Graduate Saving Strategies

Hi,

I am currently in my first graduate job and looking forward to the future!

I have started to think about savings, mortgages, direct debits, money management in general etc.

I am simply looking for advice and tips! and will post my own every week!

I currently have a Save to Buy ISA into which I am depositing the maximum amount per month and am trying to save into a generic savings account!

How many credit cards should you run to maintain a decent credit score? - naive question- the more you manage does it show your financial stability? Should you work with more than 1 bank?

Are premium bonds an option?

I am currently putting £100 a month into a share portfolio which i manage more out of intrigue than a serious way to make money.

what do people think about Moneybox as an app?

Cheers :) looking forward to hearing from people

Comments

  • Voyager2002
    Voyager2002 Posts: 15,244
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    Well done on starting a career!

    Don't get too "clever" with your credit score. All that you need is a record of using credit responsibly, and you can achieve this by having just one card and paying it off each month. Beyond this, simply use credit cards that offer benefits to you. Remember that just one missed payment will do more damage than all that you gain by being "clever", so don't allow things to get more complicated than what you can manage easily. Similarly, you can gain a lot by using cards with long interest-free periods, but if you forget to repay at the end of the interest-free period and have to pay a month's interest you are likely to lose more than your total gains.
  • Brilliant :) I was worrying about over complicating things! Good advice, thanks
  • TheShape
    TheShape Posts: 1,777
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    'Save to Buy' ISA or 'Help to Buy' ISA?

    Might be a good idea to check!
  • savingwannabe
    savingwannabe Posts: 16,610
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    Hello welcome to the thread. I have never trusted share trading at all. I was around in the 80s and saw people lose everything.

    My advice is v basic, keep a spending diary, take sarnies to work, read The Millionaire Next Door - Risk averse that's me. :j
    Aiming for a minimal spend 2022
  • Thanks for the advice!

    I agree shares are volatile and am not using it for the majority of my savings :)

    Yes its a Help to Buy ISA with Barclays.

    I will only be able to get a mortgage of £67,000 with my current salary and savings, lets see whether i can up it!
  • Voyager2002
    Voyager2002 Posts: 15,244
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    mjparchi wrote: »
    Thanks for the advice!

    I agree shares are volatile and am not using it for the majority of my savings :)

    Yes its a Help to Buy ISA with Barclays.

    I will only be able to get a mortgage of £67,000 with my current salary and savings, lets see whether i can up it!

    That suggests that your current salary is somewhere in the low 20s, in which case I think 100 per month is too much to put into a shares account. Your main investment should be in your career, and that means you need enough immediate money to live somewhere where you can sleep well and be free of day-to-day financial pressures that could distract you from work.

    You need to get to grips with how to deal with energy companies; phone companies; your landlord; council tax: failure to learn these things could mean at best that you pay far more than you need for everyday living, and at worst that you miss a payment and damage your credit rating. So learn how to shop around; how to claim the single occupier discount for Council Tax unless you share; how to make life easy by paying with direct debit...
  • mjparchi wrote: »
    Hi,

    I am currently in my first graduate job and looking forward to the future!

    I have started to think about savings, mortgages, direct debits, money management in general etc.

    I am simply looking for advice and tips! and will post my own every week!

    I currently have a Save to Buy ISA into which I am depositing the maximum amount per month and am trying to save into a generic savings account!

    How many credit cards should you run to maintain a decent credit score? - naive question- the more you manage does it show your financial stability? Should you work with more than 1 bank?

    Are premium bonds an option?

    I am currently putting £100 a month into a share portfolio which i manage more out of intrigue than a serious way to make money.

    what do people think about Moneybox as an app?

    Cheers :) looking forward to hearing from people

    That's good for a newly graduate like you! At least you have the idea about savings. By the way, Premium bonds are different to regular savings accounts because they do not pay interest and never reach maturity. In my opinion, you will only let go any interest payments on your money although you can be into a monthly prize draw and you might win.
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