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Advice on what to do with small inheritence Watch

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    Hi all!

    I am looking for some advice as I haven't a clue when it comes to money. I am soon to receive an inheritance of £15,000, and I am unsure what to do with such a sum of money! I haven't yet decided what proportion of it I will "save", but I was wondering if anyone had any advice on what to do with this money?

    I am 19 by the way.Thank you!
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    Throw the maximum amount you can into a help to buy ISA (£1200), put the rest into a high interest current account (4-5%) that will feed the ISA (£200) monthly. Don't touch it.
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    (Original post by Elivercury)
    Throw the maximum amount you can into a help to buy ISA (£1200), put the rest into a high interest current account (4-5%) that will feed the ISA (£200) monthly. Don't touch it.
    Thank you for your reply! I should have mentioned that I'm sorted on the housing front, and so putting money aside for buying a property etc isnt for me!
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    (Original post by A-LJLB)
    Thank you for your reply! I should have mentioned that I'm sorted on the housing front, and so putting money aside for buying a property etc isnt for me!
    In that case throw it all into a current account.

    It sounds ridiculous, but with the government move to give people a tax free interest allowance and some current accounts offering as much as 4-5%, they actually outperform ISAs at the moment.

    I believe the Santander one is probably your best option as (off the top of my head) it will give 4% on £3,000-20,000. Best checking with somewhere like moneysavingexpert though as it's a pretty fluid market and things may have changed.
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    (Original post by A-LJLB)
    Thank you for your reply! I should have mentioned that I'm sorted on the housing front, and so putting money aside for buying a property etc isnt for me!
    Is the housing fully paid off? If not; mortgage overpayment.

    Otherwise seek to pay off any other debts before then saving.
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    (Original post by Reue)
    Is the housing fully paid off? If not; mortgage overpayment.

    Otherwise seek to pay off any other debts before then saving.
    Yeah, I'm one of "those" who is extremely lucky to be given a flat from my grandparents.

    I'm only 19 and so have no debts, although that will change following uni
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    If you don't need the money, have a flat and have no debts/mortgage to pay off then I'd put it in a Stocks and Shares ISA.
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    (Original post by Snufkin)
    If you don't need the money, have a flat and have no debts/mortgage to pay off then I'd put it in a Stocks and Shares ISA.
    But not until after the referendum. It could be rather volatile afterwards depending on the result.
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    (Original post by A-LJLB)
    Hi all!

    I am looking for some advice as I haven't a clue when it comes to money. I am soon to receive an inheritance of £15,000, and I am unsure what to do with such a sum of money! I haven't yet decided what proportion of it I will "save", but I was wondering if anyone had any advice on what to do with this money?

    I am 19 by the way.Thank you!
    if i was you i'd buy some tangible metals so go to a professional and buy some gold and some silver bullion say
    a 1oz gold bar
    a 1oz gold coin
    a few sovereigns or half sovereigns
    a few silver bars say 250g, 500g and a kilo or two
    up to about 5 grand and put it in a safe as over a few years it will only gain value
    then put the other 10k in a decent interest account and leave it after you have bought something functional so maybe a piece of gold jewellery or a nice watch purely to treat yourself and look more professional
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    With £15k i would find the highest interest savings accounts and split my money between them, you have no tax on them with that level of money.
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    Mate. Sort yourself out. Go to the bank say you would like to place your money in a 3 bonds place 1k in a high risk 4k in med risk and 10k in low risk and in 10 years youl have 2.1mill hahaha I just plucked that figure out my ass but honestly bonds are the way to go
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    (Original post by A-LJLB)
    Hi all!

    I am looking for some advice as I haven't a clue when it comes to money. I am soon to receive an inheritance of £15,000, and I am unsure what to do with such a sum of money! I haven't yet decided what proportion of it I will "save", but I was wondering if anyone had any advice on what to do with this money?

    I am 19 by the way.Thank you!
    Have you considered investing in premium bonds?
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    (Original post by Platopus)
    Have you considered investing in premium bonds?
    I had, my grandparents used premium bonds when saving for me.

    However I think I have decided to just spread the money to get the highest interest with whatever I decide to save, thank you though!
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    (Original post by A-LJLB)
    Hi all!

    I am looking for some advice as I haven't a clue when it comes to money. I am soon to receive an inheritance of £15,000, and I am unsure what to do with such a sum of money! I haven't yet decided what proportion of it I will "save", but I was wondering if anyone had any advice on what to do with this money?

    I am 19 by the way.Thank you!
    If there is anything you need, such as a car, insurance etc, then you could put some money towards that. Id put the rest in an ISA (you can put up to £15,000 a year in one)
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    (Original post by Emma:-))
    If there is anything you need, such as a car, insurance etc, then you could put some money towards that. Id put the rest in an ISA (you can put up to £15,000 a year in one)
    ISAs aren't as great as they used to be now that everyone has a tax free savings allowance and current accounts tend to be offering higher interest rates than ISAs.

    The obvious exception being the help to buy ISA which I would recommend highly to anyone, but the OP already clarified they don't need this as they already inherited a place.
 
 
 
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