New money, the future

Money_Curious

Hi

I was after some help/advice if at all possible.

This year will be the first year that my family has what I'd call a substantial amount of disposable income.

We're looking at around having £4,000 after all bills and outgoings a month, the question I have is what would be the best/smartest thing to do with this money each month?

We have workplace pensions, our own pensions, a small mortgage and no kids.

Any advice on what we should be doing would be great.

All the best, thanks in advance.

dunstonh

We're looking at around having £4,000 after all bills and outgoings a month, the question I have is what would be the best/smartest thing to do with this money each month?

It will largely depend on your objectives with that money.   Money needed in the short term, medium term or long term will usually mean you use different tax wrappers or investment/saving options.

We have workplace pensions, our own pensions, a small mortgage and no kids.

But are those pension any good?  Are they on track to meet your retirement objectives?

penners324

Pensions, S&S ISAs, cash ISAs, savings accounts, etc etc

Some really good holidays as well!

Pay off the mortgage is another option (though not the most tax efficient or interest efficient option, though it clears the debt)

Bostonerimus1

Have a look at the numerous other threads that answer this or simply follow this flow chart.

Bottom line is: do a budget, have an emergency fund in cash, pay off high interest debt, contribute to workplace pensions, ISAs and general investment accounts using inexpensive index tracker funds.