I'm at a point where I have around £300 a month in disposable income, (actually closer to £400 but I'm giving myself a little to spend on whatever fun things I might want).
I am trying to decide what is best to do with it, my current plan is as of my mortgage payment at the end of this month I will pay an extra £100 every month. Then put £150 into a long term savings account with higher interest, this will be to put towards the deposit on the next house I buy in a few years or to cover renovation costs. Then finally put £50 a month into an easy access account as an emergency fund and to cover big yearly costs (home insurance, car insurance etc).
I'm wondering if it is a smarter idea to pay more towards the mortgage than savings, as this will still help with getting the next house and drastically reduce the length. I worked it out to just over 10 years taken off at an extra £100 a month.
Though something else to consider is if I am doing work on the next house I will need more money than I required on this first one. As I bought my first house last November and moved in this September after almost a year of work, mostly myself with help from my dad in our spare time, to cut costs. I did this while still living at home, but I won't be able to when moving to a new house, so I will most likely have to invest more to pay others to do work.
What do you thing the best plan for my money would be? Thanks!
Submitted December 08, 2018 at 07:25AM by cloverborne https://ift.tt/2PtLJtn
