# What to do with spare monthly cash??



## mattym (28 Feb 2016)

I'll keep this as brief as possible! I'm married with 3 young kids, mortgage but no pension yet. I have just come off a 5 year fixed term so am now on a variable rate €150 a month less than before. Between myself and my wife we are saving about €100 a week with the potential of the extra €150 a month from the mortgage. I don't plan on fixing again anytime soon so i have a few queries for everyone here. With about €550 a month over what is the best way to use it? Should i overpay the mortgage, start a pension, put in to savings or a mix of them all? I know there are a lot of variables in the situation but i am just looking for opinions. Thanks.


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## cremeegg (28 Feb 2016)

You have kept it too brief.

At the least, what age are you, and are you a higher rate taxpayer?


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## Bronte (29 Feb 2016)

53 posts on here and you start a thread with practically no details !  Do the money makeover thread please.  We need the variables to give opinions !


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## Kimmagegirl (29 Feb 2016)

I always paid extra funds in to my mortgage. If your mortgage rate is 4% then this is as good as getting a 4% savings rate. Having said that. Life is not about mortgages or repaying mortgages. Take the 3 kids to Disneyland or whatever and enjoy your life. I did a combination of both. No regrets.


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## mattym (29 Feb 2016)

Age: *36*
Spouse’s/Partner's age: *31*

Annual gross income from employment or profession: *51000 +2000 bonus*
Annual gross income of spouse: *7300 approx.*

Monthly take-home pay *3870*

Type of employment: *Private Sector*

In general are you:
*Saving approximately 500 a month*


Rough estimate of value of home *200,000*
Amount outstanding on your mortgage: *160,000 Approximately (10 years in to a 35 year mortgage)*
What interest rate are you paying? *3.7% Variable*

Other borrowings – car loans/personal loans etc:  *No loans*

Do you pay off your full credit card balance each month? *Yes*
If not, what is the balance on your credit card? 

Savings and investments: *Approximately 15000 between savings and prize bonds*

Do you have a pension scheme? *No*

Do you own any investment or other property? *No*

Ages of children: *10, 6, 4*

Life insurance: *Included in mortgage  *


What specific question do you have or what issues are of concern to you?
*My concern is that we are saving every month but i am sure there is a use for this either in overpaying our mortgage, setting up a pension or maybe a mixture of a few things. All i am looking for is opinions from people who know more about finances than i do, and that is very little!!*


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## 44brendan (29 Feb 2016)

You will probably get more detailed responses but in short starting a pension now should be your No 1 priority. You also should consider putting aside a set amount each month towards 3rd level education. You have plenty of time to amass a reasonable fund given the ages of the children.


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