Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • pmartin86
    • By pmartin86 9th Jan 18, 9:03 AM
    • 473Posts
    • 258Thanks
    pmartin86
    Saving small amoutn each month - For life
    • #1
    • 9th Jan 18, 9:03 AM
    Saving small amoutn each month - For life 9th Jan 18 at 9:03 AM
    Morning All

    I'm finaly in a position with my finances to be comftable in putting a set aside amount each month from my salary to long term savings, call it a retirement bonus i suppose. I've got a small pot to start (400 ish) and intend to supliment that starting at £50 a month, given 6 months or so, i should be able to increase that to £100, so its never going to be "huge" numbers.

    I've opened a regular saver with my bank (First Direct) at £50 a month, but was wondering where to put the £400 + the £600ish on the 12 month maturity mark? The intention after 12 months would be to open another regular saver and start again.

    Im not looking for anything spectacular as im aware with limited funding its not going to make me rich, more of a "in 30-40 years when i retire I'll have a gift to myself.

    Regards
    Paul
Page 1
    • Owen1991
    • By Owen1991 9th Jan 18, 9:19 AM
    • 34 Posts
    • 49 Thanks
    Owen1991
    • #2
    • 9th Jan 18, 9:19 AM
    • #2
    • 9th Jan 18, 9:19 AM
    Look at setting up a SIPP if you won't need the money till 55+, or a S&S ISA and you could use the Vanguard range of funds (VLS80 or VLS100 funds) if you want to keep it simple.

    Savings account you're just losing money over the long term with current inflation rates.
    Last edited by Owen1991; 09-01-2018 at 9:23 AM.
    Save 12k in 2018 - £800/£12000 ~ # | Sealed Pot Challenge 2018 ~ #44
    £7000 in LISA | £8000 in Savings - End of 2017
    Debt Free | Saving for a House Deposit
    • enjoyyourshoes
    • By enjoyyourshoes 9th Jan 18, 9:24 AM
    • 942 Posts
    • 1,156 Thanks
    enjoyyourshoes
    • #3
    • 9th Jan 18, 9:24 AM
    • #3
    • 9th Jan 18, 9:24 AM
    FD rs max pm is £300 pm, the first few months will have the maximum interest (i.e. full 12 months, then 11 etc), so stick the £400, £300 first moth, the £100 plus two £50 equalling £200 in second month.

    Next year when it mature , again front load the savings plan to use all the saved monies first.
    Debt is a symptom, solve the problem.
    • PeacefulWaters
    • By PeacefulWaters 9th Jan 18, 9:36 AM
    • 7,548 Posts
    • 9,444 Thanks
    PeacefulWaters
    • #4
    • 9th Jan 18, 9:36 AM
    • #4
    • 9th Jan 18, 9:36 AM
    Pension.

    LISA.

    Stocks and shares ISA.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,954Posts Today

8,299Users online

Martin's Twitter