Quick Peek:
Looking to invest £200 a month? There are several options to consider, including a Stocks and Shares ISA, peer-to-peer lending, property investment, or starting a side hustle. While sacrificing the occasional takeaway or morning latte may be necessary, investing this amount can lead to a more stable financial future. It’s important to do your research and seek professional advice before making any investment decisions.
Got £200 a month to invest? Here are some of the best ways to do it
Saving £200 a month is a manageable saving commitment for many people, particularly for a couple. It may mean skipping a few takeaways or the odd morning latte, but it can put you on a firmer financial footing.
Invest in a Stocks and Shares ISA
One of the best ways to invest £200 a month is through a Stocks and Shares ISA. This type of ISA allows you to invest in a range of different stocks and shares, giving you the potential for higher returns than a traditional savings account.
Peer-to-Peer Lending
Another option for investing £200 a month is through peer-to-peer lending. This involves lending money to individuals or businesses through an online platform. You can earn interest on your investment, often at a higher rate than a traditional savings account.
Invest in Property
If you’re looking for a long-term investment, property could be a good option. You could invest in a buy-to-let property and earn rental income, or invest in a property fund for more diversified exposure. However, property investment comes with risks, so it’s important to do your research and seek professional advice.
Start a Side Hustle
Investing in yourself and your skills can also be a great way to make your money work harder. Starting a side hustle, such as freelancing or selling products online, can bring in extra income and potentially grow into a full-time business.
Conclusion
In conclusion, there are many ways to invest £200 a month and make your money work harder for you. Whether you choose to invest in a Stocks and Shares ISA, peer-to-peer lending, property, or start a side hustle, it’s important to do your research and seek professional advice. By making a commitment to saving and investing, you can put yourself on a firmer financial footing and work towards your long-term financial goals.
References for « Is saving £200 a month good UK? »
- Money Advice Service – How much should I save each month?
- Which? – How much should I save each month?
- This is Money – How to save £200 a month and make your money work harder
- Love Money – How much should I be saving each month?
- The Telegraph – Is saving £200 a month a realistic goal?
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