What do i do with 60k?

WelshGlyndwr

My partner and i have 60k in cash savings, with a house with a mortgage of 170000. What would you do with the savings"?. We also have a gross household income of 60k.

El_Torro

Decide how much of that cash needs to stay as cash (i.e. an emergency fund). Then shove that in Premium Bonds.

With the rest either add to your pensions, or S&S ISAs, or pay off some of the mortgage, or a combination of the 3.

thegreenone

After a disastrous 2020 when Hubby lost his contractor job in April and didn't find another until January this year, we lived on the money left available in the Ltd Co and then Savings.  We paid all bills, tax and VAT due but it was tight.

I would put 50k into PBs and the remaining 10k into a S&S ISA.  God forbid, we have another year like the last but any wins from PB can go into a Holiday fund or extra payments to the mortgage.

Albermarle

WelshGlyndwr said:

My partner and i have 60k in cash savings, with a house with a mortgage of 170000. What would you do with the savings"?. We also have a gross household income of 60k.

If you read all the other almost identical questions that the forum regularly receives , you would know that without more information about your personal circumstances and objectives than you will not get a very good answer.

Age?
Pension situation?
Existing savings and investments ?
Risk tolerance and/or investing experience?
Big spenders ?
etc

Stubod

^^^^^^^^^^^^^^^^^^

....exactly this....

csgohan4

OP you need to have a strategy in place and some research

https://monevator.com/category/investing/passive-investing-investing/

I would highly advise reading the above and then putting out a strategy in place in respect of your own risk appetite. 

We have little information on your op, how long to invest for, age, risk appetite, pension provisions, ISA provisions, Income, emergency fund e.t.c

Everyone will have their own opinion, some not suitable for you, some reasonable. There are so many funds out there, you need to have the foundation first, your strategy

WelshGlyndwr

Albermarle said:

WelshGlyndwr said:

My partner and i have 60k in cash savings, with a house with a mortgage of 170000. What would you do with the savings"?. We also have a gross household income of 60k.

If you read all the other almost identical questions that the forum regularly receives , you would know that without more information about your personal circumstances and objectives than you will not get a very good answer.

Age?
Pension situation?
Existing savings and investments ?
Risk tolerance and/or investing experience?
Big spenders ?
etc

Ages we are both 28-30
Civil service pensions
60k is all the savings we have
Salaries = 58k between us
no investing experience
not big spenders except pets

Albermarle

Ok so your pension situation is largely covered with a public sector defined benefit scheme ( note if you ever move to the private sector you will probably need a big uplift in salary to compensate for losing this )

First priority is to have an emergency cash fund , in case of job loss ( although probably unlikely ) sudden need for new car /new boiler etc . This should be in an easy access account/premium bonds.

Then the questions is do you use the rest to pay off the mortgage or invest it for the future. This is also a question that gets asked many times on this forum . 
The rational answer is not to overpay the mortgage, especially if you have a lowish interest rate and to invest the money in a Stocks and shares ISA . Although this can go up and down in value in the short/medium term , in the long term the trend should be up .
The emotional answer is to get the mortgage debt down .

The eventual outcome for most posters asking the same question is to do some of both .

Of course you could spend some of it as well !

First you need to do some reading about investing and then feel free to ask more questions .

Investing in stocks for beginners: how to get started - MSE (moneysavingexpert.com)
Stocks & shares ISAs: find the best platform - MSE (moneysavingexpert.com)

Long-term investing: Increasing your chances of positive returns (nutmeg.com)