Need advice on savings plan

[LONELY-EURO]

Hello everyone..I am hoping to get some valuable advise on how to save and get the most out of our hard earned money, myself and my wife are both working thankfully, so after all bills and mortgage is payed I have around 1000 euro to play with, this is after I put away 550 per month into a short term savings acc for emergency stuff like car service d.i.y etc etc... My question is what would be the best way to make the most of 1000 per month I would like to put some of it in an investment fund eg zurich life matrix funds...we have a new baby now, so we are tryin to plan for our future, maybe try and get mortgage payed off as soon as we can. 188000 left to go... I would like to make a 15 yr Plan, am open to splitting up savings into two or three diff saving schemes maybe one risky and another safe deposit acc.. Thanks for any help....

 

[horusd]

Is your mortgage a tracker? If so, it's unlikely to benefit you to pay it off early, you get a better return saving it. The 550 should be placed in the highest interest-bearing demand account, have a look at CiaranT's best buys section of AAM, http://www.askaboutmoney.com/showthread.php?t=90481

It will also give you idea's for L.T. planning. You might also want to establish an education fund for your child or future additional children.

 

[LONELY-EURO]

thank you for your reply.yes it is a tracker morgage {ecb+1.2} i agree about not paying it directly into the mortgage acc, i would like to put enough into a high interest acc or something like the zurich life matrix fund [which i dont know too much about,only that it could get me a good return for my money} so provided interest rates dont go up too much i should have a furter 60000 paid off the motgage leavin me with 126000 roughly to try and save between here and 15 yrs time if i am to reach my target, i would like to think that i could make some of that on interest accumalated {make your money work for you........}
I just really would like to get this noose from around our necks so we could then concetrate on college funds pensions etc etc.. we are still relatively young 26 and 28 this year

 

[Lightning]

Have a look at the investment forum if you want to query investment products.

With regard to savings products, if you want to save 550 EUR per month, the PTSB Online Regular Saver @ 4.00% AER might be your best option. It has much greater flexibility than the 4.10% AER EBS regular saver account.

 

[horusd]

I suggest you don't get hooked up on a particular product until you have examined all the options available... sin in haste and all that! You shouldn't think of the mortgage as a noose. Given inflation and the potential for better interest rates for your savings, it is a no brainer to keep it, it is making you money. As a rule of thumb you should have 3 - 6 months full salaries saved as a rainy day fund in instant access. I have the PTSB fund Ciaran refers to above. You can easily manage that. You might also want to consider the most tax efficient way of saving, and you might also want to consider pensions etc in particular. As Ciaran says, do up a question in the investment forum, but before you do consider all possibilities, ie unemployment, insurances you might need, etc etc.