Personal details
Age: 42
Spouse's age: N/A on my own
Number and age of children: 2 children 3 and 6
Income and expenditure
Annual gross income from employment or profession: 102k
Annual gross income of spouse/partner: N/A not paying any maintenance
Monthly take-home pay: 5k (take 1 day unpaid parental leave weekly - try use annual leave instead but running out of A/L)
Type of employment - e.g. Employee or self-employed. Employee in private company
In general are you:
Spending more than I earn by about 1.5-2k per month.
Summary of Assets and Liabilities
Family home value: 550k
Mortgage on family home: 195k
Net equity: 355k
Cash:
Defined Contribution pension fund: current value: 26,500 - I contribute E425 per month and my employer contributes E680pm
Company shares : about 2k worth (stock very low at the moment at risk of being delisted from market)
Buy to Let Property value: N/A
Buy to let Mortgage: N/A
Family home mortgage information
Lender: Permanent TSB (ex UB customer)
Interest rate: 2.35% fixed till Sept 2027
Remaining term: 23 years
Monthly repayment: E918
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? yes (x2 credit cards)
x2 loans:
Avant money: 22,890 left to pay - E607 per month
AIB: 3, 300 left to pay - E570 per month
Pension information
Value of pension fund: 26,500
Buy to let properties - none
Other savings and investments - none
Other information which might be relevant
Outgoings summary:
1k childcare after subsidies
2k mortgage + loans
1k food and utilities
1k insurances, taxes, kids classes, clothes, car expenses, health and everything else needed for day to day living (really not living in luxury here)
What specific question do you have or what issues are of concern to you?
I want to clear loans as quickly as I can but as is I don't have enough to do that. I am paying E425 per month into a pension fund and my employer pays 8% = E680. Would it make sense to stop this temporarily to help pay off the loans?
Thank you in advance!
Age: 42
Spouse's age: N/A on my own
Number and age of children: 2 children 3 and 6
Income and expenditure
Annual gross income from employment or profession: 102k
Annual gross income of spouse/partner: N/A not paying any maintenance
Monthly take-home pay: 5k (take 1 day unpaid parental leave weekly - try use annual leave instead but running out of A/L)
Type of employment - e.g. Employee or self-employed. Employee in private company
In general are you:
Spending more than I earn by about 1.5-2k per month.
Summary of Assets and Liabilities
Family home value: 550k
Mortgage on family home: 195k
Net equity: 355k
Cash:
Defined Contribution pension fund: current value: 26,500 - I contribute E425 per month and my employer contributes E680pm
Company shares : about 2k worth (stock very low at the moment at risk of being delisted from market)
Buy to Let Property value: N/A
Buy to let Mortgage: N/A
Family home mortgage information
Lender: Permanent TSB (ex UB customer)
Interest rate: 2.35% fixed till Sept 2027
Remaining term: 23 years
Monthly repayment: E918
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? yes (x2 credit cards)
x2 loans:
Avant money: 22,890 left to pay - E607 per month
AIB: 3, 300 left to pay - E570 per month
Pension information
Value of pension fund: 26,500
Buy to let properties - none
Other savings and investments - none
Other information which might be relevant
Outgoings summary:
1k childcare after subsidies
2k mortgage + loans
1k food and utilities
1k insurances, taxes, kids classes, clothes, car expenses, health and everything else needed for day to day living (really not living in luxury here)
What specific question do you have or what issues are of concern to you?
I want to clear loans as quickly as I can but as is I don't have enough to do that. I am paying E425 per month into a pension fund and my employer pays 8% = E680. Would it make sense to stop this temporarily to help pay off the loans?
Thank you in advance!