I'm proud of myself: (SSIA finished now paying €200 to CIF pension and €50 to Hib)

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babaduck

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My SSIA came to an end this month (no more car loan... yay! :D ) and I've been incredibly sensible and put what I used to save into my pension... €100 per week which actually only costs me €50 p/w from my wages
 
Re: I am very proud of myself...

Would the SSIA to pension transfer incentive scheme be of any use to you? There's quite a bit about it in other threads.
 
Re: I am very proud of myself...

How did you manage to €400/€500 per week into your SSIA, given that the limit is €254 per month?
 
Re: I am very proud of myself...

It could have been c. €50 p.w. from net earnings which is c. €100 p.w. (once tax/PRSI relief is taken into account) into the pension post SSIA?
 
Re: I am very proud of myself...

That's exactly it - I was contributing €250 p/m into my SSIA which is now going to pay off my car loan in full - that was ALWAYS my plan.

Now I'm contributing €100 p/w to my CIF pension which physically costs me €50 p/w out of my take home pay. And I continued a small savings plan of €50 p/m with Hibernian
 
Re: I am very proud of myself...

Hi Baba - I don't mean to be rude or anything but did you start this thread to pat yourself on the back or do you have a question about pensions :)
 
Re: I am very proud of myself...

CapitalCCC said:
Hi Baba - I don't mean to be rude or anything but did you start this thread to pat yourself on the back or do you have a question about pensions :)
Click to expand...


I think it was a pat on the back, and probably well deserved
 
Re: I am very proud of myself...

babaduck said:
Now I'm contributing €100 p/w to my CIF pension which physically costs me €50 p/w out of my take home pay. And I continued a small savings plan of €50 p/m with Hibernian
Click to expand...
Are the charges on both investment products competitive?
 
I was paying €250 p/m into my SSIA & €375 p/m for my car loan. No extra pension contributions at all.

My SSIA matured this month & with the proceeds I'll pay off my car loan in full.

This leaves me with €625 extra income per month...

€50 is going into a Hibernian savings plan
€400 is going into my pension (actually only costs me €200 because of the tax breaks)
€375 is going to build up a little nest egg for us - we've managed to get married, reduce our mortage term etc. but it has left us incredibly cash-poor, but debt free.

For once in my life, I'm actually going to have a cushion of cash rather than be scraping for petrol money at the end of the week. Also I have no credit card debt (bank made me clear it before we got our mortgage 5 years ago & I've stuck to this habit ever since)

If you compare my financial situation 7-8 years ago to now, I have come so far it's scarey and I am thrilled. It certainly didn't happen overnight & I had to take a second job waitressing at one stage just to clear my overdraft, never mind the year it took to clear my visa card and the 2 years to clear my ever-present personal loan
 
Babaduck, congrats on getting into the financial 'happy' place!

One suggestion I hope you don't mind me making, maybe while you are working on your cashflow and contingencies it might be time to re-visit your insurances.... Amazing how changes in your life aren't relected in your insurance / assurance coverage....

congrats again
 
Mell

All advice & tips welcome - we have standard life insurance which we took out with our mortgage, but very little else
 
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