Chat for people about tiny savings and investments

[Phase2]

So I don't find it very relatable on here; I can't afford to dump loads in my pension or max out an ISA. I'm sure I'm not alone and thought it would be nice to chat to others trying to do what they can.

@Phase2 saving, no matter how small, is always positive. I started out with regular savings accounts where you pay in a set amount each month. There is no requirement to max out ISAs, they are just one way of saving.

The important thing is to build up your knowledge. MoneySavingExpert is great for the latest interest rates etc.

Yes just thinking it's nice for morale etc

This is a good idea @Phase2 - I've been learning about investing etc., but my numbers just aren't near where others' are (although at the same time, they might seem high to some). And it's great for people to talk about saving and investing, and hopefully to learn from one another.

Thanks @VictoryOrDeath like I mentioned on a thread a savings account with a 7% interest rate (Santander Edge) and people were like 'oh you can only invest £4000 maximum). I'm just trying to start somewhere.

Love this OP. I'm currently investing £30 a month in a S&S ISA and it gets a bit disheartening buts it's all I can afford at the moment. I've been doing it for a few years and have over £2.5k now so it is working

@lastgreat this is the kind of thing I mean! I had £800 in a stocks and shares ISA with Monzo and was managing £50 a month as a kind of long term. I've moved it to Santander and it's so confusing and a hassle to pay into plus it's decreased already below the capital. (I know it's long term so a waiting game). What type of isa?

I've just stated putting 50 a month into a stocks and shares isa. Also saving for an emergency fund, paying off (small) credit card debt and trying to pop small monthly amounts into different pots for Christmas
, holidays etc to try and set myself up for an easier ride. Progress feels slow and scattered - but it's something! Definitely coming across lots of youtube videos about saving "your first 100k" and I just have to laugh.

I hear you. I’m trying to save £50 a month, though I’m not always successful

I'm aiming for £1000 as a emergency fund, and then a longer term £50 into the isa. I did have premium
Bonds but cashed them in and paid stuff off/ moved them. I'll never be like maxing an isa, having full premium bonds and paying into my pension.

In my 30's I was doing £50 a month to pension. You start somewhere, then as your situation changes you increase. I am now doing £500-£700 on average a month at nearly age 50.

The smaller the monthly amount the less choice of providers you may have. Some will do from £1 a month, others have a £25 per month minimum or higher, and that may be a minimum per wrapper (ISA, Pension, Lifetime ISA).

I'm in my 50s and my situation will never change to allow me to put away £500 a month!! That's why I created the chat, to avoid the high investor stuff I can't relate to.

If you are eligible and haven't had a Government Help to Save account before then you should open one and save your £50pm into it.
www.gov.uk/get-help-savings-low-income

Yes, Help to Save is brilliant! I only managed to do it for a year rather than two but it was definitely worth it!

Can I join? I have a SIPP with about £10000 I am not very knowledgeable about investments but I wanted to avoid oil and gas. Not adding to it at the moment just wondering about changing some of the investments.

Thanks for the help to save too I will look at it.
Yes all welcome @starpatch maybe we can share advice for lower level savers - someone mentioned MSE above.

(I think someone may need to create an “even tinier savings” thread: £10000 is out of the reach of many of us.)

I have a help to save account with the government. I put £50 a month in there and they add £25 per month. It lasts 4 years. Currently have £900 in there. I have another account where I'm saving for a holiday. I shove a tenner in here and there and have £50 in there atm. Have also just opened a fixed regular saver that I plan to put whatever I have left at the end of the month (likely 50-100). Then have a savings pot of £500 that I don't touch (in case of emergency). We can only save what we have!

Took my last pay raise and have used for increaseing pension contributions.

Like you, I don't have lots of surplus money but I was surviving on the lower pay, so this made sense.
I'm mid 40's if that matters. Been living hand yo mouth while raising DC ... always worked, but mainly pt.
The good thing with my pension is, I could start taking an income from age 55... but my plan is something like 63/64 and work pt. If all goes smoothly!

Little and often does start to build up! I have an account with NatWest that pays 6% but max each month is £150 (you can put in less). You can also arrange for round ups to be paid into here. This year I’ve had £400 paid in just through having round ups turned on.

My DD has had £50 a month paid into an account for 7 years, it has £4500 in now. Just keep plugging away!

I started with £25 per month into a S&S ISA and now up to £100 per month across different savings pots. I think the habit of saving regularly is more important than the amount - it helps you be more aware of how you are spending and where it all goes!
I’m unlikely to ever max out my ISA whilst working in the public sector, but this habit means I now have a really healthy emergency fund and enough to buy a new to me car when my current one dies.
Nationwide were offering a regular savings account at 8% (max £200 per month) but think the rate has now dropped. As a basic rate tax payer I’m not worried about having to pay tax on savings interest so makes more sense to just go with the highest interest paying accounts and not limit to an ISA.

Interesting thread. I’ve started adding in most of what I can into an avc with work (to get the 40% tax back), and have recently put over a chunk into a virgin savings account that paid about 4% and allows 3 withdrawals a year. Dp and I are most likely in a bit of a peak financially before higher education costs hit in a couple of years (for 2), his pension is abysmal (self employed) so he’s trying to stash everything he can too.

I opened a lifetime ISA just before turning 40 - doesn't have to be for a house deposit - and am now trying to prioritise putting as much as I can there before turning 50 which is the cut off point. You can't put in more than £4k a year (ha!) but get a 25% govt bonus on each deposit.

The idea is you can't start withdrawing until 60, so for ten years it's locked away doing its thing, which fingers crossed will be beneficial in the end! I like that it's a little pot I can't get to although that mightn't suit everyone. No minimum on deposits as far as I know.

There's some really useful stuff on here already thank you, some of it I'm too old for but will tell my teen dc about it as they want to start saving from their first job.

I think the 10,000 in a SIPP is low in terms of pensions so qualifies for the thread 😂

I've never been in a position to regularly save and plan (always been a carer, low earner etc). But I've got some wiggle room now and want to do something.

What I found was I had loads of tiny savings in a bid to form habits and actually none of it was working.

Take a look at the Be Clever With Your Cash website and youtube. It only discusses cash savings, not investments, however. I have switched bank accounts and invested the bonus. I have also got a couple of regular savings accounts after looking at the website.

OP, at your age I'd suggest looking at pension contributions. Did you know that even if you have no earned income and even if you're a non-taxpayer, you can still contribute several thousand per year and the government tops it up? So that is an instant 25% boost on your investment!

You'll be eligible to draw it down again soon (from age 55 I think?) so it isn't even like you have to tie it up for long in order to take advantage of that 25% boost.

Hardly anything would beat that. (Help to Save is even better return if you're eligible though.)