What do you do with your "profit" ?

Sabbath84

Hey all
So I started stoozing last October 2024. I've tracked my interest earned over this time and am now at £2.52 a day. £75 ISH a month. 

i want to maximise the use/potential so I was thinking of adding this to my pension each month and receiving the tax relief  as well. 

What do you guys do to make best use of your profit ??

kimwp

Presumably it depends on your financial goals?

Mark_d

Firstly I don't think it matters where the 'income' was generated from.  Essentially you have £75 spare cash each month that you want to save.

Maybe you need to put it in an instant access savings account so that you can pay for car repairs if your car breaks down...and your ISAs are maxxed out.
Maybe you want to put it in Premium Bonds if you want a tax free investment to balance the risk in your S&S portofolio.
Maybe you want to regularly purchase into an investment fund for long term growth, potentially inside an S&S ISA.

Maybe you want money accessible at age 60 and you plan to retire at 65 - so a Lifetime ISA might be the best place.

Under the current arrangements I don't think you can have too much money in a pension if you certainly have no use for that money before retirement.

Grumpy_chap

Sabbath84 said:

Hey all
So I started stoozing last October 2024. I've tracked my interest earned over this time and am now at £2.52 a day. £75 ISH a month. 

i want to maximise the use/potential so I was thinking of adding this to my pension each month and receiving the tax relief  as well. 

What do you guys do to make best use of your profit ??

I assume you are not already utilising your full annual allowance / earnings cap for pension contributions?