What do you prioritise in terms of savings?

[Pumpkittenspice]

I’m due a payrise soon, so I’d like to invest £100 each month into my S&S ISA. I’ve also been building up my Emergency Fund in my Cash ISA, which I save at least £50 into each month. Then I overpay my mortgage by £10 monthly too (5% interest).

I wish I could overpay more, but I’m low income. I also get a slightly better rate from my Cash ISA (5.12%), so it’s probably better for me to continue saving in there, rather than overpay more on my mortgage?

How much do you have in your emergency fund? I'd prioritise that tbh until it has enough to cover 6 months expenses at a minimum! You never want to be in the position to need cash but have it tied up in your home 🫠

I have £775 at the moment. I completely understand!

In which case yes I'd set a goal for the emergency fund and plough everything you can spare into that! Make sure you set a little money aside to treat yourself with from the pay-rise though 😊

I found the 'stockpiling an emergency fund' phase incredibly draining because I love spending money and emergency funds aren't sexy so instead focused on what I'd get to save for after I hit my goal and the time passed faster 😂 Good luck! 💐

Thank you! I am currently doing that, except for the £10 overpayment on my mortgage each month.

I always feel conflicted because my mortgage term will end when I’m 61 (without any overpayments) so I want to overpay now in case I retire early.

I'd focus on the emergency fund until there's a few thousand in it. The value of S&S is too volatile to depend on for emergency use - you might end up with less money than you put in.