So many people here seem to have huge pensions pots, salaries etc that I cant relate to.
Im looking for guidance in order to best support my family, and try reduce risk for myself in years to come.
Age: 49
Dependents: 2 children secondary school age
Marital status: Divorced
Salary: 60K
Pension contributions: 5%, employer matching 5%.
Employer type: Private industry
Monthly net salary: approx 3,500
Child Benefit: 280 pm
Bonus: None
Maintenance towards children: zero
Childcare costs: finally at zero!
Mortgage: Approx 200k
House Value: approx 400k
Mortgage loan: Rate: 2.1 % Fixed for 10 years, duration of mortgage is 19 years. 1130pm
Car loan: 8400 at 5.1% over 5 years 160pm
Other loan: 25,000 at 5.7% over 10 years , 273pm
Savings: 2k
Pensions: Across an old occupational pension, PRSA and existing pension approx 80k (I know this is way lower than it needs to be)
After years of effort, we recently moved from rural Ireland to Dublin, in order to have family support, access to infrastructure, further education for my teens while living at home etc!
Ive put everything into this move as house prices leapt up last year, but fortunately immediate things are in place in the house so no major expenditure planned.
Im looking for advise on what way to tackle debt over next 2 to 3 years initially, then put in place a longer term plan.
Mortgage is fixed for 10 years and overpayments allowed, but i think i should tackle other debt first, and try build up a safety net.
I also need to factor in college fees and related costs. One child planned to start in 3 years. Second child planned to start in around 5 or 6 years. Will not need to cover accommodation as they will live at home.
I think we may be above grant amount, but not sure whats taken into account.
My son may be autistic and awaiting diagnosis, and going forward Im not sure how this will impact him regarding working in the future, even for part time summer job, so for now im assuming no additional income stream.
Any guidance on where to focus and pros and cons / risks of different approaches.
Im looking for guidance in order to best support my family, and try reduce risk for myself in years to come.
Age: 49
Dependents: 2 children secondary school age
Marital status: Divorced
Salary: 60K
Pension contributions: 5%, employer matching 5%.
Employer type: Private industry
Monthly net salary: approx 3,500
Child Benefit: 280 pm
Bonus: None
Maintenance towards children: zero
Childcare costs: finally at zero!
Mortgage: Approx 200k
House Value: approx 400k
Mortgage loan: Rate: 2.1 % Fixed for 10 years, duration of mortgage is 19 years. 1130pm
Car loan: 8400 at 5.1% over 5 years 160pm
Other loan: 25,000 at 5.7% over 10 years , 273pm
Savings: 2k
Pensions: Across an old occupational pension, PRSA and existing pension approx 80k (I know this is way lower than it needs to be)
After years of effort, we recently moved from rural Ireland to Dublin, in order to have family support, access to infrastructure, further education for my teens while living at home etc!
Ive put everything into this move as house prices leapt up last year, but fortunately immediate things are in place in the house so no major expenditure planned.
Im looking for advise on what way to tackle debt over next 2 to 3 years initially, then put in place a longer term plan.
Mortgage is fixed for 10 years and overpayments allowed, but i think i should tackle other debt first, and try build up a safety net.
I also need to factor in college fees and related costs. One child planned to start in 3 years. Second child planned to start in around 5 or 6 years. Will not need to cover accommodation as they will live at home.
I think we may be above grant amount, but not sure whats taken into account.
My son may be autistic and awaiting diagnosis, and going forward Im not sure how this will impact him regarding working in the future, even for part time summer job, so for now im assuming no additional income stream.
Any guidance on where to focus and pros and cons / risks of different approaches.