What a newbie should do with £1000 per month

Pincher

You can't use the money in a pension for mortgages, etc.

If you are likely to pay higher rate tax later on, I would keep the money within reach, like a LISA, or HTB ISA, and start contributing to pensions later to get the higher rebate.

atush

steampowered wrote: »

People who don't contribute into a pension are throwing away free money - £1 in your pension only costs 20p for basic rate tax payers or 40% for higher rate tax payers, plus in many cases people are throwing away an instant 100% bonus by losing out on employer matching.

There is no particular reason for a pension to be expensive or inflexible. You can use a self-invested pension if you so choose.

Ridiculous advice again from Mr Goldbug.

Throwing away an employers contribution is a daft idea.

If looking to buy a home soonish, then just put in enough to get the max employers contribution.

jelliott94

Hi Guys,

My current thought process is that if in two years down the line I'm not getting where I want to be or getting the opportunities I've been offered, I will try to get onto a graduate scheme with a bigger company, but will have to take a smaller salary. With a bit of money behind me I won't have to worry about the pay cut so that won't hold me back.

There is also the chance that I decide I want to head off for a few months travelling! But the key thing being that I have a bit of money available so I have options, and if I'm going to put away £1000 per month I might as well do something productive with it.

So thanks for all the great advice, this gives me a number of things to look into which is why I started the thread!