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Original poster

Where to invest 30 grand. Premium bonds, sipp.. Keep some back? Keep it whole?

33 replies

Burpsandfustles · 19/01/2019 09:59

I have no savings, no pension.

I work part time, full time but term time only dc still in primary.
Dh pay below 30 grand.

I plan to put some into all our 'pots' for the dc, to boost them a little eg the pot for their clothes and school costs.

I was thinking about opening a sipp, the government adds money to what you put in, so I was thinking maybe 10 grand into that?

A few thousand in premium bonds.

About 10 or 15 drip fed into a stocks and shares isa

Maybe 2 grand of gold bullion coins?

Or is is better to keep most of it whole, perhaps into just sipp and sticks and shares isa? Any ideas?

OP posts:
fiorentina · 19/01/2019 10:13

Personally I’d put it in a stocks and shares ISA and/or a SIPP rather than lots of varying investments. You don’t say if you have a mortgage, as paying off debt can also be a good plan?

Original poster
Burpsandfustles · 19/01/2019 10:20

I'm not on the deeds or mortgage so I'm reluctant to put my money into it until I am.

OP posts:
foxyfemke · 19/01/2019 10:21

I'd talk to an IFA.

Interested in this thread?

Then you might like threads about these subjects:

General money Savings & investments
reallybadidea · 19/01/2019 10:22

A SIPP is a self-invested personal pension. Unless you're very confident at managing a portfolio, this probably isn't what you want, just a standard personal pension. A pension is a good way of investing IMO because you will get a 25% top up from the government. Are you a home owner? If not and you want to buy then you can get the same tax benefit on a help to buy ISA (max investment is £16k iirc). Maybe some in a cash ISA or savings bond depending on how easily you want to be able to access it. Premium bonds not a great return in general.

mummmy2017 · 19/01/2019 10:26

If your married you can't really protect it, but the best investment would be the mortgage... With your name added...
But paying debts, would also benefit your family...
By same thoughts house again and extra room... But ask for name to be added.

Original poster
Burpsandfustles · 19/01/2019 10:27

We own home but at present I'm not in mortgage. I think we would have to pay early redemption on current deal and then re mortgage for me to go on it... When dh last rung about it there was something complicated there...

Where would I set up a normal pension?
I've always been told investments are better. You get government top up and there are pre existing funds to invest in.

OP posts:
ThanksItHasPockets · 19/01/2019 10:28

You aren’t on the deeds of your marital home?

Original poster
Burpsandfustles · 19/01/2019 10:29

Sorry to be clear I don't want to protect this money from dh at all.

But I don't want to sink it into house now, then something happens to him I have no ready cash and we have to go through process via will for me to get house etc.

The mortgage outstanding is not too much it's under 60 grand.

OP posts:
pontiouspilates · 19/01/2019 10:32

We have £15k in premium bonds and it is by far the best in terms of 'interest' than any of our other savings. Most months we win £25 and sometimes £50. Last year we got this 8 out of 12 months. Not sure if we are just extra lucky!

mintbiscuit · 19/01/2019 10:33

If you have no pension I’d put all of it in a pension. But depending on what your tax rate is and how much you earn you may have to drip feed in over couple of tax years to take full advantage of tax relief?

If you are a 20% tax rate payer you get 20% tax relief. This effectively means the government tops up what you pay in by 25%.

I’m a bit passionate about retirement savings. If you have no pension you are potentially leaving yourself in a very vulnerable position later on. If you can live on your existing means I would absolutely prioritise your pension.

Lichtie · 19/01/2019 10:35

I'd wait till post brexit before putting anything into shares, but then I'm cautious, may result in a big gain, might not influence, but may result in a big loss.

mintbiscuit · 19/01/2019 10:36

Don’t go to an IFA with 30k. A decent one will not be interested in that amount. You can choose a personal pension that had a ready made portfolio to choose from. You simply pick the risk level you are comfortable with (hint: if you are a long away from retirement you can afford to take more risk).

Original poster
Burpsandfustles · 19/01/2019 11:20

Litchtie I was thinking of buying if stock market falls quite low in the hope it would pick up?

OP posts:
3WildOnes · 19/01/2019 11:35

I think I’d you are married it doesn’t matter if you are on the deeds of the house or not. If he does the house goes to you and if you split the house is split 50 50.

LizzieSiddal · 19/01/2019 11:39

“If he dies the house goes to you”. That’s not necessarily true at all!

Lichtie · 19/01/2019 12:00

Burps... I'm thinking of doing the same.

TowerRingInferno · 19/01/2019 12:50

I’d put it all into premium bonds until you decide. You can take the money out very easily if you change your mind.

I have a similar amount there and got £25-75 10 months out of 12 last year.

reallybadidea · 19/01/2019 13:32

Where would I set up a normal pension?
I've always been told investments are better.

Well yes, but that's exactly what a personal pension fund is for. You get a government top up and a small % is taken from your fund to have your money invested and managed for you by the pension scheme. A self-invested one has exactly the same tax benefits but you don't pay to manage the fund because you do that part yourself. If you Google then it is explained in more detail.

Original poster
Burpsandfustles · 19/01/2019 18:38

I don't want to go to ifa and I don't want to lock it all away in a pension I can't access. I need to keep a little back for emergencies as we have no savings.

I'm happy to put a little away to pension then add to pension with my actual wage.

OP posts:
Soph88 · 19/01/2019 19:00

With no savings I would personally start of with a cash isa with enough money to cover at least 3 months worth of living costs.
Then I'd do the mortgage. If you want to pay some of the mortgage once your on the deed. I would just keep the money in either premium bonds or cash isa so you can access easily there is no point going into stocks and share if it isn't for medium to long term (minimum 5 years).
Otherwise pension would be good. If you have one at work you may be able to top that up. There are some rule on amounts though but your pension provider should be able to tell you what you can put in.

Jackyjill6 · 19/01/2019 19:11

Do you have a workplace pension? Often you can make an extra payment to them to bump them up

NeedAUsernameGenerator · 19/01/2019 19:11

If you have no savings I would put at least 5k in the best easy access savings account you can find (I think Marcus is good atm) and then another 5k in a 1 or 2 year fixed rate savings account. I personally wouldn't put anything in premium bonds. 10k in a pension would be a good start. Passive funds are a good choice if you just want something simple and don't want an IFA.

Dolceandgabbana14 · 19/01/2019 19:17

If use some of that money to set up some wills of you haven't got them in place already. Then look at getting some life and critical illness cover so that if anything ever happened to you or your husband, you would be sorted financially. Only when that's in place would I look at what to do with the rest of it.

Original poster
Burpsandfustles · 19/01/2019 21:22

Dh has will, I don't yet. Defiantly going to. My pension is very new with work but it's a really good scheme, if I buy some not sure how it would

OP posts:
Msgiggles30 · 19/01/2019 21:30

I would get a life time isa and put most in that for a bit of a pension pot as the gov add 25%. Although may only be able to put 4k a year into that