8k Savings and what to do with it

lomiodien89

As the title says I currently have 8k in savings growing by £500 each month but I'm not sure what to do with it. I currently live with my partner in his house that he owns outright, I help towards the bills on this house. I've always wanted to get on the property ladder by doing up a flat and selling it on. My partner is a builder and I am very handy with decorating so I would have no labour costs. Is property a good investment right now? I'd have enough for the deposit and fees but I'd have to borrow for most of the renovation costs. Is this too big of a risk? I'm worried about the market crashing and being stuck with debt. We are looking to have our first child in the next year or so when my wages will go down temporarily. The plan is for us to buy a home together in 5 years or so when I have a decent chunk for a deposit. Is there any other option I'm missing? Should I just keep saving? Thanks in advance!

MaxiRobriguez

Do you have any other savings? If not, you should probably just hold the £8k as "emergency" savings - which can be used to draw upon if you lose income earlier than planned for whatever reason.

If you are not married, you should also be cautious about what you would do if you and your partner broke up. As the house is in his name then there's the potential you could be left searching for a place to live with only the money you have. Perhaps on that basis you may think more cautiously about what you do with the £8k.

lomiodien89

MaxiRobriguez said:

Do you have any other savings? If not, you should probably just hold the £8k as "emergency" savings - which can be used to draw upon if you lose income earlier than planned for whatever reason.

If you are not married, you should also be cautious about what you would do if you and your partner broke up. As the house is in his name then there's the potential you could be left searching for a place to live with only the money you have. Perhaps on that basis you may think more cautiously about what you do with the £8k.

Thanks! After a long think and advice I have decided to keep on saving.