1000pm any ideas

jcton

partner and i don’t have a mortgage,

just looking for ideas of how we should place our money (joint account or individual or in several accounts??).

we have £1000pm after outgoings to save or invest each month, any ideas?

Rob_192

Very difficult to answer without knowing more about your circumstances and what you're looking to achieve and over what timescale etc.

From your question, you could be a young couple saving for a house deposit or an older couple who have paid off your mortgage?

What level of savings/investments to you already have? Have you used your Isa allowances yet?

How are you fixed with regards pension provision?

Without having this sort of information it is difficult to comment.

Regards

R

DavidHayton

I would agree with Rob 192: it's impossible to say without knowing your situation. Conventional wisdom, though, is that you save three months' income in an instant access account (to cover emergencies) before you start locking your money away. This is arbitrary: some say six months' income, but make sure you have a cushion.

Best wishes, David

jcton

We are 32 and 36, we do not need to worry about mortgage etc.
We don’t have ISA's and i have a GPP pension and my husband only pays through his NI contribution.
Short term advice is ISA??? What would long term be with ref to pension or just general savings and investment?

Rob_192

Ok

Well let me tell you how we approach things which may be some help.

We are mid 40s and paid off our mortgage 6 years ago.

Our objectives are to provide a secure future, hopefully with early retirement as an option whilst being able to support our 3 sons (18, 16 & 14) through higher education. With this latter objective, we set up savings plans several years ago and each have about £14k set aside towards their eduction (tuition fees). No 1 is now at Med School, and we pay for his accomodation (£3k/annum) and generally help out with living expenses.

We have a fairly frugal lifestyle and are able to set aside £1,900/month which is split as follows:-
Pension (SIPP) £500
S&S Isa £550
Regular savings accounts (3) £850

In addition to this, I am able to take a lump sum from my company each year, sufficient to max out our cash Isas (£10,200/annum)

Some of the Regular savings end up going towards No 1's accomondation and familay holidays, so not all saved.

Once the regular savers mature, we search for the best savings deals around and currently have two Lloyds Vantage accts (4% gross) + £2.5k each in Santander (5% gross)

We treat the Isas as long term savings, in fact we consider these as pension provision and it is never touched. I would put more into S&S Isas and less into cash Isas if I had the balls, but I like the reasurance that come what may, we have the cash element which can't be lost. Although, I recognise that this is only keeping pace with inflation at best (most of it is in 3 year accounts earning 4.4% and 4%). Along with most savers, we're just praying that long term, rates pick up and exceed inflation.

Hope this helps.