It's hard to say based on the partial information posted but I would be looking at the following first:Have you read the key topics and in particular the AAM and IFSRA guides to savings & investments. Have you considered getting independent, professional advice?
- Reducing or clearing any non mortgage debts that you might have.
- Reducing the mortgage
- Increasing pension contributions
- Looking for short/medium/long term savings/investments that match your specific short/medium/long term goals.
- Diversifying/balancing things better between property (your home), equities (your pension?) and cash deposits (the rest of your savings).
I assumed that it was your PPR hence the suggestion that you might consider reducing the mortgage. Where are you living? Have you discharged any tax liabilities that may have arisen from the rental of the property that you own? There are good arguments for having an interest only mortgage on a rental property:I have no non-mortgage debts. The place I own is rented out so is there any point in paying off any more of the mortgage because I would be exposed to pay more rental income.
Why not? You might want to consider increasing your pension contributions up to and including your age related pension relief limit (15% of gross earnings in your case).I will be increasing pension contributions in the coming months but this won't effect my monthly savings of €1500.
Oh - you live at home. Refer to my original point above in case you bought your property ostensibly as an owner occupier but then rented it out meaning that you may have a significant stamp duty clawback bill. I presume that you are PRTB registered and paying income tax on rental income. Don't forget that you will probably be liable for CGT on any resale gain on the property.Quite a lot of houses are coming down in price in my local area so I am keeping an eye on the market over the coming 5/6 months for any opportunites as I still live at home but I am open to any other opinions on how to invest this money.
Quite a lot of houses are coming down in price in my local area so I am keeping an eye on the market over the coming 5/6 months for any opportunites as I still live at home but I am open to any other opinions on how to invest this money.
Well €10K in Rabo and the rest in NR is probably the best option if deposits are the only choice unless you also consider some of the regular saver accounts that might have few gotchas/lock-ins.Given the short time scale for when you say you want to react to any opportunities (to buy a PPR I'm assuming) that arise putting your money into NR is probably the best course of action.
Well €10K in Rabo and the rest in NR is probably the best option if deposits are the only choice unless you also consider some of the regular saver accounts that might have few gotchas/lock-ins.