Small amounts to invest/save

kylewire87

Hi Forum,
This is my first post so please go easy on me

Im 25yo and have had my own mortgage for the past 5 years, my monthly wage goes out to cover the costs of my apartment and other general outgoings, which leaves me with about £50/£100 for myself at the end of the month. I am wanting to start investing this money each month to hopefully make a gain in a few years time and not waste it like i currently am doing. Is anybody able to offer me any advice with regards to options such as investing is shares or a savings account with a good % at the moment?
Regards
Ky

McKneff

Hello there and welcome to the boards.

Yu seem to have your head screwed on the right way, ie mortgage etc.

Have you thought about a pension, the earlier the better to be honest.
Does the company you work for have a pension scheme, any company scheme is worth having, its free money, if you see what I mean.
State pension at the moment is £107 per week, would you like to live on the equivalent of that when you retire, now is the time to think about it if you want a better retirement.

xylophone

Do you use your ISA allowance?

kylewire87

I currently work for my local police force and have a local government scheme pension which i understand is a good pension to have, they take about £250+ a month from me.

With regards to ISA's i have a Nationwide cash ISA but have to be honest, i used my funds about 1k to pay off debts that i had so it currently stands at a balance of about £2.

Hope this helps
Thanks

badger09

Received wisdom would be to first of all save enough to cover say 6 months outgoings in case you lose your job. Your job is probably safer than many, but nothing is 100% these days , so that should be your first goal.

You could use your ISA for this, but also have a look at the Regular Savers link at the top of this thread. Once you have built up your emergency cushion of cash, you could think about investing for the longer term, perhaps in a Stocks & Shares ISA.

Well done for paying off your debt. You might also think about what you actually spend each month and whether you could make savings there. Don't forget to live your life though

xylophone

You do need emergency savings in case the washing machine/boiler/ car conks out - so use your ISA!

After that you might look at a regular saver type account.

Once you have your cash cushion, you might consider a monthly investment through your stocks and shares ISA allowance into an investment trust, OEIC etc.