What to do with £500 per month?

Groover24

As the title says ... Are there any particularly wise places to put this cash? I have a few ISAs though nothing from this financial year so I could add £2k plus a bit before April and thereafter in the next financial year.

My risk profile is about 6 for my pension pot so are S&S ISA worth a look? I would be looking at about 8~10 years for investment keeping some as cash for the unexpected.

Thoughts would be gratefully received!

Mark_d

I would recommend having some cash readily accessible - maybe £10k in a high interest current account or easy access savings.  The rest of your wealth could live in a balanced portfolio consisting of more risky investments (shares) and less risky investments (bonds, cash).

Perhaps you could benefit from independent financial advice to work out what is best for you and your situation.  The best I can do is give ideas

Bostonerimus1

Make sure you have at least 6 months spending in a saving account for emergencies.
Pay off any high interest debt, that's anything with an interest rate higher than you can get in a long term saving bond.
Put more into your pension, buy inexpensive index tracker funds.
Put more into your ISA buy inexpensive index tracker funds.
When pension  and ISAs are fully funded, put more into your general investment account, buy inexpensive index tracker funds.

grumpy_codger

Groover24 said:

As the title says ... Are there any particularly wise places to put this cash? I have a few ISAs though nothing from this financial year so I could add £2k plus a bit before April and thereafter in the next financial year.

At the end of this financial year open few regular savings accounts. Most of them are easy access. When they mature at the end of the next financial year, use the money to either top up your ISA or in some other way - you have a whole year to think about this.

>> https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

Albermarle

If you add more to your pension, will your employer ( if you have one) add more. Some will.
That would be in addition to getting more tax relief anyway.

Groover24

Albermarle said:

If you add more to your pension, will your employer ( if you have one) add more. Some will.
That would be in addition to getting more tax relief anyway.

I had thought of adding to the company pension at least for a while. Unfortunately they only match 5%. One to look at

Bostonerimus1 said:

Make sure you have at least 6 months spending in a saving account for emergencies.
Pay off any high interest debt, that's anything with an interest rate higher than you can get in a long term saving bond.
Put more into your pension, buy inexpensive index tracker funds.
Put more into your ISA buy inexpensive index tracker funds.
When pension  and ISAs are fully funded, put more into your general investment account, buy inexpensive index tracker funds.

I will have a look at trackers.

Mark_d said:

I would recommend having some cash readily accessible - maybe £10k in a high interest current account or easy access savings.  The rest of your wealth could live in a balanced portfolio consisting of more risky investments (shares) and less risky investments (bonds, cash).

Perhaps you could benefit from independent financial advice to work out what is best for you and your situation.  The best I can do is give ideas

I did have an FA (IFA!) but I have dropped him and will be looking for an IFA soon. One thing to discuss amongst other things