How do I snowball savings?

jen49

its a daft question I know but with being in the position of having a good income from wages and no debt I dont know what to do with my money for the best.

I have regular savings accounts plus a rainy day account but other than that I really am at a loss.:o

eskbanker

I don't think there's any magic formula - just keep putting your money into accounts with the highest possible interest rates, taking advantage of fixed rates for money you don't necessarily need instant access to.

At some point, when you're happy that you have enough money in cash deposit form for emergencies and anything reasonably foreseeable, you can consider long-term homes for your surplus money, such as investing in funds, etc, either standalone or pensions.

DrSyn

If you mean this,

SAVINGS: Money is in a safe place & not at risk. You expect to at least take out what you put in.

Then you could look here:-

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

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

Money needed within 5 years, should be kept in a savings account.

You should always have sufficient in a rainy day account.

Depending on your personal circumstances and attitude to risk, you might then think long term & consider a pension & investing. By long term I mean 10 years or longer.

INVESTING: Putting your money at risk where there is the potential loss of all your money. You hope to take out more than you put in, but this is not guaranteed.

http://www.kroijer.com/

The above would suggest you should use a low cost global multi asset fund.

atush

if you have a lot of regular savers and easy access accounts, i'd look at investing (and reinvest dividends automatically). In both S&S isas and pensions.

Zero_Sum

Do you own a house with a mortgage? If so could overpay a little.

AnotherJoe

jen49 wrote: »

its a daft question I know but with being in the position of having a good income from wages and no debt I dont know what to do with my money for the best.

I have regular savings accounts plus a rainy day account but other than that I really am at a loss.:o

Do you have a house?
Pension?

jen49

AnotherJoe wrote: »

Do you have a house?
Pension?

Yes I have a house - mortgage free and have a pension.
DH pays all household bills and expenses