Another Money Advice Thread

Twentymac

Twentymac

Twentymac

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Joined
2 Oct 2007
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1,585
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Birmingham
My grandad has kindly given me £1200 today cheque because im heading off to uni next week.

Now he said that part of it is my birthday money aswell (which is in October)and its to last me up untill Xmas when i'll be back.

I know its a lot of money and too much really but i couldnt say no, it was already wrote out for me when i went round.

I'm thinking about putting some of it into a savings account and start building a little up. i know im looking at pretty much no interest at this current time but what would you good people of OCUK recommend i do with it ?
 
I'd suggest putting half of it in an ISA (try and find one around 3-3.5%, they are out there) and keep the rest in your bank account, deal with it wisely and know it's there as a buffer.

Money gets spent very quick at uni some times, it's best to have a safety net and not have it all tucked away until you come to know your finances and how to manage them.
 
Its not really enough to warrant saving imo, to get any sort of a good rate you will have to lock it away and cant touch it, so i would just keep it and blow it on cardigans and flute's :)
 
I'd stick £1,000 in an ISA, and then the other £200 in a savings account to act as a buffer for when/if you run into financial difficulties. Keep it out of your current account so as to not think "oh yeah I can spend a bit more on booze".
 
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