What to do with my money?

D

deathstarkil

Guest
In the past I have not been good with money. I'm looking for advice on what to do for the future. I have no experience or knowledge of investing.
I'm 34 and single.
I get paid 560 a week and after rent and bills I'm usually left with about 360 of which I pay 220 to the credit union (split between saving and loan) leaving me with 140 for myself. I owe the credit union about 20,000 and have 17,000 savings.
I have just received a settlement for an accident I had a few years ago and after paying off my loan and adding what's left to my savings I will be left with approx. 50,000. I will receive this money in a few weeks.
From then on the 360 of my wages are all mine. :)

I was thinking of buying a house but it's not easy buying a house on your own and the idea of getting into so much debt again has put me off. In the next say ten years or so there is a house I will inherit but I don't like to think about that because it's when my Grandfather dies. Sometimes I wish he hadn't told me about it.

I was looking at Rabodirect and thinking of investing maybe 10 or 20 thousand and leave the rest in the credit union or some other bank with a decent interest rate. I could then comfortably save 120 to 150 a week split between Rabodirect and the 30/40 thousand in the credit union. I could probably leave it like that for 10 years or so, maybe more.

Any advice/thoughts appreciated.
 
While you are making up your mind you should at least stick it on deposit in one or more of the high rate lump sum and/or regular saver deposit accounts on offer at the moment (e.g. < €15K in FA eSavings @ 5.22%, < €10K in Halifax FlexiSaver @ 5.15%, €1K+ in NR at 5% etc. - maybe an FA Regular Saver for up to €1K p.m. at 7.15% etc.).

You might also consider sitting down with an independent, professional advisor who can do a proper fact find/financial review and recommend a range of short, medium and long term savings and investment options relevant to your specific needs?

Have you read the key posts in the Savings & Investments forum and the material on www.itsyourmoney.ie ?
 
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