Rockyroad18
Registered User
- Messages
- 39
Personal details
Age: 52
Spouse’s/Partner's age: 53
Number and age of children: 4 19/16/13/11
Income and expenditure
Annual gross income from employment or profession: €95,000
Annual gross income of spouse: €87,000 (including OT)
Children’s allowance €420
Monthly Take Home Pay
Type of employment: e.g. Civil Servant, self-employed
PAYE, Spouse Civil Servant
In general are you:
(a) spending more than you earn, or
(b) saving? Saving Me - 800PM. Spouse - Not sure - guess €300 PW
Expenditure
Where my money went in Jan & Feb this year (I'm showing this way as no one month is the same here and I started my spending diary back up so have exact figures.
Sinking Funds - €1370 (Xmas, holidays, back to school, TV licence, Gaeltacht, Grinds, Birthdays, Kids Classes, Bathroom Renovation).
Loan - Car - €300pm (will get rid of this in the next month)
Fixed expenses - €467 - Life Assurance €125, NetFlix, Internet €90 (remote area, need extra for WFH) Gomo, Bins, VHI €122, Spotify, Dog Insurance, Bank Charges.
General Expenses
Groceries €700 avg
Car (Electric €90 avg (incudes electricity, tax, insurance, parking etc)
Sports €300 avg (GAA, Soccer, Karate, Tennis - very active)
Medical €322 avg (Last month was €577 due to dentist, this month €175) There have been some injuries + few doc visits this year already)
Holidays/Birthdays/Events €723 avg (we paid deposits on holidays + 2 birthdays in this month - would have taken from sinking funds) Prob €200 next month
Clothes (Me) €100
School/College €723 (January expensive again due to TY trip having to be paid, TY Ball - normal should be €300
Eat Out/Takeaway €240 avg
House/Oil €455 (My share of Oil fill €200. Also had and unexpected expense). Usually would be €250 max
Kids €180 avg (clothes, cinema with friends, football gloves, Runners, school trousers etc
Misc €200 (transport to work, lunches, sweets, floor mats for weights, share of solicitor fee, dog)
€1821 came from my Sinking Funds to pay towards holidays, sports, school/college/birthdays
Where Spouse money goes monthly (Sorry this is so confusing!)
Mortgage €990
Mortgage Insurance €60
Property Tax €40
Electricity €350 per month (approx)
Car Loan €150
Cost of Car on road (Diesel, maintenance, insurance, tax etc €600 (high millage due to work & kids & where we live)
Oil €150
Groceries €250
Medical €60
Animals €60
Sky €45
House Alarm €30
Meal out/take away/ couple drinks €100
Kids €60 (time to time will give them a few bob or buy them shoes)
House - garden/fencing/tools/ €80
Sinking Funds - Holidays, big expenses €500
He would put the rest into savings but dips in when big expense come - Like something breaking down.
Summary of Assets and Liabilities
Family home worth €550,000 with a €55,000 mortgage
Cash of €70,000, (€8k of that in Credit Union)
Defined Contribution pension fund: €270,000, Spouse full Civil Service pension - still paying into this - no choice currently - that may change in the future. His pension is Index Linked.
Family home mortgage information
Lender EBS
Interest rate 3.25%
Type of interest rate: tracker, variable, fixed. Fixed
If fixed, what is the term remaining of the fixed rate? Approx 2 years left
Remaining term: (Original term is not relevant) 4 years left
Monthly repayment: €990pm
Other borrowings – car loans/personal loans etc
Car loan €9,100 (Credit Union) Me 4 years left
Car loan €6,000 (Credit Union) - 2 years left
Do you pay off your full credit card balance each month? No CC
If not, what is the balance on your credit card? NA
Other savings and investments:
Company shares : from old employer €65k vested. Big chance of company going public so want to hold onto them.
€6k in Revolut vaults for holidays/car insurance/ birthdays/Xmas/back to school etc - money going in and out all the time.
Do you have a pension scheme? Yes. Have 6 past schemes (worth approx €270k and currently paying into PRSA. €800pm, no company contribution.
Spouse has fully paid up civil service pension that he could draw down now but staying in employment until 60. Pension will pay out €700 before tax each week + €90k lump sum. (Index Linked)
Do you own any investment or other property? No
Other information which might be relevant. More than likely inheritance in next 10- 20 years. Not counting on but keeping in back of mind when thinking of how we live life today. Could be €250-500k.
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
I posted here 7 years ago and a lot has changed since then. I’ve got older as has my spouse and kids (no surprise there). The pandemic saw me out of work for a while and reassessing my priorities.
I spent a number of years educating myself on money, getting rid of any debt I had and working to a tight budget to ensure I built some savings, my pensions and have vaults in my revolut packed for everything expected expense wise.
My husband never got onboard with sharing finances. (Still likes his shoes ). He very frugal though. We had a few tough years and could have easily split but in a much better place now and have our focus on aiming to partly retire at 60. (He has no choice then). I may have to work on a few extra years.
One child now in college (commuting 40k each way), one in TY (most expensive year!), one other in secondary and one still in primary. Only 2 in extra curricular classes now but not cheap. Oldest has part time job so costs me almost nothing but bus fair and I give her packed lunch most days. Other kids will be commuting to college and will have jobs too if all goes well! Oldest talking about maybe doing short Erasmus in 2 years which we would want to support. May be more of that in the future with others. Also Gaeltacht, Grinds and Braces! (Saving started for all these).
I have been in a job for almost 2 years that is unfulfilling but it’s not taxing on brain which I needed after pandemic. Possibility of securing a new role in coming months that would see income increase by €20-30k + better benefits especially pension contributions which I don’t have now. Obviously more stress but more full-filling and still lots of flexibility. No guarantee I get the job though.
I read the post on AAM recently about people not needing as high a pension pot as they think to live a good life and it really resonated with me.
I’m saving a lot between pension and cash (€1600 per month) and choosing not do some things because of the savings. (My husband saves separately).
We live fairly frugally and almost never spend money excessively - shop Lidl/Dunnes, takeaway maybe 3 times a month, rarely a meal out. Cheapest holidays we can find, Pennies/high street for clothes - when doing it for 6 it adds up though.
My kids are getting older fast and I want to have some nice holidays with them before they are gone. Also while I’m still healthy, fit & have energy. We make good money, have little debt, mortgage almost done, college isn’t as expensive as we thought it would be (TY much worse!).
I just want to make sure there are no big gaps that I’m missing?
Are we on track to retire at 60/62 do you think and are we ok to pull back on savings a little to have those nicer holidays with the kids?
PS - I know I need to get rid of my car loan. Plan to do so in coming weeks.
Thanks in advance for your time!
Age: 52
Spouse’s/Partner's age: 53
Number and age of children: 4 19/16/13/11
Income and expenditure
Annual gross income from employment or profession: €95,000
Annual gross income of spouse: €87,000 (including OT)
Children’s allowance €420
Monthly Take Home Pay
Type of employment: e.g. Civil Servant, self-employed
PAYE, Spouse Civil Servant
In general are you:
(a) spending more than you earn, or
(b) saving? Saving Me - 800PM. Spouse - Not sure - guess €300 PW
Expenditure
Where my money went in Jan & Feb this year (I'm showing this way as no one month is the same here and I started my spending diary back up so have exact figures.
Sinking Funds - €1370 (Xmas, holidays, back to school, TV licence, Gaeltacht, Grinds, Birthdays, Kids Classes, Bathroom Renovation).
Loan - Car - €300pm (will get rid of this in the next month)
Fixed expenses - €467 - Life Assurance €125, NetFlix, Internet €90 (remote area, need extra for WFH) Gomo, Bins, VHI €122, Spotify, Dog Insurance, Bank Charges.
General Expenses
Groceries €700 avg
Car (Electric €90 avg (incudes electricity, tax, insurance, parking etc)
Sports €300 avg (GAA, Soccer, Karate, Tennis - very active)
Medical €322 avg (Last month was €577 due to dentist, this month €175) There have been some injuries + few doc visits this year already)
Holidays/Birthdays/Events €723 avg (we paid deposits on holidays + 2 birthdays in this month - would have taken from sinking funds) Prob €200 next month
Clothes (Me) €100
School/College €723 (January expensive again due to TY trip having to be paid, TY Ball - normal should be €300
Eat Out/Takeaway €240 avg
House/Oil €455 (My share of Oil fill €200. Also had and unexpected expense). Usually would be €250 max
Kids €180 avg (clothes, cinema with friends, football gloves, Runners, school trousers etc
Misc €200 (transport to work, lunches, sweets, floor mats for weights, share of solicitor fee, dog)
€1821 came from my Sinking Funds to pay towards holidays, sports, school/college/birthdays
Where Spouse money goes monthly (Sorry this is so confusing!)
Mortgage €990
Mortgage Insurance €60
Property Tax €40
Electricity €350 per month (approx)
Car Loan €150
Cost of Car on road (Diesel, maintenance, insurance, tax etc €600 (high millage due to work & kids & where we live)
Oil €150
Groceries €250
Medical €60
Animals €60
Sky €45
House Alarm €30
Meal out/take away/ couple drinks €100
Kids €60 (time to time will give them a few bob or buy them shoes)
House - garden/fencing/tools/ €80
Sinking Funds - Holidays, big expenses €500
He would put the rest into savings but dips in when big expense come - Like something breaking down.
Summary of Assets and Liabilities
Family home worth €550,000 with a €55,000 mortgage
Cash of €70,000, (€8k of that in Credit Union)
Defined Contribution pension fund: €270,000, Spouse full Civil Service pension - still paying into this - no choice currently - that may change in the future. His pension is Index Linked.
Family home mortgage information
Lender EBS
Interest rate 3.25%
Type of interest rate: tracker, variable, fixed. Fixed
If fixed, what is the term remaining of the fixed rate? Approx 2 years left
Remaining term: (Original term is not relevant) 4 years left
Monthly repayment: €990pm
Other borrowings – car loans/personal loans etc
Car loan €9,100 (Credit Union) Me 4 years left
Car loan €6,000 (Credit Union) - 2 years left
Do you pay off your full credit card balance each month? No CC
If not, what is the balance on your credit card? NA
Other savings and investments:
Company shares : from old employer €65k vested. Big chance of company going public so want to hold onto them.
€6k in Revolut vaults for holidays/car insurance/ birthdays/Xmas/back to school etc - money going in and out all the time.
Do you have a pension scheme? Yes. Have 6 past schemes (worth approx €270k and currently paying into PRSA. €800pm, no company contribution.
Spouse has fully paid up civil service pension that he could draw down now but staying in employment until 60. Pension will pay out €700 before tax each week + €90k lump sum. (Index Linked)
Do you own any investment or other property? No
Other information which might be relevant. More than likely inheritance in next 10- 20 years. Not counting on but keeping in back of mind when thinking of how we live life today. Could be €250-500k.
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
I posted here 7 years ago and a lot has changed since then. I’ve got older as has my spouse and kids (no surprise there). The pandemic saw me out of work for a while and reassessing my priorities.
I spent a number of years educating myself on money, getting rid of any debt I had and working to a tight budget to ensure I built some savings, my pensions and have vaults in my revolut packed for everything expected expense wise.
My husband never got onboard with sharing finances. (Still likes his shoes ). He very frugal though. We had a few tough years and could have easily split but in a much better place now and have our focus on aiming to partly retire at 60. (He has no choice then). I may have to work on a few extra years.
One child now in college (commuting 40k each way), one in TY (most expensive year!), one other in secondary and one still in primary. Only 2 in extra curricular classes now but not cheap. Oldest has part time job so costs me almost nothing but bus fair and I give her packed lunch most days. Other kids will be commuting to college and will have jobs too if all goes well! Oldest talking about maybe doing short Erasmus in 2 years which we would want to support. May be more of that in the future with others. Also Gaeltacht, Grinds and Braces! (Saving started for all these).
I have been in a job for almost 2 years that is unfulfilling but it’s not taxing on brain which I needed after pandemic. Possibility of securing a new role in coming months that would see income increase by €20-30k + better benefits especially pension contributions which I don’t have now. Obviously more stress but more full-filling and still lots of flexibility. No guarantee I get the job though.
I read the post on AAM recently about people not needing as high a pension pot as they think to live a good life and it really resonated with me.
I’m saving a lot between pension and cash (€1600 per month) and choosing not do some things because of the savings. (My husband saves separately).
We live fairly frugally and almost never spend money excessively - shop Lidl/Dunnes, takeaway maybe 3 times a month, rarely a meal out. Cheapest holidays we can find, Pennies/high street for clothes - when doing it for 6 it adds up though.
My kids are getting older fast and I want to have some nice holidays with them before they are gone. Also while I’m still healthy, fit & have energy. We make good money, have little debt, mortgage almost done, college isn’t as expensive as we thought it would be (TY much worse!).
I just want to make sure there are no big gaps that I’m missing?
Are we on track to retire at 60/62 do you think and are we ok to pull back on savings a little to have those nicer holidays with the kids?
PS - I know I need to get rid of my car loan. Plan to do so in coming weeks.
Thanks in advance for your time!
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