We have £13K saved, but won't be able to save anything at all over the next couple of years. The money can just sit there, but we have various wants:
- Roof has seen better days (on a very wet day we get a couple of damp patches). DH is in denial roof needs any further work (had it patched up in two places last year), but I think we should budget for a possible new roof in next couple of years.
- Putting aside roof, I need reassurance of money for the unforeseen (like when our 10 year old boiler in the middle of winter and we needed a new one), so maybe £2.5K
- We are trying to pay a little off our mortgage each year, so it's paid off before DH retires, also this reduces interest and monthly payments
- DD is 14 and we would like a holiday abroad or weekend European city break. You can argue this isn't essential, but sometimes life is about experiences and DD won't be with us forever
- DD is aiming for university, apart from the £13K we have £6K in an account in her name for the future, will we need to support her any more?
- £2K (included in £13K) is like a pet fund instead of pet insurance. Never used it, but both pets are nearly 16 so hard to say what future entails, although we are agreed we don't want to them through anything major unless they are guaranteed to fully recover. Could we use some of this to pay off mortgage maybe?
Any thoughts.