Save or Invest? What to do.

Harvs98

Hi,

According to my current payments, I should be debt free by February 2006. With the cash that has been freed up, im hoping to start putting some money aside for a mortgage, marriage etc.

To build my cash up faster, which route do I go down? Do I start saving according to Martins 'Fountain' or do I seek an IFA and start investing in shares?

What would be best? I would have roughly £200 - £300 p/month to put away.

Thanks in advance.

grumbler

It is advised to have at least 3-months disposable income in easy-access savings. Start with cash ISA. 7% regular saving account is a good choice too. When it matures in 12 months you can think whether to transfer £3000 to your cash ISA or to invest.

dunstonh

An IFA cannot advise you on purchasing shares. You need a stockbroker for that.

Stick with grumbler's comments to begin with and during that time, read up and learn a bit about investing and the options available. Then once you have your emergency fund taken care of, you can get into investing with a little bit of knowledge.

deemy2004

Harvs98 wrote:

Hi,

According to my current payments, I should be debt free by February 2006. With the cash that has been freed up, im hoping to start putting some money aside for a mortgage, marriage etc.

To build my cash up faster, which route do I go down? Do I start saving according to Martins 'Fountain' or do I seek an IFA and start investing in shares?

What would be best? I would have roughly £200 - £300 p/month to put away.

Thanks in advance.

Look at the cash isa first £3k, then if you want to invest in the stock market, the shares isa component $4k ... look into the many self select isa's