What to do with spare cash every month (pension vs savings vs investments)

lb12345

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Age: 31
Spouse’s/Partner's age: 31

Annual gross income from employment or profession: 82000
Annual gross income of spouse: 70000

Monthly take-home pay: around 4400 (minus 6% pension)

Type of employment: full-time private sector

In general are you:
(a) spending more than you earn, or
(b) saving? I've always been a saver and have no desire to take on debt (besides mortgage)

Rough estimate of value of home: N/A - renting
Amount outstanding on your mortgage:
What interest rate are you paying?

Other borrowings – car loans/personal loans etc: none, own car outright (cost 10k)

Do you pay off your full credit card balance each month? No credit card
If not, what is the balance on your credit card?

Savings and investments: roughly 80k (70k cash, 10k stocks)

Do you have a pension scheme? yes, just started - 6% of my own contribution with 10% employer matching

Do you own any investment or other property? no

Ages of children: none

Life insurance: none (income protection through work - no mortgage or children to protect in event of death so haven't bought life insurance)

Hey guys,

My question relates to how to divide up savings vs investments vs pension. I've just moved back to Ireland after a long time away and would like to buy a house next year. I have roughly 70k in cash which was previously in stocks in the previous country I lived in (cashed out when I emigrated). That gives me more than enough for my portion of a potential house deposit.

I'm really unclear on what to do with the spare cash that I'm accumulating at the moment - on average I'm able to save around 1700 each month but not sure where to put it. As I see it, I have three options:
  • Keeping this in cash and putting as much money as possible towards the future deposit
  • Invest the money (this is my current tactic via my DeGiro account) or
  • Increase my pension contribution seeing as I'm still under the max contribution levels for my age group
What would be the best option, or should it be a combination of all three?

Thanks!
 
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