Emergency fund £8,500/£8,500
Mortgage overpayment £260
Debtfree!
£21,228.07 paid off in 22 months
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Debt advice please
Comments
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A monthly salary of £2,100 is closer to £25k/£26k and not £40k as stated in your initial post. Do you earn commission or bonuses?0
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Work pays part tax on one car. I have not been to doctors for 6 years so no prescriptions. We never pay for parking we always park elsewhere on the odd occasion we do it may be £2/3 a month.0
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It is a £40,000 salary....I have to pay £385 a month into a pension Fund...set up by the company...I cud stop this and take this money every month but it would be taxed of course and my pension would be much less on retirement (in about 28 years). It is an option though.0
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It is a £40,000 salary....I have to pay £385 a month into a pension Fund...set up by the company...I cud stop this and take this money every month but it would be taxed of course and my pension would be much less on retirement (in about 28 years). It is an option though.
Personally I wouldn't change this0 -
It is a £40,000 salary....I have to pay £385 a month into a pension Fund...set up by the company...I cud stop this and take this money every month but it would be taxed of course and my pension would be much less on retirement (in about 28 years). It is an option though.Personally I wouldn't change this
Agreed.
Its amazing how quickly those 28 years will become 20, then 10, then before you know it............your there.
That money may need to support you for a good few years, as state pension just about pays the bills, with nothing left for entertainment etc.
One thing i would tell my younger self, don`t scrimp on your pension.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Hi.
Are there any ways in which you could increase your income?
Could you, or your wife do a few more hours every week? I have a FT job, and multiple PT contracts and it's ok. Take a lodger? Start a small business? Check you are getting any/all the benefits you are entitled to.
If you can't increase income, can you reduce expenditure in any way? Get a 0% balance transfer for the credit card then pay it off later?0 -
As mentioned earlier, why no child benefitNo.79 save £12k in 2020. Total end May £11610
Annual target £240000
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