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  • FIRST POST
    • MoneyMillennial
    • By MoneyMillennial 10th Mar 18, 4:15 PM
    • 1Posts
    • 0Thanks
    MoneyMillennial
    Getting serious about saving, help appreciated!
    • #1
    • 10th Mar 18, 4:15 PM
    Getting serious about saving, help appreciated! 10th Mar 18 at 4:15 PM
    Hi everyone!

    New today, so apologies if this is in the wrong place or anything.
    I joined after watching a few of Martin's videos and figured this would be a good place for more advice!

    Now then, I'm 25 and want to get a bit more serious about saving. I'm about to start a new job, with a decent income boost so want to be a bit smarter with any leftover income I may have.

    The last few years, I've been a boss at saving for trips and holidays whilst managing my money. I have no debts (apart from the ol' student loans) or kids, big commitments etc so I have a good amount of financial flexibility.

    As a single guy in London, I don't think I have much realistic hope of getting on the property ladder for a while yet, and so rather than scrimping and saving and wasting my 20s being bored at home and not seeing the world, I was wondering if anyone has any top tips for getting started with savings or investments on a small but beneficial level? After all, I'm not from London and only moved here for work, so could end up moving to a more affordable place in a few years, so it'd be nice to start saving something now.

    From what I've read up on so far, putting away a bit of money in a Help To Buy ISA each month is a good idea? Pretty low interest by the looks of it but that 25% will sure come in handy if I do buy bricks in a few years? I'm talking a couple of hundred pounds a month, so from what I can see so far, I wouldn't get a whole load more interest in a normal cash ISA, and certainly not as much as that 25% bonus will provide! Is that the right sort of assessment I should be making?

    I currently just have a free current account, a free savings account with sod-all interest, and a couple of zero-balance credit cards. No loans, debts to pay etc.

    Should I start getting involved with investing in stocks and shares, or is that best left for people with several hundred pounds to play with each month?

    So if anyone has any other advice for me, I'd really appreciate it.

    Thanks!
Page 1
    • FatherAbraham
    • By FatherAbraham 10th Mar 18, 7:33 PM
    • 765 Posts
    • 588 Thanks
    FatherAbraham
    • #2
    • 10th Mar 18, 7:33 PM
    • #2
    • 10th Mar 18, 7:33 PM
    From what I've read up on so far, putting away a bit of money in a Help To Buy ISA each month is a good idea? Pretty low interest by the looks of it but that 25% will sure come in handy if I do buy bricks in a few years? I'm talking a couple of hundred pounds a month, so from what I can see so far, I wouldn't get a whole load more interest in a normal cash ISA, and certainly not as much as that 25% bonus will provide! Is that the right sort of assessment I should be making?

    I currently just have a free current account, a free savings account with sod-all interest, and a couple of zero-balance credit cards. No loans, debts to pay etc.

    Should I start getting involved with investing in stocks and shares, or is that best left for people with several hundred pounds to play with each month?
    Originally posted by MoneyMillennial
    You've got a savings account. That's good. Have you got enough put by to pay your living/rental expenses for a month, if your income stopped? Enough for three months? Can you stretch to six months?

    Cover your potential emergency costs before you start risking money in investments, or even thinking about real estate.

    Warmest regards,
    FA
    • Shashy
    • By Shashy 11th Mar 18, 10:16 AM
    • 96 Posts
    • 119 Thanks
    Shashy
    • #3
    • 11th Mar 18, 10:16 AM
    • #3
    • 11th Mar 18, 10:16 AM
    My input/opinion:

    1) Make a robust and realistic budget capturing your incomings and fixed & variable outgoings. Budget for the year, accrue for annual 1-off expenditures such as car insurance

    2) Build an emergency fund. Minimum of a grand, to cover the 'Sh*t happens' moments life will throw at you like the washing machine/boiler breaking.

    3) Build a Disaster Recovery Fund. 3-6 months of outgoings, to cover the 'major sh*t happens' moments like being made redundant.

    4) Enrol in company pension and ensure you're making the contributions necessary to receive the total employer contribution.

    5) Start a Help to Buy ISA / LISA
    • AndyPK
    • By AndyPK 11th Mar 18, 11:02 AM
    • 2,899 Posts
    • 812 Thanks
    AndyPK
    • #4
    • 11th Mar 18, 11:02 AM
    • #4
    • 11th Mar 18, 11:02 AM
    shares might be best left alone, (unless your new job offers a share scheme, as these can be good)

    work out your budget you spend in a year and divide by 12. add some spare capacity

    look at regular savings account. Some offer 5% by saving ~250 a month. Get a couple of these if you can. (but you will also need a current account with them)

    Look at a current account that will give you interest e.g 1.5% and pay cashback on your household bills (electric/broadband/mobile etc)

    Nationwide/Santander/Natwest


    yes, some in one of them house ISA's things that give you a bonus.
    • charolettepope
    • By charolettepope 11th Mar 18, 2:42 PM
    • 20 Posts
    • 3 Thanks
    charolettepope
    • #5
    • 11th Mar 18, 2:42 PM
    • #5
    • 11th Mar 18, 2:42 PM
    Why don't you try the Nutmeg pension? You can setup the personal pension account in minutes and its easy to get started that way for you I think. There are other types of Private Pension Schemes as well in UK. Do your research on the web.

    P.S. I don't work for Nutmeg..Lol! I just came across this online and thought it would be useful for you.
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