The 'Save 12k in 2013' Thread!

youngsaver1995

Can anybody advise me. I will be turning 18 in August. I currently have 2 ISAs, one fixed paying 2.5% which matures in June and the other an instant one paying 2.25%. I'd like to look at Stocks and Shares ISAs once I am 18. Is this a good idea, I will have about 5K that I won't need access to and can tie away? If so, how do I go about finding a good S&S ISA for me? Would appreciate any advice (and know this probably isnt the best place to ask this :cool: )

SusanneCape wrote: »

How very impressive. Keep going, you are an inspiration to all students out there :beer:

Thank you . I have no idea why I'm so into saving, as far as I know, most of my colleagues have no interest in saving whatsoever.

YoungBusinessman wrote: »

Hardly any students around here do any work at all, just happy plodding on collecting bursary payments so fairplay to you!!

Does seem to be an issue with some. Thankfully I come from a pretty middle class semi-rural area where the majority of students in my sixth form work.

shrewsaver

I know we are now in February but can I sign up for £3,000 please.

Many thanks.

snowgo

youngsaver1995 wrote: »

Can anybody advise me. I will be turning 18 in August. I currently have 2 ISAs, one fixed paying 2.5% which matures in June and the other an instant one paying 2.25%. I'd like to look at Stocks and Shares ISAs once I am 18. Is this a good idea, I will have about 5K that I won't need access to and can tie away? If so, how do I go about finding a good S&S ISA for me? Would appreciate any advice (and know this probably isnt the best place to ask this :cool: )

I like S&S isa’s and I have gained a lot more from mine than I ever would have done in cash isas. BUT you shouldn’t be investing in a S&S isa if you may need to access your money in the near-term and if circumstances mean that your risk tolerance level is low. Even though you're saying you can tie your money up, I'm conscious that you are (if you don't mind me saying) at an age where needs can change quite quickly. I have DS & DD a bit older than you, and I know their savings pots have been raided for unforeseen circumstances such as car breakdown, increased college fees, losing job, etc. The advice I give them is to first of all have a decent-size accessible emergency fund and a cash isa is ideal for that (even if you're not yet a tax payer - as odds-on you will be in future).

My suggestion in any case would be to read the isa-related blogs on monevator.com so you’re better informed. For example, http://monevator.com/get-an-isa-life/
Or put ISA as search term on the monevator site. There’s lots of good advice there about investment options, passive versus active strategies, vanguard funds, etc, if you do decide you want to go ahead.

lbnblbnb

snowgo wrote: »

I like S&S isa’s and I have gained a lot more from mine than I ever would have done in cash isas. BUT you shouldn’t be investing in a S&S isa if you may need to access your money in the near-term and if circumstances mean that your risk tolerance level is low. Even though you're saying you can tie your money up, I'm conscious that you are (if you don't mind me saying) at an age where needs can change quite quickly. I have DS & DD a bit older than you, and I know their savings pots have been raided for unforeseen circumstances such as car breakdown, increased college fees, losing job, etc. The advice I give them is to first of all have a decent-size accessible emergency fund and a cash isa is ideal for that (even if you're not yet a tax payer - as odds-on you will be in future).

My suggestion in any case would be to read the isa-related blogs on monevator.com so you’re better informed. For example, http://monevator.com/get-an-isa-life/
Or put ISA as search term on the monevator site. There’s lots of good advice there about investment options, passive versus active strategies, vanguard funds, etc, if you do decide you want to go ahead.

Snowgo, thank you for the link. Although I am at a different stage in my life, I am building an emergency fund and once that is done (July) I want to look at S&S ISAs. It is a new area for me, so will need to educate myself!

Wentthedaywell?

Bah! Had to get a new car battery today. But well worth the money after being stuck in a car park in the snow and having forgotten my phone!

I also thought I need to look into a new will (not because of all this money I'm saving ) and power of attorney - £1100 plus VAT :eek:

youngsaver1995

snowgo wrote: »

I like S&S isa’s and I have gained a lot more from mine than I ever would have done in cash isas. BUT you shouldn’t be investing in a S&S isa if you may need to access your money in the near-term and if circumstances mean that your risk tolerance level is low. Even though you're saying you can tie your money up, I'm conscious that you are (if you don't mind me saying) at an age where needs can change quite quickly. I have DS & DD a bit older than you, and I know their savings pots have been raided for unforeseen circumstances such as car breakdown, increased college fees, losing job, etc. The advice I give them is to first of all have a decent-size accessible emergency fund and a cash isa is ideal for that (even if you're not yet a tax payer - as odds-on you will be in future).

My suggestion in any case would be to read the isa-related blogs on monevator.com so you’re better informed. For example, http://monevator.com/get-an-isa-life/
Or put ISA as search term on the monevator site. There’s lots of good advice there about investment options, passive versus active strategies, vanguard funds, etc, if you do decide you want to go ahead.

Thanks for your reply . Yeah tieing away 5K was based on the idea of keeping out 2K-2.5K just in cash isas/current account while at university. I'd like to run on a budget surplus through work and my family wants to contribute to living costs so hopefully I won't need to use any savings and will actually be able to add to them, and there shouldn't really be much in the way of unexpected costs, don't have a car, college fees will be fixed and paid for by loan etc. I agree though about if you need access then a S&S Isa isnt for you, so I may just look at saving 50% or something like that of my savings in a stocks and shares isa.

Thanks very much for your advice, I will check out the suggested reading

girlatplay

£100 to savings! If the year keeps going like this I will have to up my target!! No way did I predict things going this way. Will shut up about it for now in case the (on it's last legs) washing machine decides to pack in :cool:

Wentthedaywell? wrote: »

I also thought I need to look into a new will (not because of all this money I'm saving ) and power of attorney - £1100 plus VAT :eek:

Holey moley! I am in that line of work (in the finance side) and we usually charge a maximum of £250 + VAT for a will (average £200) and £200 + VAT for power of attorney plus the £70 outlay to have it registered. I am in Scotland though, not sure of the differences in law for these things. Shop around Wentthedaywell? you will possibly get a better deal

Gudwin

I signed up through the Google docs form, but just in case.
12k for me please.

Billie-jo

girlatplay wrote: »

Shop around Wentthedaywell? you will possibly get a better deal

Certainly worth Girlatplay's advice and enquire as that seems very expensive.

Finally managed to get February's savings off the starting block and today banked £69 Its not going to be a good a month as January but at least its going in the right direction.

Savings to date £741.76/£3000 - 24.7%

nat21luv

Anyone going to watch that money programme on C4 tonight, that self made millionaire? Looks interesting.

I'm at £200ish so far, haven't sorted out the finances this month so need to get on that.