Tips for Maximizing Savings and Investment Returns

flussytasty

 Hi everyone! I'm looking to gather insights and strategies on how to effectively save and invest my money. What are some tips or resources you recommend for maximizing returns on savings accounts and investments? Any personal experiences or advice would be greatly appreciated!

wmb194

flussytasty said:

 Hi everyone! I'm looking to gather insights and strategies on how to effectively save and invest my money. What are some tips or resources you recommend for maximizing returns on savings accounts and investments? Any personal experiences or advice would be greatly appreciated!

https://moneyfactscompare.co.uk/savings-accounts/

InvesterJones

flussytasty said:

 Hi everyone! I'm looking to gather insights and strategies on how to effectively save and invest my money. What are some tips or resources you recommend for maximizing returns on savings accounts and investments? Any personal experiences or advice would be greatly appreciated!

What (when) are you saving for?

tacpot12

1. Do your research to find the best savings rates/lowest charges for investments/etc. 
2. Use tax-advantaged savings and investment schemes like ISAs and Pensions (especially if your employer will also contribute to your pension) 
3. Pay attention to ongoing charges - this can make a big difference with investments
4. Try to incur transaction charges very infrequently by not buying and selling very often - buying the right investment and holding onto it a great strategy
5. Pool your risk with others - buy funds rather than shares in individual companies
6. Know your tax situation and keep good records
7. Don't put off investing or saving for any reason. Do it now!
8. Save for your expected bills every month (new boiler, new sofa, new mattress, new car, new roof, etc.) 
9. Have an emergency fund so you can avoid having to dip into other savings
10. Know your own risk appetite and be honest with your self about this
11. Take more risks when you are young
12. Don't take more risk that you need to
13. Talk to friends and relatives about saving and investing

These are all personal insights. I have either benefited by following them, or lost out by not doing so. 

Eyeful

A. Savings: Look for the best savings rate that will be protected up to £85k by the FSCS,
https://www.fscs.org.uk/check/
https://moneyfactscompare.co.uk/savings-accounts/
https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

B. Investing:
Do not be greedy & expect to shoot the lights out.
Staying away from individual shares & crypto.
Watch this first: https://www.kroijer.com/

1. Any money needed within 5 years should be in a Bank/Building Society account covered by the FSCS up to £85K.

2. Use tax shelters where possible  (a) Pensions (b) ISA's

3. INVESTING means putting your money at risk. You hope to get more out than you put in, but this this not guaranteed

4. Think of investing in the stock markets as a game.

    Long term (say at least 10 years) its called "investing" odds of winning = HIGH.

    Short term (say few days/weeks) its called "speculating" or "trading" odds of winning = small

5. You can make investing as simple or as complicated as you like.

   The Simple method of investing boils down to this:

(a) Low Cost Multi Asset Funds (for Cautious types & those that want more Control)

     A ready made portfolio, where you pick the share/bond split, you are most comfortable with.

Example:  https://www.hsbc.co.uk/investments/products/hsbc-global-strategy-portfolios/#balanced

(b) Passive Low Cost Global Index Tracking Fund or ETF (for the Adventurous with a very long time frame) 

     Here its shares = 100%. It may produce the highest return but is the most risky.

Example: https://www.trustnet.com/factsheets/o/kldq/hsbc-ftse-all-world-index

6.  Academic research repeatedly shows that most "active fund managers" after charges are applied,

    do not beat a MAJOR  GLOBAL WORLD INDEX. 

7. Before investing:

(a) Clear all expensive debt first (except for mortgage)

(b) Have a "Rainy Day" account for emergencies (6 months of house hold bills, is often quoted).

 8. SIMPLE INVESTING IN DETAIL (advantages, easy to understand  & implement).

 Then read these

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

     https://monevator.com/best-global-tracker-funds/

 

eskbanker

flussytasty said:

 Hi everyone! I'm looking to gather insights and strategies on how to effectively save and invest my money. What are some tips or resources you recommend for maximizing returns on savings accounts and investments? Any personal experiences or advice would be greatly appreciated!

Does your use of the American spelling signify that you haven't spotted that this is a UK site (or that your question emanates from AI perhaps)?

gwt1965

It’s not an American spelling. See the OED. And -ize was in use in British English long before -ise. AI could have told you this.

eskbanker

Split etymological hairs if you wish but -ize is now primarily associated with US English....

Martico

Weirdly / interestingly, it was the advent of Microsoft's spellchecker in the 1990s that brought about that distinction; until then, both spellings had sat happily side-by-side in UK English. While the US spelling was pretty much always with a Z

Bostonerimus1

flussytasty said:

 Hi everyone! I'm looking to gather insights and strategies on how to effectively save and invest my money. What are some tips or resources you recommend for maximizing returns on savings accounts and investments? Any personal experiences or advice would be greatly appreciated!

You're asking the wrong question. Most people should be investing and saving with the minimum risk to attain their financial goals. So what are your goals?

alfred64

There is no further answer or thanks from op. makes one wonder...