After some ideas. I’m in a very new financial situation and I want the opinions of others as to what the best thing to do it.
So the scenario is this:
- I am living with my parents and pay rent to them.
- I am expecting a windfall in about 2/3 years of about £15k from a separation which will go towards a house deposit. This is currently going through the courts to be ratified.
- I have one debt which is a loan of £13k over 5 years at 3%. This consolidated all my debts and is easily manageable.
- I have left over about £400 a month after all my outgoings and disposable.
- I also get an annual bonus.
I have NEVER been in a position of being able to save such a substantial amount of money in my life. I am aware that when I eventually do get my own place that amount will reduce so I want to take full advantage.
I have thought of saving keeping about £200 in my bank account as a buffer and then siphoning the rest to an easy access account (Marcus).
Should I just save all this money and keep it in a savings? Should I increase my pension contribution (which is currently at bare minimum)? Should I research and invest in the stock market myself (which does interest me)? Should I use any big lump sum to take off the loan debt?
Any ideas from people would be so greatly appreciated.