- October 23, 2023
- Posted by: legaleseblogger
- Category: Related News
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Seeking Advice on Short-Term Savings for a House
Hello everyone! I hope you’re all doing well. I’m seeking some advice regarding short-term savings for purchasing a house. I recently started a graduate job after university and am currently living at home with minimal expenses, allowing me to save around ┬ú800-┬ú1000 per month. I am fortunate to have already saved approximately ┬ú40,000 from my past jobs and inheritance. This amount is divided into different investment options, with ┬ú10,000 in premium bonds, ┬ú10,000 in a lifetime ISA, ┬ú14,000 invested in a Vanguard Lifestrategy 100% equity fund, and the remainder in high-interest savings accounts.
Considering my fortunate position, I aim to save as much as possible over the next few years to expedite the process of buying a house. I plan on utilizing my current savings, as well as the new savings I accumulate, to make the required deposit. As per the information I gathered from the wiki, I noticed that cash LISAs, savings accounts, and premium bonds are recommended for short-term goals. Consequently, I am curious about the best course of action for my current savings. Should I withdraw the money from Vanguard and transfer it to premium bonds or a savings account? Alternatively, should I leave it invested but be aware of the risks associated with fluctuations before buying a house?
Furthermore, I’m seeking advice on how to distribute the money I save each month. Currently, I contribute 8% of my income to a workplace pension (up to the maximum matched amount) and allocate ┬ú300 per month to the First Direct 8% account. Additionally, I deposit ┬ú4000 annually in the lifetime ISA and place the remaining amount in a 5% savings account, making adjustments according to fluctuating interest rates. Is this plan the most optimal approach?
I would greatly appreciate any advice you can offer. Feel free to provide guidance on house-buying, saving, or even general advice regarding a new job.
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****** just grabbed a
It’s typically considered more risky to hold equities like your vanguard if you need it for something in say the next 5 years.
If you don’t need the 14k for the house deposit you can leave it and it should benefit you long term.
Otherwise there’s cash Lisa, cash ISA, savings accounts and premium bonds with the impacts varying depending on your tax status. Premium bonds only really becoming effective compared to savings for people in 40% plus tax bracket. Although they are never that bad and are a bit of fun too.
> Should I withdraw the money from Vanguard and put it in PBs/savings account, or leave it for now with the risk of it going down before I can buy a house?
That depends on your risk appetite, doesn’t it?
If there was a stockmarket crash and this £14,000 you have invested in the Lifestrategy 100 became worth only £8000 or £10,000, how would you feel about that?
Watch Lars Kroijer’s [short video series](https://www.youtube.com/playlist?list=PLXy71rkGuCjXLg9N8zowwUpXCYfBcMJFK) and read his book or Tim Hale’s [*Smarter Investing*](https://www.amazon.co.uk/dp/1292444401).
I guess it also depends how much you need for a house – the ┬ú30,000 you have saved already would be a substantial deposit in much of the country.
Yes, well done.
Hi /u/moneyadvicepls, based on your post the following pages from our wiki may be relevant:
– https://ukpersonal.finance/index-funds/
– https://ukpersonal.finance/lisa/
– https://ukpersonal.finance/lump-sum/
– https://ukpersonal.finance/pensions/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)