Investment

[Kev Mc]

I've saved 10 grand for a deposit on a buy-to-let flat but avoiding the boring details I wont be buying it until April. I've had that money saved for a while now & I've been trying to save a bit of cash (£3k) for other projects but have been spending all my wages on things like car tax & insurance, christmas & trips abroad with Everton. I'm looking at turning that 10 grand into 13 grand by April, any suggestions about my best way to do it?

Both serious & funny replies welcome

[Demonic Angel]

Serious reply: 2nd job?

Funny reply: Become a gigolo?

[vmail]

HSBC online savers account, its 6.25% (5% after tax) you'll get approx 35 quid/month in your bank

or, I could look after it for you

[DaveSR]

Place a few bets ......

;)

[Pompey Gaz]

spend it. You have to spend money to save money

[martin_longbow]

Talk to a stock broker, the only way I know of getting that kind of return legally in the time you got. It will be a risk strategy though so if you are not prepared to risk any of it its either a bond or some kind of savers rate.

[Phoenix999]

Stop wasting money on a daft pass-time such as football

[Johndcfc]

Put 10k on derby getting relegated on betfair would get you a 5% (£500) return by may!

Or....

Put it into some AIM stocks, I'm heavily into Nighthawk which should see an upside in the new year.

Plus I wouldn't get get involved in any buy-to-let now, too late imo.

[T V O R]

I would be thinking long and hard about buying to let. It’s not as lucrative in the short to medium term as it once was.

The prediction is that the housing market bubble is about to burst, I recommend doing your homework very thoroughly. I have colleagues that have vacant property (in the buy to let market) and its costing them an arm and a leg.

You want a £1000 a month for the next three months, once again no quick fix. Tighten your belt, kick the backside out of the overtime and stay in. If you don’t need to spend it then save it. Before parting with your hard earned cash ask yourself 3 questions:

Do I need it? Will I use it? Can I afford it?

It works for me

[mac12]

try fixed term investments from banking companies.

for example Icesave do 3 months fixed term savings with high interest on maturity (meaning you leaving it in there for the full 3 months).

try money supermarket for all types of investments and savings.

[Kev Mc]

Funny reply: Become a gigolo?

Great idea. Anyone know the going rate for a top class manwhore such as myself?

Stop wasting money on a daft pass-time such as football

Say what you want about football but in the past month & a half it's taken me to Nuremberg in Germany, Zurich in Switzerland (ok, just the airport but that's beside the point :P ), Amsterdam & Alkmaar in Holland & London & Portsmouth in England & in February will be taking me to Norway. Some of these are places I normally would never get to see so from that angle alone it makes sense to me

I would be thinking long and hard about buying to let. It’s not as lucrative in the short to medium term as it once was.

The prediction is that the housing market bubble is about to burst, I recommend doing your homework very thoroughly. I have colleagues that have vacant property (in the buy to let market) and its costing them an arm and a leg.

You want a £1000 a month for the next three months, once again no quick fix. Tighten your belt, kick the backside out of the overtime and stay in. If you don’t need to spend it then save it. Before parting with your hard earned cash ask yourself 3 questions:

Do I need it? Will I use it? Can I afford it?

It works for me

Thanks, I've been thinking about the house buying situation myself with the way it seems to have finally slowed down but I'm looking at getting my auntie in the house on a long-term basis. That way the property will be looked after better than it probably would if I moved in myself & I know the rent will always be paid when required so that takes that out of the list of badpoints. Also, it should cover me if property prices do take a hefty dip because they should come back up again before I sell on or whatever. Does that sound logical?

Thanks for all the replies. I'm generally brilliant at saving money which is why I was able save the deposit not long after spending nearly all of my cash buying my car & realistically know there is no chance of earning that kind of money without risking a massive amount of it. I've just never really had that kind of money sitting around for that length of time & so was just seeing (more out of hope than expectation) if I could get enough for something I'm looking at buying without living like a poor person while saving every penny I get my mitts on

[T V O R]

Be careful you don’t end up worse off than when you started. If your Aunty decides to move on or she can’t afford it etc and you can’t find suitable tenants, you will end up having to pay the mortgage yourself. This is what is crippling owners of several properties without adequate financial reserves. If you can afford to a mortgage on another property with no additional income for 6 or 12 months then it might be worth the risk.

It is also recommended that you have either asylum seekers or people on benefits as your lodgers. Sounds stupid I know but evidence states that the income from councils who pay the rents for these people is guaranteed and regular.

Having tenants who are working and end up losing their jobs or spend more than they earn, the rent arrears start to mount up which eventually come back to you, especially if they do a runner when 6 months behind in the rent!

If the housing market as predicted falls next year, your initial investment will be worth less than you paid for it.

It’s a bit of a minefield. Have you taken professional advice from a financial adviser?

In the current climate I would hang on to your money, keep it a high interest account and take another look at the market this time next year.