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5 year plan
vics1928
Posts: 143 Forumite
Hi
I have posted before but step change have made me and my partner a 5 year plan
It involves my partner opting out of the pension as we need the extra income for the time to pay 280 pm into it which gets us debt free in 5 years providing nothing changes like kids etc...we are also thinking about getting married as by the time this is paid off I will be 32 and my partner 38 and we would love to be married and have kids before this time but would then be worried about the increase in time to pay it off
I have posted before but step change have made me and my partner a 5 year plan
It involves my partner opting out of the pension as we need the extra income for the time to pay 280 pm into it which gets us debt free in 5 years providing nothing changes like kids etc...we are also thinking about getting married as by the time this is paid off I will be 32 and my partner 38 and we would love to be married and have kids before this time but would then be worried about the increase in time to pay it off
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Comments
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IMHO, no problem with getting married (provided you don't spend a lot on it), but do you really want to bring children into a financially struggling household?
Wouldn't it be better to hold off on the children, until you are debt free?0 -
Not sure what imho means - i don't want to bring kids into a struggling house no - but my fear is I will wait too long because if our debt - and I was looking at not spending more than 1000 for wedding0
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IMHO means In My Humble Opinion.
Are you both currently working?
If so, how will you manage during maternity leave?
Then there's the cost of raising the child, always assuming you don't have a multiple birth.0 -
Yes total income at moment is 2060 dmp if 280 and I believe smp is 138 pw and child support is 20 pw0
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Which means we would bring in 2064 on maternity leave I think0
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Which means we would bring in 2064 on maternity leave I think
Sorry confused. Total income now is 2060 yet with partner on maternity leave it would be more?Christmas 2020 £109
I love my dmp started in Nov 13 with SC. Self Managed 2016 57% done
£60062/25384.84 - 13222.60k UE
MY DIARY http://forums.moneysavingexpert.com/showthread.php?t=47686850 -
I would advise to worry about all this at a later date, get the dmp started and then think about weddings and babies.... I can confirm children are the most expensive thing you will ever do.
Christmas 2020 £109
I love my dmp started in Nov 13 with SC. Self Managed 2016 57% done
£60062/25384.84 - 13222.60k UE
MY DIARY http://forums.moneysavingexpert.com/showthread.php?t=47686850 -
Yeah as I only work part time at moment and smp is 1 more pw0
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and would it be you on maternity leave?
Have you checked the figures on here?
https://www.gov.uk/browse/working/time-offChristmas 2020 £109
I love my dmp started in Nov 13 with SC. Self Managed 2016 57% done
£60062/25384.84 - 13222.60k UE
MY DIARY http://forums.moneysavingexpert.com/showthread.php?t=47686850 -
Yes it would be....0
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