Where should we put our money?

[addies]

I'm working part time but have been in a LGPS for 14 years (it's being closed by my employer soon for a rubbish alternative), previously to this I was in an NHS FS pension scheme for 5 years. My husband had a private pension pot of about 60k which was transferred across to his Civil service alpha pension scheme 4 years ago when he started. We have 15k in a fixed rate bond at 6.2% that matures in September. We have another 13k in premium bonds.

We are 39.

We are wanting to bump up our pension savings, but don't have much left over every month. We'd maybe be able to save £100. We were thinking of putting 5% of dh salary into the civil service AVC and I was thinking of opening a LISA and putting anything extra we have in there.

Can anyone suggest any improvements on where our money is? We also save £50 each a month for DCs in premium bonds.

This is a really useful tool to work out where you are in your financial journey, and what you should be considering:

ukpersonal.finance/flowchart/

Thanks!

Invest in property.

@Fab238 , aside from our own home, which we have a large mortgage on, we don't have enough money by a long stretch to buy an additional property in our area unfortunately!

I've found that getting interested in financial stuff has really helped - so reading MSE's weekly email, working out an annual budget that includes all expenses, making sure you get a good deal on insurances etc.

And then on top of that, thinking about the future as well - so following Meaningful Money on FB, and reading the MM book etc.

It doesn't take a lot of time, and it gives you a good foundation to start from.

@DrStrangesSmarterSister thanks! Already doing those things suggested so I feel like our foundations are solid, just wondering what's next when you only have small amounts!

@addies if the pension scheme your employer offers is a defined benefit scheme, probably career average, please do not dismiss it as rubbish. Make sure you full understand the scheme rules and employer contribution rates.

@Harassedevictee it is rubbish compared to my current one. I'll still enroll as that will happen automatically when my current one closes, but I'm not looking to put any extra in there. My employer will only contribute 8%

Are either of you higher rate taxpayers? If so more AVCs would be much more favourable for you than a LISA.

@TheOneWithUnagi no, neither higher rate tax payers, both a long way off too!!