I'm being made redundant from my £48k a year copywriting job – how do I start a freelance career and protect my savings?

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Rachel*, 34, is a digital copywriter earning £48k a year, who is about to be made redundant. This is her money month…

I know how worrying times are right now, but as you say, maybe this is the nudge you needed to make your freelance dreams a reality. Before you do anything, I’d highly recommend reading, a free PDF guide by Anna Codrea-Rado. In 2017, Anna was made redundant from her job in journalism and now provides excellent workshops and advice for those in a similar boat.

However, there are some restrictions to be aware of. You can use it to buy your first home or for your retirement when you’re 60+, the property must cost £450,000 or less and you also have to wait 12 months from opening before using a Lifetime ISA. Importantly, you can’t use the bonus of both a Lifetime ISA and HTB ISA to buy a home and you can only transfer £4,000 from a HTB ISA to a Lifetime ISA in one tax year. It sounds like this might not suit your current circumstances.

For most, paying off a student loan just doesn’t make sense. If you’re a ‘Plan 1’ student i.e you went to uni from 1998-2011, then your interest is currently 1.1%. The question is, can your money be put to better use elsewhere? If you’re considering investing or can find a savings account with better returns, the answer is probably yes. Even more so if you’re looking to buy a property and therefore want to boost that all-important deposit.

 

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