#15 Collection Of Musings And Updates

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.