Hi all......I hope thread title ok because it sums us up exactly!. .... Reassessing finances and our situation is as follows:
Have savings of approx €25000 split between a non-descript account with a bank and a Credit Union.
Credit Union no longer paying dividend so want to move that sum and bank deposit is remnants of SSIA (remember those?) that was being used for home improvements etc.
In addition we in a postion to save about €800 a month that was overpaying principle mortgage but we have decided to built up savings instead (amount remaining only about 40K.....have posted re this before).
I have been looking at all savings options, read key posts etc and am utterly bamboozled!.... State savings options look great on paper but not sure if best option for us. I guess we caught between wanting to make our money work best but not being too restrictive in that if we had to access extra funds we would not have to suffer exit penalties etc. At present dont see a need for these funds , stable jobs etc but who knows what next few years will bring. I would be happy to tie up current lump sum but prefer a little flexibility with the €800...simply because we have an investment (?) property currently great tenant albeit with reducing rents....but have to be cautious in the event of tenant leaving at some stage and possibly needing to fund complete mortgage payment on this property for who knows how long.
Apologies if i have gone on but if anyone has any advice i would be grateful,,,,never steered me wrong here before!..Thanks all
A
Have savings of approx €25000 split between a non-descript account with a bank and a Credit Union.
Credit Union no longer paying dividend so want to move that sum and bank deposit is remnants of SSIA (remember those?) that was being used for home improvements etc.
In addition we in a postion to save about €800 a month that was overpaying principle mortgage but we have decided to built up savings instead (amount remaining only about 40K.....have posted re this before).
I have been looking at all savings options, read key posts etc and am utterly bamboozled!.... State savings options look great on paper but not sure if best option for us. I guess we caught between wanting to make our money work best but not being too restrictive in that if we had to access extra funds we would not have to suffer exit penalties etc. At present dont see a need for these funds , stable jobs etc but who knows what next few years will bring. I would be happy to tie up current lump sum but prefer a little flexibility with the €800...simply because we have an investment (?) property currently great tenant albeit with reducing rents....but have to be cautious in the event of tenant leaving at some stage and possibly needing to fund complete mortgage payment on this property for who knows how long.
Apologies if i have gone on but if anyone has any advice i would be grateful,,,,never steered me wrong here before!..Thanks all
A