F
fuzzy2
Guest
I am recently married and myself and my wife would like to start looking at making our savings work for us. I am 29 my wife is 28, I have a permanent secure job with pension and earn €42000 p.a. My wife is a public servant (with pension) and earns €78000 p.a. We have no loans and no CC debt. Our mortgage is €330000 with payments of about €1900 p.m. (variable rate). Our house is valued at approx €400000.
I currently save €350 pm into the CU, my wife saves €500 pm. We did have alot of CU savings which were mostly used up on our recent wedding.
My wife also has an AVC and contributes about €150 pm.
My questions are:
We would like to consider having kids in 2-3 yrs and perhaps moving to a bigger home in about 5 yrs. We would like to increase the amount we are saving to about €1200 pm and will need a lump sum deposit for a house move in 5 yrs. Should we invest all or part of this sum? Overpay our mortgage? Increase AVC contributions a little to reduce amount of tax we are paying?
We are prepared to take a degree of risk at this age with investments etc. Would BES schemes be a good idea?
Any thoughts/advice greatly appreciated! We would like to get our money working for us a little better!
I currently save €350 pm into the CU, my wife saves €500 pm. We did have alot of CU savings which were mostly used up on our recent wedding.
My wife also has an AVC and contributes about €150 pm.
My questions are:
We would like to consider having kids in 2-3 yrs and perhaps moving to a bigger home in about 5 yrs. We would like to increase the amount we are saving to about €1200 pm and will need a lump sum deposit for a house move in 5 yrs. Should we invest all or part of this sum? Overpay our mortgage? Increase AVC contributions a little to reduce amount of tax we are paying?
We are prepared to take a degree of risk at this age with investments etc. Would BES schemes be a good idea?
Any thoughts/advice greatly appreciated! We would like to get our money working for us a little better!