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How to best utilise £1k/month?
PeaCH
Posts: 1 Newbie
I will soon be in a position where I am able to save/invest £1k/month. My wife and I will be opening LISA's and each putting the maximum £4k/year in there to receive the £1k/year bonus, we will continue this for at least 3 years and when we are ready to settle somewhere we will use the £30k+ as a deposit for a house.
This will leave me personally with around £8k/year to save/invest - I will be looking to put a small amount of this into a high interest easy access savings account but what should I do with the rest? I would like this to be a longer term investment that I won't be withdrawing from for at least 10 years and I am happy to take some risk to see higher returns. Am I best putting the money in a S&S ISA? If so which would you recommend?
Or should I do something completely different with my £1k/month?
Also: I'm debt free, I'm 30 years old and I don't have a private pension. I am quite reluctant to tie my money up there, but I will be receiving a pension from the Armed Forces which I don't contribute to.
Please be kind and speak in layman's terms! Thanks!
This will leave me personally with around £8k/year to save/invest - I will be looking to put a small amount of this into a high interest easy access savings account but what should I do with the rest? I would like this to be a longer term investment that I won't be withdrawing from for at least 10 years and I am happy to take some risk to see higher returns. Am I best putting the money in a S&S ISA? If so which would you recommend?
Or should I do something completely different with my £1k/month?
Also: I'm debt free, I'm 30 years old and I don't have a private pension. I am quite reluctant to tie my money up there, but I will be receiving a pension from the Armed Forces which I don't contribute to.
Please be kind and speak in layman's terms! Thanks!
0
Comments
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A LISA each is a good idea - https://www.moneyboxapp.com/cash-lifetime-isa/
For easy access cash https://www.alrayanbank.co.uk/savings/instant-access-savings/ the everyday saver might suit.
For the longer term, you might consider a stocks and shares ISA.
https://monevator.com/using-vanguard-lifestrategy-funds-life/
https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-isa0
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