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Hi, these are our details:
Age: 36
Spouse’s/Partner's age: 43
Annual gross income : none, stay-home-mum for the time being
Annual gross income of spouse: 32500 (net January 2265)
Other income: 500€ net in rent every month
Type of employment: private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending about everything - might be able to start saving a little bit but need to get organized to do that
Rough estimate of value of home 350k€
Amount outstanding on your mortgage: 80k€or 454.8/month What interest rate are you paying? 4.85%with BOI fixed 'til nov 2011 - it would cost 3k penalty to get out of fixed rate and onto a BOI 3.7% variable - in the next 3 years the change in rate would save us about 1.8k in interest - or it would cost us about 1.1k to pay off a lump sum of 30k(see savings below)
Other borrowings – none
Do you pay off your full credit card balance each month? yes
Savings and investments: about 3kwith Rabo - some with Evergreen fund in BOI (it was about 12k a year ago, I dread finding out how much that is now) - about 7k somewhere else - will get my redundancy of about 34k in the next few weeks - could pay it off against mortgage, or put it somewhere where it makes at least 4.85% until 2011 when we come off the fixed rate
Do you have a pension scheme? I used to contribute to my employment pension fund - the balance isn't great though
Spouse: yes, 6% of income every month
Do you own any investment or other property? apartment abroad worth about 100k
Ages of children: 6, 3 and under 1
Life insurance: 125k€ mortgage protection with BOI plus critical illness, cost eur 106.63/month - renewal in February
What specific question do you have or what issues are of concern to you?
I am about to officially become a stay-home-mum when I get my redundancy - it looks like our finances are a bit messy, in particular:
-where should we keep our lump sum savings and how much do we need of them?
-we get monetary presents for the kids from granny and grandad every so often: where should we keep those (we don't want to access them for maybe another 15 years)
-yes, we need to set up a regular monthly saving account asap
-pension: what do I need to do?
-life insurance: I'm sure 125k is inadequate, how much do we need? do we need critical illness? hubby has income protection through work, but what if I get sick? do we just top up our existing policy, which is linked to our mortgage, or take up a new one?
-what is the best thing to do with my redundancy money?
Thank you very much!
Age: 36
Spouse’s/Partner's age: 43
Annual gross income : none, stay-home-mum for the time being
Annual gross income of spouse: 32500 (net January 2265)
Other income: 500€ net in rent every month
Type of employment: private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending about everything - might be able to start saving a little bit but need to get organized to do that
Rough estimate of value of home 350k€
Amount outstanding on your mortgage: 80k€or 454.8/month What interest rate are you paying? 4.85%with BOI fixed 'til nov 2011 - it would cost 3k penalty to get out of fixed rate and onto a BOI 3.7% variable - in the next 3 years the change in rate would save us about 1.8k in interest - or it would cost us about 1.1k to pay off a lump sum of 30k(see savings below)
Other borrowings – none
Do you pay off your full credit card balance each month? yes
Savings and investments: about 3kwith Rabo - some with Evergreen fund in BOI (it was about 12k a year ago, I dread finding out how much that is now) - about 7k somewhere else - will get my redundancy of about 34k in the next few weeks - could pay it off against mortgage, or put it somewhere where it makes at least 4.85% until 2011 when we come off the fixed rate
Do you have a pension scheme? I used to contribute to my employment pension fund - the balance isn't great though
Spouse: yes, 6% of income every month
Do you own any investment or other property? apartment abroad worth about 100k
Ages of children: 6, 3 and under 1
Life insurance: 125k€ mortgage protection with BOI plus critical illness, cost eur 106.63/month - renewal in February
What specific question do you have or what issues are of concern to you?
I am about to officially become a stay-home-mum when I get my redundancy - it looks like our finances are a bit messy, in particular:
-where should we keep our lump sum savings and how much do we need of them?
-we get monetary presents for the kids from granny and grandad every so often: where should we keep those (we don't want to access them for maybe another 15 years)
-yes, we need to set up a regular monthly saving account asap
-pension: what do I need to do?
-life insurance: I'm sure 125k is inadequate, how much do we need? do we need critical illness? hubby has income protection through work, but what if I get sick? do we just top up our existing policy, which is linked to our mortgage, or take up a new one?
-what is the best thing to do with my redundancy money?
Thank you very much!