Financial advice to your younger self?

[YorkshireMum28]

Looking for advice really on how best to ensure financial security in the long run. I’m 29 this year, DH is 35 this year.

H/Hold annual income £80k

Savings
Kids savings (2 young DDs 3y/o & 9m/o) £9k
Our savings £5k
Emergency fund £4k

Debts
Mortgage £79k

Should we be investing money elsewhere at the moment? Open a stocks and shares? Premium bonds? Or build savings first? Savings are sat in three different 4% easy access accounts at the moment. Should they all be together in one?

If you could go back and give your younger self some good financial advice what would it be?

Yup, but 30 years of compound growth. I was an IFA in the last century and thankfully took my own advice 😉

Oh great that you’re in the LGPS. It’s a good scheme - but does have pros and cons.

I’m not sure I would out additional co trinities into LGPS as it is what it is - guaranteed income but you can’t take it as early as a defined contribution scheme and there may be greater long term growth in shares depending how old you are

but yeah it is definitely worth you putting aside a proper chunk of time to understand pension oprions. As in not just an afternoon looking on the web. Properly research. Older you will love you for it

I'm now 58, I wish I had realised just how underpaid I was in previous roles and had jumped roles more frequently. Only realised this at 55 when I secured a near identical role paying 50% more with way more employer pension contributions.

Employers are good at making promises but then not delivering on them. I wish I had realised this sooner.

Now I am significantly overpaying on our mortgage to be finally free of it at the start of next year. Also significantly increased my own pension contributions through AVCs and a SIPP.

Sounds to me like you are doing brilliantly OP, not even 30 with a low mortgage and savings for your children. I would echo others that have said pension, and overpayment of mortgage!

pension, pension, pension.

Pension - firstly check with Payroll what is the maximum you can contribute and decide how much to increase your contribution from there.
Secondly once you have maxed your employer contributions you might want to look at a separate private pension. You still get tax relief and even a small amount each month will build over the years.

But - emergency fund first! And… make sure the kid’s savings are earning the max. It can be a shock when they hit 18 and want to go to Uni…

I am a FIRE adherent, albeit not on track to retire particularly early.
Lots of great resources available too (although lots of them are US centric):
Your money or your life
Mr Money Moustache
Choose FI
Aussie FIRE Bug

i love the concept. I am in Australia but lived in the UK for 8 years. I paid extra into my superannuation since I was 18. When I was in the UK, I paid extra into to my private pension.
i have also benefited from rising house prices, but that only helps me if I move somewhere cheaper to release equity. Now, the focus needs to shift to investments outside of super (but still max out my super contributions for the tax benefits).

After almost 16 years of marriage, we are currently a double full-time income family (we have taken turns out of the paid workforce for business and raising family or only part-time while the kids were young). I am in a quandary as I hate my job and want to quit and take 3 months out that will realistically be 6 months by the time I get a job, but our cash reserves are severely depleted and I want to take the opportunity to build up savings and investments and to buy many things that have been put on hold while our income was limited. I am trying to push through as long as I can. DH only started the new job 2 weeks ago, so I do feel it’s too soon.

Others have said good things, I would also add LISA to the list - you can’t open after 40

The government gives you £1000 if you put in £4000

www.gov.uk/lifetime-isa

I think I posted on the wrong thread sorry! For some reason I thought it was a thread about FIRE.

Anyway, as you were!

Don’t sacrifice your career and earning capacity to allow a man to progress in his career and increase his earnings.

If you end up getting divorced, fight to get at least half of everything, including pensions. More if you end up as the primary carer of minor children.

Don't let your employer take advantage of you. Make sure your salary reflects the going rate and ask for a raise/move jobs if necessary.

Plus pensions, ISAs.

Educate yourself about the stock market, investing in funds, index trackers, investment trusts.

Always, always have a valid will and ensure your husband does the same.