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What Should I Do? LISA payment today
gavers79
Posts: 12 Forumite
Hello all.
I know this will be down to personal preference but I'm more than happy to take collective advice on this....basically make the decision for me! I've been dithering about all weekend and just remembered I need to make my mind up today!
I'm 41 this year and I've got a LISA. So for the past 3 years, I've put my £4,000 in which the government match with and provide you with an extra £1,000 - then I get it all when I'm 60.
I do have another £4,000 from a savings account I can put in it today but I'm wondering if I should or not
a) With everything going on, although I've lost my income I'm okay money wise and this money would be coming from a savings account which is being used for a house deposit early next year (already in a flat). So financially can afford to do, just feels strange to be doing in current climate.
b) As above, I will want a big deposit within 12 months for a house so is it best to keep as much money 'getable'
I suppose the crux of is this......
Am I missing out on the chance of essentially getting a free £1,000.00 here by missing out for the year. If someone said 'Well basically Gavin, You're 41 by the time you're 60 that free £1,000 you got is actually worthless as the £4,000 was better to have in the house than the LISA - that's what would be good to know.
As I said, normally I'd do it - but just in these times makes you think a bit more before you spend/move money!
Hoping someone more mathematical than me can help me make my mind up!
Thanks
Gavin
x
I know this will be down to personal preference but I'm more than happy to take collective advice on this....basically make the decision for me! I've been dithering about all weekend and just remembered I need to make my mind up today!
I'm 41 this year and I've got a LISA. So for the past 3 years, I've put my £4,000 in which the government match with and provide you with an extra £1,000 - then I get it all when I'm 60.
I do have another £4,000 from a savings account I can put in it today but I'm wondering if I should or not
a) With everything going on, although I've lost my income I'm okay money wise and this money would be coming from a savings account which is being used for a house deposit early next year (already in a flat). So financially can afford to do, just feels strange to be doing in current climate.
b) As above, I will want a big deposit within 12 months for a house so is it best to keep as much money 'getable'
I suppose the crux of is this......
Am I missing out on the chance of essentially getting a free £1,000.00 here by missing out for the year. If someone said 'Well basically Gavin, You're 41 by the time you're 60 that free £1,000 you got is actually worthless as the £4,000 was better to have in the house than the LISA - that's what would be good to know.
As I said, normally I'd do it - but just in these times makes you think a bit more before you spend/move money!
Hoping someone more mathematical than me can help me make my mind up!
Thanks
Gavin
x
0
Comments
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If this is true as stated then you've already made your 2019/20 contribution, this being the third year LISAs have been available, so there's no need to do anything today?gavers79 said:I'm 41 this year and I've got a LISA. So for the past 3 years, I've put my £4,000 in which the government match with and provide you with an extra £1,0002 -
Sorry no, I've not made the 2019/2020 contribution - so I've only done 2 years. Sorry!0
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I went in and did it anyway at 11pm last night!0
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