All figures below in Australian dollars. Any advice would be appreciated.

    34 years old working in business. I began working at my current company 8 years ago and pay has slowly progressed over the years. I am about to start a new role in December at the same company and finally getting a large pay increase.

    Base salary 8,640.00 per fortnight before tax + 1k goes into my super.

    5,880.00 after tax per fortnight
    11,760 after tax per month after taxes

    Current Expenses/
    Mortgage = 2700/month
    All bills roughly =1000/month
    Food + other = 1k/month
    No kids

    The main drain of my previous income was travel. I realistically should have saved more earlier, but the memory dividends will last a lifetime. I am cutting out travel for a while to try and maximise savings. With travel gone, I will be able to save 7k a month, possibly more with a little overtime.

    Property bought 4 years ago for 635k and have 560k remaining. One year remaining before I need to renew my mortgage currently at 3.29% fixed and planning to do an offset account after that. It has been appraised recently for about 750-800k.

    Savings/
    Super has been maxed out and I will continue to do so going forward.

    50k emergency fund.

    I used to do index funds but sold them to buy my first property.

    Thank you for reading so far! My main question is:

    1. I’m thinking of keeping all my money in my savings account and when I fall off the mortgage cliff in 12 months time I can have a decent amount for an offset account.

    2. Alternatively, restart investing in index funds.

    I am many years from financial independence, but I have become more serious about aggressively saving. Any advice is appreciated. Feel free to ask questions if you feel it can give you a more helpful advice.

    Any Suggestions for my Increased Income and Savings Plan
    byu/valor400 infinancialindependence



    Posted by valor400

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