Money multiplier help pretty please

Ischia

Hi , I'm a newby......looking for some magic advise . I have two children, single working mum , and have just been left some money by my dear Granpa. It's not much , but lots to me. I'm looking for some advise on what to do with it to try to multiply it for my children as this will most likely be the only bit of savings I will ever have. Thanks in advice.....excited to hear your expert views.xx:A

ColdIron

It would help if you could give some idea of the sum involved

Ischia

Seven thousand x

bigadaj

The answer depends on your specific situation, so do you rent or have a mortgage, other savings or investments, debt etc.

From what you say this may be a single one off sum with little else available,

The conservative approach would be to pay off any debt and then keep this as an emergency fund, in one or more of the high paying current accounts.

Alternatively you could try and invest as a stocks and shares isa, so long as you don't see yourself accessing this for at least five and ideally ten or more years.

jimjames

If it's literally the only bit of savings you'll ever have - and that means you have no emergency fund or other savings at all then it would be pretty risky to put it all in a S&S ISA.

It might still be a good idea if you know you won't need to touch it and if the car breaks down you are able to pay for it without needing to take on debt but for most people an emergency fund would make more sense.