Does all your money go towards the mortgage?

egoode

I have an offset mortgage so any spare cash I have goes into the offset account and reduces the interest I pay on my mortgage. However when I need the money I can withdraw it with a day's notice. It has my emergency fund in there as well as any other cash I'm saving for work I want to do on my flat, holidays and other big purchases.

I've also set up a pension now as I'm self employed so needed to organise my own pension. I've also got a S&S ISA that I'm hoping to fully use the allowance for each year and that's also going to be mainly used as income eventually for when I finally retire.

I had thought at some point I might try and buy a buy to let property but with the new taxes on them not sure it's going to be worth it anymore.

I think it's always good to spread your cash out a little bit and realise you need to split your savings across short, medium and long term goals.