An update

[azekeil]

Dear Journal,

I'm sorry I have been neglecting you horribly for the last couple of weeks. I've spent most of the time thrashing - doing a lot but not really changing anything. In this time I've had a disagreement with a loved one, finished reinstalled my linux router from scratch, bought a replacement washing machine, had a friend break his shoulder badly on a motorcycle, had a weekend of movies that is more tiring than it would otherwise seem, had a bad meal at a pub and failed to get round to editing and uploading my photos from the Prague holiday kissycat1000 and I went on.

Looking forwards I have an evening of helping to fix a bathroom for a friend, a LAN to go to, then a couple of weekends of babysitting in which I hope to get more done to my house. I learned a simple technique for preparing the problem ceilings in my house which has given me a surge of hope as they were previously trouble areas that were causing me worry.

I had the interesting news this morning that my house may have increased in value to 175% of it's purchase price just two and a half years ago (not taking into account the current state of the property). This is.. interesting news but does concern me slightly that interest rates are going to rise further; so I don't think I'll be doing anything extravagant with this new but possibly fragile equity just at the moment.

I'm beginning to think about being a bit smarter with my finances as although I have enough to live off comfortably and therefore not have to think about money, I'm aware I could be making my money work harder and smarter for me, but not enough knowledge as to how to best do this. I need to properly sort out pensions, mortgages, investments and savings.

Comments

[sepheri.livejournal.com]

Get yourself an appointment with an Independant Financial Advisor

[azekeil.livejournal.com]

Yes. Although on the face of it, spending money to work out how to save money seems a bit arse about face, but I guess it's a necessary step.

[sarah-mum.livejournal.com]

Or do a bit of research first on Motley Fool.com

they have some excellent comparison tables on simple stuff like high interest saving accounts and low-interest borrowing, plus some sound basics on the rest.

[azekeil.livejournal.com]

Thanks. :)

[beeby.livejournal.com]

Yes i use all sorts of comparison tables all the time, bank online and move my "gold" around quite a bit. The trick is to get a bank account that pays decentish interest but not one where you have to open a current account attached to it. The other thing you should seriously do, particularly as you've noticed the rise in house prices is to invest in property to let like your dear old mum.

[jikatal.livejournal.com]

Look at mini cash ISA's, from the right place they perform better than savings accounts. For a longer term investment think about a SIPP, I am since without a company pension I'm gonna have to fend for myself. I'm sure google will fill in the blanks :)

[azekeil.livejournal.com]

It.. lives!

Thanks - I've actually just opened a mini cash ISA today :)

I'll have a look at SIPP. I already have a company pension scheme, but I'm open to alternatives to pensions for saving for the future.

BTW, are you planning to make an appearance at ThatchLAN this weekend..?

[azekeil.livejournal.com]

I've just read up on SIPPs. Sounds like too much effort and risk for my liking. I'd like to play with investment on a smaller scale first with something not as valuable to me as my retirement..

You can still get a managed fund pension or a stakeholder pension even though you're self-employed - can't you?

Have you taken financial advice?