Money Outside Tax Wrappers

MoneyMan01

I'm looking for some inspiration and ideas. Maxed out ISA, PB's and in a fortunate position to have left over money to put somewhere each month.

As I say, looking for some inspo/ideas, so what do you all do with your money that sits outside of tax wrappers?

Middle_of_the_Road

MoneyMan01 said:

I'm looking for some inspiration and ideas. Maxed out ISA, PB's and in a fortunate position to have left over money to put somewhere each month.

As I say, looking for some inspo/ideas, so what do you all do with your money that sits outside of tax wrappers?

Depending on your circumstances, adding to a pension would seem the obvious choice.

ColdIron

I presume this does not include investing in a GIA as you already have a long thread on this where pensions have been mentioned several times

https://forums.moneysavingexpert.com/discussion/6543137/etf-in-a-gia/p1

If this is for money left over each month, and not lump sums, then Regular Savings would seem to fit your bill

kempiejon

MoneyMan01 said:

I'm looking for some inspiration and ideas. Maxed out ISA, PB's and in a fortunate position to have left over money to put somewhere each month.

As I say, looking for some inspo/ideas, so what do you all do with your money that sits outside of tax wrappers?

Are you ISAs cash or stocks and shares?
Are you a basic rate tax payer?
I mop up cash outside of tax wrappers in short dated government gilts.

MoneyMan01

Yes, I've looked at additional pension contributions, but due to a house purchase coming up, that isn't ideal.

Gilts are something else I've looked at. 

The tax and admin work surrounding GIA's, particularly with ETF's make this quite a complicated process.

I've since setup a regular savings account (because it was 10%, softens the blow, given 40% tax bracket).

Beyond that, where else do you guys put your money?

Middle_of_the_Road

Did you ever open a LISA which was recommended in your thread of 2020?

MoneyMan01

I put a quid in one, but have the HTB one maxed out. I know it's limited in price of house, but so is the LISA. I didn't put it in the LISA, as the way the property market has gone, even that limit means you could ultimately have the option of taking a fine, or only having it sit until pension age.

They really need to raise the price limits on both products, but unlikely that will happen so avoiding the LISA due to fines that come with potentially withdrawing from it.