what to do with my money

kaytata_2

HI
EVERYBODY/ANYBODY,
Im 22, living in london with parents, and i'm in a pretty good financial position. i've been working for about 5 years, and have done pretty well. this is my financial situation


everything shown is PER MONTH

INCOME =
£1500 after tax wages.
£1200 rent from let out property

OUTGOINGS =
£620 mortgage for let-out property
£100 Halifax 10% childrens savers account (for my little sister)
£250 Abbey 10% savings account
£250 Petrol/Lunch/clothes/going out etc etc

SAVINGS =
I have 15k sitting around in a bank account.

Additional Info:
I bought the house a month ago for £110k and it has people living in it. their rent will be paying the mortgage and any additional money is mine.

I plan to open a Mini ISA account and just put 3k directly into it and leave it there.

I dont wish to invest in a pension plan because i plan to marry a partner who who wants a wife to be the homemaker (which is the norm in our culture). i'll sell off the house i've just bought and put it towards the house i'll buy with a partner.

So in the meantime, what else can I do with the 12k i have in cash and the £1k plus that i have coming in from wages?

gt94sss2

kobita1985 wrote: »

I bought the house a month ago for £110k and it has people living in it. their rent will be paying the mortgage and any additional money is mine.

Don't forget you will have to pay tax on the rental income as well.

Are you interested in investing in shares/investment funds or do you prefer your savings to be kept in high interest accounts?

Regards
Sunil

Liz_the_Whizz

kobita1985 wrote: »

HI
OUTGOINGS =
£100 Halifax 10% childrens savers account (for my little sister)

kobita1985

well done on being so nice to your sister :A

You're right to do the Cash ISA, National Savings & Investments @ 6.3% still the best payer.

Otherwise, have you looked at ICICI paying 6.3% on instant access savings? Probably better than your bank account at any rate.

If you are not risk averse, you could have a dabble in a stocks and shares ISA too, up to £4k in any tax year.

It's a bit of a bumpy ride at present, but you could just put in a small amount via for example Hargreaves Lansdown and see how it goes. Not a bad time to experiment while you have lots of disposable income and can take a bit of a risk.

Good luck!