Savings Advice for Starting Career

gared007

Having graduated in July, I now work full time for a defence company with a gross income of £26k. I live in Glasgow and I'm 22.

I intend to save between £100-£400 a month (initially I'm saving £450 per month for the first 6 months due to the company covering my rent). I'm looking to save around £26k over 4-5 years, which I appreciate may be very difficult but I certainly intend to try.

The reason for saving this money is to start a career in General Aviation in Canada. Canada was chosen due to better job prospects in the profession as well as cheaper training costs.

What is the best way to save this sum of money on this kind of salary?

I get unlimited overtime at work, the company is excellent for covering any and all costs incurred business-wise and other than the occasional music festival or holiday I really don't intend to make any big purchases any time soon.

If you need more information, please don't hesitate to ask. Any and all advice appreciated.

chronicsaver

Wack it in a European index tracker and forgt about it for 2 years. Best place to put your money at the moment. £450 every month, and bingo your sorted. Whatever you do just don't leave your money lying around in a current account. Best of luck

Eco_Miser

Actually, sitting in a current account a 5%, 4% or 3% is not the worst place your money could be, and its capital value is guaranteed by the FSCS. No share or fund investment is (if you decide to do that, do it in an S&S ISA).

Also look at regular savers paying 6% From First Direct, M&S, HSBC. https://forums.moneysavingexpert.com/discussion/608697 particularly post 5