Hi all,
I was recently reading up on investing some spare money on the financial ombusmans website and it recommended that I pay off any outstanding debts firstly before investing money elsewhere which makes sense. I currently owe 38k to the bank for a combined personal loan for a deposit for an apartment and a car which is over 7 years. The mortgage for the apt. starts in approx. 16 months and the repayments on the loan are 700/month which is very managable for me at the moment. I have roughly 1k at the end of every month and I am wondering should I pay off the personal loan quicker than the due date or should I invest? I plan to go travelling in a year and a half and work abroad (engineer) for a couple of years so I would probalby need a lump sum before going.
Just wondering if to invest or put into a high interest rate account. Any feeback greatly appreciated.
I was recently reading up on investing some spare money on the financial ombusmans website and it recommended that I pay off any outstanding debts firstly before investing money elsewhere which makes sense. I currently owe 38k to the bank for a combined personal loan for a deposit for an apartment and a car which is over 7 years. The mortgage for the apt. starts in approx. 16 months and the repayments on the loan are 700/month which is very managable for me at the moment. I have roughly 1k at the end of every month and I am wondering should I pay off the personal loan quicker than the due date or should I invest? I plan to go travelling in a year and a half and work abroad (engineer) for a couple of years so I would probalby need a lump sum before going.
Just wondering if to invest or put into a high interest rate account. Any feeback greatly appreciated.