Noticed some changes? You can read all about the improvements we've made on the Forum in our latest announcement. We also have a new set of Forum rules so please take the time to give them a read and familiarise yourself.
Need a savings action plan...
Penniless_Millionaire
Forumite 1 Post
Hi,
I'm a newbie and looking for some advice on how to make my money/savings work better.
Some background:
I'm self-employed, no debt, no mortgage (own two properties outright, one is rented out), no children, no pension. I have £20,000 in a regular cash ISA which is now low-interest (1%) which I have accumulated in the last few years and have no other savings.
So, I'm wanting to put a savings/investment plan in place so I have a better retirement plan.
Due to self-employment my ability to save each month varies from £200-£1000. My Cash ISA allowance is almost full for this year, and I'm not sure about whether to put the rest of this years savings into a stocks ISA or something else.
I'm thinking about ISA transfer and also ISA v savings accounts.
I'm also wondering about what to do about the no pension situation...
In terms of emergency fund, it would be coming out of the £20k and I need min £800 a month to cover living expenses.
Advice welcome.
Thank you
I'm a newbie and looking for some advice on how to make my money/savings work better.
Some background:
I'm self-employed, no debt, no mortgage (own two properties outright, one is rented out), no children, no pension. I have £20,000 in a regular cash ISA which is now low-interest (1%) which I have accumulated in the last few years and have no other savings.
So, I'm wanting to put a savings/investment plan in place so I have a better retirement plan.
Due to self-employment my ability to save each month varies from £200-£1000. My Cash ISA allowance is almost full for this year, and I'm not sure about whether to put the rest of this years savings into a stocks ISA or something else.
I'm thinking about ISA transfer and also ISA v savings accounts.
I'm also wondering about what to do about the no pension situation...
In terms of emergency fund, it would be coming out of the £20k and I need min £800 a month to cover living expenses.
Advice welcome.
Thank you
0
This discussion has been closed.
Replies
even if you operate as a sole trader, you will benefit from tax relief in a pension so as you have cash and property covered i'd open a pension. And maybe going forwards S&S isas too.