pedromendez
Registered User
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- 6
I've recently had a windfall of around 20k, a huge amount of money in my eyes, as I normally live month-to-month, and struggle to afford a mortgage at times that consumes around 40% of my salary.
Im trying to figure out the best approach here on what to do with the money and make life easier all round.
Firstly, I've got 2 young children, so I was planning to put a sum of money away for each of them for when they are older. Are there any specific saving schemes / accounts that might be recommended for access when they are older and possibly gain some interest over the nexy 10+ years?
The other 2 options I was considering was paying off a car loan or pay a larger lump sum off my mortgage.
Which of these would be most beneficial, pay of my car loan (which would allow me to, in-turn, put those car repayments off the mortgage?) Or pay a lump sum off the mortgage?
Any advice or thoughts on the above would be much appreciated.
Many thanks,
Im trying to figure out the best approach here on what to do with the money and make life easier all round.
Firstly, I've got 2 young children, so I was planning to put a sum of money away for each of them for when they are older. Are there any specific saving schemes / accounts that might be recommended for access when they are older and possibly gain some interest over the nexy 10+ years?
The other 2 options I was considering was paying off a car loan or pay a larger lump sum off my mortgage.
Which of these would be most beneficial, pay of my car loan (which would allow me to, in-turn, put those car repayments off the mortgage?) Or pay a lump sum off the mortgage?
Any advice or thoughts on the above would be much appreciated.
Many thanks,