Making small investments to build up to big

Jamieharley

Hi there,

I am currently earning around 17-20k per year, all of my bills at the end of each month come to £500. I am looking to save around 5-7k this year. What can I do with that money,what are the best small investments to make.

I want to go into property investment in the next couple of years so looking to save up to 20k just need to grow my money.

inspireme247

Jamieharley wrote: »

Hi there,

I am currently earning around 17-20k per year, all of my bills at the end of each month come to £500. I am looking to save around 5-7k this year. What can I do with that money,what are the best small investments to make.

I want to go into property investment in the next couple of years so looking to save up to 20k just need to grow my money.

We're in same boat.

I opened a bank with First Direct (£125 incentive) with its regular saver (6% AER) and 2 x TSB (5% AER each). I plan to do loophole with switch incentives. Should be enough for 2015.

jimjames

Investing isn't a good idea if you need the money in 2 years. You could do it but there is the risk that your money has dropped when you need to use it.

Investment would normally be considered for 5 years or more.

atush

for the long term, investing samll will be a great idea.

So join any work pension ther eis with an employers contribution. As there will be FREE money involved so take it.

Second, I had 3 kids under 4 incl twins in nappies and could not work due to CC costs. So all i could afford to invest each month was the CB. and 25 then 50 a month turned into tens of thouseands over the decades since. As it was a small amt of money I never missed it.

So do this alongside of saving for a property pipe dream. hedge your bets/