Best way to Save/Invest my bonus

JackApprentice

Hey all, I'm very new to this and this is my first post.

Basically, I am an 18 year old and I've been a digital marketing apprentice for a year, making basic apprenticeship wage. Because I've not been earning much per month, I've been putting money away into a savings account each month. However, because this month marks a year of being at my company, they've given me a big bonus that will mean that after taxes my pay cheque will be around £4200. I only need to pay for my groceries and my fuel and have no debt so I'm wondering what the best way to save or invest my bonus to help my future?

I have been looking into things like investing in stocks but I've got no knowledge or experience when it comes to that type of thing but I feel like I could use it more wisely than just putting it in my savings and letting it sit there.

So does anyone have any advice for a complete beginner on what I could do?

Thanks for reading this, Jack

barnstar2077

What do you think this money might be used for in the future? How long do you think it will be until you need it again?

Well done for coming on here and asking for some advice. When I was 18 I would have just spent it like a muppet.

colsten

Are you planning to buy a property at some stage? If so, putting some, or all, of the cash into a LISA might be an idea. Read this: https://www.moneysavingexpert.com/savings/which-saving-account/

If you want to get into investing, you should do a lot of reading first. You could start here: https://monevator.com/category/investing/passive-investing-investing/

Congrats to your award, well done & keep going like you started :T

Alexland

Maybe spend £200 on something you enjoy and contribute £4k into a Lifetime ISA for a 25% government £1k bonus?

If you are likely to use it towards a property purchase (up to the £450k price limit) in the next 5 years then stick to the best-buy Moneybox Cash LISA otherwise you could invest it in a S&S LISA with AJ Bell YouInvest.

Alex

JackApprentice

I honestly don't know what the money might go towards, I just want to (in the bluntest way possible) get as much money as I can from it. Right now I'm just focusing on getting my qualifications and stuff. I wouldn't say I would need to use the money within the next 5 years or so because I'm in my own accommodation and my car (hopefully) won't cog it any time soon.