Understanding how to save and invest

crystal_pixie_2

Hi all,

I am after some advice. As of last year I was knee deep in debt from divorce and had no spare capacity (been like that for over a decade). From the end of January this has changed and I now have the ability to save up to £2,000 a month.

Now I have opened up an ISA for this year with Lloyds which I intend to fill, and I have the intention of adding another (perhaps with Virgin Money?) for the next financial year.

But is there any other alternatives as a higher tax payer? I have a final salary scheme and I may look at adding AVCs etc but I suppose its about balancing short term savings with long term investments.

At the moment I don't have any need for this money - but this could change. I will also get about £20k from a house sale in March.

So suggestions please - stocks & Shares ISA? Bonds? There is so much information at the moment I can't take it all in.

latecomer

Trouble is that without knowing when you might need the cash then it would be difficult to say what your best options are. If you may need it in less that 5-10 years then most people say to avoid shares. Also most people recommend having 6 months worth of outgoings as a emergency fund before putting anything into shares.

You could open a separate pension and contribute to that but thats obviously long term....

Short term - best rates are available via current accounts at the moment.