Left job for part time

[ELOF84]

I'm 39, husband is 43, 2 kids aged 9&7.

Mortgage is 1150 p/m. Fixed rate of 2.85% with 4 years left on this rate.
House worth 400k mortgage balance is 150k 12 years reremaining. This is our forever home we have no plans on moving.
Personal Loan 540p/m balance of 11k on it 2 years remaining.
No childcare costs or credit card.
I've 120k in pension from older job.
We've 13k in savings.
Husbands gross is 61k can make 5k in bonus possibly. He drives company bik is 350 per month.
My gross is 17k.
Joint monthly take home is roughly 4900e then the children's allowance on top.

I recently left a job due to personal reasons and am now working part time. Came with a 1600e per month drop in wage but had to prioritise family. Was such a big decision to make as I left good benefits and no option of career break etc.
I'll possibly go back to a full time job when our kids get a bit older.

I know compared to some of the huge salaries that are being posted here that ours seems quite low.
I no longer pay into a pension as the new job doesn't provide one but I just wanted to get some advice on how you think we could do better finance wise and what would be best for me pension wise

Added up outgoings per month and including mortgage, loan, bills, food shopping, broadband, my car expenses, insurance, phone bills and subscriptions, kids activities. etc we have little over 3k outgoing.

We never had to really be too concerned about money as we had 2 good steady incomes but since the new job we're much more careful with spending on the unnecessary things.

Am just concerned about pension mainly.
I know we should clear off the loan with the savings but am just terrified that something unexpected will come up and we'll be unable to pay as savings will be wiped out.

 

[businesscohub]

You're in a good financial position overall, especially considering the priority you've placed on family. If you follow your plan pension shouldn't be an issue, sounds like you know the action plan, so go for it!

 

[Pinky22]

Does your husband have a pension? I would prioritise putting the max tax free into that. I would check the allocation of the 120k pension and adjust to 80/20 equity/bonds. As for your loan, you have nearly 2k left over after outgoings. Pay it off and restart your savings.
Also make sure you have sufficient life insurance for you both, and income protection for your husband in place.
Your costs are significantly lower than your income. You did the right thing, enjoy this time, you will never get it back.

 

[thedaddyman]

One thing to consider is a tax review to see if your credits are being used to the best. Might be worth considering a full tax review as well over the last few years to see if there is anything you can claim back retrospecitvely.