Prime Mover
Registered User
- Messages
- 1
I am a relative newcomer to the site having stumbled across it rather fortuitously a few months ago. It's long past time that I take control of my finance and put some structure in place in terms of saving. I've been impressed with the quality of discussion when posters ask for advice and was hoping some kind souls might cast an eye over this post and offer their thoughts.
Objectives:
1) to become disciplined in managing money
2) to learn about investment options and tax implications
3) to have a 'just-in-case' pot (approx. 15k)
4) to have an amount (approx. 50k) that might be a deposit for house/apartment in 4-5 years time
Background info:
Mid-30s; married (single-income household); renting; no kids, debts or pets; post-2013 public service pension.
Current state of play:
1) 5k savings in start towards emergency fund (putting in 1100/month with this aim in mind so will hit target of 15k in 8-9 months)
2) 200/month going to the Credit Union
3) Total saving capacity is 1700/month.
So what are my options?
I could save 1700/month in a regular savings account (thank you 'best buy') at a low interest rate for the next 4 years or so and hit all targets. Very low risk with the only expense being banking charges and DIRT (I think?). Or, I could put money into prize bonds and hit all targets and avoid DIRT (I think?).
Alternatively, I could put some money into a regular savings account and some into a MAPS or a different regular savings/investment product. I've done some preliminary reading on what's available and met with a financial advisor at AIB. Unsurprisingly they were quite keen for me to go with one of their products. Whilst I haven't gone ahead with it, it was was a useful meeting as it got me thinking about my attitude towards risk and I surprised myself with how conservative I am
In terms of where my head is now, I am leaning towards contributing the bulk of my saveable amount (approx. 1100-1300) towards a regular savings account or prize bonds (or another regular option that I am omitting?). However, I would like to do something different with a small amount (approx. 250/month) on a longer-term basis as a learning exercise. I am considering putting this towards one of AIB's MAPS plans (4 or 5). Negatives: the charges seem high and I will pay DIRT on interest gained. I could put this towards a passive exchange tracker (Vanguard product), but from what I've read on here, Irish options seem limited and it is more complicated (am I wrong?).
I would be most grateful for any comments, observations, criticisms, or advice that posters could offer!
Apologies for a very long and somewhat listless post, but I guess if I knew what was best I wouldn't have tried at all...
Objectives:
1) to become disciplined in managing money
2) to learn about investment options and tax implications
3) to have a 'just-in-case' pot (approx. 15k)
4) to have an amount (approx. 50k) that might be a deposit for house/apartment in 4-5 years time
Background info:
Mid-30s; married (single-income household); renting; no kids, debts or pets; post-2013 public service pension.
Current state of play:
1) 5k savings in start towards emergency fund (putting in 1100/month with this aim in mind so will hit target of 15k in 8-9 months)
2) 200/month going to the Credit Union
3) Total saving capacity is 1700/month.
So what are my options?
I could save 1700/month in a regular savings account (thank you 'best buy') at a low interest rate for the next 4 years or so and hit all targets. Very low risk with the only expense being banking charges and DIRT (I think?). Or, I could put money into prize bonds and hit all targets and avoid DIRT (I think?).
Alternatively, I could put some money into a regular savings account and some into a MAPS or a different regular savings/investment product. I've done some preliminary reading on what's available and met with a financial advisor at AIB. Unsurprisingly they were quite keen for me to go with one of their products. Whilst I haven't gone ahead with it, it was was a useful meeting as it got me thinking about my attitude towards risk and I surprised myself with how conservative I am
In terms of where my head is now, I am leaning towards contributing the bulk of my saveable amount (approx. 1100-1300) towards a regular savings account or prize bonds (or another regular option that I am omitting?). However, I would like to do something different with a small amount (approx. 250/month) on a longer-term basis as a learning exercise. I am considering putting this towards one of AIB's MAPS plans (4 or 5). Negatives: the charges seem high and I will pay DIRT on interest gained. I could put this towards a passive exchange tracker (Vanguard product), but from what I've read on here, Irish options seem limited and it is more complicated (am I wrong?).
I would be most grateful for any comments, observations, criticisms, or advice that posters could offer!
Apologies for a very long and somewhat listless post, but I guess if I knew what was best I wouldn't have tried at all...
Last edited: