Hi all, apologies if this is in the wrong place - I'm quite new!
Some background: Me and my oh currently live at home with parents and have a child together - we are 21 - and between us have three jobs. We are aiming to save for a deposit on our first home by 2016 if all goes well but asides from just putting money in the bank, don't really know what else we could be doing to speed things up slightly, gain more interest or actually help us achieve our ultimate goal. We pay our parents a small amount of 'rent' a month to help them with bills and groceries and asides from £10 phone contracts each have no other outgoings. Our income is quite low but we are both also studying for our respective degrees which will hopefully help us gain better paid jobs in the future.
We have two savings account atm, one in his name and one in mine. Between us we have around £7,000 saved from the past year and hopefully after cutting back on a lot of things will continue to save the same in the future, if not more, per year. My concerns however are the interest rates on our savings - they are the highest we can get without putting money into a fixed term account but I'm not sure if this is a good idea incase we need to take money out for an emergency? How can we insure that our money is 'working for us'? What on earth are ISAs? Any advice would be greatly appreciated.
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4 replies
Ilovediago · 06/09/2013 15:45
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amicissimma ·
16/09/2013 19:07
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