I’ve created a shared space for us all to discuss about saving goals for the next tax year.
We all have savings goals, regardless of their size or purpose. I think it would be helpful to create a space where we can celebrate our successes and offer support to one another.
We already chat about things like the new tech we’ve bought or the best deals out there for broadband and mobile contracts. So I thought we could do the same with savings.
Obviously, I can’t ask you to share your goals without sharing mine first:
Long term – saving to buy a home (got a Lifetime ISA in place and chipping away at it)
Short term – buying a new 3D printer and my tattoo fund (using roundups and Pots that I currently save into)
Feel free to share what your goals are and whether you’re using your tax-free savings allowance.
If you’d like to know more about our savings products, here are a few posts (and there’s a deeper look on Monzo.com):
I’m currently saving for an event next year. But this post has prompted me to look at the options. And I think I’m doing the wrong thing!?
I currently save (including round ups) to an Instant Access Cash ISA at 3.25%. The balance is currently over £500 and I put a couple hundred in each month. I will not withdraw until next year when I’ll use the whole pot.
I think I could benefit more from using a Select Access (NOT an ISA as it’s short term). And this will be 3.65%? Unless I’m going mad and misunderstanding. I presume you can use scheduled payments/round-ups into this pot in the same way?
Good question, although the amount I’m saving isn’t a great deal (£2k). So the interest off that will be peanuts (and under the £1k allowance). And it’s not long term. So if I go with the NON ISA option, but still get 3.65% that makes sense as it doesn’t affect my overall ISA annual limit with other ISAs. I think.
