Hi All,
I have about 55k to invest and I have been reading all the options on Askaboutmoney, but I thought that I could get a bit more info with my specific case. At the moment I have three main outgoings per month:
Mortgage
Car loan
SSIA
My SSIA will be maturing this month, and this is included in the 55k. My mortgage is about €1300 per month (with 28 years remaining - hmmm!) and the car loan is €440 per month (with €10000 remaining). So this is what I am considering:
1. Pay off car loan straight away - down to 45k.
2. As I will then have no carloan to pay I will put €300 per month into an AIB regular savings account at 7.1%
3. Put €5000 into a Rabo account to get 5% - useful for a rainy day - down to 40k.
4. At present I am not contributing to a pension (I am 28, but have a pension from a previous position) - I am planning on using the money which I was paying into the SSIA, €254, and put it into a PRSA - can increase this amount if needed.
5. Put 40k into my mortgage
If anyone can advise on any of the following it would be great:
- Is it best to pay off the car loan immediately?
- Is Rabo Direct currently the best place to put a sum of 5k - I will probably not make many additional lodgements to the account, just to have it there if needed?
- Is AIB currently the best option for a regular savings account?
- What is the best option for a PRSA at the moment?
- Is putting 40k into the mortgage the best option - I would hope to take a couple of years off the mortgage with this rather than just reduce the monthly payments?
I have looked at the best buy options on Askaboutmoney. I understand that there are alot of questions and that people will have all different opinions, but all are extremely welcome.
Many Thanks,
Rebelman
I have about 55k to invest and I have been reading all the options on Askaboutmoney, but I thought that I could get a bit more info with my specific case. At the moment I have three main outgoings per month:
Mortgage
Car loan
SSIA
My SSIA will be maturing this month, and this is included in the 55k. My mortgage is about €1300 per month (with 28 years remaining - hmmm!) and the car loan is €440 per month (with €10000 remaining). So this is what I am considering:
1. Pay off car loan straight away - down to 45k.
2. As I will then have no carloan to pay I will put €300 per month into an AIB regular savings account at 7.1%
3. Put €5000 into a Rabo account to get 5% - useful for a rainy day - down to 40k.
4. At present I am not contributing to a pension (I am 28, but have a pension from a previous position) - I am planning on using the money which I was paying into the SSIA, €254, and put it into a PRSA - can increase this amount if needed.
5. Put 40k into my mortgage
If anyone can advise on any of the following it would be great:
- Is it best to pay off the car loan immediately?
- Is Rabo Direct currently the best place to put a sum of 5k - I will probably not make many additional lodgements to the account, just to have it there if needed?
- Is AIB currently the best option for a regular savings account?
- What is the best option for a PRSA at the moment?
- Is putting 40k into the mortgage the best option - I would hope to take a couple of years off the mortgage with this rather than just reduce the monthly payments?
I have looked at the best buy options on Askaboutmoney. I understand that there are alot of questions and that people will have all different opinions, but all are extremely welcome.
Many Thanks,
Rebelman