Savings ;what to use them for,now that interest rates are high and getting higher

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thedaras

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Just heard Brendan on the radio,discussing paying off a mortgage or not,(must add that I didn't here the full interview)

I have seen posts on here but some go back as far as 2004.
Would it be possible to have a fresh look at this scenario now.

40 k in savings..credit card on interest free (for next 6 months) and overdraft to be paid.
Should I pay off both of the above,or as the Credit card is interest free should I just continue making payments off this?

Should I use the rest to pay off mortgage? coming out of fixed rate in October.And no chance of a tracker!
Thanks
 
Just make sure to have credit card paid off before interest free period finishes.

If the interest rate you are paying on the mortgage is higher than what you can get for deposit interest, than use some of the 40k to pay off of mortgage. I would keep some aside for emergencies / rainy day fund. Perhaps 10k
 
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