Be patient with me as I'm in a noob.
I'm a 24 year old from the UK, living at home. Only outgoings are social, petrol and the gym.
I'm on £32,000 p.a.
I have £22,000 in savings, all in premium bonds. I'm currently savings 1-1.5k a month out of my 2k a month I recieve following tax and pensions/student loan repayments.
My only debt is my student loan – probs like 40k. I pay £40 a month toward it.
I'm wondering what I should do with my money as its okay in premium bonds with an average return of 4.6% and no risk but im currently getting more like 3%. I'm considering investing in s and p 500 in index funds, maybe a lump sum and then a monthly amount like £250. But I know nothing about it but starting learning about it today, everyone seems to suggest it as a low risk long term (20+ year investment). An alternative is investing in an ISA but thats 5.7%, only 1% higher than premium bonds with less fun and not withdrawable (fixed term).
Any advice?
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