£50,000 & £1,500 per month 2 years

fzx5v0 · 10 April 2018 at 12:50PM

Hi
I would like some opinions of what I should do as i have £50,000 in a standard bank account and a disposable income of £2,300.

I currently have no debt except for my mortgage which I am tied into until Jan 2020. I am over paying my mortgage by the allowable 10% per year.

At the end of the tie in period I plan to reduce the mortgage further.

So I would like to take the £50,000 and about £1,500 a month and do something with it to make it grow a bit.

Any suggestions would be gratefully received as i do not know where to start.

Thanks

eskbanker · 10 April 2018 at 1:02PM

I'd suggest the quick link further up the page labelled 'how to start saving'!

The usual advice on here would be to ensure that you have sufficient cash for your needs, including an emergency rainy day fund of something like 3-6 months worth of income or outgoings, and then consider investing the rest, to give yourself the opportunity of not losing cash value when inflation is taken into account.

Also ensure that you're getting the most benefit from the tax advantages of pensions, especially if you can get more from your employer....

£50,000 & £1,500 per month 2 years

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