I am debt free finally, now what?!
I have finally paid off the last of my consumer debt and overdrafts (£7k ouch) and now have a handle of my money after years of mismanagement and not saving. Very proud of myself!
I have a £2k emergency fund saved in an easy access savers and £1k in various sinking funds (holidays, clothes, gifts etc).
I own a flat in another city that I rent out but dont make much profit from it (~£90) that I put specifically into a lil flat maintenance pot). I lived in it for a while but relocated unexpectedly.
After all my expenses (rent, bills, hobbies, food, social etc) I have £700 left and I’m not sure what to do next…
Id like to start investing for myself and my baby nieces for when they’re older… But should I be overpaying my mortgage (BTL currently 5.3%!)? I’d love to buy in the city I’m in but it’s SO expensive, I can’t imagine it being possible anytime soon.
I strangely enjoyed the debt free process as I had a goal. Now I’m unsure what to do next as I’m very goal orientated! Would love some ideas/opinions of what has worked for other people :)