Buying another property?

[Chocbuttonsandredwine]

Clueless. (((Sorry)))

Single parent to 16year old ds.

Earn six figures (just) and have a relatively small mortgage with 7 years left.

I try and save £1-£1.5k a month which occasionally gets used for other stuff but to have about £25k in savings. Probably waste more than I should.

thinking of ways to be sensible..is it worth buying a property, for future/for ds/for anything really. Where I am you can get a nice 2 bed flat/house for £150k

i know tax situation is pretty dire at the moment, but would hopefully be more of a long term? Can I put in his name? Am I better waiting until 18? Would it wreck his first time buyer status?

aNy thoughts ideas would be appreciated. I guess I’m looking to do more with money, sitting in savings and paying tax or being wasted in make up and shoes isn’t working for me. Happy with long term. Was rubbish at stocks and shares when I tried that and really didn’t have the time to research.

Have you got any other debts apart from your mortgage?

Usual bench mark is six months bills covered for savings, is this covered by the 25k? On a high salary I'm guessing outgoings keep in step, so 25k might leave you short.

After this I'd look to pension being in a healthy position, and that you have wills and life insurance cover (separate to any work policies you might have).

Mortgage is £1k, other bills £1k. No other debt.

have life insurance and x4 with work, 10% matched pension but granted my pot isn’t very big.

tbf Ds stands to inherit well, only child etc etc so maybe it’s more about increasing my own pot. Am only 41

If you're worried about tax, then I think once you eliminate debt you pay interest on, and have a good six months cushion then the next tax efficient option is pension.

Not as fun as buying a flat or a rolex though!

As a single parent I get your responsibilities are huge but you should be able to save way more than that...

So work out where your money is being wasted. Any first thoughts on that?

Do you have other investments eg stocks and shares ISA?

Take home is £4600
mortage and bills £2k
savings £1k
£1.5k for living. Holidays/helping ds out, clothes, nice things… it really doesn’t go that far

I think it helps to have a financial plan, so in the next five years will you need;

Driving lessons
Repairs to house
Renovations
Updated car
Accommodation deposit for teens
Big holiday

If you put a number against each of these, and then set up some milestones to save towards these?