What should I do with 30k

J_sherriff

I have 30k in my savings doing nothing what’s the best way to use it and get the most out of it any ideas welcome 

george4064

Given you have posted such little information, the best I can do is give you generic responses:

First of all, I am assuming you have a suitable emergency savings pot? Anywhere between 3-12 months of living expenses in an instant or easy access savings account.

• Highest returns on your savings would be achievable via Investing. Make sure you use your tax allowances as efficiently as possible given your circumstances. Think pension, Lifetime ISA (this option is good if you’re saving to buy your first home) and S&S ISA; https://www.moneysavingexpert.com/investments/

• Lower returns, but no risk of loss would be to use savings accounts. More info here; https://www.moneysavingexpert.com/savings/

J_sherriff

Thanks for your reply so the 30k is in bonds and I have other savings as a back up I don’t own a house as where I live it’s to dear to buy. I earn good money 40k plus a year 

MovingForwards

How old are you?
How much do you pay into your pension?
Do you want to buy a property now or in the future, commuting to work?
Any short-term or long-term aims, wants, goals?
Are you saving for anything in particular?

You need to provide more information if you want replies.

nbrewitt

Premium Bonds all day long, reasonable chance of winning tax free prizes, easy to cash in when needed and rock solid security 

barnstar2077

nbrewitt said:

Premium Bonds all day long, reasonable chance of winning tax free prizes, easy to cash in when needed and rock solid security 

You forgot to add "eaten by inflation."  Without knowing more information it is impossible to say what we would do in their place.

DireEmblem

Since you dont have a home, stick some of it into a LISA.  Premium bonds aren't a bd shout, but again as we have little information to go on it is difficult to suggest ideas.

If you are planning to buy a home in the next 5 years, then keep it in cash.  If not, then invest.

Albermarle

You can spend some time scrolling through the forum as lots of people ask very similar questions all the time ( and the first answer is usually that more info is needed.........)

Eco_Miser

barnstar2077 said:

nbrewitt said:

Premium Bonds all day long, reasonable chance of winning tax free prizes, easy to cash in when needed and rock solid security 

You forgot to add "eaten by inflation."  Without knowing more information it is impossible to say what we would do in their place.

Over the past year, typical returns have beaten inflation, and anyway inflation reduces the value of all savings and investments.

OP: Why are you saving this money?

If it's for your old age, or anything in more than 10 years time, invest it.

If it's for rainy day, or an upcoming purchase, save it - the first reply has details.

If it's for a house, use a LISA, save the rest as above.

Otherwise, consider spending it on something memorable.

eskbanker

Eco_Miser said:

Over the past year, typical returns have beaten inflation

It was possible to say that (and still is if signifying the point-in-time measurement points during the past year) but in terms of performance over the past year, i.e. specifically for the 12 month period ending now, it's no longer true since the release of the April figures, now that annual inflation as measured by CPI (or other measures) has passed the typical PB return, at 1.5% versus 0.9% respectively.

VXman

Buy a classic car and don't use it too much.