What would you do with £1500 per month

Worcsman

Hi, I'd love some advice, recently had to pay 6 months rent up front, so now will have the rent plus our normal savings amount to put by each month for 6 months.

Just curious as to what I might do with it for the best return. I dont get access to some financial services as I am a discharged bankrupt, not sure what services I cant access but I'm told there are some.

We dont mind a bit of risk but whatever we do, it needs to be short term, i.e. in 6 months time we will need to withdraw another 6 months rent, £5100. The total we will have each month to save/invest is £1500

Thanks for reading.

jem16

Worcsman wrote: »

We dont mind a bit of risk but whatever we do, it needs to be short term, i.e. in 6 months time we will need to withdraw another 6 months rent, £5100. The total we will have each month to save/invest is £1500

Thanks for reading.

Investing for 6 months is not a risk - it's a total gamble. You might as well stick it on red or black on the roulette table.

Find the highest instant access savings acoount and stick it in there for 6 months.

hunsbury0

I would put on an instant access ISA a/c.

Worcsman

jem16 wrote: »

Investing for 6 months is not a risk - it's a total gamble. You might as well stick it on red or black on the roulette table.

Find the highest instant access savings acoount and stick it in there for 6 months.

Cheers, it's something I am considering already. Wanted to know what the other options are.

kidmugsy

"I've read that shares ISA's are a good bet": for ten years maybe, for six months not on your nelly. Each of you should open a good instant access Cash ISA plus a good savings account (for convenience perhaps a joint account).
Each deposit £750 per month into your ISA for 4 months and £1500 into the savings account for the fifth and sixth months. When the rent is due pay with £3000 withdrawn from the savings account and £1050 drawn from each ISA (or £2100 drawn from one ISA if that's more convenient). Carry on saving at the ISAs until you've each used up your year's depositing allowance of £5340; that'll take (in round numbers) three months. You've now been saving in this style for 9 months. Put the remaining £1500 per month into the savings account for the last three months and pay the rent with that accumulated £4500 plus £600 drawn from the ISAs. That leaves you with a balance in the ISAs together of £7800 plus tax-free interest; the savings account will be contain your taxed interest.

Worcsman

kidmugsy wrote: »

"I've read that shares ISA's are a good bet": for ten years maybe, for six months not on your nelly. Each of you should open a good instant access Cash ISA plus a good savings account (for convenience perhaps a joint account).
Each deposit £750 per month into your ISA for 4 months and £1500 into the savings account for the fifth and sixth months. When the rent is due pay with £3000 withdrawn from the savings account and £1050 drawn from each ISA (or £2100 drawn from one ISA if that's more convenient). Carry on saving at the ISAs until you've each used up your year's depositing allowance of £5340; that'll take (in round numbers) three months. You've now been saving in this style for 9 months. Put the remaining £1500 per month into the savings account for the last three months and pay the rent with that accumulated £4500 plus £600 drawn from the ISAs. That leaves you with a balance in the ISAs together of £7800 plus tax-free interest; the savings account will be contain your taxed interest.

Thanks very much for that.

Totton

How about betting on ERNIE for a few months, you'll get your money back which in 6 months will not have gained very much interest anyway. Seems buying a few premium bonds wouldn't be such a waste in this instance.

diable

I'd have some fun as you only live once.......

Worcsman

Totton wrote: »

How about betting on ERNIE for a few months, you'll get your money back which in 6 months will not have gained very much interest anyway. Seems buying a few premium bonds wouldn't be such a waste in this instance.

Not a bad plan that!