Originally Posted by
watchstudent
That is my pot of savings. I have been meaning to do something more sensible than keeping it in a cash ISA earning next to nothing for over a year but just haven't got round to it (I know , I know, stupid). But with inflation now going up it seems I really do need to put it to use or it will quickly start evaporating. I have no experience with investing or anything so just wondering what others might suggest?
Some context:
I'm 31
Other than my mortgage and student loan I don't have any debt. We have about 190k left on our mortgage, house is worth about 320k now I'd guess.
I am having a little change in direction career wise which means a short term pay cut. Next year I will be on £40k, this should go up steadily over next 5 years to about 65k, then all being well will jump to 85k-ish in about 6 years.
I haven't considered pensions very much as I work in the NHS and wife is a teacher and so hopefully our pensions should take care of themselves.
Partner is on about 37k but we are soon to have our first child and she will be taking a year of mat leave so she will earn next to nothing for about 6 months.
The 50k doesn't include about 15k I have put aside for a new kitchen.
I would like a rainy day fund - maybe 20k? Would premium bonds be a sensible place to put this?
So that leaves 30k. S&S ISA index tracker and forget about it? Any other thoughts?
With the kid on the way and my pay cut plus the mat leave I don't think we will be saving much for a couple of years.
Financial aims? Mostly just staying out of trouble! We would like a bigger house - although I think the main thing for that is just getting a higher salary. We will probably look to move in 5 years or so. I like the idea of being able to invest in something that can pay me back some money, getting a buy-to-let springs to mind although I hear that is not what it used to be. I don't particularly want to need to work after 60, I would like the choice!
Any thoughts much appreciated. I always think this forum can be a treasure trove of good life advice!