Help me sort my money out, I have baby brain.

LottieLou

Hi everyone,

As the title suggests I need help sorting my brain out with my finances. Two under twos have helped me loose track of things and I could do with some advice.

Currently on maternity leave until Jan 2020.

The 3 months I am taking unpaid are covered for and I have an emergency pot therefore not considered in the following

I have just under 18k in my TSB acc paying 5% on 1,500 dropping to 3% soon. I want to keep the £1,500 in this my question is what to do with the rest.

I have a shared but large mortgage paying 1.79%. I overpay using unexpected monies - TCB, acc interest, tax rebates and Tilly tidies etc.

I am in the NHS pension scheme but would like to/need to start building other ‘pots’.

My partner has opened stocks & shares ISAs for the children (he earns considerably more so I won’t be contributing to these).

So my questions are,

. No current acc switches that I am eligible for seem worth it to loose my TSB one. So where should I put the rest of the £?

. Should I overpay more of the mortgage, build another mortgage pot or start investing via stocks/shares.

I’m shattered and have little free time to think so would value your opinions or advice.

Thanks.

YorkshireBoy

LottieLou wrote: »

I have just under 18k in my TSB acc paying 5% on 1,500 dropping to 3% soon. I want to keep the £1,500 in this my question is what to do with the rest.

For how long have you had £16,500 making nothing? At the very least get it in a circa 1.5% savings account ASAP.

No current acc switches that I am eligible for seem worth it to loose my TSB one.

Get the best of both worlds...open another TSB account and switch that instead. Then that would be "worth it".

So where should I put the rest of the £?

Should I overpay more of the mortgage, build another mortgage pot or start investing via stocks/shares.

Well that will depend if you need access to it in the short, medium or long term. You could probably make more than your mortgage rate by investing over the medium to long term. You could make just under the mortgage rate by saving it. If you don't need all of it do a mixture of all options.