Yeah I couldn't sleep last night for thinking about it all.
My plan is a 6 month wage buffer in easy access savings which is the Chase 1.5%
Another chunk which I'll move around fixed rate savings accounts but I need to save a bit more to get the minimum most of them demand and keep an eye on it moving to the best deal every time one expires
The other part of the plan is to understand and contribute more to my pension, I started reading about that this morning but it's so complicated it's going to take me a while to get my head around it especially with changing jobs soon and then overpaying the mortgage and which comes first Pension or Mortgage!?
On top of all that I've kind of lost my car savings fund as it's been absorbed into the above two savings pots so not really sure what I'll do next time I need to buy a car, I wanted to avoid loans so something else to think about there
On top of all that the amount I can save per month will inevitably be going down, cost of living increases has seen my disposal income drop significantly this year so there is that to keep in mind too, the worst is yet to come for cost of living increases
Proritise by biggest benefit first.
Pension contributions like the biggest as you save on the tax here as the contribution is pretax. Lets go basic, for every £100 you put in your pension, it would only be £77 (lower rate tax bracket + NI) or £57 (higher rate tax bracket) that you would see in your pay packet, however the benefit to you is a long way down the line so its harder to visualise.
Then once you have your 6 month buffer funds (likely sat in a chase account right now for 1.5%) you focus on paying down / saving in to the highest rate you can.
This will likely be over paying your mortgage unless you are on a very good product still, the rate is likely to be higher then any savings rate you will have access to.
The trade off with pension vs mortgage overpayment is down to you.
