WWYD with my measly savings

[SummerLovingHadMeABlast]

I work p/t and I have saved 2K in a savings account and I have 700 in Premium bonds. I only work very p/t, but I am in the discussion about upping this as of Sept. I put as much as I can into my pension pot and I have a bit left over every month e.g. £100-200 a month.

I know it is not a lot of money, but what can I do to maximize this as an investment. I have had the premium bonds for 2 years and not a sausage out of them!

So, all in all. I have 3K already and can save 100-200 (maybe more as my hour's increase) a month. What can I do with this? I plan on leaving this untouched until retirement age, which is 15 years away.

Put it in a stocks and shares ISA

I agree, use a S&S ISA. You can then leave it for 15 years and then start to take money out but also can take out earlier if things change.

Keep costs as low as possible, so look at percentage based platforms to start with whilst the amount is small. 0.15% or less in platform fee is low cost.
Use simple accumulation fund(s) within your ISA. Something passive and global.

Blackrock iMap, Vanguard LifeStrategy - these types of fund can be good to use as a core as they buy lots of bits of lots of things.

Thx

But stocks and shares ISA investments can go DOWN in value. Depends how much risk you're prepared to take. Read Martin Lewis MSE website on savings for current information.

You are advised to have something like 6 months' worth of emergency funds in cash first before you start investing in something riskier and with less liquidity such as S&S ISAs. I second the advice re; Money Saving Expert which does comparisons on savings accounts and general financial advice, also has a good forum.

I am OK on the 6-months savings front.

I was a SAHM for 14 years and I got back into work 18-months ago. I was meant to go 4-days a week but the pandemic ballsed that all up. I am in negotiation to go 3 days at the moment. I don't earn a lot but I want to invest every penny I earn. I need less as I get older. I want to put everything I earn towards our retirement. At the moment I put 80% of my salary into my co. pension.

Have you definitely maxed out your pension contributions or can you get further tax relief on further contributions?

Highly recommend podcasts by meaningful money on retirement planning and savings/investments generally.

If it's for retirement and you're definitely not planning to touch it before then, I'd put it into a SIPP (or if possible pay extra into your workplace pension) that way you'll gain extra tax relief.