What do/would you do with £1k spare each month?

Woolsery

I'd save it for a year or two and buy another field or some woodland. Can't have too much land; ask the Queen if in doubt!

Exodi

While the general response would be an S&S ISA (assuming you don't need the money in the short to medium term), I think this question also hinges on your pension circumstances.

Albermarle

Millyonare said:

Pension, via salary exchange (sacrifice).

Assuming +5% annual growth, 12 months of £1,000 (£12k) could be magicked into nearly £30k within 10 years.

Salary sacrifice for pensions is only available via some employers. It is not an employee choice.

If they could salary sacrifice , then a £1000 going into the pension would only cost them around £700 out of their take home pay.

If the £1000 was out of their taxed pay, then ( at least ) £250 tax relief would be added .

could be magicked into nearly £30k within 10 years. Although minus 10 years inflation to put it in real money.

Anyway as already mentioned until the OP enlightens us as to their current pension situation, it is all just speculation.

Shedman

I wanna say spend it on drugs, booze and loose women....except in my case the drugs would be on prescription, the booze would give me a hangover and I'd disappoint the loose women (well according to to the wife 😅)

enthusiasticsaver

In our current circumstances I would keep it in our cash buffer account to avoid us needing to draw on investments to supplement pensions at the moment.

bostonerimus

Extra pension contributions.

Nebulous2

enthusiasticsaver said:

In our current circumstances I would keep it in our cash buffer account to avoid us needing to draw on investments to supplement pensions at the moment.

Is it spare if you need it to supplement your pension? 

I'm probably in that position. I'm paying £500 (£400 net) into a pension and £200 each into 2 regular savers and £100 into another account.  

This is the first month since retiring 15 months ago that I've needed to dig into my reserves by selling some premium bonds to fund our lifestyle. I didn't get anything from my premium bonds last month, so it seemed a better option than raiding one of the regular savers. I don't see myself as having £1k spare a month however, I simply see it as you described it as a buffer. 

Bigwheels1111

Shedman said:

I wanna say spend it on drugs, booze and loose women....except in my case the drugs would be on prescription, the booze would give me a hangover and I'd disappoint the loose women (well according to to the wife 😅)

My wife said the same, well she would have a pair of new earrings.

Eco_Miser

Nebulous2 said:

enthusiasticsaver said:

In our current circumstances I would keep it in our cash buffer account to avoid us needing to draw on investments to supplement pensions at the moment.

Is it spare if you need it to supplement your pension?

i think for the purposes of this thread it is. You don't need to use it to supplement your pension - you could draw on your investments instead. I'd planned on drawing on my investments, but in practice always had sufficient spare income, so investments remain intact.

MrkHghs

Follow the flowchart. Currently, it would be £500 into a sinking fund for an upcoming holiday and £500 into my Vanguard.