£50 per month

michaels0211

Hi looking for some saving / investment advice.

I am looking to put £50 away a month to start off with and increasing as and when I can.

Where would people suggest I save / invest this money to get the best return?

Regards

mr_fishbulb

How long until you think you might need access to it, and how much of that money could you aford to lose?

michaels0211

I dont plan to access it for at least a year.

Well it excess money, therefore if I lost it i would still survive, but obviously dont want too!!

prixon

How about Barclays Monthly Savings Account paying 7.75% AER fixed for a year?

You can put in any amount from £20 up to £250 each month

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=homefreegroup&value=14937&target=_self&site=pfs

mr_fishbulb

Yeah I'd say a regular savings account. 1 year is too short for any investment.

ozzage

Are you looking at this as maybe being "the start of something big"?

If so then you might consider lengthening your outlook. Do you really need to get the money after a year, or are you in reality thinking about "the future" and just picked the one year figure out of the air?

I only phrase it that way because it sounds a bit like you're just starting out and want to do something but aren't sure what. Apologies if that's not the case!

michaels0211

ozzage wrote: »

Are you looking at this as maybe being "the start of something big"?

If so then you might consider lengthening your outlook. Do you really need to get the money after a year, or are you in reality thinking about "the future" and just picked the one year figure out of the air?

I only phrase it that way because it sounds a bit like you're just starting out and want to do something but aren't sure what. Apologies if that's not the case!

Like you read my mind

So what options would be open to me, but dont have a big lump sum to start with

ozzage

Others would be better placed to answer that (I'm also only starting out)

I just recognised a similar sentiment to my own of about one month ago

Do you already have any savings? Cash ISAs? Or really starting from scratch?

michaels0211

really starting from stratch, as just paid off all my debt so now want to put spare money to good use

ozzage

There are investment possibilities with that amount but I suspect most people would recommend first building up a cash buffer, probably by using the highest rate Cash ISA that you can find.

Later you can look at branching out when you've got some stored cash and maybe a bit more each month to play with.

I'm open to being corrected!

Lokolo

Well what you want to do is general just start savings away, and when you get iinto the whole saving thing you will become a MSE.

After a while you may think about opening multiple accounts, or keeping a record or the savings so you can split it up; xmas, car, holiday etc.etc.