Audit My Investments & Savings

[Deleted User]

Salary
Current: £27,000 (£1,800 per month)
January 2025: £30,000

Debt
None

Monthly Direct Debits
£100

Age + Living Status
30 + With Parents

Lifetime ISA
£12,000 - £12,500 approx (invested in stocks)
DODL

Stocks and Shares ISA
£4,250
Lloyds Stock and Shares

Halifax Collective Investment Plan
£700 (approx. Old account plan to close)
Scottish Widows

Plan to buy a house in next 6months and until I need to close my LISA I plan to keep contributing monthly around £400-£500 to  boost this deposit.  I also plan to pull out of the stocks and leave as cash to help derisk this investment.

Stocks and Shares ISA and Halifax CIP is almost £5,000.  I plan to use this as a starting point for long term investment.  What is your suggestion? Should I keep it with Lloyds, is there any funds to look at or ready Made investments to considers ?

Is there anything else you would recommend I do to help build a sound financial picture ?

First time doing a audit on my account and as I get closer to buying a home fingers cross it would be good to try and get an opinion on my finances!

Thanks
XP

Catplan

Pension, your older self will thank you for it.

1800 - 100 = 1700, what other outgoings? What do you do with the other 1700?

edit 400 - 500 into LT ISA, so £1200 left over…..

Bostonerimus1

What are your goals past house buying? Do you have a pension plan with your employer? That's the best way to grow wealth because you will probably get a contribution from your employer and a big tax break. How is your money invested ie what funds?

ColdIron

Lloyds at £40 pa is relatively expensive for small sums in funds. It depends on what you hold and how frequently you trade but HL might save you £20 pa, AJ Bell £30 and Vanguard £33 if you were OK with Vanguard funds

That £40 becomes more economic once it gets larger, the break even point with HL would be £8,888, AJ Bell £16,000 and Vanguard £26,666. It all adds up

For long term savings how is your work pension?

[Deleted User]

Pension at work I contribute the maximum to get the maximum matched from my employer. I believe it's 5 from me and 3% from employer

In terms of funds I have it invested in a range. not sure what to invest in I'm open to ideas! I understand that any investment will likely to grow my money over the next 10-15-20 years any funds /platforms recommended I am open to moving away from Lloyds.

In terms of where my income goes I enjoy the finer things in life nice clothes holidays etc but fully appreciate that this will be short lived when I finally join the rat race of paying a mortgage and bills ! This is why I want to try and get into a saving habit now!

ColdIron

3% employer and 5% employee is the minimum requirement and plainly your employer is not matching your contribution

I have mentioned 3 platforms above and as I say it very much depends on what types of investments you hold and how frequently you contribute or trade. At your level a percentage fee platform is very likely better than a fixed or flat fee one until the thresholds outlined above

Having a range of funds at £4,250 is overkill and almost certainly pointless. You would be better off with just one, a global tracker or a multi-asset fund. That would be suitable until you get towards £30,000, £50,000 or even more

https://monevator.com/compare-uk-cheapest-online-brokers

[Deleted User]

Thanks for the advice.
I would like to contribute monthly. Have you nay experience of the above? Any better than the other? I suspect they are all good huge big firms!

Any advice on a global tracker to look at!? Or is that asking to much ?

ColdIron

Of the three platforms I mention above HL and Vanguard are free to trade while AJ Bell is £1.50 per trade which monthly will wipe out any price advantage until the sums are greater. Run your numbers against the brokers in the link above

There are plenty of global trackers at Vanguard and this link compares some multi-asset funds. The Vanguard Lifestrategy and HSBC Global Strategy ranges are popular

https://monevator.com/passive-fund-of-funds-the-rivals

Beddie

[Deleted User] said:

Thanks for the advice.
I would like to contribute monthly. Have you nay experience of the above? Any better than the other? I suspect they are all good huge big firms!

Any advice on a global tracker to look at!? Or is that asking to much ?

Lloyd's are only £40pa, that's really not a significant sum (although many on here will disagree and say it's preposterous to pay such a "high sum!"), so the saving by moving is small. But if you want to, just choose Vanguard platform and buy a global fund with them. Coldiron posted a good link to funds above, but don't get too fixated, just pick one. Vanguard funds only if you choose their platform, or just stay on Lloyds and buy one there. Whatever feels better for you.

MX5huggy

You don’t mention any cash savings, its conventional round here to have between 3 and 12 months salary in easy access savings, additionally you need cash available for the cost associated with buying a property. 

Albermarle

Any advice on a global tracker to look at!? Or is that asking to much ? 

By their nature, 100% global equity trackers, will all be quite similar. Differences tend to be minor, such as whether they include a few per cent of emerging markets or not.

Stocks and Shares ISA and Halifax CIP is almost £5,000.  I plan to use this as a starting point for long term investment. 

For real long term investment, investing via a pension is the best way, due to the tax relief. However the trade off is no access until your late Fifties. If you change jobs at some point, do not just look at the salary. Some employers will add more than the statutory 3 %, which is a big help.