Hi all, we're recent returning emigrants, delighted to be home, and thankfully in good financial health. I tend to work long hours though and frequently travel, my wife balances her career and the lion's share of looking after our baby. Any other time we have is spent with friends and family (the reason we came home). Financial planning is coming way down the list of priorities!
That being said, I have a dream to be mortgage free by the time I'm 45, which I'd equate with financial freedom. This would mean doubling the current mortgage payment I would estimate, but it might be doable.
However (there's always a "however") another baby is likely on the cards in the next year, which means either extending our current house, or finding bigger one to fit us all in (needing anywhere from 50 to 150k I would guess).
In short, my dream is in jeopardy!
Age: 34
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: 107k (+ 12k bonus which goes as an AVC)
Annual gross income of spouse: 42k
Monthly take-home pay: 7.6k
Type of employment: PAYE / Private sector
In general are you:
(a) spending more than you earn, or
(b) saving? = Yes
Rough estimate of value of home: 425k
Amount outstanding on your mortgage: 275k
What interest rate are you paying? 3.3% / 28 years remaining
Other borrowings – car loans/personal loans etc: None
Monthly expenses: 4.6k
Mortgage: 1.3k
Childcare: 1k
Family living expenses: 2.3k
Saving: 3k
Do you pay off your full credit card balance each month? Yes
Savings and investments: 75k (30k of which is in cash)
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children: 1
Life insurance: Yes
That being said, I have a dream to be mortgage free by the time I'm 45, which I'd equate with financial freedom. This would mean doubling the current mortgage payment I would estimate, but it might be doable.
However (there's always a "however") another baby is likely on the cards in the next year, which means either extending our current house, or finding bigger one to fit us all in (needing anywhere from 50 to 150k I would guess).
In short, my dream is in jeopardy!
Age: 34
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: 107k (+ 12k bonus which goes as an AVC)
Annual gross income of spouse: 42k
Monthly take-home pay: 7.6k
Type of employment: PAYE / Private sector
In general are you:
(a) spending more than you earn, or
(b) saving? = Yes
Rough estimate of value of home: 425k
Amount outstanding on your mortgage: 275k
What interest rate are you paying? 3.3% / 28 years remaining
Other borrowings – car loans/personal loans etc: None
Monthly expenses: 4.6k
Mortgage: 1.3k
Childcare: 1k
Family living expenses: 2.3k
Saving: 3k
Do you pay off your full credit card balance each month? Yes
Savings and investments: 75k (30k of which is in cash)
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children: 1
Life insurance: Yes