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



## babaduck (24 Aug 2006)

My SSIA came to an end this month (no more car loan... yay!  ) 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


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## ClubMan (24 Aug 2006)

*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.


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## RainyDay (24 Aug 2006)

*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?


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## ClubMan (24 Aug 2006)

*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_?


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## babaduck (25 Aug 2006)

*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


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## Guest126 (25 Aug 2006)

*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


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## deem (25 Aug 2006)

*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


 

I think it was a pat on the back, and probably well deserved


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## ClubMan (25 Aug 2006)

*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


Are the charges on both investment products competitive?


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## wiggzie (26 Aug 2006)

where does the €200 come in?


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## liteweight (26 Aug 2006)

*Re: I'm proud of myself: (SSIA finished now paying  €200 to CIF pension and €50 to Hi*



wiggzie said:


> where does the €200 come in?



Presumably it comes from what the poster used to pay off the car loan!


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## babaduck (27 Aug 2006)

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


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## extopia (28 Aug 2006)

Well done babaduck and keep up the good habits!


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## mell61 (28 Aug 2006)

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


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## babaduck (28 Aug 2006)

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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