What to do with 10k?
Discussion
So I have 10k saved up, and I'm wondering what I could do with it as it seems a waste sat in my mini cash ISA and current account; however...
I need access to the money. I work in the public sector and it's likely I'll lose my job. I could possibly raise another 10k or so if I sold my Z4.
So, is there anything I can do? (Besides get a new job, in which case I'll put it straight in the mortgage @ 6%!)
I need access to the money. I work in the public sector and it's likely I'll lose my job. I could possibly raise another 10k or so if I sold my Z4.
So, is there anything I can do? (Besides get a new job, in which case I'll put it straight in the mortgage @ 6%!)
could try your luck at premium bonds...and gamble the interest you would have made in the cash ISA ...you can get the money back within a week
you should get a few £50 prizes...but its the (small) chance of a big one that appeals
stocks n shares is for patient money ...sods law you need it when the market is down and you have to sell at a loss...not good
other than that NS&I stuff thats better than cash ISA, usually means you have to tie up the money for years
you should get a few £50 prizes...but its the (small) chance of a big one that appeals
stocks n shares is for patient money ...sods law you need it when the market is down and you have to sell at a loss...not good
other than that NS&I stuff thats better than cash ISA, usually means you have to tie up the money for years
russ_a said:
No, or they would not make any money.
Yes they do - it works on a "lottery" where each "ticket" has the same chance of winning. So if you have more "tickets" (put more money in) then you have a greater change of winning, not because the individual chance is greater but because you have a higher proportion of the "tickets" that could be selected.R1chardP said:
russ_a said:
No, or they would not make any money.
Yes they do - it works on a "lottery" where each "ticket" has the same chance of winning. So if you have more "tickets" (put more money in) then you have a greater change of winning, not because the individual chance is greater but because you have a higher proportion of the "tickets" that could be selected.http://www.moneysavingexpert.com/savings/premium-b...
This is very similar to the situation I am in. I got 20p (ish) interest last month!! I'm losing money now.
Havent even got an ISA. Premium bonds look okay as capital not increasing but even a £50 win would be years of interest worth at current rate in my savings account (normal HSBC one).
Havent even got an ISA. Premium bonds look okay as capital not increasing but even a £50 win would be years of interest worth at current rate in my savings account (normal HSBC one).
lingus75 said:
This is very similar to the situation I am in. I got 20p (ish) interest last month!! I'm losing money now.
Havent even got an ISA. Premium bonds look okay as capital not increasing but even a £50 win would be years of interest worth at current rate in my savings account (normal HSBC one).
Why not open an ISA then? You can easily get over 3%. You can only put in £5100 cash but you'll certainly get more than 20p a month. Havent even got an ISA. Premium bonds look okay as capital not increasing but even a £50 win would be years of interest worth at current rate in my savings account (normal HSBC one).
Pulse said:
I don't want to put it in to anything risky at this stage.
I've decided I am definitely selling my car, so I will have nigh on £30k instead. Can I do anything more with £30k that I couldn't do with £10k?
I am in a similar position and have recently opened up an ISA to invest in funds. Does not have to be risky.. they have a fund for thatI've decided I am definitely selling my car, so I will have nigh on £30k instead. Can I do anything more with £30k that I couldn't do with £10k?
Warren Buffet famously said that sitting on cash is a waste of money. Over time, cash will only go down in value and there are companies that will grow, some through the roof. I would sit on an amount of cash (or premium bonds, government debt etc) that is safe so you know that if it all goes belly up (unlikely if you invest in good funds) you have not lost it all.
Edited by Guvna on Friday 2nd July 21:56
Pulse said:
I agree, it's a complete waste of money sitting on my money. Especially at the moment. It is very tempting to put it into the mortgage, but I want access to it if I need to. Shame as it would reduce the mortgage by 24%!
Do you have an offset mortgage? Would your lender let you draw it back out in the future - surely even just putting it into the mortgage for a short while is better than not at all?I have/had an offset - worked well for me.
Phooey said:
Pulse said:
I agree, it's a complete waste of money sitting on my money. Especially at the moment. It is very tempting to put it into the mortgage, but I want access to it if I need to. Shame as it would reduce the mortgage by 24%!
Do you have an offset mortgage? Would your lender let you draw it back out in the future - surely even just putting it into the mortgage for a short while is better than not at all?I have/had an offset - worked well for me.
Pulse said:
Phooey said:
Pulse said:
I agree, it's a complete waste of money sitting on my money. Especially at the moment. It is very tempting to put it into the mortgage, but I want access to it if I need to. Shame as it would reduce the mortgage by 24%!
Do you have an offset mortgage? Would your lender let you draw it back out in the future - surely even just putting it into the mortgage for a short while is better than not at all?I have/had an offset - worked well for me.
There is a lot of people in your position now. Banks pay nothing so you want a better return but it seems like everywhere you look there is risk. If you need access to your cash and therefore are only investing short term I think the bank is the best bet. I saw an ad for ING offering 2.75% on cash accounts yesterday.
I think the only way to do better is to accept some risk but then the can has to be opened and the worms freed.
i thought you loved that car!I do, but needs must when my job may be going.
It's up on PH classifieds now. Hopefully it'll go soon!
If I don't lose my job, I shall return! For now I will concentrate on money and getting it up as high as I can. With the car gone my costs will go down each month too so it should go up even quicker.
It's up on PH classifieds now. Hopefully it'll go soon!
If I don't lose my job, I shall return! For now I will concentrate on money and getting it up as high as I can. With the car gone my costs will go down each month too so it should go up even quicker.
Pulse said:
I do, but needs must when my job may be going.
It's up on PH classifieds now. Hopefully it'll go soon!
If I don't lose my job, I shall return! For now I will concentrate on money and getting it up as high as I can. With the car gone my costs will go down each month too so it should go up even quicker.
I'm not sure you can do much at all by way of making a decent return if you don't want to take any risks ( return and risk tend to go hand in hand ). You could assemble a nice portfolio of stocks yielding about 8-10% at present which would give you a bit of pocket money as income. It's up on PH classifieds now. Hopefully it'll go soon!
If I don't lose my job, I shall return! For now I will concentrate on money and getting it up as high as I can. With the car gone my costs will go down each month too so it should go up even quicker.
I guess you could take £5k of it and have a weekend you'll never forget with a couple of hookers, a crate of champagne and a nice hotel, that way even if you loose your job at least you'll have a good memory to look back on and £25k in the bank anyway.
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