Age: 30
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: 50,000 + 7.5% bonus
Annual gross income of spouse: 0 (currently student)
Monthly take-home pay: €2700 (might increase in new year when I can claim tax credits for partner)
Type of employment: Private sector, secure
Partner: In college
In general are you:
(a) spending more than you earn, or just breaking even
Rough estimate of value of home €250k
Amount outstanding on your mortgage: €160k
What interest rate are you paying? Tracker 1,2%+ECB
Other borrowings – None
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 10,000 over 2 cards, €400 per month, but have been dipping back into that last few months with wedding.
Savings and investments: 5,000 from wedding gifts after all expenses paid
Do you have a pension scheme? Yes, defined benefit pension
Do you own any investment or other property? No
Ages of children: n/a
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We have just got married, and finished paying for the day. We have approx. 5000 from gifts. We were saving for the wedding but my partner was unemployed and went back to college so we had just my income. As we weren’t married we weren’t entitled to any sharing of tax credits, yet he wasn’t entitled to any social welfare as we were living together.
So I want to try and sort out our finances now and start saving for rainy day funds as well as maybe changing the car in next while. We built our house on family land so thankfully not in negative equity and have a tracker. Credit card debt mainly used through finishing and furnishing house.
I want to work out a proper savings plan. I know the obvious thing to do is to use the 5k to clear the credit card debt.. but part of me wants to try and pay it back monthly without dipping into this money. Is this achievable or totally daft? I just know how hard it is to get money like that saved the hard way.
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: 50,000 + 7.5% bonus
Annual gross income of spouse: 0 (currently student)
Monthly take-home pay: €2700 (might increase in new year when I can claim tax credits for partner)
Type of employment: Private sector, secure
Partner: In college
In general are you:
(a) spending more than you earn, or just breaking even
Rough estimate of value of home €250k
Amount outstanding on your mortgage: €160k
What interest rate are you paying? Tracker 1,2%+ECB
Other borrowings – None
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 10,000 over 2 cards, €400 per month, but have been dipping back into that last few months with wedding.
Savings and investments: 5,000 from wedding gifts after all expenses paid
Do you have a pension scheme? Yes, defined benefit pension
Do you own any investment or other property? No
Ages of children: n/a
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We have just got married, and finished paying for the day. We have approx. 5000 from gifts. We were saving for the wedding but my partner was unemployed and went back to college so we had just my income. As we weren’t married we weren’t entitled to any sharing of tax credits, yet he wasn’t entitled to any social welfare as we were living together.
So I want to try and sort out our finances now and start saving for rainy day funds as well as maybe changing the car in next while. We built our house on family land so thankfully not in negative equity and have a tracker. Credit card debt mainly used through finishing and furnishing house.
I want to work out a proper savings plan. I know the obvious thing to do is to use the 5k to clear the credit card debt.. but part of me wants to try and pay it back monthly without dipping into this money. Is this achievable or totally daft? I just know how hard it is to get money like that saved the hard way.