Planning for the future, once the debts are gone?


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Age: 31
Spouse’s/Partner's age: 32

Monthly net income: 4500

Type of employment: Me - fulltime permanent & private sector. Spouse - self employed

Expenditure pattern: We got ourselves into a bit of debt this year, but are payin it off at a huge rate to clear it by June. We'd like to start looking at our options once the debt is paid off & plan for the future. We tend to spend money when we have it so have to plan well in advance to make sure the money is inaccessible!
Monthly Outgoings
Mortgage - 1100
Loan (Short term, paid off in June) - 1000
Utilities etc - 1000
Childcare - 500
Food & Petrol - approx 900

Other borrowings – car loans/personal loans etc: Credit Union Loan of 10K

Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?

Savings and investments:900 in Credit Union as contingency fund and towards Christmas, putting away 30 per week to add to this

Do you have a pension scheme? Me - yes 15% going in every month, Spouse - no

Do you own any investment or other property? no

Ages of children: 9.

Life insurance: Term insurance for the duration of the mortgage

We're determined to clear our debts by June of next year and have increased our repayments on our Credit Union loan to accelerate the end date - it's actually a 5 year loan. We can live comfortably on the money we have but where to when the loan is finished. How much and where should we start with my spouse's pension?
How to provide for a college fund for the 9YO for the future?
Is there something we are missing?
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Registered User
Accelerating the loan repayments is good. Your contingency fund seems tiny, I would increase it a bit even before getting the loan fully repaid.

Once the loan is repaid you could start a regular saver account and/or make accelerated repayments on your mortgage. Pick a regular saver account like Anglo Irish's that doesn't let you take the money out without terminating the account.

Your €1900 a month expenses after mortgage and child care costs seem high. Can you do a log of spending and eliminate wasteful expenditure.

Don't invest for specific things but to improve your overall position. More home equity, no personal debt, contingency fund of at least several months, and finally move into pension AVCs or riskier investments once you're on top of the basics.