# What to do with my money each month??



## puntohgt77 (Jan 23, 2009)

Hi,

I've not had any free money for a long time now since buying cars when I was 18 to getting a mortgage a few years a go. I'm now 24 and have sorted a lot of my finances out to leave me with some free cash. 
I'm a Police officer so have an average paid job (£27000p.a) although one that is safe in the current climate.

I was very close to buying a Golf R32 which was going to cost me around £450 a month extra in finance/fuel etc so have decided to stick with my current car which is perfectly fine and enjoy some of the money and also save some.

My question is if I have £300 per month to save what should I do with my money for the best returns? I've been looking at normal savings accounts/ISA's at present. Not keen on the stock market as I don't have a clue. Premium bonds are ok and safe but I've had some before for several years and not seen a penny back on them. I'm wanting to earn a little bit from my money but not sure how!

Any advice would be greatly appreciated.
Thanks


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## WHIZZER (Oct 25, 2005)

Isa would be a good start - then look for the highest earning interest accounts 

Or pay off more of your mortgage while you can


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## vroomtshh (Nov 23, 2009)

WHIZZER said:


> Or pay off more of your mortgage while you can


Thats the one, if at all possible.

I would assume you have a decent pension sorted with being in the police force? The other option is to pay more into it.


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## Wozza (Mar 3, 2007)

WHIZZER said:


> Or pay off more of your mortgage while you can


We have been over paying our morgage for a couple of years now - I cant believe the differnce it has made.


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## DiscoDriver (Oct 27, 2009)

It's always a good idea to have a pool of free (as in not tied up) cash to call on if the worst happens though so you could put some in a cash ISA until you have XXX amount and then, as others have suggested, I would pay down your mortgage - you'll earn a much higher effective rate of interest doing that instead of saving the money (unless you have one of those fabulous tracker deals currently charging around 0.5%).


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## -tom- (Jan 27, 2009)

go to your bank bud and ask to see a finacial planer they can talk you throw differnet ideas to make and save money.
starting from 
Offsetting your mortague could save you a lot in interest repayments over the term, and could help you to pay off your mortgage early. 
they then can go throw options like manged investments, fixed term investments etc etc.

most banks offer this for free i know we do they are the peopel who can give u the best information for your future.


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## puntohgt77 (Jan 23, 2009)

Many thanks for the great replies  will certainly look in to upping mortgage repayments as unfortunately we're not on a tracker deal 

Having had a look around there seem to be a few places offering decent interest on savings etc if there not touched for a year but if you dip in to them the interest drops from like 4.5% to 0.10%!! I might have a look at one of them for now and just put in £250 a month for the next year effectively giving me £3000 in savings in case I ever need it. 

I'm pretty happy with my pension at the moment I've got 7 years from the Navy which translates in to 5 years worth of Police pension. The new scheme I joined up under is a 35 year pension so I still have effectively 30 years to get my full pension although this should work out fairly well. I also save £25 a month from my wages in to a Police account, not a lot I know but every little helps.

So my plan will probably be......Save £250 in a high interest account then next year look at upping the mortgage repayment to get that paid off a little sooner :thumb:

Thanks again


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