New saver, how to start?

Rg_

Hi guys I'm in a position to save 800-1000 pounds a month depending on how strict i am.
Always been rubbish with money management and now i have cleared anything i owed i now only have a couple of small out goings and have no serious ties to anything. Im also in the military and have heard of a armed forces help to buy.

I want to invest in buying house in the future and want to start saving properly now.
All i have is a bank account with Barclays.

Whats the best way to go about starting to save in my situation?
Thank you

BUKI_2

Hi


I am not an expert but there is a HELP TO BUY Scheme
supported by the Government, earning up to £3.000 within 5 years if you save £200 per month.


helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

bigadaj

The help to buy can be useful thou the best rates have now been cut.

Current accounts and their associated regular savers are generally the way to go, look up the 5% loophole article and thread on mse for more details.

Eco_Miser

This Thread lists lots of current accounts and regular saver accounts that pay reasonable interest. Start with say the TSB offerings and work your way down the list, opening new accounts as you fill the old ones.

Also use a Help to Buy ISA for the 25% bonus.

Rg_

Thanks guys, i was looking at the Help to buy scheme but heard that you cannot rent out the property or something. I would plan to rent it out while living on camp.

vsyrine

Save a percentage of money every month and make sure to follow it. salary-savings= expenses
You can start putting your money in the bank and when you build already enough you can start investing.

JohnRo

Why not set yourself a target, short term, of earning the maximum PSA (tax free interest allowance).

A Basic rate tax payer is given a £1000 PSA, so that by the time you've hit that PSA limit using high interest current accounts, with an average deposit account interest rate of say 3.2%, you'll have saved £31,250 or thereabouts. At that point you can then explore other tax free options, ISA investment etc.

Treat saving every month like a bill to yourself that has got to be paid.

https://www.bankaccountsavings.co.uk/

frankmassiebonsai

Might be worth checking the full government T&Cs of the help to buy isa as I seem to remember reading an exception for armed forces allowing them to rent out the property.