plonkee money an english-er's thoughts on personal finance

July 9, 2008

ask the readers: what should I do with my bonus?

Filed under: plonkee — Tags: , — plonkee @ 11:00 am

So, I came back from a business trip to London the other day, to find a letter from work waiting for me. Naturally, I instantly assumed that they’d twigged that I’m an imposter and I would be getting the sack. Not so. I’ve been awarded a discretionary bonus of £500 (approx $1000).Now, get your thinking caps on as I have two questions for you all.

Firstly, should I mention it to my team mates? I don’t think these are commonplace. No one in my team has ever celebrated having one before. We regularly celebrate promotions, birthdays, babies etc etc with cakes. So, should I keep quiet about it, or buy them all cream cakes? If they are more common than I think, then no one celebrates them and I should definitely keep quiet. On the other hand, do people really want me to gloat if they’re quite rare?

Secondly, and perhaps more importantly, what should I do with the money? After tax and NI I reckon it’ll amount to about £300 (approx $600). To help you get some ideas of my financial position:

  • I have no consumer debt (although I do need to rearrange some savings).
  • I have a reasonable sized emergency fund (about 3 months income).
  • I’m currently investing 16% of my gross salary towards the future (retirement and whatnot).
  • I’m saving the money I get from adverts on plonkee money towards buying an oboe

I don’t think I’ll get the money until at least my next pay packet at the end of the July, so there’s some time to think about it. This is good as it helps to mitigate against the possibility that I’ll accidentally fritter it away.

Over to you, give your opinions in the comments.

Image by pasotrapaso

January 2, 2008

net worth 2008?

Filed under: plonkee — Tags: , — plonkee @ 12:00 pm

I’ve a while ago my net worth position in 2007. A year has gone by, am I any richer?

Of course, since I started blogging, I’ve become immeasurably richer just by interacting with all the people here. I’ve had similar results with some other things that I’ve done in 2007. My life is rich.

My financial situation is a little different. Although I’m theoretically happy to share the details of my net worth, since I bought a house, they’re a little more difficult to calculate. Basically, I can’t work out how to value my house because I don’t know whether the market is stagnant or falling.

Anyway, cashing up, board game style I have (rounding for laziness reasons):

  • £5500 in savings accounts
  • £12850 in investments
  • £97000 in house
  • -£9800 in student loans
  • -£87000 in a mortgage

This leaves me with an approximate net worth of £18550 – I’ve assumed a stagnant housing market here so this figure is plus or minus £5k.

This is a serious amount more than my net worth in 2007, but I received a windfall last January and a couple of gifts – these formed the house deposit, and/or have been allocated towards improving the said house.

The plan for 2008 is to increase my net worth further by saving and investing 16% of my income (my arbitrary but achievable target).

How has your net worth changed over the last year and what’s on the cards for 2008?

Here’s what some of my blogging friends are saying:

November 17, 2007

a public commitment

Filed under: plonkee — plonkee @ 1:47 pm

A little while ago, brip blap tagged a bunch of bloggers to turn a private wish into a public declaration. I’ve refrained from posting a response for a little while as  I couldn’t think of any commitment that I wanted to make.

However, I’ve been inspired by Chief Family Officer‘s boycott of chocolate and I resolve to not buy another piece of un-fairly traded chocolate.

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