What to do with Divorce Settlement?

devonmark

Hi Everyone,

After 6 long years my divorce settlement has finally come through, after paying off all debts and fee's etc, I will be left with the grand sum of £1400. (One thousand & four hundred ponds). I am wanting to put this money aside for my 10year old daughter. So i can give her something when she is 18. I know its not the biggest sum in the world but it would be something. I have considered Premium Bonds but after looking on here they dont seem favourable! I would be greatful of any ideas!!!!!!!

Thankyou

Mark.:D

mutley74

if you looking to save the money for a number of years for her future, i would invest in the stock market rather than savings accounts. Higher risk but return is much higher than bank accounts. But if you hold over a no. of years any market fluctations will even out as trends show.

Try considering a unit trust type investment. This can be opened with compaies such as hargreaves lansdown, try there website or call them they give good customer service.

homersimpson_3

what's your attitude to risk?

devonmark

I am willing to take risks for a better return!!!

dunstonh

devonmark wrote:

I am willing to take risks for a better return!!!

What sort of risks. Risk is not an on or off situation. Its a whole sliding scale. You need to decide what tolorence you have to volatility. The best way to start is to consider how much you would allow it to go down in value before you would get cold feet.

Robert_Sterling

atpu "if you looking to save the money for a number of years for her future, i would invest in the stock market rather than savings accounts. Higher risk but return [is] can be much higher than bank accounts."

Prudent

Involve your daughter in the process, it will help teach her about saving money and give you a good activity to do together.