Basic 'what to do with my money' thread

[TimLambert7]

I've just started back at Uni after a placement year, managed to save £3k. A tiny amount compared to what gets bandied about here but hey-ho.

Now, I've just got it sat in a basic account at the moment, not earning any interest or anything.

What should I do with it?

I want to do something interesting but not super-high risk, I can't afford to lose it.

Cheers

[TimLambert7]

megaphone said:

Do you have any debt?

Nope, not a penny.

[TimLambert7]

Ginge R said:

Tim,

Good thread.

If you can't afford to lose it, don't invest it. Consider looking at paying down expensive debt first, set aside some for an emergency fund and look at using some to subsidise suitable insurance if you get injured and can't work in the future.

Thanks for your response

I think you're right. In that case could you please recommend a good Cash ISA or similar?

Also, what's the general consensus on Nutmeg?

[TimLambert7]

Thanks for your responses. I'll have a look at opening a Cash ISA of some sort that I can withdraw from if needs be.

Purplepolarbear, I like your suggestions. I've got a slightly ageing Macbook that could do with an upgrade.


I'm also looking in to getting my first credit card. I plan to put small purchases like petrol and groceries through it in an effort to build a credit rating. The world of credit is a complete abyss, i've got very little idea who to go with!

[TimLambert7]

megaphone said:

OP, how are you funding university?

Fees and maintenance loan from Student Finance. Rent paid by parents.

This is very much the usual nowadays. Maintenance loan won't ever cover rent, even somewhere cheap. I have several friends who pay rent with the maintenance loan and live off their £1500 overdraft, which strikes me as insanity.

SunsetZed said:

ctdctd said:

Open another current account(s) - treat them as savings accounts and read their terms!

E.G. Nationwide 5% on £2K5 for a year or TSB 5% on £2K until they change it.

Way better than any current ISA.

This for sure, even if you are paying tax this will get you a better return.

Thanks. I'll look in to it.


Really appreciating all the feedback from everyone, lots of good ideas.