Hi,
I'm new to MMM and I've done a spending 180 in the last 4 months. As a household (2 adults & 2 young children) we've gone from spending ~140% of our income to ~50%.
The other 50% is currently split between a 4% savings account & credit card debt repayment.
Our credit card debt is ~£21,000 (I know, punch away) down from £26,000 in July. All of this is at 0% interest due to balance transfers. Balance transfers cost less than 2% per year (which is the reason that not all the surplus money is going towards paying these down).
Our short term goal (4 years) is to save enough to live on for a year & a 25% deposit (plus fees) for a property so we can start flipping houses for a living (a long held dream job for SO & me). I reckon this figure is around £60k.
My work pension has a 3% employer match, I'm contributing 3% currently. The maximum I can contribute is 100% of my salary, tax free.
We owe £140k on a £200k+ house. We're refinancing the mortgage next month to ~2%.
So, if you were me (bet most of you are glad you aren't) where would you direct those little money soldiers & why?