Age: 30
Spouse’s/Partner's age: 27
Annual gross income from employment or profession: 45,000
Annual gross income of spouse: 34,000
Type of employment: e.g. Private Sector / Partner - Civil Sector
Rough estimate of value of home €300K
Amount outstanding on your mortgage: €295K
What interest rate are you paying? 1505 per month with 4.7% fixed until next year and then variable
Other borrowings – car loans/personal loans etc
Me: Car loan - 20, 000 / 12,000 outstanding - 400 per month repayments
Spouse: CU loan - 4,500 + Bank - 5,000 / 9,500 outstanding - 400 per month repayments
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Savings and investments:
Bank: 10,000
C.U: 4,500
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Life insurance:
Me: 40 per month (expensive due to a previous illness)
Partner: 26 per month
What specific question do you have or what issues are of concern to you?
While on paper our money is quite healthy and we are doing ok. I did up a budget recently and what I did was work out everything required over a year i.e. tv licence, weekly petrol, food etc and I broke it down into monthly and then weekly expenditure. From mortgage to petrol to car etc we are spending approximately 1100 a week! I have given us each a weekly spend of 120 Euro each for lunches socialising, clothes, etc, I also allowed for 200 Euro a month savings.
We have approximately 14,000 in our savings which we are using towards our wedding.
Should we not save the 200 a month and maybe put this money into the loans? Or save the 200 for year (to keep for help if / when the mortgage repayments go up) and then look at a consolidating our personal loans between us which would allow us to drop the monthly repayments?
We are comfortable enough but I am very nervous that once we are out of the fixed rate term next April we could find ourselves in hot water as the repayments will most definitely go up. I am not sure that a mortgage move is possible next year either as I have had 2 bad illnesses and I don't know if we'd get insured because of them.
Also we are planning to have a baby once we are married and I just don't know where to get the money from. Any help or comments would be appreciated.
Spouse’s/Partner's age: 27
Annual gross income from employment or profession: 45,000
Annual gross income of spouse: 34,000
Type of employment: e.g. Private Sector / Partner - Civil Sector
Rough estimate of value of home €300K
Amount outstanding on your mortgage: €295K
What interest rate are you paying? 1505 per month with 4.7% fixed until next year and then variable
Other borrowings – car loans/personal loans etc
Me: Car loan - 20, 000 / 12,000 outstanding - 400 per month repayments
Spouse: CU loan - 4,500 + Bank - 5,000 / 9,500 outstanding - 400 per month repayments
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Savings and investments:
Bank: 10,000
C.U: 4,500
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Life insurance:
Me: 40 per month (expensive due to a previous illness)
Partner: 26 per month
What specific question do you have or what issues are of concern to you?
While on paper our money is quite healthy and we are doing ok. I did up a budget recently and what I did was work out everything required over a year i.e. tv licence, weekly petrol, food etc and I broke it down into monthly and then weekly expenditure. From mortgage to petrol to car etc we are spending approximately 1100 a week! I have given us each a weekly spend of 120 Euro each for lunches socialising, clothes, etc, I also allowed for 200 Euro a month savings.
We have approximately 14,000 in our savings which we are using towards our wedding.
Should we not save the 200 a month and maybe put this money into the loans? Or save the 200 for year (to keep for help if / when the mortgage repayments go up) and then look at a consolidating our personal loans between us which would allow us to drop the monthly repayments?
We are comfortable enough but I am very nervous that once we are out of the fixed rate term next April we could find ourselves in hot water as the repayments will most definitely go up. I am not sure that a mortgage move is possible next year either as I have had 2 bad illnesses and I don't know if we'd get insured because of them.
Also we are planning to have a baby once we are married and I just don't know where to get the money from. Any help or comments would be appreciated.