Headachecity
Registered User
- Messages
- 213
Hi,
I had a car accident and settled with the other side & insurance company this week. I got €42k and I want to use this well to improve our lives as to be honest we are struggling at the moment so this came at a really good time. We are in our very early 30's and bought our first house last year,have 2 kids under 6.
Hubbie works full time earns €40k. I work part time and earn €30k, but only starting this job now. Up to now I was on JB getting €197.80 per week while I was looking for a new position to work well around my kids.
Mortgage is €1459 p.m and we are managing that ok & I don't intend putting a lump sum into that, would do us any favours on a 35 year term.
My car loan is €266 per month, €12k is current settlement fig if I wish to pay off.
Credit union is €120 per week ( & that is it reduced
), we owe them €40k and have €11k in savings. We are in arrears with this loan.
They are our 3 main debts along side the usual bills etc, shopping and the rest. We have life assurance €150 pm, both car insurances are €180 per month for both of us, Sky is €60pm, Setanta is €20, pensions €70.
I was going to keep €5k for us, to pay off our holiday which we are going on in July, clear our credit card (only €500) and put the rest into our account so we are always in credit and have money in the bank!.
I was going to then either (a) pay off the car €12k and put €12k into the credit union, €6k to loan, €6k to savings. The €13k left we are going to put that into a good investment savings account that has a good return on it.
(b) Give €30k to the credit union nearly clearing the loan and reducing our repayments to an easy level. The €7k that is left again investment savings account with good return.
Anyone got some good advice for me as it's not really that much money these days, especially with our outgoings, but it's our chance to get level and in the black again and I want to do it right!.
Thanks in advance.
I had a car accident and settled with the other side & insurance company this week. I got €42k and I want to use this well to improve our lives as to be honest we are struggling at the moment so this came at a really good time. We are in our very early 30's and bought our first house last year,have 2 kids under 6.
Hubbie works full time earns €40k. I work part time and earn €30k, but only starting this job now. Up to now I was on JB getting €197.80 per week while I was looking for a new position to work well around my kids.
Mortgage is €1459 p.m and we are managing that ok & I don't intend putting a lump sum into that, would do us any favours on a 35 year term.
My car loan is €266 per month, €12k is current settlement fig if I wish to pay off.
Credit union is €120 per week ( & that is it reduced
), we owe them €40k and have €11k in savings. We are in arrears with this loan.They are our 3 main debts along side the usual bills etc, shopping and the rest. We have life assurance €150 pm, both car insurances are €180 per month for both of us, Sky is €60pm, Setanta is €20, pensions €70.
I was going to keep €5k for us, to pay off our holiday which we are going on in July, clear our credit card (only €500) and put the rest into our account so we are always in credit and have money in the bank!.
I was going to then either (a) pay off the car €12k and put €12k into the credit union, €6k to loan, €6k to savings. The €13k left we are going to put that into a good investment savings account that has a good return on it.
(b) Give €30k to the credit union nearly clearing the loan and reducing our repayments to an easy level. The €7k that is left again investment savings account with good return.
Anyone got some good advice for me as it's not really that much money these days, especially with our outgoings, but it's our chance to get level and in the black again and I want to do it right!.
Thanks in advance.