Right! I'm Skint But Getting My Finances In Order!

loutus_flower

I've decided (and after listening to Anthony Robbins on cd!) put my financial life in order. I'm still young enough at 35, sensible enough to turn things around (though your frankly never too old to get your finances in order).

As a novice in the world of investing I am looking to start a money market account and bonds. I am sure that someone out in money saving land can recommend some good products that have a really low minimum amount ( I can afford to put £10) put in each month. I want to and have to turn things around despite my current situation (which I know will change).

I was wondering I anyone can suggest a good money coach as well as I fully intend to take care of my financial future. I was shocked because I've only managed to find ONE person (Nicola Cairncross) but frankly her prices a pretty steep.

Any other suggestions will be greatly appreciated.

I look forward to hearing from you all with your brilliant suggestions

codetown

Hi,
well done thinking to your finances. The sooner the better!

I would say that you don't need a particular coach for the amount you have in mind and in general for anything below 250 pounds/month.

My suggestions would be:
a) start with putting money into a cash ISA.
Choose one ISA immediately and try (if you can) to put all you have, up to 3000 pounds, now (before the financial year ends on the 6th April!)
http://forums.moneysavingexpert.com/showthread.html?t=401374

b) After you saved 3000 pounds into a cash ISA, if you cana fford saving more start a Regular Saver Account. There are many around and you can read about them here:
http://www.moneysavingexpert.com/savings

c) Keep updated by reading this forum every so often (once in a fortnight for example).

That's all you need and you will certainly maximise your future savings!

CLAPTON

i would suggest the following plan

start with your earnings : can you increase these: depending upon circumstances maybe overtime, second job, rent out a room

then look at spending:
create a real budget with everything you will spend in the next 12 months.. and that means everything... for annual or irregular spends work out what you spend in a year and divide by 12 and SAVE that each month in a saving a/c so that you always have the money when you need it and dont need use credit cards or OD.

Keep a spending diary and write down everything you spend so you can really see where all the money goes.

do you ever pay charges because you are late paying.. set up a diary system or spreadsheet to track all the bills. set up DD where appropriate so you dont need to remember.

Start saving as much as you can in a cash saving account. start with an ISA as these are paid gross.
Build up at least the equivalent of at least a months salary (preferrably 3 months ) before you even consider stock/share / bonds etc.

amcluesent

>I am looking to start a money market account <

Your reference to Tony Robbins and these accounts suggest you have been listening to advice for people in the USA. You need to be clear what is available to people in the UK (assuming you are in Britain).

IMHO, for £10/month you may as well pop it into tax-free saving account. The fees on any other sort of investment will completely wipe-out the possible gains from such a small amount.