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What to do with the money while i'm saving to be mortgage free?
carriel_2
Posts: 186 Forumite
We've recently had to set up an IVA after a few years of living beyond our means as we only had one wage while I was home looking after the kids.
My youngest goes to school in September & I am off back to work(after 7 years away :eek: ) I have an interview next week, which sounds really hopefull & pays a brilliant £9 per hour.
We are now used to living on just hubbies wage & I am working hard budgeting to save £100 per month from that.
So my wage is going to be a big lump of extra cash, I am going to put half of it into one savings account to be used to pay off creditors in a lump sum every six months, but the other half I would like to save & put towards paying off the mortgage.
I phoned One Account to see if I could do that, but we cant because of the IVA. So this pot of savings is going to be adding up for 10 years at least I would think, whats the best thing for me to do with it?
My youngest goes to school in September & I am off back to work(after 7 years away :eek: ) I have an interview next week, which sounds really hopefull & pays a brilliant £9 per hour.
We are now used to living on just hubbies wage & I am working hard budgeting to save £100 per month from that.
So my wage is going to be a big lump of extra cash, I am going to put half of it into one savings account to be used to pay off creditors in a lump sum every six months, but the other half I would like to save & put towards paying off the mortgage.
I phoned One Account to see if I could do that, but we cant because of the IVA. So this pot of savings is going to be adding up for 10 years at least I would think, whats the best thing for me to do with it?
0
Comments
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put it in a isa, and when youve reached your yearly limit, put it in the highest savings account you can find!Debt at highest (april 2005) £19000
Current Debt (september 2006) £7600
Mortgage Pig = £31.43 and we move in on Friday (6/10/06)
:j £2 savings = £22 started 1/9/060 -
Lloydstsb do their 10% instant access saver as well, which only requires a £500 lump sum to start off I think
Good luck with getting back to work
Doing my best as a contrarian investor...property, banking...let's see how it goes0
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