- Age:
44 (Male)
Spouse’s/Partner's age: - 45 (Female)
Annual gross income from employment or profession:
€43,000
Annual gross income spouse:
€30,000 - Part time, self employed- from this she funds childcare and her own pension & some bills.
Monthly take-home pay:
€3,700 both of us (this is rough average as I am in sales and get paid mileage/ commission which varies)
Type of employment:
Me- Private sector, my wife - self employed.
Expenditure pattern:
Generally good enough with money, since 2012 I have spent a lot of cash instead of saving.....on my garden which I love - this is nearly complete so I look forward to not having to outlay this in future - some months this could be €1,000 a month. We don't have a hugely expensive lifestyle. We live in my parents in law old house rent free - (although we did it up at our cost - hence mortgage) - they live elsewhere in another property. My parents in law have made provision for us in their will as regards paying CGT etc - they would be wealthy and are progressive in terms of tax and intergenerational relief etc. My wife stands to inherit approx 800K worth of assets in the future but for now we do not work on the basis of this happening. We have an apartment adjoining the house we live in which we rent for €770 per month - this is all RTB registered and taxed etc. This nearly covers the mortgage below. We live in the hose rent free and rent the apartment.
Rough estimate of value of home
€300,000 for the apartment? (It cannot be sold though separately as it adjoins my parents in law house above) I look on the value as something we can unlock in later life if we were to sell the whole unit including the apartment. - Mortgage on home
€176,408 Tracker with .95% interest at present with a term of 21 years left. Second top up mortgage of €20,198 at 3.7% interest with a term of 16 years. - Mortgage provider:
EBS
Type of mortgage: Tracker, interest only, fixed rate
See above. Tracker and Variable.
Interest rate
.95% and 3.7% - Mortgage interest relief on both.
Other borrowings – car loans/personal loans etc
No other borrowings jointly. I personally owe €21,000 on a long term loan to a family member - currently paying this off at €500 per month. No interest charged - this was for a car loan and a college loan.
Do you pay off your full credit card balance each month?
No credit card.
Savings and investments:
No savings as have used this to fund garden improvements and add to pension etc.
Do you have a pension scheme?
Yes about 20k in pot. I pay 3% and employer pays 3%
My wife is sorted as regards pension as she started early and is nicely funded.
Do you own any investment or other property?
Yes - see above.
Ages of children:
10 and 7.
Life insurance:
Mortgage protection on mortgage plus a separate policy each which our financial guy says is grand.
What specific question do you have or what issues are of concern to you?
OK, so neither of us is on big bucks but we like a simple lifestyle and work to live as opposed to the reverse. There are assets from my parents in law that will go to my wife in future so that is a big thing. We are also lucky in that my children's great grandmother left provision of a lot of college costs in her will, this is currently in long term funds and should cover a good bit of college. We have no credit cards, overdraft and our mortgage is manageable. We pay insurance, health cover etc as required and shop around. I'd love to get a better handle on pension and would really like to build savings. Happy to live on what I earn but want to use it better. I realise we are asset rich in future but would like to be effective with my money now. Anybody any advice or observations?