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18r old wants more for the future

*kingpin*
Posts: 63 Forumite
Hi every1
Basically I just wanted some advice on how to save and invest my money wisely and not end up in the poverty trap that so many people around me are stuck in.
I am 18 with a part time job and a few hundred here and there in diffrerent accounts . I am currently thinking about transfering some on the savings in my NS&I account in to premium bonds. From what I can make of it having £100 in premium bonds is worth the chance of winning compared to the interest I would get on it.
Anyway I will also be taking out a student bank account with a interest free overdraft up to £1000 and was thinking that there must be something or somewhere I can invest some of that money into?? Im not sure what else there is and would really be appreciative of any suggestions.
Ultimately I would like something to fall back on should I not get a job so quickly after graduating and where I can see a return on the money invested . Any Suggestions ??
Thanks in advanced .
*KP*
Basically I just wanted some advice on how to save and invest my money wisely and not end up in the poverty trap that so many people around me are stuck in.
I am 18 with a part time job and a few hundred here and there in diffrerent accounts . I am currently thinking about transfering some on the savings in my NS&I account in to premium bonds. From what I can make of it having £100 in premium bonds is worth the chance of winning compared to the interest I would get on it.
Anyway I will also be taking out a student bank account with a interest free overdraft up to £1000 and was thinking that there must be something or somewhere I can invest some of that money into?? Im not sure what else there is and would really be appreciative of any suggestions.

Ultimately I would like something to fall back on should I not get a job so quickly after graduating and where I can see a return on the money invested . Any Suggestions ??
Thanks in advanced .
*KP*
Hanging with the *****'s dont pay da bills
And being broke at 30 give this king da chills
And being broke at 30 give this king da chills
0
Comments
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What is the purpose of that question? or am I missing something0
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diddydi wrote:What is the purpose of that question? or am I missing something
Seems to be irrelevant
When I went to university I put my free overdraft money into an ISA paying about 5%. This may be of benefit to you if you pay tax, i.e. you earn more than about £5 000, but if you do withdraw it, it loses tax free status. But maybe if it was never going to be there in first place, may as well take the tax free interest? You can only put £3k into a mini cash isa, and you cant put back in what you take, and depending on account, could be other penalty or withdrawl restrictions.
If you are not paying tax, there are savings accounts that you can withdraw from as you please without penalty paying around this rate, i have one with Bradford & Bingley at 4.85%.
I think the average return of premium bond is calculated around 3% tax free? Of course there is a chance, but with small amounts like that, maybe there is a chance that when you finish university, you'll just end up with the money u put in, which by then, will be worth less than today.0 -
OK thanks I do pay tax so I think I will look into ISA'SHanging with the *****'s dont pay da bills
And being broke at 30 give this king da chills0 -
lol general curiosity with regards to his funky sig0
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