advice and perspective please

Antonio101

Hi everyone
I am new to this forum but having been lurking and following for sometime and found it extremely helpful and insightful. Apologies if I am posting this in the correct thread. I have posted this elsewhere but am looking for as much advice as possible.

Basically I am 30years old and really feel behind the curve in terms of debt/saving and investment. However this also feels like a turning point for the better for me.

My situation is I am married and have a 3year old son. My wife brings home £5-10k part time and myself £60-70k so we earn well. However over the years, largely due to silly decisions made in my 20's and an expensive wedding I am in £35k of debt spread across credit cards with repayments amounting to £1000 a month. Embarrassingly but thankfully by dad has lent me money to ease my cashflow for 6-12months. I have a house (needs decorating thanks to the little one) and mortgage on help to buy but really feel I should have a bigger place by now. Everyone else is moving to larger houses. I really feel I have set myself behind by 5+ years due to my financial stupidity. from 24-30. Don't get me wrong I enjoyed the cars and holidays etc but have nothing to show for it.

Due to this windfall from my dad I really want to turn things around. My aim is to build up an emergency fund (£5k), currently on £1700 and begin to invest. Any money lumped over the £5k I will offset off against the debt.

As it stands I have £1700 in an ISA and hoping to add £500 to this each month
Pay £200 a month into moneybox (general investment)
£50 into my LISA (£1200 current balance)
£30 into a SIPP (£3000 current balance)
£600 into my nhs pension with £700 controibutions from employer (£9100 current balance).

Once the 6-12months is up I will need to take out a low interest loan (once credit score is repaired) to repay my dad.

Can I ask what everyone thinks of the above plan my current standing is? Have I really messed up and set my family behind massively?. I know my debt should be my priority however having no savings is a massive source of insecurity for me as the main bread winner. I want us to have financial cushioning and would like to be able to decorate etc. I have cut up all credit cards

beanielou

I think I am older than you & this is my take on things.
It doesen't matter a jot what other people are doing or where they are.
WE are all different & it is not a competition.
If I was you I would be concentrating on paying on any interest bearing debts.
Be happy with what you have

tacpot12

Happiness is not what you have, but knowing how lucky you are to have it.