What would you do with a spare 1k a month?

[YourCake]

I am a single parent, I am not in a great financial position generally, as in life feels very precarious. While I am able to save 1k a month at the moment, I want to do it as sensibly as possible, but I am not financially savvy! What would be best to do with this?

Oh, I was going to say "hire a part time chef", but that's not what you are asking.

Definitely clear your existing debts - credit cards, loans etc. first, especially if there is interest payable on the outstanding balance.

But if you have any "interest free" debts that are not incurring interest, then it might make more sense to save your money and earn interest on it before you pay them off. But I am not particularly financially savvy, so I expect someone else will have a good reason for not doing this.

I put half into overpaying the mortgage (is an offset so the money is still accessible if needed) and save the rest in regular savers but as they build up will probably put in the mortgage as well. Have a defined benefit pension that I am happy with so my main focus is clearing the mortgage

I'd have 4 grand more, eg 15 total, and then start to over pay mortgage a little, and putting some into stocks and shares isa

Child trust fund for university?

Check out the Meaningful Money podcasts. They did a series recently going through all the basics including things like how much of an emergency fund you should save and where, what to do next etc.

What job do you have where you can save £1k a month in a single income household?

pay debts

cash saving of 3 months salary

the rest in an ISA that tracks the market, e.g. Nutmeg or similar. this is assuming you want to invest for 5 years or more.

don't be tempted by property or bitcoin or any high risk investments.

you could look at getting a SIPP or other pension arrangements if you want to think more long-term.

Over pay on the mortgage -that’s what I did. I’m also single mum and knowing nobody can take your home from you and yours is best feeling ever for me.