Investment & Saving

[Deleted User]

I am now a home owner and has such have pretty much wiped out my savings.  The money I do have I pretty much have earmarked for renovations and I also have the next 3 months mortgage covered.

Now I would like to begin setting aside some money each month to build a nest egg.  Single man on £31,500 per year.

What do you suggest? Would prefer a regular investment 

Dazed_and_C0nfused

[Deleted User] said:

I am now a home owner and has such have pretty much wiped out my savings.  The money I do have I pretty much have earmarked for renovations and I also have the next 3 months mortgage covered.

Now I would like to begin setting aside some money each month to build a nest egg.  Single man on £31,500 per year.

What do you suggest? Would prefer a regular investment 

Pension is usually the most tax efficient or were you thinking shorter term than that?

[Deleted User]

Yes looking for cash to use in the next 5 or so years 

george4064

For putting away cash that you’ll need in the next 5 years or so, you might want to consider regular savers.

dunstonh

Yes looking for cash to use in the next 5 or so years 

That pretty much eliminates investments and should stick to savings.

Beddie

Just go here https://moneyfactscompare.co.uk/savings-accounts/ and pick an account that is good for you. You could also look on the "regular savers" thread elsewhere on this forum for other ideas.

FlorayG

First Direct bank are currently offering 7% on a regular saver and you can put in up to £300 a month. You have to leave it 12 months and interest is paid at the end. I think this is one that would suit you

Linton

Your first priority should be a cash emergency fund to ensure you don’t get into debt should your house need immediate repair or you lose your job for example. 6 months living expenses is sometimes suggested as a sensible target.

Eyeful

1. Any money needed within 5 years
should be kept in a Bank or Building Society SAVINGS account covered by the FSCS up to £85K.
https://www.fscs.org.uk/check/check-your-money-is-protected/
https://moneyfactscompare.co.uk/savings-accounts/

2. You should have a "Rainy Day" savings account to cover emergencies, boiler breakdowns, market crashes etc.
6 months of normally spending is often quoted. Have this in place before investing.

3. Avoid high interest debt. If you use credit cards, pay it of in full each month so you do not pay any interest.

4. Use tax shelters where possible.
Pensions for very long term investing.
Cash ISA's, Stocks & share ISA's