best way to save

olb81

hi i would like to save 50% my net income as a good habit

where i work allows me to use commsave credit union

i also know there are regular savings accounts

what would be the best option

in some ways i like the money to be saved before i get access to it

as i am not always disciplined to transfer myself

also how about a regular payment to a GIA with freetrade?

many thanks

best

Brie

My best way to save so I wouldn't notice was to sign up to my employers' sharesave or sharepurchase schemes. The money came off my pay before it hit the bank.

Failing that and depending on your age you might also consider AVCs with your work pension. Again - the money never hits your bank.

eskbanker

https://forums.moneysavingexpert.com/discussion/6664467/best-way-to-save

I suspect it'll be productive to take a more holistic view of your finances rather than continuing to post about individual components, so establishing how much spare income you actually have is one thing but it needs to be mapped onto your plans and objectives in order to determine how to allocate it across savings, pensions, other investments, etc.

Perhaps worth starting here:

The UK Personal Finance Flowchart - UKPersonalFinance Wiki

Newbie_John

Increase you pension top up to 50% - that way you don't need to worry about habits!

LHW99

Saving means using eg bank or building society savings accounts, or possibly the credit union. What type depends on whether you may need quick access - as an emergency fund perhaps, or can lock it away for a year or two, when regular savers / fixed rate accounts are useful.

Using a GIA at Freetrade would be investing - good for money you won't need for ~10 years because the value will go up and down over time, hopefully with more ups than downs.

Pensions are generally invested (even if you use the "default fund") as they are locked away until retirement (or possibly longer if you choose to drawdown over a number of years).

MEM62

Insufficient info for meaningful opinion.

If you are thinking short term then saving is the way to go. If this is long term you want to invest - not save. There are a range of financial vehicles available to you - pensions if for retirement (the earlier the better with these), share ISA for other long term goals, GIA's as you you have mentioned but don't use those unless you have exhausted your ISA allowance and regular savings accounts just the highlight a few. Which way to go depends on what your personal situation and goals.