Transfer To Stocks And Shares Isa: Fill & Download for Free

These answers aren't good enough.I mean sure, they're fine, if you consider "move to a smaller place" or "eat out less" as a money hack, but that doesn't really do it for me.I looked up the definition of hack, and funnily enough there are two relevant definitions:1. to reduce or cut ruthlessly; trim:e.g. The Senate hacked the budget severely before returning it to the House.That's what all this other advice is focused on. Reducing your outgoings ruthlessly. Look at Diane Mari Kimura's answer. It's a list of ways to spend less money.That's the boring kind of hack.The other definition of hack you should be looking at is this:Informal: a tip, trick, or efficient method for doing or managing something.Now we're getting somewhere. A real money hack is an efficient way for managing something. So to me the best money hack is an efficient system for managing your money.Because let's face it, very few people want to be personal finance experts (I count myself as one of those few, but I'm weird). Your money is just a tool to help you live your life. You don't want to obsess over it, you just want it to be there for you.I'm going to show you the exact money system I use, that is perfect for pretty much anyone who wants to be comfortable with money, set yourself up for a good life, and be able to forget about money.So, without further ado, here's the system you need.First, you need to calculate THREE numbers:A. Your total net monthly income, after tax, 401(k) or retirement contributions, etc.B. Your total monthly spend on recurring bills - rent, energy, phone bill, gas. Anything you can calculate to the nearest $10 with 95% certainty month-on-month.C. What's left: A minus B. That's your disposable income.Then you need to set up each of these different bank accounts:1. A main bank account into which all your income gets paid, and from which all your recurring bills go out. This is the mothership. The general. The leader who tells all the other money where to go. It should be a simple checking account, no fees, no minimum balance.2. A 401(k) account/pension fund/investment account. If your company offers any sort of match, maximise it. Shovel this cash into tax-advantaged accounts before you even see it. This is your insurance policy. Put it all towards a low-cost index fund, and forget it exists for 40 years. Even if you screw up hugely, you'll still have a nice retirement.3. An emergency fund savings account. This should be a regular cash-savings account, at a different bank to your main account, with no internet banking access. This is another insurance policy. You want this money to be easy enough to access in a crisis, but difficult enough that you don't reach into it when you want to buy another round of drinks at the bar.4. A second savings account for longer-term savings goals like a house deposit, capital to start your own business, saving up for a car/vacation, anything like that. This should be at a third bank, and should be even more difficult to access. You can use certificates of deposit or another vehicle that locks your money away for little bit, as long as it's no-risk.5. A fun money account. This should be a checking account that's super easy to access. It's where all your day-to-day spending will come from. Restaurants, video games, drugs, gambling, baseball cards, alcohol, Starbucks, whatever you want to spend your money on. It's yours to do as you please. BUT: it must be an account with NO OVERDRAFT FACILITY. Make sure if you try and spend more than you have, your bank won't let you. Once it's gone, it's gone.6. If necessary, another investment account. A Roth IRA if you're in the US, a stocks and shares ISA if you're in the UK. If you can and want to keep investing money, here's the place to do it.That should take you a couple of weeks to get set up.Now you need to link them all.Your main account should be where your salary gets deposited directly. All your recurring bills should be on auto-pay out from this account. That's pretty simple.Now, that amount you calculated up top, your disposable income:- Take 10% of that and set up an automatic transfer each month to your emergency fund account, until you have 3 months worth of expenses in there (expenses being amount B that you calculated). Once you have 3 months of expenses, switch this to auto-transfer to your other investment account.- Take 10% of it and set up an automatic transfer to your long-term savings account.- Take 70% of that amount and set up an automatic transfer to your fun money account.- Leave the remaining 10% in your master account as a buffer, just in case. Forget about this too, and just let it build up over time.Here's an example of how this works in practise. I'm using a monthly pay cycle as an example, because that's how I get paid. All these numbers are made up, and I'm ignoring taxes entirely, but it'll show you how it works:1st of the month: I get paid $5,000 straight into my master bank account, and another $500 goes straight to my retirement account, matched by my employer.2nd of the month: all my bills go out: rent, electricity, property taxes, car insurance, phone bill. Total outgoings is $2,000 (leaving $3,000 remaining).3rd of the month: I have automatic transfers to my emergency fund ($300), my long-term savings ($300) and my fun money account ($2,100). I leave another $300 sat in my master account just in case.The rest of the month: I have only one bank account to manage -- my fun money -- knowing that this needs to cover my food, entertainment, and anything else for the month. I can spend that money however I want, safe in the knowledge that I'm saving $600 per month towards other savings goals, and funding my retirement accounts as well. If I spend all the money in this account on stupid shit, I can't get into debt, because my bank won't let me.In fact, if anything, I usually end up getting to the end of the month with money left over in this account. Anything left in this account by the start of the next month, I manually transfer to my second investment account.So with this set-up you:- eliminate risk -- you'll always have an emergency fund and a buffer of money in your checking account.- automatically fund your retirement -- no need to worry about that, it's already taken care of.- don't need to worry about bills -- they're on auto-pay and you'll always have enough to cover them, you just need to manage your fun money spending.- cannot get into debt because your bank won't let you. After 1-2 months of spending all of your fun money before the month is over, you automatically learn to be careful with this.- spend less time worrying about money, because it's all on auto-pilot. You can just go and live your life.That sounds like a pretty good money hack to me. Set it and forget it, and live your life while you quietly get rich in the background.

The rules are here.Individual Savings Accounts (ISAs).If you move abroadIf you open an Individual Savings Account (ISA) in the UK then move abroad, you cannot put money into it after the tax year that you move (unless you’re a Crown employee working overseas or their spouse or civil partner).You must tell your ISA provider as soon as you stop being a UK resident.However, you can keep your ISA open and you’ll still get UK tax relief on money and investments held in it.You can transfer an ISA to another provider even if you are not resident in the UK.

Yeah, I have a Wealthify account.What is Wealthify?Wealthify is a digital investment management company, which aims to offer simple and effortless ways to invest your money.Based in Cardiff, Wealthify launched in 2016 and is backed by Aviva, which acquired a majority stake in 2017.It operates online through its website and an app, but also has humans available on the phone.How does Wealthify work?Wealthify invests your money in diversified portfolios to spread your risk across different industries and countries. Your portfolio will contain mainly low-cost, passive investments, such as Exchange-Traded Funds (ETFs) and mutual funds.Its team of qualified investment managers are monitoring and adjusting your plan regularly as the stock market fluctuates to ensure the best returns for your money. [1]So, when you create an account, you choose either a Stocks and Shares ISA; a General Investment Account (GIA); Junior Stocks and Shares ISA. I chose the Stocks and Shares ISA because with ISAs you can invest up to £20,000 a year without paying taxes, and I wasn’t going to pay more than £20,000.Here are the requirements for opening and ISA with them:are over 18are a UK tax residenthave not funded a Stocks & Shares ISA (other than a Lifetime ISA) with another provider since 6th April 2019have not exceeded your £20,000 ISA allowance [2]After that, you fill out some questions:I chose the ‘Confident’ Investment Style, which they describe as:Minimising losses is as important as making gains. Movements up and down in Plan value are acceptable, with the aim of achieving good growth.I then said that I would invest £1000 upfront and invest £50 every month. With 5 years selected, the projected value was £4338 and if the markets perform better, £5035, if they perform worse, £3722 - with a total investment of £4000 (by the end of the 5 years).The projected value after 10 years was £8278 and if the markets perform better; £10, 156, if they perform worse, £6722 - with a total investment of £7000 (by the end of the 10 years).I also chose ‘Original’ theme.Next, they show you a more detailed breakdown of your plan, for example:So, in total, my overall fee is 1%, which is around £12.92.After this, they ask you a few questions in order to see if your investment style matches with your actual expectations of the service. They were things such as ‘How would you feel if you lost 20% of your investment after 6 months?’.I’m not sure but I’ve heard that people can be rejected after the questionnaire section, if they are deemed ineligible. But, I was not.This is the part I guess every one is looking for, how did my portfolio do? Well, after I made the initial transfer of £1000, it took around 9 days for the money to reach my ISA, July 3.And, on July 5th, this is what my dashboard looked like:(sorry for image spam)So, performance report:1 Day: Down by 0.03%1 Month: It’s been about a month (20 days) and my account is down by 0.02%. Total value is £999.76. After day one, the value dropped by a fair amount - I was down by about £5.00 for a few weeks, then it started to go back up to the point that I’m nearly neutral again. Hopefully, I’ll be in the positives.The decreases don’t bother me as I plan to keep the account for 5 years.The next deposit of £50 is scheduled for August 1st - I’ll probably do an update then, too.Edit 31/07/19: the account is now up 0.58%.