Best place to put your money in current climate?

Descrabled

Buy a large freezer. Fill with meat, especially pork and chicken. Buy staples like rice, pasta, and flour.

   Food is inflating at 15%.

^Cost of

Sorry my bad English

RG2015

sevenhills said:

VoxNonIncerta said:

With inflation at an est 11.7% and the best easy access savings account at 1.5% isn't that a real time depreciation of 10.2% so where can you put savings (15k) to offset this?

Buy yourself that Range Rover now?

Down payment maybe  

RG2015

Okay, you could look at a cheap Range Rover.

(Possibly off topic, although OP said any advice greatly appreciated!)

VoxNonIncerta

Descrabled said:

Buy a large freezer. Fill with meat, especially pork and chicken. Buy staples like rice, pasta, and flour.

Food is inflating at 15%.

Have actually already done that visited Waitrose over a period of 2 weeks with their crazy last minute price cuts got a full chest freezer should last at least 2 months.

VoxNonIncerta

RG2015 said:

VoxNonIncerta said:

With inflation at an est 11.7% and the best easy access savings account at 1.5% isn't that a real time depreciation of 10.2% so where can you put savings (15k) to offset this? I've paid the maximum I can as an overpayment into my mortgage this financial year so anymore incurres charges I believe. I could commit to a 3 year fixed scheme but they only seem marginally better rates. Any advice is greatly appreciated. 

Based on your figures, you losing about £1,500 per annum for a long as inflation continues at this level.

You could invest the £15k but it could lose value in the short term. A prudent investment in an S&S fund is likely to keep pace with inflation after 5 to 10 years and beyond.

However, inflation also affects your day to day expenditure and your £15k savings may be needed to fund this.

Do you have any specific plans for your savings? You say you could commit to a 3 year fixed scheme which implies you may need the money in 3 years. If that is the case, your only "safe" options are to save in a savings account or spend it.

I'm only looking really to minimise the impact of inflation. My fixed term mortgage is up in 3 years so I can make a much bigger overpayment without penalty then. 

Swipe

Descrabled said:

Buy a large freezer. Fill with meat, especially pork and chicken. Buy staples like rice, pasta, and flour.

Food is inflating at 15%.

And just hope we don't get rolling power cuts

JohnWinder

An answer to your thread question would depend on how much is the money and how long have you got.  That’s because inflation is always a serious issue, being a permanent loss of spending power, and now that it’s high it becomes significant. Permanent that is, unless deflation later restores its value which has not been common. 

It lives next to ‘confiscation by government’ and ‘destruction by war’ as ways to permanently reduce your wealth, which is different from stock market volatility which only temporarily loses you value. As such, inflation protection needs some well thought out strategies planned ahead of time (and even then may not be perfect), or you try to make up after the event despite the permanent loss.  In short, there’s no short term, quick and easy way to avoid the losses of inflation, or it wouldn’t be grouped with confiscation and war as ‘deep risks’.

VoxNonIncerta

Swipe said:

Descrabled said:

Buy a large freezer. Fill with meat, especially pork and chicken. Buy staples like rice, pasta, and flour.

Food is inflating at 15%.

And just hope we don't get rolling power cuts

Covered by house insurance:)

bostonerimus

15k is a sensible amount to keep in the bank if you are on an average salary. So pop it into a saving account to get some interest. I assume you are debt free other than the mortgage and maybe low interest student loans. Then increase your workplace pension contributions, assuming you are sensibly invested in a DC pension

VoxNonIncerta

bostonerimus said:

15k is a sensible amount to keep in the bank if you are on an average salary. So pop it into a saving account to get some interest. I assume you are debt free other than the mortgage and maybe low interest student loans. Then increase your workplace pension contributions, assuming you are sensibly invested in a DC pension

No debt. Have an Armed Forces pension under the 1975 scheme and only a little left on a my mortgage. Working full time it's just really to minimise inflation eating away at it. Everyone saying that it's only temporary but historically I think it's going to take longer than people think.