You seem very clued in when it comes to your finances, no debt apart from small mortgage debt, some savings, good pension fund. I would say keep doing what you're doing and make sure to max out AVCs. What is value of your house? Is downsizing an option when your child is much older and has moved out?
Brilliant guidance thank you. I did sort my will but not guardian and can’t believe that myself to be honest! At time, my parents were healthier and who I did document but that’s very changed now, they rely on me now so thanks for this, I definitely have to prioritize that ASAP.Couple of things you need to look at as you are a lone parent.
Make a will and appoint guardians for your son.
Do you have death-in-service with your pension? Make sure have a nominated person noted.
Same if you have Credit Union savings.
Consider additional life assurance if you don't have death-in-service.
I covered university costs for two children from salary; they both had part-time jobs throughout.
Leave a letter of wishes re funeral etc., with whoever you ask to be guardian; its a lot easier for them if they know what you would have liked.
Don't intend to be morbid here, but it was the one omission I noted from your post.
This is what I want the courage to do, I’d love to just be done with mortgage .... and just fear I’m overlooking financial responsibilities I should direct the money towards ... I get no kick now from what I save monthly .... I used to. But if others also thought it’s not a bad idea to indeed focus on my mortgage, that does encourage me. The tracker is ECB rate plus 0.75% so it’s great I know. ... if there’s nothing I’m truly overlooking financially I already feel better about possibly focusing on upping my mortgage repayments and to set that as a goal. Thank youWhat rate is the tracker ? I know it's probably cheap but given your 29k savings and adding 900 a month it would be better value to pay it down and be rid. You need a 15 to 20k buffer for emergencies so maybe keep savings now but overpay mortgage by 900 pm (10k pa) and you will be done and dusted in 2 years and able to put mortgage and 900 away monthly from there on long before you child is going to uni. By overpaying monthly rather than a lump sum you always have the option to redirect the over-payment towards an expense that props up.
....go into a nursing home. It can really bash your earning ability and savings
It depends what is best for the parents themselves and the OP may well find themselves under pressure to contribute to other care models with time and money? Yes, Fair Deal exists. But I've worked in good nursing homes. And there is a widespread move away from this type of care to try to follow more distributed northern European models, unless it is really needed for medical/palliative reasons, especially at the moment.HSE Fair Deal scheme will kick in, children are not expected to fund full costs of nursing home.
Tracker loan is money for nothing really. You will never get a cheaper loan. So as long as you can manage it would be a good idea to keep it.
Even though you have plenty buffer and good savings you never know when you might need to get a loan in the future if you pay off the tracker. Having to take out a loan later would cost a lot more.
Thanks very much for this advice, I have wondered what people tend to do ie focus on overpaying mortgage or view the interest rate as a big factor on mortgage and instead save up for other 'big' tickets coming in the years ahead ie new car in my case at some point. My mortgage term is February 2028, not too far away now too I've just realised, when compared to a possible car loan for maybe 5 year term... you are right, saving towards a car is a smart goal to set and maybe pay off some of the mortgage too but in smaller lump sums...+1 on the Income Protection. I needed it
Tracker loan is money for nothing really. You will never get a cheaper loan. So as long as you can manage it would be a good idea to keep it.
Even though you have plenty buffer and good savings you never know when you might need to get a loan in the future if you pay off the tracker. Having to take out a loan later would cost a lot more.
Well done as a Single Parent that is some achievement and don't forget to treat yourself you deserve it.
I was purely going on the fact that you no longer have that payment each month if you pay it off. That would give you a chance to save even quicker for other stuff. But weigh that against the buffer of having a cheap loan.I have wondered what people tend to do ie focus on overpaying mortgage or view the interest rate as a big factor on mortgage
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