I'm assuming you mean 400 net to add back to the 1000 per month you're currently saving?2. Increase pension contribution to €400 per month.
I'm assuming you mean 400 net to add back to the 1000 per month you're currently saving?
Gross that'd be over 700 per month - a decent contribution on your salary.
Hi @V2stone
Beyond that, I think you should prioritise maximising your pension contributions, ahead of paying down your mortgage, at least to the extent that get tax relief at the higher rate on those contributions. Could you stretch to contributing around 20% of your gross salary to your pension?
Hello,
If you are confident that your job is safe for the next 12 months or more, then I would take €10k from the savings right now and put it against the Homeloan. That will have a superior impact on the overall cost of your credit, than increasing the Homeloan repayments over the next 12 months.... I would be looking to replicate the action of paying an additional lump sum against the homeloan each year, for the next 3-5 years.
Say if you contribute 400 per month to your pension. You'll get tax relief at the higher rate on this, so the 'cost' to you (drop in tax home pay) is only about 240. (I'm sure somebody will have the more accurate figures).I'm not entirely sure what you mean here? The plan would be to pay €400 per month into the pension, which is just over 10% of monthly salary.
...If you are confident that your job is safe for the next 12 months or more, then I would take €10k from the savings right now and put it against the Homeloan. That will have a superior impact on the overall cost of your credit, than increasing the Homeloan repayments over the next 12 months.... I would be looking to replicate the action of paying an additional lump sum against the homeloan each year, for the next 3-5 years.....
....So if I went down that route, would there be any point in simultaneously overpaying the mortgage on a monthly basis? Or would that decision come down to whether I can get a regular savers that pays a higher interest rate than my mortgage interest rate?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?