Need to generate £1000 a month from June

LISSAPOP

Hello all,

Reluctantly I will not be in a job in June.  I have handed in my notice as I just cannot do a desk job more anymore, I am prioritising my health following a bank operation in May last year.
However, I need to generate an income of £1000 from June onwards somehow which is quite daunting.  I would like advise on the best way of making money from investments with little risk.

This is what I currently hold:
Pension & LISA which does well, although I cannot touch and I am 42 years old.
Numeg ISA £40k ish
Premium Bonds - Max allowance
Bonds that expire in Oct 2024 £50K ish
Beach hut that I will rent out over the summer for £200 a week

I have approx. £150K that I would like to invest wisely and use the income monthly.  There are no suitable properties in my area, I have already explored this idea.

Any help gratefully received please.

Bridlington1

I suspect you'll get more/better responses in the Savings & Investments board.

How long do you anticipate you'll be out of work? Do you pay rent/mortgage? Where is the £150k currently? For now I'd split the £150k between the top 2/3 easy access accounts if you haven't done so already whilst you decide what to do with it. For the top easy access accounts see:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false/

Vectis

Can I suggest a job, part-time if necessary, to help top up what you can't cover with return on investments?

How about a summer job initially, as I'm going to take a stab in the dark and assume you live near the sea, as you've said you have a beach hut. Are there any summer jobs going in the area? That will buy you some time until September or so to think of what to do afterwards. Or does your back operation (back operation, not bank operation, which would be something different entirely?!) preclude you doing that?

thegreenone

I would find a monthly interest paying account and fix for three years (if you're comfortable with that) at around 4.6%.  Guess work here.

150k  4.6% = £575 pm
PBs             = £100pm average on full holding, can't be relied on but reasonable
Beach hut    = £800  (£200 a week for ten weeks?)
                     = £1475  June
      
See if you can get a higher interest rate for your savings.  
Look at other posts on here to see about doing surveys etc but I'm guessing sitting for long periods is not good for your back.  If you are able to walk, could you find a local monthly magazine delivery job?  (I'm looking at this currently).

In October when your £50k matures = £191 in an account at the same rate at above.

£575 interest
£100? PBs
£800  Beach hut
£191   Interest from Oct.
=£1666
- £800 Beach hut in winter season
=£866  and £134 to make up

Surveys/walking delivery job/part-time in a cafe??????  Minimum wage goes up to £11.44 ph next week so you would need to do 12 hours a month to meet your target.  

Anyone with better maths or ideas, please correct me.  Edited: I did beach hut weekly.

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