How can I improve on my situation?

Islander97

Hi, I'm semi-new to investing and would really appreciate any tips, tricks and advice you all may have for me regarding my current saving/investing situation.

I currently earn around 17.5k a year basic. Although I do a fair amount of overtime meaning I currently take home about 550 a week. (790 before tax). I'm aiming on smashing it this year with the goal of earning 40k. This may not be totally realistic though, and would be happy with 35k

I'm 21 years old, living with my partners parents paying £40 a week on rent. My outgoings are minimal. I haven't got there yet, but with the new year here I plan on putting £500 away a week, and living off the £50. Which I can manage for now.

I have about 1.5k in a Natwest S&S ISA which currently, isn't doing great. About 1.8k in a LISA which I have only just opened. 1k in a basic natwest saving account and £150 in a current account. I also have around £800 (current value) in cypto currencies but this is purely speculative and am not really fussed about it unless it blows up again.

I've looked in to vanguard but I'm not sure if their S&S ISA is better than what Natwest have.
I don't have anything in a standard ISA as I don't particularly see the benefit at the moment

I plan on moving out of my partners parents place in september, and renting a place for around 350 a month, but this is not definite yet.

Thanks for taking the time to read this and I hope you've all had a good start to the year so far.

Alexland

I would both try and fill LISAs each tax year (3 months to go) and don't see the point of any speculation in a portfolio especially crypto. Have confidence in your plan without needing to make wild bets.

My view is a Vanguard Investor ISA is clearly superior to a Natwest S&S ISA however the markets have had a rough time in 2018 so most investment options will have done poorly. Investments work best over the long term so you just need a good asset allocation and plenty of patience.

Alex

Voyager2002

What stands out is your very low basic salary. You need to increase your earning power, and that is likely to involve additional training and education. Be prepared to invest financially in this.

ConMan

Hey I'm in a similar situation to you, and I'd agree with Voyager.

In the last three years my basic was £21k, £23.5k and now £25k. I've smashed overtime these last three years and earnt a total inc basic of £30k £35k and this year on target of £43k.

One thing I would say is that this level of work isn't sustainable. You'll begin to feel ill despite you initially feeling fine. Make sure you get plenty of rest and look after your body otherwise you'll end up feeling it.

Short term, it's a great way of earning cash, but like Voyager says, take some of those earnings and invest it in yourself with qualifications to push yourself up the career ladder.

Lungboy

I'd make sure i had a good amount of savings built up (6 months income) in high interest cash accounts before i started investing money.

Islander97

Thanks, I was planning on maxing out the LISA when I can. But I'll be sure to check out the vanguard investment. Is it an ISA the same as my Natwest Invest one?

Islander97

I have about 6 months savings ready to go.

I'll look in to increasing wages, but Ideally I'd like to strike out on my own doing something when I have a good lump sum behind me. My current industry I'm in doesn't particularly interest me, and I'm just using it for the unlimited over time. Otherwise I'd just be working at a supermarket or something similar.

xylophone

You might consider transferring the Natwest ISA to Vanguard and continuing to contribute.

https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-isa

https://monevator.com/using-vanguard-lifestrategy-funds-life/

Are you using the best current account for your needs?

https://www.moneysavingexpert.com/bank-accounts/

Alexland

Remember if transferring the S&S ISA to ask the new provider to do it for you.

Can your partner also have a LISA to use alongside yours towards a qualifying property purchase?