Help? No pension or savings!!!

stokelass

Hi. I hope someone out there can give me some advice...Please!

I'm 29 and married to a man of 37. We have 2 kids - the youngest being just 1 year old. I've got a student loan that needs paying off when I return to full time work probably in 3-4 years time and no savings bar about £400. I've just returned to work from maternity leave and need to try to get our lives in order. We can pay all our bills and can manage to budget and spare about £200 per month for savings or a pension for us. My husband has no pension. I have about £3000 sat in a pension that has not been added to for about 4 years. We also have no other debts. What would be the best thing for us to do to make a start? Should we save, pay more money into reducing the mortgage or start a pension? I'm really conscious that my husband has got no security for the future. He earns £26000 per year.

Thanks

prudentsaving42

stokelass wrote: »

Hi. I hope someone out there can give me some advice...Please!

I'm 29 and married to a man of 37. We have 2 kids - the youngest being just 1 year old. I've got a student loan that needs paying off when I return to full time work probably in 3-4 years time and no savings bar about £400. I've just returned to work from maternity leave and need to try to get our lives in order. We can pay all our bills and can manage to budget and spare about £200 per month for savings or a pension for us. My husband has no pension. I have about £3000 sat in a pension that has not been added to for about 4 years. We also have no other debts. What would be the best thing for us to do to make a start? Should we save, pay more money into reducing the mortgage or start a pension? I'm really conscious that my husband has got no security for the future. He earns £26000 per year.

Thanks

Don't divide yourself and your husband, think about the future together. Save all you can monthly and put it into one of the high-interest Cash ISA's, other than that it's all about less luxuries and more saving. :money:

EdInvestor

stokelass wrote: »

My husband has no pension.

If he's been working all his life I think you'll probably find he's got two - the basic state pension plus the second state pension (S2P) formerly SERPS.After October, contact these people and ask for a forecast for both of you, you may be pleasantly surprised.

https://www.thepensionservice.gov.uk

We also have no other debts.

Well done. How big is your mortgage and what interest rate do you pay on it?

Should we save, pay more money into reducing the mortgage or start a pension?

Do you have a cash emergency fund and/or insurance to cover you if he loses his job?

Retired_I.F.A.

Ones most valuable asset is the ability to earn a living so look to PHI before all else.