I am saving up money every month, and at the end of next year I will have £25,000 ($50,000) whats should I do?

I am saving up for a house but with house prices going up and mortgages extortionate, I dont know what Ill want to do with my money, strange situation hay? I have most of the things I need or want like a car and holidays, clothes, etc, I eat out when I choose and I live at home with my folks still (after being away for 7 years living with friends), living at home lets me save about £800 a month, I have a PS3 s Im into gaming but cant think of anything else Iwould want to spend my cash on apart from a house but with a temprental housing market, I think it could be a waste of time & money? any ideas??

Public Comments

1. i would say just keep saving til you have enough for a house, because otherwise you will regret it because you will waste it and loook back and go why didnt i keep saving :) thats my advice but otherwise there is always jst spending and having fun lol
2. hi there... i have come across the same situation and i think the more money u have in savings account,more likely u are gonna spend it on depreciative assets(like laptop,car,and other things which loose their value over time). what you have to do is assign a work for that money so that it makes more money while u r asleep.i can understand that u wish to spend it one other expenses like holiday,cars and etc.,but this is where the budget on your savings kicks in. first properly plan how much(%) u want to spend on pleasury things and how much money do you want to work for you. have u ever considered investing money in shares?? well most people do get intimidated by the very name of it.the reason for referring shares is because they are dirt cheap all across the board(well known blue chip companies only),other options can be mutual funds,high interest paid savings account,your superannuation(this is a very long term investment).good luck with your plans