Saving larger amounts (£4k) per month...what's the best thing to do with these saving

Nicola-McCaffrey

Hi

I am new to this forum and am looking for some advice about savings. I am able to save about £4k each month but I am not quite sure how to best invest this money each month.

Most of the advice I have read is for up to £300 per month and so I wonder if there is something different/better suited to saving larger amounts?

Not keen to have to open lots of accounts to invest smaller sums of money if there is a better way to save.

Thanks for any am call advice

Nic.

ccbrowning

Do you want to save or invest and is this a general long-term goal or just money to pool up for a downpayment, etc.?

Also, do you currently use your ISA allowance and do you have a company pension scheme and/or a SIPP?

Nicola-McCaffrey

So we are expats at the moment and don't pay tax. Hence our ability to save this amount of money each month and we cannot use an ISA to save. We are still payed into a UK bank account by a UK company.

Basically this will be a long term investment, potentially used for our sons university education in 16years time. So we don't need to access it with any immediacy.

I want to save but my husband is keen to know more about investing. I am just a bit wary of stocks and shares and would like my money to be a bit "safer"!

innovate

If you have £4K a month to put aside, you should probably seek the advice of a professional IFA.

Stashing that sort of money into a savings account of any denomination would only be sensible if you have a very short term horizon (less than 5 years). If that is your horizon, it really doesn't matter very much where you put the money - - all savings rates are abysmal now, and you can search the forum and the Internet for the odd .01 difference in AER just as well as any of the forumites can.

If your horizon is more than 5 years, I'd say you definitely need proper professional advice for your investments. No Internet forum will give you the answers (to questions you don't even know yet you should be asking and answering).

innovate

Nicola-McCaffrey wrote: »

Basically this will be a long term investment, potentially used for our sons university education in 16years time. So we don't need to access it with any immediacy.

I want to save but my husband is keen to know more about investing. I am just a bit wary of stocks and shares and would like my money to be a bit "safer"!

Definitely not a "savings" case - not a 100% one, anyway - and definitely a case for an IFA.

Your money isn't "safe" at all in savings - - to the contrary, it's guaranteed to lose value because current interest rates do not keep pace with inflation.

Investments will not guarantee profits and growth of your money, but in the right places, they will outperform any savings. That's where you need personal advice from an IFA - as opposed to anonymous opinions from Internet forums.

ccbrowning

innovate has some great suggestions. I'd also recommend reading some articles on monevator.com and https://www.bogleheads.org given your time frame for investing.

Jonbvn

OP,

With that time frame investing is the only way to go.

I would suggest a diverse portfolio of assets. If you are unfamiliar with investing then I would suggest a good IFA. Be wary of certain IFA's who target expats - they will charge you huge commissions for poor products.