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Savings help

Kelliott39
Kelliott39 Posts: 1 Newbie
in Savings & investments
My son is about to receive a lump sum and then a high monthly wage. I want to encourage him to be sensible with this! We will set up a LISA. I’m unsure what advice to give him regards the rest. He will have another 10k+ to save/invest initially. Plus I’d like him to save/invest at least 1k per month from his salary. 

Comments

  • Alistair31
    Alistair31 Posts: 985 Forumite
    Eighth Anniversary 500 Posts Name Dropper
    What are his aims in the short, medium and long term? 
    That will help determine what to allocate to savings and what can be allocated to investments? What is his pension situation?
  • Albermarle
    Albermarle Posts: 30,372 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    What do you mean by 'high monthly wage'. If it is high enough that he will be a higher rate taxpayer , this can affect investment decisions ( in favour of higher pension contributions) 
  • coachman12
    coachman12 Posts: 1,069 Forumite
    1,000 Posts Name Dropper Photogenic
    Kelliott39 said:
    My son is about to receive a lump sum and then a high monthly wage. I want to encourage him to be sensible with this! We will set up a LISA. I’m unsure what advice to give him regards the rest. He will have another 10k+ to save/invest initially. Plus I’d like him to save/invest at least 1k per month from his salary. 
    You do not give enough information for anyone to really provide you and your son with any help at all. So much depends on the details you have omitted and on what your son's intentions are.Sorry.
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