This is a bit niche! A few months ago, I received a mysterious £25 from National Savings and Investments. A prize from the Premium Bonds! Not enough to make me rich, but enough for a takeaway. Oddly, after checking their app and website, I could find no record of the win. Curious. A few days later, this letter popped through my door. My bond was one of a tranche purchased in 2013. I sold it in 2019, yet it won in 2024! Why was the person ineligible to win? Why had it come through to me? …
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There's currently an open consultation about whether banks should have a lower compensation limit to refund their customers who have been scammed. Currently, if a customer falls for an Authorised Push Payment (APP) scam, they may be eligible for up to £415,000 back from their bank. The proposal is to limit this to a maximum of £85,000. What does this mean and is it a bad thing? APP fraud is when a fraudster convinces you to send them money. This isn't about a bank being tricked, or identity t…
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It's sometimes useful to run experiments yourself, isn't it? New investors are often told that, when investing for the long term rather than chasing individual stocks, it is better to be invested for the longest possible time rather than trying to do "dollar cost averaging". DCA is the process of spreading out over time the purchasing of your investments. That way, you don't lose it all if the market drops the day after you invest. Let me explain... Imagine that it is 1994 and your rich…
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Everyone's favourite tabloid, The Daily Telegraph, contains an article decrying the Financial Independence Retire Early philosophy I have a mixed relationship with the FIRE movement. It basically boils down to "spend less, save more, then you can retire once you've save 25x your annual spend". That's it. As Michael Taylor writes, some people fetishise the "spend less" part. If you deny yourself all pleasure, he argues, then life isn't worth living. That's probably broadly true. But he makes …
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Brits hate talking about money. But this benefits no-one. This is my situation - it's probably different to yours. I'm acutely aware I'm in a better financial position than most. This isn't financial advice - but I'd sure appreciate anyone's thoughts. I've recently moved down to a 4-day-a-week job. Taking a 20% hit to my salary felt like a moment of madness. But it was part of a (somewhat) calculated plan. I've previously mentioned FIRE - Financial Independence Retire Early. It's a culty…
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As I mentioned last week, MoneyDashboard is shutting down. They are good enough to provide a JSON export of all your previous transactions. It is full of entries like this: { "Account": "My Mastercard", "Date": "2020-02-24T00:00:00Z", "CurrentDescription": null, "OriginalDescription": "SUMUP *Pizza palace, London, W1", "Amount": -12.34, "L1Tag": "Eating Out", "L2Tag": "Pizza", "L3Tag": "" }, { "Account": "American Express", "Date":…
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A few weeks ago I was moaning about there being no OpenBanking API for personal use. Thankfully, I was wrong! As pointed out by Dave a company called Nordigen was set up to provide a free Open Banking service. It was quickly bought by GoCardless who said: We believe access to open banking data should be free. We can now offer it at scale to anyone - developers, partners and Fintechs - looking to solve customer problems. And, I'm delighted to report, it works! As a solo developer you can…
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The recent news that MoneyDashboard is suddenly shutting down has exposed a gap in the way OpenBanking works. It is simply impossible for a user to get read-only access to their own data without using an aggregator. And there are very few aggregators around. Why is it impossible for me to get programmatic access to my own data? There are two interlinked reasons which I'd like to discuss. Background OpenBanking is a brilliant idea encoded in an excellent standard wrapped in some very complex …
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My wife and I run a side project called OpenBenches.org - it is a fun little crowd-sourced memorial bench site. It's mostly fun, except when the bills come due! Most hobby sites and side projects don't cost a lot to run. Lots of services have generous free tiers to (ab)use, and they can pay well in "exposure". But OpenBenches is reaching a tipping point where it is slowly overwhelming us. We've now got nearly 300GB of photos - which means our storage and bandwidth costs are on the high side. …
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I'm not sure how many people know this, but I thought I'd share something I learned a few years ago when I worked for a mobile phone seller. Most modern smartphones are too expensive for people to purchase outright. At the most extreme end, the iPhone 14 Pro Max costs £1,200. So a typical customer elects to pay £50 per month for 24 months. The customer gets a new phone for a reasonable monthly figure. The phone seller gets a regular monthly payment which helps with their financial f…
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My wife and I are planning on being DWZ DINK FIRE. That's a lot of letters to say we want to retire early and not leave any money to our non-existent kids. This book is a (slightly shallow) exploration of 26 people on similar journeys. They're all American (or now living in the USA) so it has a slight bias to talking about things like 401(k) and medical bills which are absent in most other parts of the world. The author is a CFP® and, at times, reads a little like an advert for their …
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There's an incredibly distressing story in the BBC about a vulnerable elderly man who was conned out of his life savings. Fraud victim gets surprise £153,000 refund despite rules BBC News In the story, the heartless bank refused to refund the fraud victim due to an absurd technicality - the money was sent to a foreign account rather than a UK account. Once again, big business bending the rules in order to protect their profits from a defenceless pensioner. Only after protests did they …
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