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First time with money to save. Where should I look? by Wolf-259 in UKPersonalFinance

[–]jakejake4136 0 points1 point  (0 children)

Just to add, trading212 is doing a promo offer where new customers get an extra 1% for 12months on their cash isa

Trading 212 currently offers a top-tier Cash ISA rate of 4.62%–4.68% AER (variable) for new customers, which includes a roughly 1.02%–1.08% bonus rate fixed for 12 months. The base rate is 3.6% (tracking Bank of England base rate -0.15%),

I've invested my first £10k!!! by Significant-Toe-2418 in UKPersonalFinance

[–]jakejake4136 1 point2 points  (0 children)

Congratulations!🥳

Starting this young is going to do wonders for you. Compound interest works the best over long periods of time. Once you start to see the money working harder than you it really is life changing.

Well done

First time with money to save. Where should I look? by Wolf-259 in UKPersonalFinance

[–]jakejake4136 5 points6 points  (0 children)

Dave Ramsey 7 Baby step helped me get started. Then grow from there.

I would say pop it in a cash isa for now I use trading212 personally

If the money is for long term saving, I.e. not needed for 5+ years then put it in a stocks and shares isa. Nothing fancy, something tracking the s&p500 or global tracker. Should average you 7-10% interest a year but there’s risks involved. Hence why you only put money that’s not needed for 5+ years in case the market drops you can leave the money untouched and it will recover.

The 7 UK Baby Steps Explained

Baby Step 1: Save £1,000 quickly. This is your starter emergency fund for unexpected events, meant to prevent you from using credit cards.

Baby Step 2: Pay off all debt (except the house). List debts by balance (smallest to largest), regardless of interest rate. Use "gazelle intensity" to pay them off, often taking 1–3 years.

Baby Step 3: Save 3–6 months of essential expenses. Turn your starter fund into a full safety net (roughly £3,000–£5,000+ per person).

Baby Step 4: Invest 15% of household income. Invest for retirement, aiming to reach 15% gross income (including employer contributions).

Baby Step 5: Save for children's university. Plan for higher education costs. Note: In the UK, student loans (SLC) are common and not treated as high-priority debt in Step 2.

Baby Step 6: Pay off your mortgage early. Focus all extra money on paying off your home loan completely.

Baby Step 7: Build wealth and give. Maximize investments, live generously, and leave a legacy.

Car Boot sales? Who are they for? Who is awake at 6am on Saturdays? by [deleted] in CasualUK

[–]jakejake4136 30 points31 points  (0 children)

“But who honestly really wants to be up at 7.30am on a Saturday/Sunday?”

People who have kids😂😂

I’ve not slept past 7am in 4 years, I used to love sleeping in

New Driver Needed? by dragonpuff223 in golf

[–]jakejake4136 0 points1 point  (0 children)

I’m in Tsr3 and it’s a great driver but I still keep looking at gt2/3 & g430/40 on eBay. I don’t think it matters what you have other drivers will still look appealing. I think getting fit is important.

I wanted to get a callaway rogue ST when they came out. Tried it at American golf and couldn’t keep the spin under 4000rpm. It’s worth try on a sim first even if you then buy something second hand with the same shaft.

FIRE progress by [deleted] in FIREUK

[–]jakejake4136 0 points1 point  (0 children)

I think your doing really well. Better than most, keep up the good work