Money advice

Jon3sy

Hi I’m 16, just joined the army 2 months ago , getting paid about £760 per month after ni / tax / food / accommodation. So want to save the majority of my money as I have no outgoings currently so this is the best time to save .was just looking for some advice as what to do with it. Like the best savings account with high interest or ISA etc I don’t know too much about savings or anything. Cheers

eskbanker

See https://www.moneysavingexpert.com/savings/which-saving-account/ and https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/ for decent explanations of options, although some accounts will only be available at 18.

tacpot12

Well done Jon3sy, getting into the habit of saving now will pay dividends in the future.

Keep coming back to the MSE forums as you need further advice.

LHW99

You are young, but if you earn enough, autoenrollment suggests you could ask to make pension contributions.
https://www.moneyadviceservice.org.uk/en/articles/automatic-enrolment-if-youre-21-or-under
I don't know if that would apply to the army scheme, but could be worth enquiring.

Wildsound

If buying a house is a goal of yours, then consider opening a Help to Buy ISA:
https://www.moneysavingexpert.com/savings/help-to-buy-ISA/

When you reach 18, then consider opening a Lifetime ISA as well for the same purpose:
https://www.moneysavingexpert.com/savings/lifetime-isas/

Both products should be researched by yourself so that you understand them, as they both have their differences.

C_Mababejive

At your age,consider investing some of that regularly rather than saving..

Snow_Dog

Jon3sy wrote: »

Hi I’m 16, just joined the army 2 months ago , getting paid about £760 per month after ni / tax / food / accommodation. So want to save the majority of my money as I have no outgoings currently so this is the best time to save .was just looking for some advice as what to do with it. Like the best savings account with high interest or ISA etc I don’t know too much about savings or anything. Cheers

WOW - absolutely fantastic approach - well done firstly on joining the army, hope it goes well - secondly brilliant that you are thinking of saving money.


My advice is to get the balance right. Its great to save for the future but also live for today.


Savings - diversify is my advice.


Short term - easy access - that way you can get hold of money when something happens and you need it, Lloyds current account, 3% up to £2,500 is an example.


Medium term - you can find regular savers that offer up to 5%, then when they mature you have a lump sum either for goals like a car or towards house deposit.


Long term - stocks and shares ISAs - drip feed from an early age and that will reap massive benefits after a few years. (for simplicity sake - have a look at Vanguard life strategy)



There are loads of other different options but thats where I would start.

xylophone

Do you have a Child Trust Fund?