Best way to funnel money into a lisa

Daniel99807655

Hello,

I have recently received a gift of £7000 and with £3000 to follow in April for tax purposes and a regular payment of £300 from June for at least 12 months.

 So wanted to pick your brains if possible.

My current savings in addition to the above gift.

£13000 in 6 months fixed interest maturing in July

£12500 in easy-access savings 

The only major expenditure I plan in the next 5 years is a Masters which will cost me 20K total as I can get some financial help with this of 6K if I choose to do a masters.

So I have no need for the £10K or £300 a month at the moment. Really want to buy a house so just transferred 4K to Nutmeg socially responsible with risk score of 7/10 to take advantage of the 4K allowance this tax year. Bit unsure on what to do with the rest which I wont need in the next 5 years so house buying in 5-10 years and placing myself on a sound financial footing is important to me.  

Context: 19 nearly 20, currently second year at university with no additional significant income that I can save with the exception of the above until I get a full-time job which might not be until 2023.

So I was thinking max out the LISA with the 300/month payment and top it up with my own money of £33. But then what to do with the remaining 6K investment wise?

Albermarle

house buying in 5-10 years and placing myself on a sound financial footing is important to me.  

The time scale is important . If you were to invest the money in a S&S ISA , five years is usually quoted as the absolute minimum to iron out the ups and downs of the market . Seven years is better , ten is good .

For five years or less , usually better/safer just to put it in a safe savings account ( or premium bonds )

The same time scale issue applies to the LISA but here you have the cushion of the 25% top up , so less critical.