20k cash investing

If you have bigger priorities to focus on first, namely paying off debts, you should tend to these before you start saving. If you have no debts but think you will still struggle to save, using a budget planner may help you to see where you can cut costs. So use any surplus funds to focus on clearing your debts before you start trying to save.

Should you use your savings to pay off your debts? You might base your decision of whether to save or invest on whether your goals are short-term, medium-term or long-term. Your short-term goals are This might involve booking a special holiday or buying a home or car. Money for your short-term goals should go into a savings account. Your medium-term goals are Investing is riskier, but should give you better returns.

Your long-term goals are For long-term saving, investing your money is often a better choice because you stand to make a bigger profit. While the value of investments such as stocks and shares can go down as well as up, your overall returns should beat those available from a savings account over a longer period.

You might want to pick one or two of these or, if you have enough surplus cash, you might want to choose a combination of all four. So look for an account that offers the highest interest rate while giving you the access you need. The main benefit of an ISA is that you earn interest on your savings without paying tax on the earnings. So an ISA can still be a useful savings vehicle.

Doing this could save you hundreds or even thousands of pounds in interest. Some mortgages charge a penalty for you to overpay more than a certain amount each year, so check your mortgage documents or ask your mortgage provider. Even if your lender does charge a fee, it may be worth comparing this with the amount of interest you stand to save by making a large payment.

Build your retirement savings Depending on your circumstances and existing financial plans for retirement, you could use your money to build a pension fund. Many consider this the best way to invest money for the long term, as investing or saving into a pension has a number of tax benefits. Find out more about investing in a pension here. Khan Academy has a cool backstory — Salman Khan was a lawyer among other things and decided he wanted to create videos to help people learn somewhat complex topics, such as personal finance.

That eventually grew into a full-scale nonprofit organization that now partners with Bank of America. They have all kinds of topics, including topics for kids, and most of the content is step-by-step explainer videos. Pay off debt One of the best returns on your money is paying off high-interest debt. Yes, believe it or not, one of the best investments you can make is paying off your debt, most notably your credit cards. That includes real estate, stocks, fine art, or anything else.

The math on this is simple, too. And it might even be worse than that. Money you could have otherwise re-invested. Summary Remember that diversification is key, especially with this kind of money.

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