Save or invest?!

rama0927

Hello. I have been looking at MoneySavingExpert for some time now, and have taken advice in the past on opening ISAs and Savings accounts etc. - I also find the site useful to try and advise my parents and friends.

I'm 17 and have about £4400 saved, and would like to be earning some money off it if possible - at the moment I have some of it (say £3000) in a recently cut savings account (YBS @ 3.25%), I have the rest in an ISA which to be honest I do not know what the rate is at (At Barclays - opened last April @ 6+%) and my current account at Barclays.

I'm wandering whether its worth investing the money into buying Gold or something like that, I'm just worried that my savings are going to lose value - due to the GBP losing value and interest rate cut. But with something like Gold I could invest and hopefully it will hold its value or become more valuabable. I have looked at Gold sovereign coins as an option. It could be safer than having cash alone.

Do any of you have any advice or have any ideas of where to put money / investment?!

Cheers
Jack

rb10

I'd only go for an investment if I could put the money away for a long period of time and not need access to it during that time. Being 17, you could well have large expenses around the corner (university? car? house? ...?). So, in your position, I'd keep it as it was.

Doomcow

i'd also build up a stash that you can survive off of for a few months - 3 / 6months.

review your cash isa & instant access savings before you proceed - 3.25% aint bad for the instant access, but check your ISA.

also, put some more in your ISA, readdress that balance, it always stays tax free - just try and keep it there

gozomark

how much of your money are you prepared to lose ?

Decadent_Fool

Mozkowitz wrote: »

Gold would be a solid invesment, even in these financially unsure times

...and what if it drops back to <$100 an ounce? Unlikely to that extreme, but imho gold is too close to the top of the market to risk.

mickymellon

pah! enjoy your money, you've saved enough now go and invest in beer, women and nights out with your mates

you'll have plenty of years to come to sort this savings and investing lark out

Robert_Sterling_3

JackTheWelshman wrote: »

I'm wandering ....
Jack

Try not to.

rama0927

Cheers for the replies everyone. I'm willing to take some risk. I will keep the majority of it saved up in good savings accounts and I'll look into my ISA. Also I will try buying some Gold just to try it out - e.g. risk £400 - £500 in buying Gold sovereigns / small bars if I happen to see any at a good price online or if I go to an auction.

@Micky - dont worry, I'll also enjoy some of my money as I know it isn't everything, especially while I'm younger and don't need to think about it much.

teaspoon1

kohima wrote: »

Contribute the max into your 401k and create a Roth IRA plan and contribute the max to that as well. I think thats the most you can defer.

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drop ship access scam

?????????????

Isn't a 401(k) an American thing?

tradetime

Also I will try buying some Gold just to try it out - e.g. risk £400 - £500 in buying Gold sovereigns / small bars if I happen to see any at a good price online or if I go to an auction.

Make sure you know what you are buying before you risk your cash, the current fascination with gold makes it prime ground for scammers. Gold is too expensive a commodity to be buying from anything other than reputable sources. Gold is reasonably pricey here imho, doesn't mean it can't go higher, depends where you think the world is heading, but gold is pricing in future events / conditions which if they do not come about may cause it to fall quite a bit.

Blah99

teaspoon1 wrote: »

?????????????

Isn't a 401(k) an American thing?

Yes, it's a US pension-type thing. I think the poster confused his continents - he was incontinent, if you will....