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New to savings - advice please!
Peachy_2
Posts: 28 Forumite
Hiya,
Can anyone help, I'm due to finish paying debts off next year and am a bit confused. I want several savings places like Martin suggests, one for life savings that I don't want to be able to touch, one for yearly savings / emergencies - I want to be able to touch it but with penalties, another for yearly savings for 'big buys' like holidays and furniture or emergencies but easy to get at cash and then one for me, for clothes, and just me really!
I will only have £500 to save a month. Do I just stick this in an ISA or should I open an ISA and then have three other savings with high interest but no tax benefits???
Peachy :xmassign:
Can anyone help, I'm due to finish paying debts off next year and am a bit confused. I want several savings places like Martin suggests, one for life savings that I don't want to be able to touch, one for yearly savings / emergencies - I want to be able to touch it but with penalties, another for yearly savings for 'big buys' like holidays and furniture or emergencies but easy to get at cash and then one for me, for clothes, and just me really!
I will only have £500 to save a month. Do I just stick this in an ISA or should I open an ISA and then have three other savings with high interest but no tax benefits???
Peachy :xmassign:
£35K+ debt at its worst
£4,302 now - just paid off £1,400 !!
Debt free in MAY 06 :j
£4,302 now - just paid off £1,400 !!
Debt free in MAY 06 :j
0
Comments
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The best to get started would be the monthly saver at £250 / mth i.e. 7% with halifax - net 5.6% - this matures after 12months
Next for a £3k lump sum or monthlies until full into a cash isa - a range at 5% i.e. halifax. - Yuo should view these as longer term savings accounts i.e. as they are tax free0
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