New Post Advanced Search
Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.

Should I save?

edited 30 November -1 at 12:00AM in How much have you saved?
2 replies 1.8K views
nsr1200nsr1200 Forumite
5 posts
edited 30 November -1 at 12:00AM in How much have you saved?
Hello

I have been reading some articles about saving on MSE and I am surprised to see that its not always a good idea to save when you have debt.
I have recently become debt free with the exception of my mortgage. I don't really think of my mortgage as a debt, but an asset and I am already overpaying, therefore I can pay it off a bit quicker, so I feel I have this under control.

I have no savings at all and I really think that I should get something started but I am a little confused. Do I go for an ISA, Instant Access, or just leave it in my current account?

I want to be able to save it so leaving it in my current account probably isn't the best idea for me. I'm unsure about ISA's.
Instant Access savings accounts seem to be quite poor, and my current account pays better interest.
I only want to put £125 per month away and I would like to leave it alone. Is it a good idea to save it with my current account provider (in a different account)?

It sounds like a very simple question I'm asking but I have spent the past 7 years paying off a large amount of unsecured debt and I feel a little overwhelmed by what is available. Also I have a low credit score because of my previous debt and I want to make sure everything I do helps increase my score.

Any comments would be gratefully received.

Thanks

Replies

  • savingwannabesavingwannabe Forumite
    15.2K posts
    Tenth Anniversary 10,000 Posts
    ✭✭✭✭✭
    Hello nsr1200 welcome to the site!:wave:




    There are many things you can do with the money. I am not an expert but I would save it in a current account as the interest rates are really high and much more rewarding than cash isas.






    Have you looked at all the various options on MSE?
    If you go to the top of the page click on Banking Saving and have a read it talks you through all the types of accounts and helps to come to a decision.


    PS if you are disciplined enough to pay off your mortgage I reckon you are disciplined enough to save. It is like an addictive game. I have only been doing it for a week or so and I am making money and not frittering it away on ebay like I used to as I have made friends on here and we are doing it together. :j:D:beer:
    Try to have a minimal spend year in 2021
    Saving change in money box.
  • nsr1200nsr1200 Forumite
    5 posts
    Thanks for the information :j
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support