Finances2020
Registered User
- Messages
- 15
What interest rate are you paying? 4.5%. We are paying roughly €1460 a month.
€19,000 to top up savings for a rainy day fund.
should they pay off more of mortgage then?This is the wrong way to go for both financial and psychological reasons.
Financially, with both of you in the public service, you do not need to protect against a loss of income.
Psychologically, until you manage to get your spending under control, having €19,000 in the bank would be dangerous. You would fritter it away.
Brendan
Financially, with both of you in the public service, you do not need to protect against a loss of income.
Psychologically, until you manage to get your spending under control, having €19,000 in the bank would be dangerous. You would fritter it away.
Yes. Put the money beyond reach. Reduce the monthly repayments.
You have a point about secure jobs but one of us could get ill and be unable to work and so I think a rainy day fund would be advisable - I will keep it in an account that it not accessible though.
In these circumstances, in my opinion this is not the correct approach (mainly different order).Follow above advice and you won't go far wrong
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?