Savings advice

Ajmb

Hi All,

I’m looking for a little advice. The background is I’m 47, a single parent to 3 children and I work full time. I’ve tried really hard to pay off my mortgage as quickly as I can and I’m nearly there. This will mean that I will be £1250 per month better off and I’d like to be start saving more. The savings I currently have are just in a savings account linked to my current account. I know there must be better ways of saving but I’m not sure where to start. I will need to be able to have quick access to some of what I save, just in case!

Zero_Sum

Marcus by Goldmam Sachs is pretty much the best instant access saving account on the market. There are options with bank accounts paying good rates upto a certain value like Nationwide & TSB

Flobberchops

As you say, keep an easily accessible emergency fund. Cash that you don't need immediately can be cycled through higher-interest Regular Savers or fixed term cash bonds.



Any interest in investments, or plans to save for your children? Because those are huge areas on their own.

AnotherJoe

What is your pension situation?

DrSyn

1. Maybe theses savings sites are be of interest?

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html


2. What is your pension situation?

xylophone

The savings I currently have are just in a savings account linked to my current account.

This is your emergency fund?

Would it be possible for you to use the Nationwide FlexDirect and a TSB Classic Plus as here (post 2) https://forums.moneysavingexpert.com/discussion/comment/76266312#Comment_76266312

Had you considered regular contributions to a stocks and shares ISA?

https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-isa?cmpgn=PS0617UKPABIS0002&gclid=EAIaIQobChMInf7c8sTN5AIVQbDtCh2fQwiuEAAYASAAEgLIAPD_BwE&gclsrc=aw.ds

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

Or regular contributions to your children's JISAs?

Or additional pension contributions?

for part of it?

Ajmb

AnotherJoe wrote: »

What is your pension situation?

I’ve been a civil servant for 28 years so I’m pretty lucky with my pension. I can pay in additional voluntary contributions so that might be something to consider

Ajmb

Flobberchops wrote: »

As you say, keep an easily accessible emergency fund. Cash that you don't need immediately can be cycled through higher-interest Regular Savers or fixed term cash bonds.



Any interest in investments, or plans to save for your children? Because those are huge areas on their own.

Investments would be of interest, but really don’t know where to start!

Zero_Sum

Ajmb wrote: »

Investments would be of interest, but really don’t know where to start!

Low cost index tracker. See Vanguard
LS80 is usually the recommened option.

Alexland

Ajmb wrote: »

I’ve been a civil servant for 28 years so I’m pretty lucky with my pension. I can pay in additional voluntary contributions so that might be something to consider

This is certainly worth investigating further. It may be more efficient to make additional pension contributions even if it means running your mortgage for a bit longer.

DrSyn

Ajmb wrote: »

Investments would be of interest, but really don’t know where to start!

For investing first watch both of these:-

http://www.kroijer.com/

https://www.ifa.com/indexfundsthemovie/

Then consider investing in a low cost Global Multi Asset Fund, at a risk grade you are happy with. These two below funds have wide diversification while minimising risk, at low cost.

https://www.vanguardinvestor.co.uk/investing-explained/what-are-lifestrategy-funds?intcmpgn=lifestrategyfunds_learnmore_link

https://www.hsbc.co.uk/investments/isas/hsbc-global-strategy-portfolios/


For VLS you could open directly here:-
https://secure.vanguardinvestor.co.uk/en-GB/Process/Registration/Apply/Select