Monetary musings
Thursday, May 29th, 2003 18:49![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
kittiwakeShould I join the company Sharesave scheme again this year?
The maximum that you are allowed to pay into a Sharesave scheme or schemes at any one time is £250 per month. I am currently saving £150 per month (£75 in the 2001/2 scheme & £75 in the 2002/3 scheme). So I can pay a maximum of £100 per month into the 2003/4 scheme. So far I have gone for three year schemes as I think they give you maximum flexibility, although you have a chance of making more of a profit with the five year schemes (if the share price keeps going up).
Can I afford it this year?
1) I definitely can't afford to save another £100 per month out of my salary.
2) But I could fund it by stopping my £100 per month savings into my Cash ISA.
3) The first payroll deduction for Sharesave is in August, so I need to stop the standing order to my Cash ISA after my July payment.
4) I can always top my Cash ISA up from my overtime.
5) I will still be building up an 'emergency fund' in my Bonus Saver account.
7) If I was really short of money, I could cancel one or more of the schemes and get my money back.
6) The 2001/2 scheme matures in May 2004, so I will be able to access that money then.
This all sounds achievable, so I think I should pay £100 per month for 3 years into the next Sharesave scheme.
The maximum that you are allowed to pay into a Sharesave scheme or schemes at any one time is £250 per month. I am currently saving £150 per month (£75 in the 2001/2 scheme & £75 in the 2002/3 scheme). So I can pay a maximum of £100 per month into the 2003/4 scheme. So far I have gone for three year schemes as I think they give you maximum flexibility, although you have a chance of making more of a profit with the five year schemes (if the share price keeps going up).
Can I afford it this year?
1) I definitely can't afford to save another £100 per month out of my salary.
2) But I could fund it by stopping my £100 per month savings into my Cash ISA.
3) The first payroll deduction for Sharesave is in August, so I need to stop the standing order to my Cash ISA after my July payment.
4) I can always top my Cash ISA up from my overtime.
5) I will still be building up an 'emergency fund' in my Bonus Saver account.
7) If I was really short of money, I could cancel one or more of the schemes and get my money back.
6) The 2001/2 scheme matures in May 2004, so I will be able to access that money then.
This all sounds achievable, so I think I should pay £100 per month for 3 years into the next Sharesave scheme.
