Savings - Getting Started

The_Hurricane

Hello All,

My financial situation changed has changed as of late and most of my loans with the exception of a small mortgage have been paid off. I am allowed to make 10% overpayments on my mortgage, however I will still have around £350 per month spare that I would like to start saving £150 p/m.

What is the best way to get into this? At the moment all I have is £200 in Premium Bonds.

Archi_Bald

Two TSB Plus accounts to start with. Add a Santander 123 once you have more than £2,000 in each of them.

More here: https://forums.moneysavingexpert.com/discussion/5006928

El_Torro

I would say that you need to build an emergency fund, somewhere between 3 and 6 months worth of living costs. The best place to put this money is in a high earning current account, examples of which are already in multiple other threads. So you're looking at the usual suspects like Lloyds, TSB and Santander. I would do this before overpaying your mortgage as I think it's higher priority.

Once you have your emergency fund you can start looking at exciting things like pensions and Stocks & Shares ISA's. Oh, and if your employer already has a pension that they contribute to you should join that if you haven't already.

As for your £200 in premium bonds, I would move that into your emergency fund straight away. Some people like them but I'm not a fan.