FR having a go!

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Freeranger
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FR having a go!

Post by Freeranger »

I was very inspired by Spudley, and by Ilona. I don't want to be quite so dedicated to the cause, but I have been wondering why I never seem to feel any more financially secure. Time to do something about it.
I've also recently taken over managing my Mum's financial affairs, and there's something about it being somebody else's that's made me very conscientious with it. I've realised we have space for improvement on things which I haven't been bothered to spend the time on.

So - power. Mum's been mixed up with this charity/tariff thing, so she's been paying through the nose for ages. OH booked us up with a company because they gave us £50 of free wine, thinking they are all much the same as each other, but they're not. We can all three save shed-loads.
We are getting a free load of wood for our central heating furnace in return for our failed-its-MOT-expensively 4x4, and have temporarily ditched our green credentials to burn coal instead of wood indoors. Feel bad. but it's so cheap by comparison.
TV - Mum's been paying for a licence which should have been free for nearly 5 years. Got a refund for this year, but chasing the previous years' as well. And from Virgin. Such hard work.
Insurance - we're probably over-insured, and I think we can save a couple of hundred here as well.

On to Bank Interest. If anyone hasn't heard of them, try looking at www.SavingsChampion.co.uk (or.com - can't remember). Two of the high street banks have current accounts at 5% up to certain amounts, and linked regular savers that have max amounts too but also 5% interest. Another bank is offering 4% and another 3% but with an upper limit of £20k. All instant access. You can move the same amount from account to account and back again to satisfy the conditions. If you can be bothered with the faff, this is money for old rope - FREE. This is worth 100s of ££s. Warning - this is a LOT of faff, and will try your patience.

I realised that we should be doing the same with our money too, so have switched our joint account to a 5% rate, and will be setting up more accounts for me. We have also tripled our free overdraft (which we can keep running and put the 'overdraft' in a savings account. I've realised that, being self-employed, this changes the best way to pay myself re. tax and interest, so there's a (not huge but) significant improvement.

Today I paid my VAT bill on time (fine avoided) and booked myself in as a trainee day hairdressing model - cut and blow dry for £10 instead of the usual £30. OH broke the zip on his last pair of trousers, so picked up two good condition pairs for £2.99 in an Oxfam shop, which will do until he diets into ones in the cupboard.

I'm going demented with all of the paperwork etc, and getting very fed up with the big companies, but I think that's not a bad start to Feb. :-D
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Mo
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Re: FR having a go!

Post by Mo »

Well done.
I assume that you or your Mum have savings that you need to earn interest on.
It is a right faff juggling all the current accounts - yes you can do the Standing order thing but beware. Nationwide BS moves money on a Saturday, and if you are moving money from a bank to a Nationwide Current account and then on into a saver you'll find you may have an overdraft with charges (and then again next month if you don't notice the charges on the statement). Some need regular direct debits going out (2 each month, mostly).
And the 3% on £20,000 one has just put it's monthly fee up to £5. It gives cashback on the direct debits on my bills but won't cover that - it did this month as I've just had a gas delivery, won't otherwise.
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Freeranger
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Thanks for the tip-off on the Saturday transactions.

Yes, we are talking about Mum's savings mostly. It's not a huge sum, but the interest really adds up over a year. You do have to put a certain amount in, but you can take it out again and cycle money from one account to another and back - that lets you spread savings across accounts and then meet the conditions with one single amount. I quite agree about the faff. Huge, HUGE faff. But I have an obligation to Mum to do the best I can for her. I'm not close enough to look after her, but I can do this.

Maybe these accounts aren't the right ones for everyone - they were for Mum. I'm not a financial advisor - just trying to share helpful experience. There are many more different types of accounts and information on SavingsChampion (and other places), and the big money-management sites often refer there for information.

For wages and pensions, they may as well be earning 5% as none at all, and anyone who's on income support could get that. I think everybody could benefit from at least considering what's available. RBS has a 1-2-3 account which gives discount off utility bills. There's a lot of competition in banking at the moment, so there's something to be gained for just the faff. Most of us have more time than money.....
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p.penn
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Re: FR having a go!

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My goodness Freeranger, you have really been doing your homework! Good for you )like(
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Freeranger
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Re: FR having a go!

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Finally managed to get an answer from the demon power company, and because they've been working on estimated readings for such a long time, the refund due on my Mum's bill is in the order of several hundreds, rather than tens {warn} . Result.
Ran and had a look at our meters >fi< , but unfortunately ours is about right. No refund for us {cry}. Suggest this might be worth checking.
Went for a coffee with a friend who got held up at work and couldn't get away at the cost of c. 1 gallon of petrol wasted (£5) and a coffee at £1.50 (it was cold and I needed an excuse to use the loo!).
Got an unexpected but very nice invitation to the Rural WI yesterday, so 1/2 gallon of petrol and some raffle tickets (£2). Free coffee and biscuit, though! And an invitation to coffee.
Also very cold, so have had a fire indoors, but noticed that even Ilona had the heating on so don't feel too extravagant.
All the progress seems to be for Mum not us!
Have got £75 coming for scrapping our Freelander, that has spectacularly failed its MOT - that's sort of good, right? I suppose it means savings on insurance, tax etc....Sorry to see her go, as she got us through some difficult times here. I think I know where our frugal savings are going.
Freeranger
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It's MS Expert website NOT supermarket.
Freeranger
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I finally extracted the refund from Mum's power company. Can't believe they kept £1008 of an old lady's money.

The DD had been set too high for ages, and that's how much they'd over-collected without even thinking of re-setting the amount.

We decided to merge our phone and internet accounts to get a better deal, and the company managed to cancel both and declare our phone line non-existent. We've had to go to town to get wifi for receiving emails and chasing them up. It's 25 mins each way. Hopefully, they're paying us back for this.

Why is it all such a bureaucratic nightmare?
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KarenE
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Re: FR having a go!

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It sounds like you are having a tough time Freeranger {hug}

I read on Moneysavingexpert that some energy companies can hang onto your money, even if you switch providers. They have a policy (almost) of not giving refunds unless asked, which I think is a disgrace. How is that not theft? Sadly many companies nowadays seem to care more about profit and not so much about customers.

Hope you get things sorted )t'
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Freeranger
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It's theft in ,my book, too, Karen. Thanks for your kind wishes.

I had my cheap haircut today - very professional result but 45 min drive each way and 3 hours for the cut.
Everything has a price, I suppose, but still cheaper than the normal place.
Freeranger
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Accepted an offer of £50 from the dreaded energy company as recompense for their failings. Not really enough, but I don't want to waste my life taking it to the ombudsman - I don't feel I have the energy.
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lancashire lass
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Re: FR having a go!

Post by lancashire lass »

I had a similar problem with my gas - the amount they wanted per month exceeded the gas used in a year and they had the audacity to increase the monthly payments. When I telephoned the company to complain, luckily the guy on the other end of the phone was quick to give me a refund (£500) and changed the monthly payments to something more sensible.

What I found with the direct debits is that there is a yo yo effect - they underestimate how much gas or electricity you might use (my usage has over the years has gradually fallen especially when it is a mild winter but also I think those little changes such as insulation, changing to low wattage bulbs or changing habits), and then the end of year summary shows a large amount owing so they increase the payments over and above what you need to pay back plus the following year's estimate and then end up with a plus (to be fair has been gratefully received when refunded) Have to confess that the system has got better and now you can even alter your own monthly payments online if you think you might be under or over paying so you are in better control.
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Richard
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Re: FR having a go!

Post by Richard »

I had a problem a few years back and stopped the Direct Debit.

They went through all the pay it now process's and I refused asking for someone to come round.
Some Chappie did come round, I showed him the set up here and he felt I was paying quite a bit as well and felt that somehow I'd been overcharged.

Got a refund, settled on a new monthly payment then see what it results out as the year went on.
Even that was over estimated and my payments were reduced the following year.

Wishing you well with it.

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Freeranger
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I know it's not February, but I got my seed tatties yesterday and red onion sets - it was at a potato day & green fair that I help organise. The tatties were free as a reward for my efforts, so hopefully will get free spuds for the year and it might spur me on to do more with the rest. Got an offer of free rotted compost as well and lots of tips on improving my home-made stuff, and general gardening advice from some real experts. All free. It's sunny outside and I want to run and get started now!
Freeranger
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Am now on cheap holiday, house-sitting for friends and their menagerie.
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