If you plan to buy a house eventually then you should prioritise saving towards that over saving for retirement in my opinion.Bluebean said:I do not own my own house, I am renting accommodation. I have approx 6k in the bank from savings, adding 500 euro to this each month. I do not have an SSIA. I am a bit worried as I am 27 and I do not have any pension.
No need to pay bank charges in this day and age. Check out the IFSRA personal current account [broken link removed]. What credit card charges are you talking about? Are you using the credit card to borrow and incurring interest charges? If so you should sort this out, replace any outstanding credit card balance with a cheaper loan or a 0% credit card balance transfer offer, pay the debts off as soon as you can and rectify any spending habits that cause you to get into debt. You should really not be borrowing if you have savings that you can use instead.Also, I am getting a bit fed up of paying bank + credit card charges (with AIB with years), so am hoping to change banks in the very near future.
What monthly savings? What is the breakdown of your net income and outgoings?1. Should I cut back on my monthly savings to start a pension scheme? I have to admit to knowing zero about pensions. If I do start a pension, approx how much should I aim to put in each month to start off with?
Check out the cost survey mentioned above.2. I am hoping to transfer to Ulster Bank, both my current account and my credit card account as it seems to be the most convenient for me. Are there any pitfalls I should be aware of with an Ulster Bank current account?
This is a separate arguably non financial issue but if you are planning to stay together long term (and maybe marry) then you should really be looking at things on more of a partnership basis rather than as two separate individuals.Lastly, is there anything else I should prioritise? On a gross salary of 28k I have given up hope of buying a property on my own. My partner and I are discussing buying a home, but he is actually eligible for a mortgage of approx 300k on his salary alone, so we're not sure if he should just buy and I pay rent or what to do.
There are some useful budgeting resources in the key posts linked at the top of this forum. You need to clarify what your life plans/goals are and then figure our the short, medium and long term financial strategies that you need to put in place to fund/support the attainment of these goals/plans.If anyone could give any advice on what my next steps should be, or a 5 year plan sample I would really appreciate it.
Bluebean said:1. Should I cut back on my monthly savings to start a pension scheme? I have to admit to knowing zero about pensions. If I do start a pension, approx how much should I aim to put in each month to start off with?
Bluebean said:.. am hoping to transfer to Ulster Bank .. seems to be the most convenient for me..
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