1900£.

so i may have smething like £2,500 > £3,000 saved. still with a year of uni left to go.

do i just keep saving?

 

[old.Tohtori]

Well i never got saving, as in, saving for nothing. But do keep up, why not, can buy something sweet as a present for yourself if nothing else.

 

[tris-]

im not sure id want to spend it as a present to my self. im trying to make my self a bit more responsible at the mo. id rather i use it for something important. but i dont know if there is something i WILL need it for, or can it be easily invested somehow.

 

[Golena]

Having a lump of cash like that when you leave uni will actually be really helpful.

When you leave uni you need to go find yourself a job, now unless you get a fair bit of help from your parents (which is probably fairly normal these days at this point) you'll suddenly find a few things out.

You'll get paid at the end of your first month of working, not in advance, so you'll need to fund that first month out of your own pocket. You may well also need to move to your new job which means unless your going to go get a mortgage (which you need cash for anyway) you'll need to also pay your first months rent + a deposit on where your staying + moving costs, etc etc.

You could go stick it all that on credit, but then if something goes even slightly wrong you tend to end up in the crapper fairly quickly.

 

[Lamp]

Yep, keep saving. If you spent it now on crap that you really don't need, you'll regret it later when you need it for something important.

 

[Chronictank]

Put £3600 in an ISA and the rest you dont want to spend in Premium Bonds, then it will be tax free

 

[pikeh]

unless there is something that you really really want then dont spend it imo.

 

[tris-]

currently its just sat in an egg savings account. would i better off now putting it in bonds. as apparently you can cash them in at any time anyway.

 

[Ezteq]

put it in an isa or high interest savings while your procrastinating on how to blow it all on cheap booze and wimmin...at least you'll earn some interest

 

[pikeh]

or you could just buy me a PS3.

 

[Hawkwind]

it will get me about £3,500 before tax in 13 weeks.

Shorter skirts, better make up and try the posh hotels rather than the docks, should pay better per customer.

Regarding income tax, It's basically 20% of (what you earn in a tax year - any legitimate expenses incurred - your tax allowance).

5435 GBP is the Tax allowance so nothing to pay up to that point.

Info here

Income Tax and National Insurance rates for 2008/09 : Directgov - Newsroom

 

[tris-]

lol no way, so i can do this and not be charged any tax at all?!

 

[Eeben]

always good to have something to fall back on incase shit happens..

 

[Hawkwind]

lol no way, so i can do this and not be charged any tax at all?!

If you earn less than your allowance then yes.

 

[Laddey]

or you could just buy me a PS3.

360 tbh

 

[Maeloch]

Or you could bugger off around the world for 6months after you finish. This is one thing you may never get chance to do again with work gfs babies etc., once you on the treadmill that's it. I sat on some money, and wish I spent it while I had the time to make use of it. Regret works both ways on the spending and saving.

 

[tris-]

Or you could bugger off around the world for 6months after you finish. This is one thing you may never get chance to do again with work gfs babies etc., once you on the treadmill that's it. I sat on some money, and wish I spent it while I had the time to make use of it. Regret works both ways on the spending and saving.

always next summer to do that since ive got another year of uni left.

 

[old.Tohtori]

With that cash, you could probably live a year in thailand(or some such) and be like a king.

Actually worth thinking. Interesting if nothing else

 

[tris-]

with 3.5-4,000 £ ? i dont know about that id think youd need twice that at least.

factory job is looking good. been interviewed (filled in forms) and going for induction this afternoon.
12 hour shifts mind, longest ive done is 9 and that was horrendous! this is 4 on 4 off.

 

[old.Tohtori]

with 3.5-4,000 £ ? i dont know about that id think youd need twice that at least.

It's cheap as a mother down there. Well, maybe not like king, but some form of nigerian prince anyway.

 

[tris-]

It's cheap as a mother down there. Well, maybe not like king, but some form of nigerian prince anyway.

it is an idea. i reckon i will keep my savings untill next summer at least and then workout what to do with them. i know im already going on a holiday to cyprus but thats paid for. so i can possible do some other trips around countries and even meet up at cyprus with everyone else!

 

[Dark Orb Choir]

student with no overdraft WTF, my bank manager knew my parents first names fs i was in there so much asking for cash

 

[tris-]

student with no overdraft WTF

i was about 2k in debt at some points but ive managed to sort it out so ive now got savings and a positive bank balance.

 

[Chronictank]

i was about 2k in debt at some points but ive managed to sort it out so ive now got savings and a positive bank balance.

oo well done mr tris
no debts on a law degree, i'm impressed

Out of curiosity how comes you aren't doing a LPC?

 

[tris-]

what the fuck is an LPC?


im still living at home during term so most of my debts was abusing credit cards and drinking. had to get a grip on my self and sort it out.
even when i got the odd windfall i blew it all on shite :|

i dont want to do this job at all. the idea of 12 hour shifts is horrible! but i have nothing else to do. there is a lot of money at stake. sometimes you have no choice unless your parents are willing to shove it all up your arse for free.

 

[Bahumat]

what the fuck is an LPC?


im still living at home during term so most of my debts was abusing credit cards and drinking. had to get a grip on my self and sort it out.
even when i got the odd windfall i blew it all on shite :|

i dont want to do this job at all. the idea of 12 hour shifts is horrible! but i have nothing else to do. there is a lot of money at stake. sometimes you have no choice unless your parents are willing to shove it all up your arse for free.

Well done on actually having some money for a student

Due to being a student it might be worth getting a bank account with a good interest rate, but you can access the money at any time. ISA's etc will give you a better interest, but the amount you have is not exactly £30k so whether it's 4% or 6% you wont notice much difference.

The reason I say this is because if you have an account which you have trouble accessing the money, you could really regret it!

Once you are working full time, thats when you should sort out ISA's etc imo

 

[tris-]

my savings account is pretty good i think. i can get the money into my main account in 3 working days or withdraw from a cash machine with a card. also has 6% interest i think.

 

[Bahumat]

my savings account is pretty good i think. i can get the money into my main account in 3 working days or withdraw from a cash machine with a card. also has 6% interest i think.

That sounds good.

One thing I learnt about ISA's from my parents the other day. The max you can put in is £3,600 per year. If you put it all in today, then took it out tomorrow, you could not put it back in till next year.

 

[AngelHeal]

saving is good.

you will allways get suprises you wont like euhm... just euh.. u know..

Spoiler

a BABY!!! xD

costs money etc

 

[Mey]

Tris- I'm pretty sure you exempt from savings tax [student an all] (which is taken straight out of your interest), see if egg have a form you can fill in or something.