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It’s getting to that time of year when I like to get my backside in gear and sort out my accounts. That’s my savings accounts rather than business accounts, although this year I will need to do this as well for the first time (scary). I’m a bit obsessed with moving around my money and making sure I continue getting a good deal, and now we’ve got N it’s more important than ever.
I’m a big fan of Martin Lewis’ Money Saving Expert site and newsletter for getting updates on the best bargains and good deals, but I do tend to do my own research as well. Whatever you choose needs to be right for you, not just what’s the best of the best deals.
While on maternity leave I obviously had to curtail my savings as my income was all over the place for the year, so the year I was pregnant I saved like mad to cover myself while I wasn’t working. I reduced right down my standing orders to my various savings accounts, but now it’s time to work out what I can afford to save and work out which of my accounts I continue, and which have come to the end of their annual first year bonus and so need moving to another account.
- ISAs. I’m a scaredy cat and not willing to get less money out than I put in, so I stick with the cash versions. Time to upgrade as I do every year.
- Savings. I used to have a few accounts, but now have only one (now there’s a higher allowance for ISAs, I don’t find so much of a need to have as many savings accounts as I did at one stage). I’m pretty pleased with my savings account (I have an online one), but it’s annoying that the interest comes into my current account so I need to make sure each month that goes back to the savings account to get the most returns.
- N’s accounts. We missed the child trust fund, so we do now have the opportunity for having a junior ISA. However, they only seem to be stocks & shares, so I’ll be sticking with traditional savings accounts, until I have a decent lump sum to put away for him in a fixed term account.
I seem to have no idea at the moment what I need to organise or when, so I need to get out my spreadsheets, notepad, and calculator and start my research. I always start off thinking it’s boring sorting out my money, but actually I love it. Takes me back to playing (and usually winning) money board games as a child and counting the swimming money at school which I loved doing.