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A weekly round-up of all things saving.
Younger employees could increase their retirement pot by more than £100,000 by saving monthly gain
On 6th January 2024, the main rate of national insurance contributions paid by employees in the UK dropped from 12% to 10%. For many people this was a welcome relief to help with mortgages increases, the energy and cost of living crises and inflation.
Anyone who is able to save that 2% difference regularly will get a boost to their retirement pot, especially as it attracts a further 20% tax relief on top. It may not seem like much, but compounded over twenty years in your pension pot, it can make a big difference. (Here's the sums)
I'm always a little gleeful when I get some, it seems to me, "free" money. A couple of years ago I discovered I had a small pension from when I worked somewhere for three months thirty years ago.
It was a tiny amount - a lump sum that would have paid for a nice weekend away and a weekly payment of about 2.50 GBP. But it was bonus money that I was wasn't expecting and hadn't accounted for in my plans.
Whether I spent it or saved it didn't matter in the great scheme of things. In the end, I put a little of the lump sum into HP, a little into HBD and some into EDS. The small monthly income goes towards buying HIVE every month along with small bits and pieces of cashback and savings on purchases.
It was my first venture into HBD, at the time paying 12% interest (still a good deal when fiat was .7% easy access). I hadn't paid much attention to HBD, or understood how it could be used but it rapidly became part of my savings tools.
Hive Goals
Let's see how we're doing:
| Asset | Goal | Start | Last Week | Today |
|---|---|---|---|---|
| Hive Power | 115,000 | 100,400 | 100,975 | 101,235 |
| EDS | 4,600 | 3,299 | 3,354 | 3,391 |
| HSBI | 1,000 | 741 | 813 | 816 |
| HBD | 6,000 | 5,116 | - | 5,116 |
| LEO | 7,728 | 7,228 | - | 7,228 |
Progress
- EDSD - Short-term savings to build my EDS and passive HIVE income. I've set up a recurring payment for 5 HBD each weekand earn a small regular income that covers this. (More about side-hustles.)
EDSD Report 16 January 2024 3,260 EDSD tokens sold!
EDS Income Token | Fixed and Variable Savings Plans
EDS Dollar (EDSD) Release Post
Blogging - this week was a wipe-out! I moved on Sunday, my daughter's graduation on Tuesday (lovely day), Thursday left for London at 7.30am, half a day with the builder and the rest working!
Saturday Savers Club - 2024 Launch and FAQs. It looks like we're up to thirty savers already! Anyone can join at any time by commenting with their goals on the weekly post on the @eddie-earner account (also follow @eddie-earner for news about EDS).
HSBI - HIVE basic income - I'm supporting the Savers of the Week nominations along with other members of the Saturday Savers Club. As well as 15% of the post rewards, each nomination gets four HSBI!
What's New
Well, I had forgotten about HBD and its usefulness for building an emergency fund until I was reminded this week by heruvim1978. I've added a rough savings goal above, and I'll do a bit more work on it this week.
