Can soon save £800 a month... where?!

[thesleepyhoglet]

Very soon nursery fees are coming to an end!! Hooray. This made me realise that that £800 can now be saved. Any advice?

Well, what savings and investments do you already have? What's the money for?

Have you a pension?

Have you got a mortgage?

Pension - you'll get some back in tax
Mortgage- youll slash the borrowed amount and pay it off a lot earlier

Then ISA - either stocks or shares

"stocks OR shares", aren't they the same thing?

sorry I meant stocks or cash. Thanks for pointing that out.

If you don't have any debt then I'd ensure that you have an emergency savings (3-12 months of monthly costs), accessible short term savings, pension contributions and then stocks and shares ISAs for longer term savings.

What are your finances currently like?
1)pay off unsecured debt
2) get 6 months cash savings
3) look into house deposit/pensions/mortgage/ stocks&shares ISA

How old are you? What are you saving for?

Go through the UK Personal Finance Flowchart, as that can help determine what to do.
ukpersonal.finance/flowchart/

Nursery may be coming to an end, but school is starting. There will be school bake sales and other fundraising events, there may be after school clubs, swimming lessons, and other activities. Before and afterschool care, school holiday care. So some adjustment to your household budget may be needed, thus not all of the money saved from not having nursery fees may be available.

I’d allow yourselves an extra 200 in monthly discretionary spends, 100 pension, 100 mortgage, 200 premium bonds/easy access savings and 200 s&s isa.

So to update- yes I have a mortgage but I have a fixed rate for 10 years and it's at a very low rate so would be better off saving it in a higher interest account as the mortgage is about 1%

I have a standard regular bank savings accounts and one 2 years fixed.

I have a pension.

The money isn't for anything in particular just not to fritter away.

The flowchart that @nannynick linked to will help you to consider what to do.