I am debt free and currently have 20 months worth of monthly expenses available to me in a savings account and am thankful to have a consistent record of saving over the last number of years. I am in a stable job I like and will continue to expand my savings further in the next number of years (averaging 8 months expenses per year). I also have 15% of my salary going into a work pension fund each month before being paid.
In the medium term, I would like to purchase my first home in circa 2025 at the earliest. Given house prices in Dublin, this is realistically how long it will take me to save a big deposit (Savings - 6 month emergency fund) in order to purchase a house as a single person.
Given that cash savings are returning close to nothing and that I have a comfortable savings buffer, I am examining what options are available to me to put part of my savings into a investment fund to reduce the loss of value in my savings to inflation and house prices increases over the next number of years.
I see various mentions online of minimum time horizons ranging from 3 to 5 to 10 years. Right now, I am sure I won't need the funds for 4 years but it is probably more likely than not that I will need some of the money within 5 years, although far from certain.
Should I just accept that this is too short of a horizon for a sensible investment and that building no return cash deposits is all I can do to help my situation between now and 2025?
In the medium term, I would like to purchase my first home in circa 2025 at the earliest. Given house prices in Dublin, this is realistically how long it will take me to save a big deposit (Savings - 6 month emergency fund) in order to purchase a house as a single person.
Given that cash savings are returning close to nothing and that I have a comfortable savings buffer, I am examining what options are available to me to put part of my savings into a investment fund to reduce the loss of value in my savings to inflation and house prices increases over the next number of years.
I see various mentions online of minimum time horizons ranging from 3 to 5 to 10 years. Right now, I am sure I won't need the funds for 4 years but it is probably more likely than not that I will need some of the money within 5 years, although far from certain.
Should I just accept that this is too short of a horizon for a sensible investment and that building no return cash deposits is all I can do to help my situation between now and 2025?
