Need a savings action plan...


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


  • Yorkie1
    Yorkie1 Forumite Posts: 11,396
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Is there any reason why you haven't considered setting up a pension?
  • atush
    atush Forumite Posts: 18,710
    Part of the Furniture 10,000 Posts Name Dropper
    Do you own your own company? Is it a limited company? Do you use an accountant? If you do, ask him about setting up a pension thru your company. Can save you tax and Nics.

    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.
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