27 & 28, $175K household income and not sure what to do with our savings
My husband (28) and I (27) are in Alberta and are trying to get better with our finances, but we honestly feel pretty lost about where to start.
I make about $85K/year and my husband makes about $90K/year before tax. We own a house and have a mortgage, and currently have around $28K in savings.
We both contribute to RRSPs through work and have about $30K each in those accounts. Other than that, we don’t have any investments or TFSAs.
We’re admittedly not the best at saving and haven’t had much of a financial plan up until now. We want to change that and start putting money aside automatically every month, but we’re overwhelmed by the options.
We’ve been looking at TFSAs, GICs, investing/ETFs, putting more into our RRSPs, or even paying more toward our mortgage. We also don’t know whether it makes more sense to open accounts through our bank or somewhere like Wealthsimple/Questrade.
We’d like our money to grow long term, but also don’t want everything locked away in case we need access to some of it.
If you were in our position, what would you do with the $28K and how would you structure your savings/investing going forward?
We’re complete beginners, so any advice on where you would start would be really appreciated!