Savings what to do with it

Albermarle

WelshGlyndwr said:

My partner and i have 85k in various bonds and isas. We also have 139k remaining on the mortgage. What should we do? Jointly we earn £68k. We have no kids

As others have said without more info a sensible answer is not possible. Such as ;

Your ages?
Are you both working, and at what salary level?
Pension provision?
Any plans to retire early?

WelshGlyndwr

Albermarle said:

WelshGlyndwr said:

My partner and i have 85k in various bonds and isas. We also have 139k remaining on the mortgage. What should we do? Jointly we earn £68k. We have no kids

As others have said without more info a sensible answer is not possible. Such as ;

Your ages?
Are you both working, and at what salary level?
Pension provision?
Any plans to retire early?

31 and 30
Both working 45k and 22k
public sectot pensions
too early to think about retirement

WelshGlyndwr

BikingBud said:

WelshGlyndwr said:

My partner and i have 85k in various bonds and isas. We also have 139k remaining on the mortgage. What should we do? Jointly we earn £68k. We have no kids
BikingBud said:

Blow it all in Vegas, put it all on red?

How can you expect anyone on here to provide an answer?

Given the very limited information in your post we have no idea about any of your priorities or personal values.

Is it important to be mortgage free or more important to give it to the cat's home?

Why did you start saving? Just to have some cash? To give you options? Is it part of an early retirement plan?

Just go and buy an Aston Martin?


WelshGlyndwr said:

i was wondering if it was a good amount of savings compared to other people. should i be saving more?

It really does not matter what others do, some will have millions stashed away, others will have debts of many tens of thousands of pounds.

 If you are saving, to what end? 

Do  you have a goal?

If you have no clear idea about what you want to achieve then why are you saving?

saving in case for emergencies. who knows when you might need the money. Goal is to be financially secure to have a buffer.

BikingBud

WelshGlyndwr said:

BikingBud said:

WelshGlyndwr said:

My partner and i have 85k in various bonds and isas. We also have 139k remaining on the mortgage. What should we do? Jointly we earn £68k. We have no kids
BikingBud said:

Blow it all in Vegas, put it all on red?

How can you expect anyone on here to provide an answer?

Given the very limited information in your post we have no idea about any of your priorities or personal values.

Is it important to be mortgage free or more important to give it to the cat's home?

Why did you start saving? Just to have some cash? To give you options? Is it part of an early retirement plan?

Just go and buy an Aston Martin?


WelshGlyndwr said:

i was wondering if it was a good amount of savings compared to other people. should i be saving more?

It really does not matter what others do, some will have millions stashed away, others will have debts of many tens of thousands of pounds.

 If you are saving, to what end? 

Do  you have a goal?

If you have no clear idea about what you want to achieve then why are you saving?

saving in case for emergencies. who knows when you might need the money. Goal is to be financially secure to have a buffer.

You seem to have quite a good buffer 85k in saving and 67k annual wage gross I trust, so you have quite a bit more than 12 months gross wage covered.

Still massively inadequate information:

• Good skills?
• Transferrable employment?
• High likelihood of finding similar roles and wage elsewhere?
• Quite young, are you married?
• Have children or plans for children?
• Like/want to travel? 
• Want to blow 12 months travelling before children?
• Risk appetite?
• How long did it take to accrue 85k
• Can you recover the 85k in the same timeframe?
• Other priorities?

Apart from everything else I would consider that you should count yourselves extremely lucky when so many are without a slush fund and are challenged by day to day living expenses.

Bigwheels1111

I paid my mortgage off in 11years and 4 months.
It felt so good.

jimjames

Pension, S&S ISA, any reason you need so much cash?

jaceyboy

Always get rid of a mortgage as soon as you can, its the biggest tie around your neck in life, so much easier without it

subjecttocontract

I had mortgages continuously for 44years and had no intention of paying any of them off early. But during that time it was a rising market and using other people's money to increase the value of my assets worked extremely well. The only time I considered paying a mortgage off early was so that I could borrow more for another property. It worked well, I sold them for a 7 figure profit. In life we are all different.