Suggestions for a 7 year savings plan
Discussion
after suggestions if poss or ideas, i'm 50 this year. mortgage almost paid off, (£20k left over 4 years), overpaying at £160 a month currently on a 0.75% lifetime tracker deal we got a while back.
i have some cash in p2p, currently returning 4% on average give or take. obviously capital at risk here, so limited to £10k. we have savings available for emergencies (over and above the 3 months people say you need).
i've some funds i can invest if needed (probably £20k) into something on the basis of a 7 year sort of lifespan which is when i am considering retirement. Currently its sat in a typically rubbish but safe bank savings account
also could afford perhaps £200 pcm into the same pot, or other, and am looking for suggestions if poss.
currently dont have an ISA, my current thinking is no real benefit paying off the mortgage in full as the monthly payments plus over payment are very manageable, and it was a 25 yr standard mortgage which now has almost no interest left as such, its almost all capital repayments coming off it.
other temptations are investing in a classic car perhaps, i'm aware of the risk there but you live once, and Ive done ok recently with 2 other classics which were used and then made very good profits.
sensibly i'm thinking of something lower risk, 5-7yrs, and if feasible paying similar to my P2P (possibly a bonds/equities tracker?)
suggestions welcomed. pension scheme member so thats sorted also.
i have some cash in p2p, currently returning 4% on average give or take. obviously capital at risk here, so limited to £10k. we have savings available for emergencies (over and above the 3 months people say you need).
i've some funds i can invest if needed (probably £20k) into something on the basis of a 7 year sort of lifespan which is when i am considering retirement. Currently its sat in a typically rubbish but safe bank savings account
also could afford perhaps £200 pcm into the same pot, or other, and am looking for suggestions if poss.
currently dont have an ISA, my current thinking is no real benefit paying off the mortgage in full as the monthly payments plus over payment are very manageable, and it was a 25 yr standard mortgage which now has almost no interest left as such, its almost all capital repayments coming off it.
other temptations are investing in a classic car perhaps, i'm aware of the risk there but you live once, and Ive done ok recently with 2 other classics which were used and then made very good profits.
sensibly i'm thinking of something lower risk, 5-7yrs, and if feasible paying similar to my P2P (possibly a bonds/equities tracker?)
suggestions welcomed. pension scheme member so thats sorted also.
Gassing Station | Finance | Top of Page | What's New | My Stuff