Saving help

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Tiggstar1
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Saving help

Post by Tiggstar1 » Sat Nov 11, 2017 2:57 am

Hi

I am just after a bit of advice really as I have no clue where to start or what to do regarding making money on savings.

I've got a few ££££ I'd like to do something with, I'm not sure about the best way of 'investing' it. I've looked at isa, bonds etc but what is the best to get a return.

I'm looking to invest the cash for 5yrs minimum, I don't mind medium/high risk investment or is it best to just leave in in the bank.

Any help is appreciated as I'm truly lost about what to do.

TIA
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AndyBish135i
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Re: Saving help

Post by AndyBish135i » Sat Nov 11, 2017 10:25 am

Don't leave it in the Bank ffs!
You'll get bugger-all in the way of interest...

Lot's of ways to invest from simple ISA's with a fixed rate of return to more risky strategies.

Really need some proper/professional advice on this one buddy :wink:
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Re: Saving help

Post by Sonic1506 » Mon Nov 13, 2017 8:57 am

I'd recommend premium bonds as start, you can get your money back in full as well as having the chance to win more money. I have an amount in there, won a few amounts via the lottery and all winnings are tax free. However there is no guarantee that it's a worthwhile investment.

https://www.nsandi.com/premium-bonds.

I also need to look into alternatives.
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Paul CS
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Re: Saving help

Post by Paul CS » Mon Nov 13, 2017 9:15 am

Do you have a mortgage? If so think about changing to an offset mortgage...

https://www.moneysavingexpert.com/mortg ... calculator

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Re: Saving help

Post by robsaboy » Mon Nov 13, 2017 9:39 am

Sonic1506 wrote:
Mon Nov 13, 2017 8:57 am
I'd recommend premium bonds as start, you can get your money back in full as well as having the chance to win more money. I have an amount in there, won a few amounts via the lottery and all winnings are tax free. However there is no guarantee that it's a worthwhile investment.

https://www.nsandi.com/premium-bonds.

I also need to look into alternatives.
+1 for premium bonds. I had £5,300 in and won £5,000! Pretty good interest rate :D
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Re: Saving help

Post by OneTwenty » Mon Nov 13, 2017 9:54 am

I've had premium bonds for over 15 years and never won sod all!! :D

The best investment we've had is a stocks/shares ISA that we started 10 years ago, that's made 33% since we started it which I think is pretty good as it's very low risk.

I'm not some finance savvy type though, we have a decent IFA who sorts us out with all this stuff.
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Re: Saving help

Post by Sonic1506 » Mon Nov 13, 2017 1:24 pm

robsaboy wrote:
Mon Nov 13, 2017 9:39 am
+1 for premium bonds. I had £5,300 in and won £5,000! Pretty good interest rate :D
I've probably won £100 or so in the years I've had them.
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Re: Saving help

Post by Tiggstar1 » Tue Nov 14, 2017 1:20 am

OneTwenty wrote:
Mon Nov 13, 2017 9:54 am
I've had premium bonds for over 15 years and never won sod all!! :D

The best investment we've had is a stocks/shares ISA that we started 10 years ago, that's made 33% since we started it which I think is pretty good as it's very low risk.

I'm not some finance savvy type though, we have a decent IFA who sorts us out with all this stuff.
Ditto! I've had premium bonds for about 10yrs and I've never won anything.

33% sounds good over 10yrs considering what bank rates have been over that time.

This is money I just want to put away, I have no desire in having access to it
Last edited by Tiggstar1 on Tue Nov 14, 2017 1:29 am, edited 1 time in total.
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Tiggstar1
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Re: Saving help

Post by Tiggstar1 » Tue Nov 14, 2017 1:21 am

Paul CS wrote:
Mon Nov 13, 2017 9:15 am
Do you have a mortgage? If so think about changing to an offset mortgage...

https://www.moneysavingexpert.com/mortg ... calculator

Paul
Thanks Paul, I will look into this
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Tiggstar1
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Re: Saving help

Post by Tiggstar1 » Tue Nov 14, 2017 1:27 am

I got a very gd PM from a member on here which has given me a lot to think about.

I don't think I'll be going the isa route, I'll keep the one I have now but I earn sod all in interest.

Stocks/shares sound interesting but I have no idea about this but the Pm I received was insightful so I think a financial adviser might be the best way forward.

All suggestions welcome.
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Re: Saving help

Post by GeeDee » Tue Nov 14, 2017 7:51 am

robsaboy wrote:
Mon Nov 13, 2017 9:39 am
+1 for premium bonds. I had £5,300 in and won £5,000! Pretty good interest rate :D
For you, yes. However, the average interest rate is exceedingly poor although I believe winnings are going to be increased a little in December.

Quote from Money Supermarket:

"Line up everyone with £1,000 worth of Premium Bonds in order of their year's winnings, and the person halfway along would have won… not a penny! In fact, you'd need to walk past two-thirds of the line until you hit the first £25 winner".

The question is, are you a gambler or investor?

If you have a mortgage, pay some of it off - will save a potential fortune.
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Re: Saving help

Post by Sonic1506 » Tue Nov 14, 2017 9:37 am

Tiggstar1 wrote:
Tue Nov 14, 2017 1:27 am
I got a very gd PM from a member on here which has given me a lot to think about.

I don't think I'll be going the isa route, I'll keep the one I have now but I earn sod all in interest.

Stocks/shares sound interesting but I have no idea about this but the Pm I received was insightful so I think a financial adviser might be the best way forward.

All suggestions welcome.
Are you able to share the advice?
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Re: Saving help

Post by Ezzra » Tue Nov 14, 2017 11:02 am

Tiggstar1 wrote:
Tue Nov 14, 2017 1:27 am
I got a very gd PM from a member on here which has given me a lot to think about.

I don't think I'll be going the isa route, I'll keep the one I have now but I earn sod all in interest.

Stocks/shares sound interesting but I have no idea about this but the Pm I received was insightful so I think a financial adviser might be the best way forward.

All suggestions welcome.
You can wrap stocks and shares in an ISA. I've been doing this for a number of years and have over a quarter million £ in ISAs now.
Also consider pensions. You still get tax relief at the highest marginal rate, until you earn more than £100k. The new pension freedoms give you many options to get your money out from age 55.

As always, paying down debt should be near the top of your list :)
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Re: Saving help

Post by OneTwenty » Tue Nov 14, 2017 11:05 am

Ezzra wrote:
Tue Nov 14, 2017 11:02 am
Tiggstar1 wrote:
Tue Nov 14, 2017 1:27 am
I got a very gd PM from a member on here which has given me a lot to think about.

I don't think I'll be going the isa route, I'll keep the one I have now but I earn sod all in interest.

Stocks/shares sound interesting but I have no idea about this but the Pm I received was insightful so I think a financial adviser might be the best way forward.

All suggestions welcome.
You can wrap stocks and shares in an ISA.
Exactly what we've done, let the company that does it do the stocks/shares dealings on your behalf.

We started ours just as the recession hit so they ended up scooping up loads of stock/share units each year hence why it's done OK.

I might look at doing some more actually after reading this thread.
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Tiggstar1
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Re: Saving help

Post by Tiggstar1 » Tue Nov 14, 2017 10:56 pm

Ezzra wrote:
Tue Nov 14, 2017 11:02 am
Tiggstar1 wrote:
Tue Nov 14, 2017 1:27 am
I got a very gd PM from a member on here which has given me a lot to think about.

I don't think I'll be going the isa route, I'll keep the one I have now but I earn sod all in interest.

Stocks/shares sound interesting but I have no idea about this but the Pm I received was insightful so I think a financial adviser might be the best way forward.

All suggestions welcome.
You can wrap stocks and shares in an ISA. I've been doing this for a number of years and have over a quarter million £ in ISAs now.
Also consider pensions. You still get tax relief at the highest marginal rate, until you earn more than £100k. The new pension freedoms give you many options to get your money out from age 55.

As always, paying down debt should be near the top of your list :)

Regarding debt I don't have any which is a blessing, I have always been ok with saving but this is only with the bank, investing is all new to me.

I have set up a private pension which I pay into monthly and also I work for the NHS so I have that pension too, which isn't great but better than nothing.

I've also looked into life insurance so the kids have a little extra.

I'm turning 30 soon, it almost feels like a midlife crisis I'm having regarding my future lol.
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