Save To Go Travelling

seat-craig

Hi there

just joined this site i have been reading it for a while. My name is craig i am 19 years old and an estate agent in london.

i am planning to go travelling in September 2010 and wondered if i could get some advice. i earnt around 15K last year live at home my only outgoings are my car which i need for work £200 for the car and £140 for insurance.

i am looking to save £6k for my travely and realise this is unrealistic.

when i was younger i was lucky enough to get £10 thousand pounds inheritance money which is just siting in an account earning little intrest. is there any sound advice for turning this into a bit more or what to do with the money. i dont want to use it for my travels its there to buy property when i need to move out. any advice will be much appreciated.

Rafter

craig,

Best return will probably be a regular savings account for the money you can earn from your savings.

As for the £10k, it certainly shouldn't be sat earning peanuts and given you are now a tax payer, getting it into some sort of ISA is probably a good move.

You can only put £3700 into a cash ISA in one tax year and you have just missed out on last years allowance.

If you don't think you will be buying property for at least 5 years, you could try a stocks and shares ISA to boost your returns, but your investment could go down as well as up.

Good luck

R.

Baldur

Rafter wrote: »

You can only put £3700 into a cash ISA in one tax year and you have just missed out on last years allowance.

Is this a peek into the forthcoming Budget?

The annual Cash ISA allowance is currently £3,600.

JoeCrystal

Hello, seat-craig.

I can understand your desire to save up for holiday. I myself is saving up for nice holiday in Australia. At the moment, I am putting all my bonuses I earned into Barclay Monthly Savings.

It is not unrealistic to save up to £6000. It is matter of saving money and keeping to it.