Managing money

OnlineAlex

Hello everyone,
I’m hoping for a little bit of advice on how to manage my finances. I’ve just received a pay rise working out to about £150 a month extra after tax and I’m not sure what to do with it for the best. 

Would you suggest something like a Plum account, Mortgage overpaying, a Stocks and shares ISA, Lifetime ISA (not sure if that’s applicable to me), Premium bonds or anything else you can suggest?

I’m sorry to vague I’m just looking for some ideas. If you’d like anymore information please fire away. 

Kind regards,

Albermarle

Suggest you spend some time scrolling through the forum as very similar questions get asked all the time , with generally similar answers . For example
https://forums.moneysavingexpert.com/discussion/6240746/stocks-shares-isas-vs-overpaying-mortgage/p1

maxsteam

Why not put a bit into each of the options you mention? There isn't a magic ratio or a simple answer to your question other than to do what seems right to you.

Linton

Put it all into increased company pension contributions.

csgohan4

if you need to build an emergency fund, I would suggest premium bonds or the highest saving account  you can find. 

Otherwise have a look at similar positions

DireEmblem

My thoughts would be:

1) Grow your emergency fund.
2) Top up your pension.
3) Save for a rainy day / treat yourself when things reach a new normality.
4) Ask yourself how easily you may want access to what is left.  That will help determine the type of investment/savings account you could use, and compare that to overpaying your mortgage.

LHW99

I think you have to be under 40 to start a lifetime ISA

colsten

LHW99 said:

I think you have to be under 40 to start a lifetime ISA

You also can't put more money into your LISA once you are 50

MX5huggy

Linton said:

Put it all into increased company pension contributions.

This.
Your £150 turns into at least £187 straight away maybe more if you can do salary sacrifice or are a higher rate tax payer.