![]() ![]() Planning for retirement Matthew’s hobbies include scuba diving It’s not proving easy as many people are trying to withdraw their money at the moment and there’s either a waiting list, or I have to wait until a borrower pays back the money loaned to them, which can then be returned to investors. I’ve also got a couple of thousand in peer-to-peer lending, but I’m trying to get my money out. Essentially this means I am likely to ride out market uncertainty more, as I will buy when markets are both up and down. I drip-feed money into my investment accounts to take advantage of pound cost averaging. It was an easy way to make a bit of money. I also have an account with the investment app Nutmeg, which I opened when the company was doing a cashback offer of £200. My Lifetime Isa is currently up around 18 per cent and a significant amount of that growth can be attributed to one fund – Baillie Gifford’s American fund – which is up almost 90 per cent. I invest through a stocks and shares Isa, and put the maximum I can into my Lifetime Isa. I choose funds that track global indices and have quite a few Baillie Gifford funds, which are currently performing well. Mymoney software free#Most of my savings are invested in the stock market, going into funds rather than individual shares. This is because it’s cheaper or free to buy funds than it is to buy shares, and it also means my money is more diversified. How I Manage my Money: A PR and outreach executive on £22,000 a year Investing in the stock market I loved living in Oxford, but obviously it’s expensive and I’d like to buy a house rather than a flat because I’m nervous about taking on a leasehold property and I don’t want to have to worry about service charges. I don’t see the point of buying right now because first-time buyers get a stamp duty holiday anyway, so I don’t have an advantage against other buyers with the current stamp duty break. Ideally I’d like to buy a property within the next three years. The other thing I like about the Lifetime Isa is that the bonus is paid directly into your account monthly so you can earn interest or invest the money straight away (unlike the help to buy Isa, where the bonus is paid once the property transaction goes ahead). I opened a Help to Buy Isa as soon as they were launched in 2015, and transferred the savings to a Lifetime Isa, which has a more generous government bonus, when it launched in 2017. I was able to take advantage of the opening deal where you could put £1,200 in as the first lump sum.Īt the time there was no cash option for the Lifetime Isa, but as I’d already had some experience of investing I was happy to pick the investment option. Since starting work it’s been my long-term aim to buy a property, and I would describe myself as a saver. ![]() How I Manage my Money: An office manager, 32, working his way out of credit card debt Long-term savings ![]()
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