Personal details
Age: 35
Spouse’s/Partner's age: 36
Number and age of children: 5, 4, and due in 2023
Income and expenditure
Annual gross income from employment or profession: 150k + 20% bonus (private sector)
Annual gross income of spouse: 60-70k depending on over time (public sector)
Monthly take-home pay: Between €8-€9k after deductions
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Summary of Assets and Liabilities
Family home worth €950k with a €520k mortgage
Cash of €75k
Family home mortgage information
Lender BOI
Interest rate 3%
If fixed, what is the term remaining of the fixed rate? 3 years 1% cash back due in 3 years
Other borrowings – car loans/personal loans etc
9.5 years left on 70k credit union home improvement loan @4.75%
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Other savings and investments:
Do you have a pension scheme? Yes I pay 6% company 4% spouse civil service
Other information which might be relevant
Childcare fees: currently €1500, likely close to €2000 after baby born
Life insurance: Yes, health, mortgage protection, death in service and critical illness
What specific question do you have or what issues are of concern to you?
Focus of last few years has been buying and modernising forever family home which is now complete and just looking for advice on what to do next.
We will need to upgrade family car (approx +€25k) and I am conscious of income drop while on maternity leave and childcare cost increase but my initial plan is:
-Keep some cash buffer to fund maternity leave and new car
- Pay off credit union with remaining cash
- increase pension contribution
But would love some additional thoughts.
Age: 35
Spouse’s/Partner's age: 36
Number and age of children: 5, 4, and due in 2023
Income and expenditure
Annual gross income from employment or profession: 150k + 20% bonus (private sector)
Annual gross income of spouse: 60-70k depending on over time (public sector)
Monthly take-home pay: Between €8-€9k after deductions
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Summary of Assets and Liabilities
Family home worth €950k with a €520k mortgage
Cash of €75k
Family home mortgage information
Lender BOI
Interest rate 3%
If fixed, what is the term remaining of the fixed rate? 3 years 1% cash back due in 3 years
Other borrowings – car loans/personal loans etc
9.5 years left on 70k credit union home improvement loan @4.75%
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Other savings and investments:
Do you have a pension scheme? Yes I pay 6% company 4% spouse civil service
Other information which might be relevant
Childcare fees: currently €1500, likely close to €2000 after baby born
Life insurance: Yes, health, mortgage protection, death in service and critical illness
What specific question do you have or what issues are of concern to you?
Focus of last few years has been buying and modernising forever family home which is now complete and just looking for advice on what to do next.
We will need to upgrade family car (approx +€25k) and I am conscious of income drop while on maternity leave and childcare cost increase but my initial plan is:
-Keep some cash buffer to fund maternity leave and new car
- Pay off credit union with remaining cash
- increase pension contribution
But would love some additional thoughts.