Where do I Start?

muddyfox470

I regularily read the money sections of the national newspapers, and keep up to date with any Financial goings on.

I am just 18, and soon to go off to Uni.

I have always read it is much better to start whilst young (paying into pensions etc.) to invest i would like to start a small regular saving to at least give me a start. I have a healthy amount of savings, but i dont want to really do anything with this whilst i am about to start Uni. Most of this was inheritance form an uncle.

So i have savings across the place, and have recently been closing down some of the less well paying accounts, and placing the money into an A&L online saver (and as i am a non tax payer, all is fine atm).

I have a few ISAs, and quite a bit of my savings is at Britannia, they have done me good, and considering their mutuality, i get a good rate of interest, because of the payment i get for being one of their customers.

Me and my mum have both been paying into an abbey regular saver (i got it whilst it was 7%) which should help me at Uni.

All i want to know, is where should i start, and what should i look for, i.e. what sort of products. Is it worth to start a policy with Britannia, and is there a limit to how many pension funds i can have?

I currently have a part-time job, which brings in about £120 a month. I am soon to finish college, and will seek a full time job for 2 months to get some more money. However i want to start putting money aside now to give me a bit of cushion after i have finished uni, so i can then contribute more afterwards.

Are there any recommendations, any sites and companies to look at, and any info that should be helpful?

Or is it just best to keep my savings and try to get the highest paying accounts about 5.35% atm, and keep the money in there until i need it?

Any Help much appreciated

Ian

PS. i would prefer not to divulge much more detail than i have already given, i am already aprehensive of giving all this away, to such a large audience!

EdInvestor

Hi Ian,

I would stick with your current excellent savings arrangements until you obtain your first real job, which hopefully will come attached to a company pension into which the employer will also pay.Then you will know what to do

muddyfox470

Cheers that is what i was thinking, as in my circumstances i cannot commit myself to something.

Thanks, i will look to review my situation in a few years

Ian

Sarahrhiannon

Ian. Before you become completely brain washed by the system........
You get a good education to get a good job to spend the best part of your life building up a good pension so that you can enjoy the good life in 50 years time.
There is another way. And its found in these 2 snippets I lifted from 2 very wealthy people. Firstly, One smart investment is worth a lifetime of labour. And secondly, Learn the difference between PROFIT and a WAGE.

Think about it.... :-)

davesanae

Ian,

Can I just add that I admire your mature head on such relatively young financial shoulders! You are doing exactly what I didn't do 15 years ago and START EARLY. It is incalculably better to do this when you start looking at compound interest and the like. Just keep up those small but regular payments in EVERY month and your finances will look after themselves. I only got into serious saving and financial savvyness a few years ago and I dearly wish i had started when i was much younger. All the best.