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Is there anything I can do with £30k?

27 replies

Rfthyhuj · 08/07/2024 16:11

For the past ten years I’ve worked two jobs. I have just been made redundant from one, where I was paid £32k a year. In the other, I get paid £31k a year.

With my redundancy included, I now have £30k saved. By bills are £860 a month which is more than covered by the money I am still being paid. It will mean a different lifestyle where I need to not be as frivolous with money, but it still leaves over £1k a month after bills.

And so I’m wondering what to do now. I’m 35 and I enjoy working, but the idea of applying for a job with strict clock in and out times, with a boss I may not like, isn’t appealing. I love the job I am currently still doing, get to control my diary, have no one telling me what to do really, and I don’t want to give it up. But it will be very difficult to get another job around it.

So I thought about investing the £30k in property, but then everyone says there is no money in that any more. I thought I could buy a cheap flat with a long term tenant, but everyone is saying it’s not worth it. I wish I had a great business idea I could put the money into but I don’t (I thought about trying to open a bookshop but there is little money in that either).

I know £30k isn’t a lot to some people, but it’s a huge amount to me and much more than I’ve ever had before and certainly more than my parents could’ve dreamt. But I have no idea what, if anything, I can do with it to grow it.

Im just posting for any advice there might be. Thanks.

OP posts:
MigGirl · 10/07/2024 03:03

DH has been investing in stocks and shares ISA'S they have grown really well. This is something you'd have to look into. But it's less risky then buying stocks, tax free and is for us has been a much better investment then anything else we could have done with this amount of savings. We still have a small amount of more accessible cash in just savings accounts for emergency money.
But this investment will hopefully help payoff our mortgage early.
Have a look on Martin Lewis money saving expert website.

nannynick · 10/07/2024 06:20

Go through the UK Personal Finance flowchart.
Podcast season that takes you through it step by step: meaningfulmoney.tv/OS1

Emergency fund.
Pay off consumer debt.
Invest using Pension and ISA.
Overpay home mortgage.

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