thats great advice thanks,My questions in order to be able to assist are, what is the balance of the loan and what is the remaining time left for paying it off? Is it a loan from the credit union where the 5 K is tied in as shares?
I assume your spouses job is fully secure and pensionable. If that is the case I wouldn't worry too much about some of the insurances for now especially if you are both healthy.
As your mortgage is fixed I would not over pay on it for the time being. How much are you managing to save each month? Depending on loan balance I would save like mad for when you come off your fixed rate and then pay off a lump sum off the capital before looking for a new rate/institution to take on your mortgage.
I would also look at perhaps opening a post office savings account for your daughter and when you collect the childrens allowance each month put half (or as much as you can) of it into the account. This is something my parents did for us and it was a great help when college came.(they were fortunate to be able to save it all). They periodically converted the savings to saving certificates which earned more interest.
so advice here is to overpay mortage.and leave savings till later?
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