1. When you both qualify for pension say at 65 ( if not before as your spouse hopes to do) you really have full wages for 5 years after retirement.
What I mean by this as public servants you should get tax free lump sum of 1.5 times annually salary. Add that to your pension of half your yearly salary and taking tax into consideration in a effect for the first 5 years of retirements you will have the same income as if you were working. Great.
2. While many might disagree it is great to get rid of any type of Mortgage. If you were to pay an extra 1000euro per month off your mortgage by the time your child goes to college you would not have a mortgage.
3. Save another 1000 per month and in ten years you have at least another 120k added to those great pension. Easily done? Happy days.
I'm very keen that we both don't have a major lifestyle change when retirement happens. Honestly, my partner is super, just not good with finances. I'm at fault as well with a "sure we'll be grand" approach for too long. Getting a handle on finances now will mean we can still have a nice comfortable life, prepare for the kid's college journey, build up a fund for later in life.
Having the mortgage cleared by the time our kid goes to college would be a major relief. Mortgage and college cost at the same time is something we can't sleepwalk into.
Like Bronte said earlier, I intend to encourage both of us to put money into savings as soon as the wages come in. 120K savings fund is worthy of the effort.