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Finance-related question: how long do you all keep paper records for? Bank/credit card statements, payslips, HMRC letters, etc.
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Jun 19, 2020 14:26
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Pantsmaster Bill posted:Finance-related question: how long do you all keep paper records for? HMRC letters I keep pretty much indefinitely, the rest of these are online-only for me
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Jun 19, 2020 14:34
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Indefinitely (they all go in a folder that's under the bed). Statute of limitations on anything you'll need them for ('you didn't pay this bill') is six years, a sensible time is 10 years, but if you are just filing away your bills in a folder by date then it's pretty trivial to keep them forever.
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Jun 19, 2020 15:22
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Pantsmaster Bill posted:Finance-related question: how long do you all keep paper records for? Approximately as long as it takes for me to scan them before shredding them.
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Jun 19, 2020 16:12
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I keep a handful of proof-of-address things around with my other Important Documents (like the water bill and the annual council tax thing) on the rare chance I need to rent a car or something, but other than that pretty much everything (bank stuff, insurance etc) has digital copies these days anyway. Payslips and P60s are the single exception, I spent a weekend a few years back doing a massive scan-and-shred operation on my old paper slips and keep them backed-up along with my other irreplaceable data. [e] speaking of which, I should really invest in a fireproof safe for stuff like the passport etc. Shame that 'we store your jewellery etc' bank vaults aren't really a thing these days. spincube fucked around with this message at 20:46 on Jun 19, 2020 |
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Jun 19, 2020 20:38
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so I could say that I finally figured out what this god damned cube is doing. Get well Lowtax.
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spincube posted:I keep a handful of proof-of-address things around with my other Important Documents (like the water bill and the annual council tax thing) on the rare chance I need to rent a car or something, but other than that pretty much everything (bank stuff, insurance etc) has digital copies these days anyway. Payslips and P60s are the single exception, I spent a weekend a few years back doing a massive scan-and-shred operation on my old paper slips and keep them backed-up along with my other irreplaceable data. Metro Bank have safe deposit boxes in all of their branches if you live in the south.
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Jun 19, 2020 22:55
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Good idea - I'm in the Humber area, though, so the nearest Metro Bank branch looks to be *checks* well over an hour's drive away. Lloyds also seem to have a single branch in Manchester that offers safe deposit boxes too, but likewise. I've also looked at a few self-store places, out of vague curiosity, and although a few advertise 'document storage', this of course means 'paper business records dating back to the 80s that you're legally required to hold', i.e. they're expecting vanloads of musty cardboard boxes and not, like, a single ringbinder with passport, birth certificate, swimming certificates etc. So if anyone's looking for a brilliant Dragon's Den idea... 
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Jun 19, 2020 23:17
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Sad Panda posted:Longer term This is almost certainly illegal in the UK, please do not do this part.
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Jun 27, 2020 13:49
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My credit card debt is officially lower than my savings now. I'm pleased. (Roughly 1170 vs 1500)
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Jun 30, 2020 20:08
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Sloth Life posted:My credit card debt is officially lower than my savings now. I'm pleased. (Roughly 1170 vs 1500) Any reason you're not using your savings to clear the credit card balance?
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Jun 30, 2020 20:48
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Theophany posted:Any reason you're not using your savings to clear the credit card balance? My cc is 0pc interest for a while yet and should be paid off by the end of the term.
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Jun 30, 2020 21:55
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Sloth Life posted:My cc is 0pc interest for a while yet and should be paid off by the end of the term. On the flip side, your savings is also probably 0pc interest
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Jun 30, 2020 23:13
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Sloth Life posted:My cc is 0pc interest for a while yet and should be paid off by the end of the term. Good shout, I'd be remiss if I didn't ask 
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Jun 30, 2020 23:21
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mfcrocker posted:On the flip side, your savings is also probably 0pc interest Excuse you I got a grand total of 57p interest last month! I'm gonna be rich baby 
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Jul 1, 2020 08:49
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Theophany posted:Good shout, I'd be remiss if I didn't ask Of course, it's avoid question! Sorry I'm real abrupt and dont mean to be 
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Jul 1, 2020 08:51
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Sloth Life posted:Of course, it's avoid question! Didn't come across that way
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Jul 1, 2020 09:42
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Pantsmaster Bill posted:Finance-related question: how long do you all keep paper records for? I try and move as many services as possible to online. But core paper records I store in a separate a4 box.
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Jul 9, 2020 15:06
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Doccykins posted:Stocks and Shares ISAs - OP note: I am here Really great OP. I opened my first stocks and shares ISA with fundsmith (£2500 in Fundsmith Equity Fund T Class Acc) in aug 2019 and to date it has made 7% (i get to keep 6% - yahoo!). With the 12 month anniversary coming up (at which point i can take money out penalty-free) im deciding between a) redeeming/withdrawing the 6% 'profit' and then paying in another few thousand or b) just paying in another few thousand. which is the most efficient approach? on one hand i dont expect shares to collapse which is why i aim to invest more this year. but im also keen to crystallise my meagre gains even though it's only about £150...
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Jul 17, 2020 23:35
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Breath Ray posted:Really great OP. I have no idea what you are trying to do here. But if you take money out of an ISA then you can still only pay in £20k a year so if you aren't planning on spending it all you are doing is taking it out of a tax protected environment.
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Jul 18, 2020 10:11
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Breath Ray posted:Really great OP. If you don't need it, don't withdraw it. Growth compounds!
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Jul 18, 2020 10:45
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Hi, anyone with a Trading212 referral link for the free share for both of us? edit: Nevermind here if interested ed balls balls man fucked around with this message at 20:14 on Jul 20, 2020 |
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Jul 19, 2020 16:47
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Alchenar posted:I have no idea what you are trying to do here. But if you take money out of an ISA then you can still only pay in £20k a year so if you aren't planning on spending it all you are doing is taking it out of a tax protected environment. Theophany posted:If you don't need it, don't withdraw it. Growth compounds! gents, youre right. i've left it as it is and opened a new s&s isa with vanguard. as fundsmith is big on tech (microsoft, fb and paypal) I thought i'd go for something fun like the Vanguard Japan Government Bond Index Fund
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Jul 20, 2020 18:05
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Please stop, just put your money in an index fund (Legal & General do several really good ones to pick from).
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Jul 21, 2020 12:59
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Alchenar posted:Please stop, just put your money in an index fund (Legal & General do several really good ones to pick from). Yep, keep it simple. I've got my stuff in a FTSE 100 index fund at the moment and it's outstripping the managed funds quite handily
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Jul 21, 2020 13:36
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can i open two s&s isas in the same year though? no worries if not, my gf will be open to the ethical one: Pricing and charges Selling price (p) 92.66 Buying price (p) 93.39 Historic yield (%)* 3.70 Ongoing Charge (%) 0.55
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Jul 21, 2020 13:36
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Breath Ray posted:can i open two s&s isas in the same year though? no worries if not, my gf will be open to the ethical one: No though you theoretically could open four ISA accounts but they must be different types of ISA, e.g. Cash, S&S, Innovative Finance, JISA, and of course the £20,000 limit applies across all accounts, not per account. Is that an OEIC? Bit odd that it has a bid/offer spread. Also, don't waste your time picking single asset class funds. Least of all Japanese govies lol.
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Jul 21, 2020 13:55
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i dont know what an oeic is but this is the L&G page https://www.legalandgeneral.com/investments/funds/full-fund-range/equities-index-tracking/ethical-trust/ i like the sound of the japanese govies for solid scientific reasons: theyre used to stagnation and they wear masks
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Jul 21, 2020 14:02
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Alchenar posted:Please stop, just put your money in an index fund (Legal & General do several really good ones to pick from). This, please. In the kindest possible way, it's really coming across that you don't know much about investment types, so please don't just pick specific ones at limited knowledge, use diversification instead, ideally using something that does that for you, like a smart portfolio based on risk appetite, e.g. https://www.ig.com/uk/investments/smart-portfolios
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Jul 21, 2020 14:36
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Just remember with investing you can either back the whole market and share in the combined gains and losses of all the companies or you can pick individual stocks or sub-sets. When picking individual stocks or sub-sets one of three scenarios is true. 1) You're having a gamble, you know you don't know better than the market and see it as exactly the same as a trip down the casino. In which case, acknowledge it, sign up to wall street bets and you do you. 2) You don't know better than the market. But you think you do. You might even see a few gains, luck is luck after all but eventually you'll end up losing out to people who just back the whole market. Sometimes spectacularly so. 3) You do know better than the market, or your so fantastically lucky for such a long period no one can tell the difference. In which case if you can beat the market by 1-2% you can easily make a 7 figure salary in new york or london and if you can beat it by more shady people will pay you more money than you can dream of to do it for large stacks of other peoples money. Its next to impossible to beat the people who just buy the whole market in a low cost fund and chill. So much so that even squeezing out just a tiny bit more is a skill worth literally millions a year. Beating it by a large margin (and being able to show its not a fluke) basically makes you the single most employable person on earth and a person who commands a salary that would make most multinational CEOs blush in embarrassment. Think about what the big finance houses put into trying to find that extra 1%, the amount of money, skill, manpower and whatever else might work that Goldman, JP Morgan etc throw at this, never mind all the hedge funds that don't act publicly, if you think 3 is true you think you can do better than those people. If you're that person, good luck and maybe save the forums next time they nearly blow up. I'll be taking the easy life shoving my money into set of a low cost whole market funds. Cast_No_Shadow fucked around with this message at 15:05 on Jul 21, 2020 |
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Jul 21, 2020 15:01
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The ongoing charge on that thing is brutal. I thought halifax's access to vanguard indexes was bad at like 0.2% TER but 0.55% is something else.
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Jul 21, 2020 15:02
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Cast_No_Shadow posted:Just remember with investing you can either back the whole market and share in the combined gains and losses of all the companies or you can pick individual stocks or sub-sets. Thank you for your responses, honestly. Other stuff i have going on is a DB pension and tenanted property, so these investments are comparatively small fry. Let's say I have about £7.5k in savings, with a third of that in Fundsmith S&S ISA which has been pretty good to me. the japanese thing was 0.24% and 3/7 on the risk scale. that leaves the ftse 100 index I suppose?
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Jul 21, 2020 15:45
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Breath Ray posted:Thank you for your responses, honestly. Other stuff i have going on is a DB pension and tenanted property, so these investments are comparatively small fry. Let's say I have about £7.5k in savings, with a third of that in Fundsmith S&S ISA which has been pretty good to me. the japanese thing was 0.24% and 3/7 on the risk scale. that leaves the ftse 100 index I suppose? Yeah literally just dump it in a ftse tracker
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Jul 22, 2020 01:07
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Stick it in a low cost passive index tracker. Any will be fine as the easiest to find options will be either UK (FTSE), US, Europe or similar. If we want to nit-pick a little you get better diversification by doing a whole world or at least whole developed world fund. Personally I also do versions of whole world excluding UK because I'm already heavily over investing in the UK due to my house, job and life being here. (ie. if the whole world goes to poo poo but the UK doesn't, I'm fine because I live here and work here. If the UK goes to poo poo but the rest of the world doesn't at least I have my savings, if everything is poo poo everywhere or great everywhere it makes no difference). Also the same arguments against picking individual stocks apply to picking individual markets just as well, why do you (plural non-specific you) think you know that the UK will do better than say Ethiopia or China or Germany etc than the market. By investing in just a FTSE fund that's what you're saying with your actions. Admittedly the effects are likely to be far less pronounced than single stock investing but the principle is the same. Cast_No_Shadow fucked around with this message at 14:01 on Jul 22, 2020 |
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Jul 22, 2020 13:58
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Cast_No_Shadow posted:Stick it in a low cost passive index tracker. Yeah that's a fairly good point, I mainly was lazy and went with what I knew. E: I'd also actually argue that going for a non-UK option is probably a good idea given our 'rona response and Brexit on the horizon. Have chosen to move my stuff into a Europe minus UK index instead. mfcrocker fucked around with this message at 14:51 on Jul 22, 2020 |
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Jul 22, 2020 14:33
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Oh I think the UK and Europe are absolutely bad investment options at the moment (with a few exceptions put your fun money in Games Workshop) and you should absolutely go for an international or US tracker.
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Jul 22, 2020 19:27
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Alchenar posted:Oh I think the UK and Europe are absolutely bad investment options at the moment (with a few exceptions put your fun money in Games Workshop) and you should absolutely go for an international or US tracker. Again, what you're doing here might seem logical but it's the same as pointing at a companies full year results and saying they will underperform the market next year. Maybe but it's probably priced in already and who really knows what will happen or what's happening elsewhere
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Jul 22, 2020 19:51
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Went into Danske Bank today to make a £6000 withdrawl in Bank of England fifties (needed to stuff my mattress but i'm assuming they think i have a major cocaine habit to feed or some such). Only now have i found out that anything at/above £2500 requires reasons and the go ahead from manager etc.... colour me very surprised & pissed off as i'm the bugger doing the 12 hour day/night shifts to earn it.  Getting to my actual question: what is the most i can ask for from my account without triggering the paperwork and relevant bank staff giving the go ahead on the transaction? I asked the teller and she refused to tell me. It's my money and i'll cry if i want to.
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Jul 29, 2020 13:16
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Just Another Lurker posted:Went into Danske Bank today to make a £6000 withdrawl in Bank of England fifties (needed to stuff my mattress but i'm assuming they think i have a major cocaine habit to feed or some such). It's entirely down to policy but generally anything over £500 without notice triggers HOLY poo poo FRAUD/DRUGS sirens. Also it's a ballache for the branch if one persons hoover up all the cash they keep on site without notice. Asking for the limit is also a bit 'oh wow this guy is getting played by fraudsters' warning. I'm hoping you are joking about stuffing the mattress but just fill in the paperwork.
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Jul 29, 2020 13:54
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They think you have a cocaine habit, and are using the cash to pay for your cocaine habit. You'll need to make an appointment to withdraw your 'this is not disco powder' money.
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Jul 29, 2020 13:55
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I've known of the £250/day limit at a cash machine but didn't know of any counter limits before having a bit of a google just now - Most banks seem to have a £2500 withdrawal in cash at a counter policy to limit courier fraud or money laundering unless you advise in advance that you are going to be making a larger withdrawal. Seemed to be a thing that came in around 2014/5 https://www.theguardian.com/money/2015/sep/12/big-cash-withdrawals-bank-barclays-denied-access Danske Bank is indeed £2500 before they stop and ask questions - https://danskebank.co.uk/personal/help/cash-withdrawal-limits
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Jul 29, 2020 13:58
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