What should I do with disposable income on my budget?

coachman12

Jimmy9012 said:

One other thing I was thinking of was to save up 50k then use that to get a buy-to-let mortgage and rent a house. Would that be foolish given the current economy?

Forget the buy to let. £50k is a long long way away , when you have nothing at present and are only just starting to be able to consider how to utilise your spare £1900 pcm !!
Save up enough to pay off the car loan + give you a cushion; then pay off car loan. Then review how you are faring financially and decide at that time about the longer term future of your £1900 ( which won't be £1900 by that time    ). And remember to save for your next car.

Robin9

Can you buy back any years in the employers scheme.?

getmore4less

£30k+ in a year on stuff for the house and a car. 

Mortgage is a high rate and car loan may or may not be. 

You néed to put a proper budget in place with a longer term plan.

Just start getting everything down that will have a demand on your money. 

Think a year or two ahead and look at a balance of emergency funds for short term cash demands, disaster fund for loss of income, debt reduction, long term saving. 

Don't think £1,900pm think £22k a year. 

getmore4less

Anything 40% tax, pension is the main target. 

enthusiasticsaver

I would focus on building emergency savings first then  correcting the missing pension payments and lastly  overpaying the HSBC loan which is undoubtedly costing you more than the mortgage. 

MDMD

Robin9 said:

Can you buy back any years in the employers scheme.?

The OP has a DC scheme so the concept of “years” doesn’t exist - it’s just a pot of cash with Scottish Widows.

Jimmy9012 said:

Sea_Shell said:

What pension provision do you have so far?    Are you currently making contributions?

Yes. I am part of my employers pension scheme with Scottish Widows. So far it has around 7k in the pot, which is a mix of my own contribution from PAYE and the employer contribution. I do not have any other provision. The £1,900 disposable includes this pension scheme having already been paid.