Age: 25
Spouse’s/Partner's age: 25
Annual gross income from employment or profession: 43000 + 4300 bonus.
Annual gross income of spouse: 0 ( Student )
Type of employment: Private ( IT )
Student, soon to be Public ( Profession )
In general are you spending more than you earn or are you saving?
Recently cleared college debt, now saving ~ 700/month.
- [ No Home]
Other borrowings – Car Loan - 2700 remaining
Do you pay off your full credit card balance each month? Yes
Savings and investments:
2000 Rabobank
101 Vodafone Shares. ( Don't ask )
Do you have a pension scheme? Yes
Currently employer matching 5% contributions.
Do you own any investment or other property? Nope
Ages of children: None
Life insurance: None
What specific question do you have or what issues are of concern to you?
Before I start my reasoning behind having 2k savings and 3k car loan is as follows. After suffering sports injury decided that benefits of having emergency fund ( covering medical expenses unsettled or not covered by BUPA ) as well as support for unknown given current employment trends ( including IT sector ) outweighs paying off small low interest ( 8.1% ) car loan. Overpaying loan and will have it gone by Christmas.
My question relates to my pension.
Currently I pay 179.17 pension contributions monthly. This is matched by my employer.
I was considering stopping paying this and assume my monthly salary will rise by ~ 108 having done so. I was planning on using the extra to partially fund helping my OH through her final year in college.
Elsewhere in the site opinions vary as to when a pension should start ( e.g. buy a house first ) but I consider the employer contributions to be a decent perk here. Given the current market volatility in pension funds and opinions elsewhere on the site, would it be a bad financial decision to stop paying pension contributions for 1 year to avail of the extra monthly income?
We will be 26 when OH graduates and intend to re-establish payments then ( with expected higher salary ). Or would a better suggestion be to invest the income over 5 years working towards house deposit?
Any opinions grateful.
Thanks,
D
Spouse’s/Partner's age: 25
Annual gross income from employment or profession: 43000 + 4300 bonus.
Annual gross income of spouse: 0 ( Student )
Type of employment: Private ( IT )
Student, soon to be Public ( Profession )
In general are you spending more than you earn or are you saving?
Recently cleared college debt, now saving ~ 700/month.
- [ No Home]
Other borrowings – Car Loan - 2700 remaining
Do you pay off your full credit card balance each month? Yes
Savings and investments:
2000 Rabobank
101 Vodafone Shares. ( Don't ask )
Do you have a pension scheme? Yes
Currently employer matching 5% contributions.
Do you own any investment or other property? Nope
Ages of children: None
Life insurance: None
What specific question do you have or what issues are of concern to you?
Before I start my reasoning behind having 2k savings and 3k car loan is as follows. After suffering sports injury decided that benefits of having emergency fund ( covering medical expenses unsettled or not covered by BUPA ) as well as support for unknown given current employment trends ( including IT sector ) outweighs paying off small low interest ( 8.1% ) car loan. Overpaying loan and will have it gone by Christmas.
My question relates to my pension.
Currently I pay 179.17 pension contributions monthly. This is matched by my employer.
I was considering stopping paying this and assume my monthly salary will rise by ~ 108 having done so. I was planning on using the extra to partially fund helping my OH through her final year in college.
Elsewhere in the site opinions vary as to when a pension should start ( e.g. buy a house first ) but I consider the employer contributions to be a decent perk here. Given the current market volatility in pension funds and opinions elsewhere on the site, would it be a bad financial decision to stop paying pension contributions for 1 year to avail of the extra monthly income?
We will be 26 when OH graduates and intend to re-establish payments then ( with expected higher salary ). Or would a better suggestion be to invest the income over 5 years working towards house deposit?
Any opinions grateful.
Thanks,
D