Any tips on saving products and strategies please?

[PanplemousseRouge]

Hi all,

Just wondering if you can give me any tips on saving, please?

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

I’ve jotted down below my current savings:

1. Stocks and shares Lifetime ISA: £20k (plan is 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)

1. Emergency fund: £3k

1. General savings: £4k (locked in savings account until 2024)

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

Just wondered if you could give any tips on what savings priories I should focus on or any other savings products I should look into, please?

Thanks!

You don’t say if you’re employed or self employed but if the latter then you should really think about a workplace pension - it’s free money.

I would try to increase your emergency fund if I was in your position.
£3K could get used up pretty quickly, and then you would be forced to dip into your ISA, possibly at a bad moment for the share price.
I keep a chunk of emergency money in premium bonds. Although the average interest is not great (around 1%) it is better than any current account I could find. Its quick to cash in premium bonds, and I would use them before dipping into my ISA if I needed the money. But there may be better options.

Also agree with WhatDidISayAlan that you should make use of a workplace pension if you have access to it- especially if your employer matches contributions. You don't mention paying into one, but maybe you do already.

By the way who is your stocks and shares LISA with?
I want to set one up, but there don't seem to be many platforms that offer them. I was thinking maybe Nutmeg?