To ask for savings advice?

[JackieWeaversLaptop]

Just posting to ask if anyone can give me any advice on saving, please?

I’m early thirties, no kids and have just bought my own home. I can save up to around £300ish per month, but this varies.

Have listed my current savings below:

1. Lifetime ISA: £20k (planning to save into this each year, then use this as my pension until I can get my work pension, if I decide to stop working before state pension age. I work for the NHS so have a defined benefit pension.)

1. Emergency fund: £3k

1. General savings: £4k (locked in savings account for a few years)

1. Stocks and shares general ISA: £1000 (put £100 into it monthly).

Would be grateful if anyone can pass on advice about what savings priorities I should focus on and/or any other savings products I should look into?

Thank you.

Just bumping this in case anyone can advise. Thanks!

Well - what are your priorities? What are you saving for?

If it's to save for retirement then you could consider Additional Voluntary Contributions (AVCs) - that would be a tax efficient way, but retirement is a long time away.

The highest interest usually comes from tying up your money, so you could look at fixed rate savings.

You could aim to pay off your mortgage early & put money into that.

You could just carry on putting money into savings... You could look at starting to invest... You could spend it all on the holiday of a lifetime . But there isn't "a best way" to do it, it depends what you're saving for and when you want the money.

www.moneysavingexpert.com/savings/

Hi there,

First I'd post in Money Matters not AIBU.

My opinion? You are doing brilliantly.

To finetune, I would increase your emergency fund. 3k doesn't go far these days. I don't really understand cash locked in a savings account. Either you need to access the cash easily, eg in an emergency or you should make it work harder ie invest it.
Make sure your LISA is invested.
Ensure you are protected ie all relevant insurances in place.
Depending on your tax bracket, a SIPP may be more tax efficient than the LISA.
Make sure you are paying the least fees/charges by comparing platforms.

Meaningful money - financial adviser Pete Mathews who does podcast/YouTube etc has lots of really good series that guide you through how to think about your money. It's quite a personal thing, butvhe is good on identifying your personal priorities to make sure money is in the right place. Ie if you want some stonking holidays, you want that money more accessible than in a LISA! You need to balance living now and living later, you only get one life after all.

For the lifetime ISA (which I think are great if you have money you are happy to not need until 60- especially if you have a pension scheme you may end up over your lifetime allowance limit with) have you thought of stocks and shares options?