Finance · Investing · Money · Savings

Premium Bonds – June 2020 Update

Today is Premium Bond Prize day. 

If you missed my last post on Premium Bonds, I recommend you check that out HERE, before reading this one.

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I awoke this morning with the usual excitement and nervousness I get on Premium Bond Prize Day. Could today be the day I become a Millionaire? What would I do if it happened? Would I be ready for it?

I quickly grabbed my phone, opened up the Prize Checker App and waited for it to load…

‘You have won!’

The adrenaline is pumping through my veins as I wait for the app to show my winnings.

What would it be? £5000? £100,000? The BIG one?

 

July win

 

Ah, my old friend Mr. £25, we meet again.

It turns out July was not my month, how predictable.

Don’t get me wrong, I’m still pretty pleased to be on the winning side again, another £25 to add to the total, bringing my balance up to £25,125. I’m edging ever closer to the annual prize rate of 1.4%, but I still need to win a further £225 in the remaining 7 months left of the year. ( I started in March).

If I divide the £225 by the remaining 7 months left, that comes out to £32.14, this is the amount I need to win every month to ensure I hit the 1.4% prize rate. As you can’t actually win this amount though, I am going to need to win a prize that is more than just the £25 prizes I have been winning in the months up to now. 7 x £25 is only £175, meaning I’ll be £50 short of the goal if I carry on winning just £25 a month. I’ll need at least two £50 prizes or one £100+ prize to ensure I hit the goal.

Will luck be on my side? I guess only time will tell, but I look forward to finding out!

Below is a table of my winnings from March-July.

 

July

 

As always, thank you for taking the time to read my blog, If you could Like and Share this post I would be most grateful, and feel free to Follow the blog for many more posts on Personal Finance and my journey to F.I.R.E.

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