Advice sought on Savings Products

N

Noor77

Registered User
Messages
446
Hello

When my SSIA matures (I'm in the last batch!) I want to continue the good habits it has taught me and keep saving. Currently, I'm saving the maximum SSIA amount a month (I have only being doing so for the last 20 months). The SSIA is my first real attempt at saving. Ideally, from May, I would like to push myself a bit more and save around €350 a month. I was thinking of saving €150 into an instant access savings account and €200 into some type of medium term scheme. I really don't know what I should be looking fir though! I don't want to save too much in case I can't maintain the level longterm. Any advice as to what kind of scheme might be best for me would be much appreciated.

From May, when I want to start saving, my situation will be:

Net monthly income: €2,800
Monthly Mortgage: €850
Monthly Visa: €400 (I pay this off every month)
Charity Standing Orders per month: €42
Monthly Loan Repayment: €100
ESB & Gas per month: €120


Many thanks
 
Have you a pension or a PRSA? There are considerable tax advantages to these, and if you are in for the long term you would be better building up an emergency cash reserve, say 2 - 3 months salary, and then putting your monthly savings in a pension / PRSA.
 
I have a pension plan. It's deducted at source so is not included in my calculations. I have had it for 5 years now (I'm 28)
 
Are you maximising your pension tax/PRSI relief (if you can afford to) - i.e. 15% of your earnings, 20% the year turn 30 etc.
 
I'm not really thinking about long term savings at the moment ... as far as I'm aware, my pension is quite good. I would just like to get into a good short term / medium term savings habit.

I have made an appointment with someone at my local bank for next week - hopefully their advice won't be too biased!
 
Noor77 said:
I have made an appointment with someone at my local bank for next week - hopefully their advice won't be too biased!
Click to expand...
I wouldn't bank (ugh) on it. They are tied agents so have a vested interest in selling you only their own products regardless of whether or not they are suitable for you, are good value etc. You really should get independent, professional advice - e.g. talk to a good multi-agency intermediary or an authorised advisor ideally on a fixed fee paying basis.
 
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