I would really appreciate some help/guidance around whether we're on the right track. No sugar coating needed! Thanks.
We're both 39 and we have two kids. Our monthly income is €10,880 net excluding my variable pay. The split is €6,900, €3,700, plus €280 of Child Benefit.
We match our monthly expenditure at €10,880, made up as follows:
Mortgage €2,840
Revolut €1,600 (we then use Revolut to buy clothes, eat out, buy coffee, wife's hair, weekends away, etc)
Pension AVC €1,100 (to get me to the max)
Savings €700
Kids' Afterschool €659
Groceries €600
PCP €461
Credit Union loan €430
Bank loan €332
Dependent relative €270
Kids activities €248
Gas €229
Cleaner €180
Electricity €178
TV/Phone/Broadband €163
Insurance (Home & Life) €153
Charities €150
Golf Club €150
Petrol €100
Motor tax €85
Gardener €75
Mobile phone €45
Gym €40
Tolls €40
Bins €21
AA €19
We owe €32k on 0% PCP, €28k on a Credit Union loan at 5.9%, and €20k on a bank loan at 7.5%.
Our mortgage is €675k on a house worth around €1.3m. The rate is 2.5%.
We both have credit cards with zero balances.
I have around €400k in my pension. It's all invested in a global equity fund. My wife's a public servant who'll get 50% of her salary from age 60.
The PCP and loans are really a legacy from work we did on our home which we funded with savings and variable pay. The plan is to use the 2020 and 2021 payments (€50k net x 2) to clear the three loans and fund our holidays. Then, the plan is to split the €50k each year with €20k going on holidays, €10k net of tax on AVCs for my wife, and a €20k mortgage overpayment.
Once we have €50k on deposit again with the Credit Union (i.e. the max €25k each), we'll divert all savings to the mortgage plus the loan repayments that will no longer be there, so there'll be an extra €43k a year being knocked off the mortgage. Having said that, I need to change my car so I might avail of a 0% PCP deal once the other debts are cleared so that might reduce the overpayment from €43k to around €37k assuming I go for something around the €500 a month mark.
Any feedback or observations would be appreciated, thanks!
We're both 39 and we have two kids. Our monthly income is €10,880 net excluding my variable pay. The split is €6,900, €3,700, plus €280 of Child Benefit.
We match our monthly expenditure at €10,880, made up as follows:
Mortgage €2,840
Revolut €1,600 (we then use Revolut to buy clothes, eat out, buy coffee, wife's hair, weekends away, etc)
Pension AVC €1,100 (to get me to the max)
Savings €700
Kids' Afterschool €659
Groceries €600
PCP €461
Credit Union loan €430
Bank loan €332
Dependent relative €270
Kids activities €248
Gas €229
Cleaner €180
Electricity €178
TV/Phone/Broadband €163
Insurance (Home & Life) €153
Charities €150
Golf Club €150
Petrol €100
Motor tax €85
Gardener €75
Mobile phone €45
Gym €40
Tolls €40
Bins €21
AA €19
We owe €32k on 0% PCP, €28k on a Credit Union loan at 5.9%, and €20k on a bank loan at 7.5%.
Our mortgage is €675k on a house worth around €1.3m. The rate is 2.5%.
We both have credit cards with zero balances.
I have around €400k in my pension. It's all invested in a global equity fund. My wife's a public servant who'll get 50% of her salary from age 60.
The PCP and loans are really a legacy from work we did on our home which we funded with savings and variable pay. The plan is to use the 2020 and 2021 payments (€50k net x 2) to clear the three loans and fund our holidays. Then, the plan is to split the €50k each year with €20k going on holidays, €10k net of tax on AVCs for my wife, and a €20k mortgage overpayment.
Once we have €50k on deposit again with the Credit Union (i.e. the max €25k each), we'll divert all savings to the mortgage plus the loan repayments that will no longer be there, so there'll be an extra €43k a year being knocked off the mortgage. Having said that, I need to change my car so I might avail of a 0% PCP deal once the other debts are cleared so that might reduce the overpayment from €43k to around €37k assuming I go for something around the €500 a month mark.
Any feedback or observations would be appreciated, thanks!