Where and what to use to save?!

mark044

Hi people,

Finally decided to do something about 10 years late but here we go!

Am currently 36, with young girls, mortgage and gave up fulltime employment and my pension at about 25, currently its sitting with Pearl, doing not a lot, and containing about £7k.

For the last 10 years I've been self employed as a Personal Trainer, and the last few years I've been earning OK.
I need to set something up for the future, but also maybe something I can dabble into, but only for real emergencies.

My plan is to put 10% of my income each month, into something, but I need help with this "something" - should I find a high interest bank account, or an ISA, and if so, where do I go?! I SUCK with money and what to use!
I reckon, on a guess it will be about £280-£360 a month

All help, and especially links to best options MUCH appreciated

Cheers
Mark:T

opinions4u

Okay, here's my suggestion:

- Save somewhere between 3-6 months money up as a contingency fund. If you're unble to work for any reason, this is your short term cushion. A cash ISA (e.g C&G paying 2.7%) would be a good starting point. If you have to withdraw from this fund, it's important to replace the money from savings as soon as possible afterwards.

Then come back here and review things. Consider what your saving objectives are.

- rainy day stash?
- kids education?
- world cruise?
- your own retirement?
- a brand new car every few years?

mark044

Great thanks will check the C&G option.
Myself and wife have a joint account that has small savings in for emergencies (especially as we've just finished 7months building work, this is now low!)

Primarily, this "saved" money will be for 10+ years down the line, and hopefully retirement, as my pension is worthless.......

mark044

What is the main difference/benefits of an ISA over a fixed savings account??