- October 19, 2023
- Posted by: legaleseblogger
- Category: Related News
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**Savings:**
I currently have £30k in a fixed term cash ISA, which is currently earning 4% interest. However, I am hopeful that the interest rate will increase to at least 5% starting from January 2024.
In addition to my fixed term cash ISA, I also have £12k saved as emergency funds. This serves as a financial safety net for unexpected expenses that may arise.
Moreover, I have invested £7k in individual shares. Although this investment carries some level of risk, I believe it offers potential for growth and diversification in my portfolio.
Furthermore, I have allocated £5k in a Stocks and Shares ISA with Hargreaves Lansdown. This amount is divided between Lindsell Train Global Equity (to which I no longer make contributions) and Artemis Global Income funds. I contribute £50 per month into this ISA.
**Workplace Pensions:**
I have multiple workplace pensions, each with different amounts. Pension 1 currently holds £55k, while Pension 2 holds £40k. Pension 3 has an amount of £18k, and Pension 4 (specifically Nest) currently holds £1.4k.
Additionally, I have a current pension with Hargreaves Lansdown, which currently stands at £12k. For this pension, my employer contributes 7% of my salary while I contribute 11% through Salary Sacrifice. As a higher rate tax payer, this contribution plan is beneficial for tax purposes.
**Current Situation and Mortgage Plans:**
As a 44-year-old female, I am about to embark on securing another 25-year mortgage with my partner. Through our combined efforts, my own mortgage contribution is estimated to fall within the range of £600 to £800 per month. It is possible that I may choose to overpay each month to expedite the repayment process.
Moreover, I have a monthly car loan repayment of £300, which is another significant financial commitment.
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The AI Legalese Decoder can help you make informed decisions regarding your financial plans. It can simplify the language used in contracts and agreements, making them more accessible and easier to comprehend. This will enable you to maximize the potential benefits of your savings and investments while minimizing any potential risks.
In summary, the AI Legalese Decoder can empower you to confidently navigate the intricacies of the financial landscape by demystifying complicated legal language.
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****** just grabbed a
In my own humble experience savings are a result of three factors.
1- how much you earn
2- how much you spend
3- what you do with your savings
We tend to fixate on what to do with your savings, but as long as you are sensible (and it looks like you are being here) it tends to only have long term implication.
When it comes to spending it gets more difficult as there are so many factors, and getting a mortgage at 44 would scare me, but as long as you are getting an asset and its important for being happy then why not.
What can make it so much easier is to work out how you can earn more, that way you can still spend money (which is fun!) and you can increase your savings without pain.
Of course if you earn more but your lifestyle expands you can be worse off, but the key is keeping it all in balance while still enjoying life.
You’ll be 70 by the time you clear the mortgage. You have a long term on it but you also have a chunk of cash savings.
Presumably these savings have a lower interest rate than the mortgage which isn’t optimal. You would be better off by paying down the mortgage.
What’s your car loan specefically? In almost all instances people could save money on their cars.
Depends on your goals.
Two obvious things:
1. Multiple pensions – surely one of these is likely to be cheaper / more efficient than the others?
Fees are not the only thing you should look at, because there can be other benefits that need to be taken into account, but I can’t believe you’re best off with four different pensions. Read the wiki – there’s a page on combining pensions.
2. If you’re prepared to invest in risky stuff like Lindsell Train Global Equity and Artemis Global Income, then why do you have ┬ú30,000 sitting rotting in cash?
Your cash is very safe, and can never be worth less than £30,000 in absolute terms. But in real terms it is becoming worth less and less each year because of inflation. You are never going to beat inflation with bank savings accounts (including cash ISAs), except maybe over short periods.
The only way to generate real returns from your money is to invest it – in risky stuff like Lindsell Train Global Equity and Artemis Global Income (most people here would advocate index funds instead).
So what is your goal for these monies?
There appears to be no overarching strategy for these accounts – you appear simply to have opened them and put money into them at random. At this time of night I tend to write a bit bluntly, so I apologise for my tone. Why would you have ┬ú30,000 sitting around doing nothing, earning you 0% real returns? The only reason to do that is because cash ISAs are safe. So why put ┬ú13,000 at risk in things like individual stocks, Lindsell Train Global Equity and Artemis Global Income? You could lose half of that in a stockmarket crash. But you must take that kind of risk if you want to earn real returns over the long term, so why would you have all that money sitting in cash? What is your goal?
Watch Lars Kroijer’s [short video series](https://www.youtube.com/playlist?list=PLXy71rkGuCjXLg9N8zowwUpXCYfBcMJFK) and read his book or Tim Hale’s [*Smarter Investing*](https://www.amazon.co.uk/dp/1292444401).
Hi /u/Hortsy, based on your post the following pages from our wiki may be relevant:
– https://ukpersonal.finance/pensions/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)