The Big 3-0

purplebiro

Hi All,

It will be 30th birthday in November 2010 and, as my New Years resolution I am going to aim to save some money towards a big splurge - probably a holiday.

I am going to try and commit £50 per month from February (c'mon! it's January!) 2009 - October 2009, which should leave me with £1050.00, although I have some debts that will be repayed around Summer 2009 so I may end up contributing a bit more after that.

Does anybody have advice about how or where to save this money - having been crap with money all my life I've never been in this position before!!

I'll pay the amount with a monthly SO and I won't want to touch it before my birthday so I don't mind having some sort of notice period.

a7man

£50 per month for 9 months is £450 not £1050.

If you are a tax payer a cash ISA is your first option, however if you dont need the money for a while (5yrs+) a stocks & shares ISA is your best option as interest rates are v low and will probably go lower!

moonrakerz

Regular Saver !

purplebiro

Sorry my typo - I meant Feb '09 - October '10, which is £1050.00

Rafter

A best buy regular savings account (ISA option) is probably your best bet and will get you the greatest returns.

However, earning say 7% interest while paying debt at 20% is bad financial management and you will better off repaying your debt as quickly as possible then saving the interest and payments you would have made towards your holiday.

Try to maximise the amount you are saving too - put a label on your debit card with 'Holiday?' on it and think ever time you are spending whether you would rather put the money towards your goal.

Good luck.

R.