Help me find something to invest in please

[fedup269]

Hi, I'm a stay at home mum and have had some money gifted to me from my Dad. My husband works and we make ends meet comfortably but we have no extra for meals out or treats. Is there anything I can invest my money in which would give me a small income every month, I've tried googling but there is too much information out there. I have around £8000 to invest

At the moment if you want income you are probably best to put it in a normal savings account. Some are offering interest rates of 6% so that’s £480 per year. It’s usually paid annually though.

NS&I have got a one year monthly income bond available ATM, paying fractionally over 6%.
At the end of the year, you could decide what to do next with the money, depending what options are available.

you need to think about whether you want to 'invest' or 'save'. With investing you are almost always going to be putting your capital at risk, the higher the potential returns the higher the risk usually.

If you don't want to put the money at risk, then you should find the best paying savings account or ISA available to you.

Yes you can get 6.2% in the NS&I growth bond but you have to lock away the money for 12 months, you can't access it in an emergency and the interest would be paid at the end of the 12 months.

You should be able to get between 4 and 5% in an instance access saver account where you can get paid monthly, but you are only going to be getting around £30 a month. You should have a savings tax allowance of £1000 a year so fall well within that.

I'd ask yourself whether you really want to take the interest and spend it each month. If you could get 4.5% a year for the next 5 years and not take any money out you would have £10k rather than £8k.