Resolved Question

Would you suggest I continue to save £1,200 per month?

I've done it since I first started work at 18 and haven't stopped since, not saving for anything in particular I just love to know I'm financially secure and don't have to rely on anyone for anything. I've got to the stage now where rates are so low my money is barely growing at all and it's a little disheartening. Should I keep up with my saving? I'm still very young and just not sure what to do or what's best for me.

Best Answer - Chosen by Asker

You may not have a particular something in mind at the moment, but some day you will, and you will be streets ahead in making it possible by already having much of the price. You will qualify for a loan quicker if you need to borrow very little, and you will save yourself bundles in interest. Saving now means less profligate spending, and is an excellent habit.


Research where you can get the best return at http://www.moneysupermarket.com/savings/
The rate won't always be low, and your savings will grow even faster then. Congratulations on your success so far. Keep it up.

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Other Answers (7)

• Hi
  Saving when you are young is simply the best way of securig your future.
  Here are some tips that have worked for me and my family.First open a cash isa,pay in regular am amounts each month,its tax free and you get all interest to keep.Open a stocks and shares isa,best is footsie index tracker,pay in regual again does not need to be largamountsts just as long as you keep it going over the years .I looked recentlyly at all investments over a long period(thirty years ,best performer? ISA both cash and stocks and shares.Go to any bank ,say you want to open two isa's one cash,one stocks and shares,pay in say £20 or so per month into each and watch your money grow.Hope this helps.
• What else would you do with the cash? Might as well bung it into the bank if you have no other use for it.
  
  The £1,200 is good in the future for things like cars, houses, wedding, babies and frightning adult stuff (Don't worry - am not taking the **** - am still frightened by doing al of that too).
  
  OK the interest rates are poor but on £1,200 youi might get £50 a year with a decent rate - or put it another way 7 big mac meals - so I wouldnt worry about that too much. If you want shop around, if you can leave your cash in the bank for longer you can get better rates
  
  Try building society (my check account is about 1.5% - pretty good at the moment), long 'notice' accounts, and bonds all pay better than bank saving accounts generally.
• You should be getting at least 3% on your savings.
  Look at moneysupermarket.com for various comparisons.
  
  Congratulations! Saving is great for you. Debt is terrible! In today's world money in the bank and no debt is what everyone should be striving for!
  
  Thanks to Gordon Browns incompetence every family in the UK now owes £200,000 Government/personal debt, increasing at £10,000/year interest. Remember Government debt is OUR DEBT as Governments have no money. They take our money I(taxes) and waste it!
  
  KEEP IT UP!
• Get in touch with a financial adviser. He or she will make your money grow through a mutual fund. My hubby and I did this for 30 yrs. Now we are retired we have a very nice income from it. Keep it up, very smart girl but make it work for you. I live in Canada and use " Investors Group. Co.
  I admire you xx
• Yup, save for tomorrow, no point enjoying your youth.
  Money makes a great comfy coffin-liner.
  
  Having a good life with family and friends who love you is so over-rated.
• saving is always the best thing- keep at it
• Keep saving.