Published on 12, July, 2020
I'm in the fortunate position of having built up a large amount of savings, and I'm not sure what to do with it.
I could quit work or work less, but (a) work is my downtime, during which I recover from social activities (I'm a self-employed content creator) and (b) I want to maintain a decent income on my last three years' tax returns in case I ever have to move home and pass a rental check.
Buying a home is an obvious answer, but I've looked into this and very quickly became burned out by the social requirements of engaging with agents etc and the stress of making decisions. I'm currently renting a flat and getting quite a good deal on it (no rent increase in the last nine years).
I hate travel as I dislike being in unfamiliar places.
I do my own haircuts, etc, not because I can't afford to the financial cost of having it done professionally, but because the spoon requirement of interacting with the service provider is too high. I can't do phone calls as auditory processing disorder means I don't understand what the person on the other end of the phone is saying, which puts a hard barrier in the way of using many services.
I'm on a fixed daily diet to manage a medical condition. I don't drink.
I like reading but prefer to get books from the library as the need to return them by a deadline ensures I'll be motivated to read them.
I enjoy running and hiking, but beyond the cost of the bus fare to get to my favourite routes and occasional gear replacements, this is free.
I take dance classes but from experience, I lose interest if I spend too much time on this hobby. In the past I tried going to weekend events but found them too exhausting.
I enjoy doing online courses and am considering going back into education in a more formal way, but again I worry the social requirements will be overwhelming. Also, my biggest obstacle to completing the courses I'm already taking is lack of energy/time.
I've spent thousands on counselling, coaching, etc, none of which has been helpful and some of which has been actively harmful to me. My mental health has improved dramatically since I stopped doing all this.
I could pay to get a faster autism diagnosis, but I think I'm already near the top of the NHS waiting list.
I dislike having a lot of stuff/clutter, and find shopping a hassle. Figuring out how to accept deliveries is even worse than doing it in person.
I worry about investing/locking away money in case it becomes inaccessible (phone call difficulties as well as the usual risk of losing money on investments).
In summary, I'm pretty happy with my life, don't particularly want to change anything, and definitely don't want to add anything into it that's going to cause me hassle. But I'm stressed about having money sitting there gradually getting eaten by inflation and feel I should do something with it.
I've already made small changes, such as buying things because I feel like it and not spending too long researching the options to ensure I get the best deal, and being more generous towards friends in terms of buying drinks etc.
What do you spend money on that improves your life? Or how do you invest/use it to give you a feeling of security?
I would say it makes a lot of sense to stay where you are when you are getting such a good deal on your flat. The same with work, as you clearly enjoy what you do. Both of these are something many of us struggle to achieve throughout our lives. Autistic people struggle to adapt to change, so it makes sense to stick with what you are happy with.
I'm not sure how secure your tenancy is but if it were to end (for example landlord decides to sell the property) that could be the time to consider buying your own property. You are going to have to engage with agents if you are renting or buying and a lot of the communication can be done by email.
I own my house and it does give peace of mind but there are downsides too. If you are renting any repairs are the landlords responsibility. When it's your own property and something goes wrong then trying to organise repairs can be complete nightmare. Like you I don't do phone calls due to auditory processing difficulties. That makes communicating with tradespeople extremely difficult. Plus I absolutely hate having anyone in the house. If something needs fixing it tends to stay that way for a lot of years in my experience
MrSolo said:how do you invest/use it to give you a feeling of security?
In my case my savings are essential for me to live off, to bridge the gap between giving up work and reaching official retirement age. I can't afford to risk the capital. I have invested in the past but I'm a worrier and don't trust myself not to do something silly (like selling everything during a market crash). Personally I greatly value the security of keeping most of my savings in FSCS protected accounts and it helps me sleep at night.
I obsessively watch interest rates and move money between accounts frequently, to ensure I am getting the best possible rates. You could say that is one of my special interests It is very rare that any phone calls are required, as almost everything can be done online these days. Most banks and building societies have some sort of secure messaging or online chat system.
MrSolo said:But I'm stressed about having money sitting there gradually getting eaten by inflation and feel I should do something with it.
You won't be able to fully keep up with inflation but you can minimise the impact. Inflation is very personal anyway. If you spend very little then your own rate won't be as high as that reported in the headlines. Currently the top fixed accounts pay up to 6.1%, notice accounts up to 5.45% and easy access up to 4.6%. As interest rates are still rising there are a lot of changes, the following websites are useful for keeping up with what is happening.
https://moneyfactscompare.co.uk/savings-accounts
https://forums.moneysavingexpert.com/categories/savings-investments
The forums linked above can be a good place to go to make sure you're fully utilising the tax breaks on savings (such as ISAs) and pensions. There is a wealth of knowledge on there.
Not wanting to be morbid but as you have substantial savings it's worth having an up to date will. If you want to bequeath some of your money to your favourite charity they have specialist departments who can help you to set up all the necessary documentation.
Autumn_Trees said:NS&I website and put the max amount into private bonds (50K). Every month there is a lottery and you (more often than not) win money. Sometimes £25, sometimes £200 but you can win thousands or even a million.
Just to clarify these are called premium bonds. I have some and they are a bit of fun, although I'm still waiting to win the million
MrSolo said:What do you spend money on that improves your life?
Like you I don't actually spend that much. I enjoy hiking which costs nothing. In the future I hope to feel secure enough to spend more on travel, rather than living as frugally as I do now.