You can still do this.We are in our 'forever' home so I had planned on paying the mortgage amount into the pension when it finishes.
You could be right, to some extent. Although all expenses are vouched, I'm not eating/drinking or consuming at home.One thing that strikes me is that travel and subsistence claims might be subsidising your lifestyle in a way you are not aware of. You would lose this with the PS job.
You can still do this.
Lifestyle creep is awful. It should be warned against at schoolA few things:
- Lifestyle creep - Once you start spending on things, it is hard to go back. You need to make a list of all of your expenditure and see what you can cut back on. Make a conscious decision to cut back on those items and also plan on how to afford other items such as family holidays.
- You are 100% correct on the PS pension. When you join later in life, the career average has a lower impact as you start at a much higher base. And while you will be short on time served, you also have a DC pension, which you can access earlier if you want.
- You had kids when you were young enough, meaning they will be off the books quicker, giving you more time to catch up. Your mortgage will also be paid off in 6 years and you can redirect that money into AVCs.
- There are stages in life when money is tight and there's no spare cash for AVCs or investments. That's fine. A lot of those expenditures will pass and you will free up cash.
- Being away from home for nearly half the year is hard. Never mind all that you are missing out on, travel is hard and tiring. And when you get home, you may be tired and irritable. You may want some rest to recover. And that's without talking about the impact it has on your wife and kids. What price would you put on that? More than €20K?
Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
This is a very important point. It's worth checking how much you spend on an average day through expenses. Obviously at home you will not be eating lunches and dinners out as much but you will definitely notice it in your groceries bill if you go from ~180 days of vouched expenses to having to feed yourself.One thing that strikes me is that travel and subsistence claims might be subsidising your lifestyle in a way you are not aware of. You would lose this with the PS job.
I think you need to look at how you manage your money as well. It's an easy habit to fall into to partition your money into who pays for what but ultimately its all the same so you should pool it in one account and pay for everything from that. It gives much greater visibility of where money can be saved.Currently, my salary is used for the day to day/bills etc. By month end it's close to zero.
Wife's salary is used to fund the college stuff and save for future college stuff. It's also used for things like clothing etc.
Generally don't consider weekly shops or planning. Just get what's needed.
Rough estimate of value of home; 140000
Amount outstanding on your mortgage: 60000
What interest rate are you paying? 1.8%
6 years left.
These figures do not add up, either the balance, interest rate or term left is incorrect730/month on a decent tracker rate
You actually have €28k between your own, your wife's and the college savings. Again I think you need to change how you look at your money and get out of the habit of organizing your finances by pots of money. If you clear the loan, you still have €15k on hand and you will free up €490/month to start topping this up for next years fees.I have 15k sitting making zero in the bank.
These figures do not add up, either the balance, interest rate or term left is incorrect
ASSISTANT PRINCIPAL (PPC)
€69,709 €72,268 €74,871 €77,483 €80,090 €81,593 €84,225 1 €86,8652
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