2012Savings
Registered User
- Messages
- 7
Age: 35
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: €130,000 (plus expected bonus of €30k)
Annual gross income of spouse: €40,000
Monthly take-home pay: Approx. €8k
Type of employment: e.g. Civil Servant, self-employed: Both Private sector
In general are you: saving. €400 a month into 10 year education fund for kids. Another €1k a month saved as well. Will plan on lowering this once savings fund reaches €45k in rainy day fund.
Rough estimate of value of home: €560,000 - forever home
Amount outstanding on your mortgage: €435,000 (only bought house last year). Paying 2k a month. 28 years left.
What interest rate are you paying? 2.9% one year fixed
Other borrowings – car loans/personal loans etc: Car loan with 10k remaining but planning on paying this off in next few months.
Do you pay off your full credit card balance each month? N/A
If not, what is the balance on your credit card?
Savings and investments: €40,000 in cash savings. Preference to hold €40-50k for rainy day fund
Do you have a pension scheme? Yes, me a DC scheme, currently paying 10% of my salary each year, company pays 5% (only in place for last 3 years). Wife has a DB scheme currently paying 3% of her salary, company paying 5%.
Do you own any investment or other property? No
Ages of children: 2, 10. Childcare costs €800 a month
Life insurance: I have in work equal to 4 times base salary.
What specific question do you have or what issues are of concern to you?
I think the obvious first comment is that I should pay off the car loan asap instead of holding the level of savings and I do plan on doing this over next few months. This will free up an additional €300 a month.
While the outstanding mortgage is equal to 2.5 times gross salary, It feels like a high amount (particularly if the higher earner was to lose job etc) and I would like to reduce it as quickly as possible. Any advice on whether to reduce my DC contributions to 5% and look to overpay mortgage with lump sums as fixed term expires?
Wife has a DB pension scheme. Should she be paying more into the pension scheme or does this really matter if she has a defined benefit at pension paydown?
Feels like we should have more cash left at the end of each month but costs of kids and other household bills do add up unfortunately! In addition we have spent quiet a bit in updating house since we moved in last year but that should be all done for now. If there is anything else you would recommend, happy to consider! thanks
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: €130,000 (plus expected bonus of €30k)
Annual gross income of spouse: €40,000
Monthly take-home pay: Approx. €8k
Type of employment: e.g. Civil Servant, self-employed: Both Private sector
In general are you: saving. €400 a month into 10 year education fund for kids. Another €1k a month saved as well. Will plan on lowering this once savings fund reaches €45k in rainy day fund.
Rough estimate of value of home: €560,000 - forever home
Amount outstanding on your mortgage: €435,000 (only bought house last year). Paying 2k a month. 28 years left.
What interest rate are you paying? 2.9% one year fixed
Other borrowings – car loans/personal loans etc: Car loan with 10k remaining but planning on paying this off in next few months.
Do you pay off your full credit card balance each month? N/A
If not, what is the balance on your credit card?
Savings and investments: €40,000 in cash savings. Preference to hold €40-50k for rainy day fund
Do you have a pension scheme? Yes, me a DC scheme, currently paying 10% of my salary each year, company pays 5% (only in place for last 3 years). Wife has a DB scheme currently paying 3% of her salary, company paying 5%.
Do you own any investment or other property? No
Ages of children: 2, 10. Childcare costs €800 a month
Life insurance: I have in work equal to 4 times base salary.
What specific question do you have or what issues are of concern to you?
I think the obvious first comment is that I should pay off the car loan asap instead of holding the level of savings and I do plan on doing this over next few months. This will free up an additional €300 a month.
While the outstanding mortgage is equal to 2.5 times gross salary, It feels like a high amount (particularly if the higher earner was to lose job etc) and I would like to reduce it as quickly as possible. Any advice on whether to reduce my DC contributions to 5% and look to overpay mortgage with lump sums as fixed term expires?
Wife has a DB pension scheme. Should she be paying more into the pension scheme or does this really matter if she has a defined benefit at pension paydown?
Feels like we should have more cash left at the end of each month but costs of kids and other household bills do add up unfortunately! In addition we have spent quiet a bit in updating house since we moved in last year but that should be all done for now. If there is anything else you would recommend, happy to consider! thanks
