How much can you save?

Vicky82

That's great for a 16 year old Tom, very impressed. Wish I had started saving as soon as I started working.

I am doing some switching about over the next month or so to try and get some better savings deals.

I got my statement through from my MLC ISA and have added the interest gained to my total amount. Also found out that I hadn't added anything into my ISA this year so have quickly opened an IceSave ISA with £3000 and plan to transfer my other ISAs into this.

Well done everyone. Keep up the good work!

:j

wiseman405

Thanks vicky

Mariov

hi all,

being only 18 this is all new to me i have only jus recently started investin in january i wanted to start investing earlyer but wasn't able to do so due to not having any fixed income and no fixed job but now that i have achieved this first step to geting fixed income i decided to start investing in acounts and shares as a second step on my way to investing in something biger e.g property.

living in london its not easy buying a property but having read some of these posts i have found out that theres lots of ppl with a similar budget as mine and at the same stage as me wich have given me lots of insperation.:D

i curently ave three acounts, a cash isa acount with barclays with £500 in it wich i hope to get another £2000 in it by april, a day to day savings acount also with barclays with £2000 in it and a normal current acount where my incomes and outcomes take place.

question is did i start off in the rite direction?:rolleyes:
was there a diffrent route i should had taken?:rolleyes: and witch one?

i also want to invest a lot more throghout this year propably by opening more acounts but where?:rolleyes:

wiseman405

Hello Mariov

Sounds like your doing really well!!
I know i am young and you dont have to listen to me But from what i have been advised and from what i have done...

This is what i would do

If its possible, Transfer as much as you can from the Barclays savings account into the ISA. Its important that you use your £3000 limit every year You earn so much more interest than regular and instant savers! All tax free remember
So if its possible, get pretty much all £2000 into the ISA as soon as possible and fill the ISA to the top by april, and any excess funds every month put into your barclays account...

Looks like your saving for the same thing as me Investment in properties Good luck mate!

Hope this makes sence, and isn't the wrong advise

Thanks
Tom

save-a-lot

Mariov wrote: »

hi all,

being only 18 this is all new to me i have only jus recently started investin in january i wanted to start investing earlyer but wasn't able to do so due to not having any fixed income and no fixed job but now that i have achieved this first step to geting fixed income i decided to start investing in acounts and shares as a second step on my way to investing in something biger e.g property.

living in london its not easy buying a property but having read some of these posts i have found out that theres lots of ppl with a similar budget as mine and at the same stage as me wich have given me lots of insperation.:D

i curently ave three acounts, a cash isa acount with barclays with £500 in it wich i hope to get another £2000 in it by april, a day to day savings acount also with barclays with £2000 in it and a normal current acount where my incomes and outcomes take place.

question is did i start off in the rite direction?:rolleyes:
was there a diffrent route i should had taken?:rolleyes: and witch one?

i also want to invest a lot more throghout this year propably by opening more acounts but where?:rolleyes:

You would be better off putting the £2K in savings into your ISA and achieving the max by April for the 2007/08 tax year. The reason is that whilst your money resides in an ISA it earns interest tax free for as long as it is in there. For the 2008/09 tax year research the best buy ISA to place your money. Always save into an ISA first then other savings products.

Hope that helps

save-a-lot

wiseman405 - you beat me to it! must have been posting at the same time

wiseman405

haha yeah Sorry

O, while we are on ISA's. Is the limit going up to £3,600 this next tax year? (mini cash ISA that is)
Hope so

save-a-lot

wiseman405 wrote: »

haha yeah Sorry

O, while we are on ISA's. Is the limit going up to £3,600 this next tax year? (mini cash ISA that is)
Hope so

Yep, that is correct, the allowance is going up! great news

Mariov

yh all that make great since my intentions were to max out my isa by april and also have money in my normal savings acount thats why i opened two acounts in the first place, this way i get the benefits of both acounts but i see what your tryin to say is max out my isa first b4 april so thats out of the way and then what ever spare i have coming into my current acout i can put it into my savings acount, that way i dont have to worry bout how much i have in my isa b4 april becouse i will no its already maxed out, i guese i sort of sarted it all the wrong way round lol:D

well it all kinda made since when i origionally opened the acount but now it makes even better since to switch it round

im defenetly gona do that this friday when i get payed:D

thanx for the advice every1:beer:

Mariov

by the way tom,

your going on really well for a 16 year old, i also had more or less that kinda cash when i was bout 16 also due to the fact that i worked for my dad as a builder but then i focused on geting my driving license wich i previously lost lol:o and brought a car then i went on a luxulary holiday to madeira for a month with rented car and everything and bussiness strted slowing down and the next thing i knew i only had like a grand left from like 4 grand, all im tryin to say is ur going a really good way bout it so far but dnt do wat i did cos u'll regret it.

thanx for the advice earlyer and hope u do well with the property investment.