P
Ptak
Guest
Age: 20
Annual gross income from employment or profession: Impossible to predict because of overtime, take home pay of around €40k last year, expect €45-50k this year.
Type of employment: e.g. PAYE
Expenditure pattern: In general are you spending more than you earn or are you saving? Saving most of what I earn. No significant outgoings except motor insurance of around €350 a month. Negligible rent (still live at home).
Other borrowings – car loans/personal loans etc; None
Savings and investments:
1) €1,500 in credit union account. I've started saving €500 a month into this account to build up a savings record in case I decide to get a mortgage in future. Dividend last year was 3% so its not great. I like to keep this account open in case I need a loan for anything at short notice.
2) €25k in current account which I let build up through neglect. Earning 0%.
Do you have a pension scheme? No
Do you own any investment or other property? No
Life insurance: No
What specific question do you have or what issues are of concern to you?
Bit of background;
I plan to go to college for 5-6 years. I'm undecided whether to go in 08 or 09. I reckon I can have 50k saved by October 08, but I don't think that will be enough to last 6 years, so I may work for one more year and go in 09.
I reckon I need around 20k to live off a year when in school (rent will be around 12k). I expect to easily earn 12k a year working part-time for the first three years anyway, but I don't want to be in a position where I have to rely on part time work for the final years because the work load in school could get heavy.
So three main questions;
1) Whats the best thing to do with 25k when I won't need access for 1-2 years and I can top it up by 2.5k a month?
2) Whats the best way to use a lump sum say 50k to live off for 6 years? High interest savings account?
3) Any better ideas on how to finance college from looking at the figures?
Annual gross income from employment or profession: Impossible to predict because of overtime, take home pay of around €40k last year, expect €45-50k this year.
Type of employment: e.g. PAYE
Expenditure pattern: In general are you spending more than you earn or are you saving? Saving most of what I earn. No significant outgoings except motor insurance of around €350 a month. Negligible rent (still live at home).
Other borrowings – car loans/personal loans etc; None
Savings and investments:
1) €1,500 in credit union account. I've started saving €500 a month into this account to build up a savings record in case I decide to get a mortgage in future. Dividend last year was 3% so its not great. I like to keep this account open in case I need a loan for anything at short notice.
2) €25k in current account which I let build up through neglect. Earning 0%.
Do you have a pension scheme? No
Do you own any investment or other property? No
Life insurance: No
What specific question do you have or what issues are of concern to you?
Bit of background;
I plan to go to college for 5-6 years. I'm undecided whether to go in 08 or 09. I reckon I can have 50k saved by October 08, but I don't think that will be enough to last 6 years, so I may work for one more year and go in 09.
I reckon I need around 20k to live off a year when in school (rent will be around 12k). I expect to easily earn 12k a year working part-time for the first three years anyway, but I don't want to be in a position where I have to rely on part time work for the final years because the work load in school could get heavy.
So three main questions;
1) Whats the best thing to do with 25k when I won't need access for 1-2 years and I can top it up by 2.5k a month?
2) Whats the best way to use a lump sum say 50k to live off for 6 years? High interest savings account?
3) Any better ideas on how to finance college from looking at the figures?