Year 12s: what will be the first way you research your future options? >>

Saving Money

Hi, I'm planning to start saving money to put towards a new bass guitar. My question is where do I put the money, which will be around £100 a month, so I'll be less likely to spend it.

Reply 1

Chant No.1

Original post by EdwardBarfield9

Hi, I'm planning to start saving money to put towards a new bass guitar. My question is where do I put the money, which will be around £100 a month, so I'll be less likely to spend it.

Perhaps a tax-free ISA with a provider such as Halifax?

Reply 2

doodle_333

bank/saving account?

or give it to your parents if they're trustworthy

Reply 3

999tigger

If you trust your parents and they are good with money, then get them to put it in a savings account. It needs to be somewhere safe and were you cant get at it.

Reply 4

Emma:-)

Entertainment Forum Helper

Original post by doodle_333

bank/saving account?

or give it to your parents if they're trustworthy

I agree

HTB ISA.

Original post by EdwardBarfield9

Hi, I'm planning to start saving money to put towards a new bass guitar. My question is where do I put the money, which will be around £100 a month, so I'll be less likely to spend it.

Definitely separate it from your current account, put it in an easy saver or ISA so you can access it easily when you want to buy/have an emergency.

Reply 7

Tiger Rag

Just set up a second account (whether that's an ISA or savings account) for which that's the only purpose.

Reply 8

jamesthehustler

Original post by EdwardBarfield9

Hi, I'm planning to start saving money to put towards a new bass guitar. My question is where do I put the money, which will be around £100 a month, so I'll be less likely to spend it.

bank it in a savings account as the numbers aren't big enough to consider gold as a decent storage option

Reply 9

Rakas21

Original post by Chant No.1

Perhaps a tax-free ISA with a provider such as Halifax?

Osbourne changed the tax system on them essentially making all savings accounts tax free until you hit five figures.

Original post by EdwardBarfield9

Hi, I'm planning to start saving money to put towards a new bass guitar. My question is where do I put the money, which will be around £100 a month, so I'll be less likely to spend it.

What is your monthly income?

Assuming your income is close to zero then your risk free option is a cash ISA/Instant Access Account however the interest is pitiful at about 1%.

For a less risk free solution you could open a Stocks and Shares ISA and track an index.

If your income is above £500 per month then you have additional options.

Reply 10

fintondon

Original post by EdwardBarfield9

Hi, I'm planning to start saving money to put towards a new bass guitar. My question is where do I put the money, which will be around £100 a month, so I'll be less likely to spend it.

ISAs are cool but really won't make much of a difference :/

I recommend opening an account with First Direct.. I'm liking them so far!

Also just download and enter Raffler and OneADay and you'll prob win £500-1000 eventually haha.

Oneaday.co -check it out! It's an app I made and am about to launch :smile: