Savings

[Deleted User]

Ok so I am currently DFW at the moment but I have no clue about saving for my future never had any savings in my life & I'm 28! Shocking I know

I am going to start contributing to my works pension starting from next year I know that by the time I'm nearly 30 is a but late to start this contribution byt by retirement age it will at least be something LOL

I also want to start saving so that when I retire I'm not gonna be totally skint living off a pension - where is the best place to save I would probably be looking at about £1200 per year - again not much but hey ho its all I can afford!

Any advise would be appreciated I am clueless

Dxxx

lisyloo

If you are a tax payer then a cash ISA would be a good place to save.
You don't have to pay any income tax on the interest.
I would find one that is instant access so that you can get at the money in an emergency.

[Deleted User]

Ok thanks very much for your reply - I was reading through the boards & think I was getting myself more confused!

I have an account with the credit union but not really sure thats the best place to be honest.

D x x x

crittertog

I don't know if it's any help, but Martin's "Savings Fountain" guide is a good place to start, especially when read in conjunction with the "best rates" guides (links to which should appear at the top of the forum page).

Derivative

I am not really sure how to interpret the figures in your signature (is red the original balance and blue paid off so far?)

But in any case, it is not sensible to put away significant amounts of savings while you still have debts presumably accumulating interest.

The best easy access savings you can currently get are at 3.2% yearly, so putting £1k in for a year you get out £1032.

On the cards in your signature, even at a "low" rate of say 15% you're looking at owing £150 more per year. So you end up actually losing money by putting it into "savings".

Go for the highest APR first, pay it off and work your way down.

[Deleted User]

Oh this debt is the high priority at the moment - I'm gonna start saving as soon as this is gone.

I'm paying between 500 - 700 off this debt per month at the moment.

I'm just getting my head around this whole savings lark in advance so I know what to do as soon as I am debt free.

Thanks for the tips tho

Dxxx

gozomark

Dfw ?? .........

Lokolo

gozomark wrote: »

Dfw ?? .........

Debt Free Wannabe

gadgetmind

Lokolo wrote: »

Debt Free Wannabe

Thanks, that's much politer than what I guessed at!

gozomark

oh !!!!!! !...................

gadgetmind

gozomark wrote: »

oh !!!!!! !...................

Once it was pointed out, I realised I should have been able to work it out as it's the name of an MSE forum.