Age: 32
Spouse’s/Partner's age: 31
Annual gross income from employment or profession: 42000
Annual gross income of spouse: 62000
Monthly take-home pay: 5600 approx
Type of employment: both private sector
In general are you:
(b) saving? Saving 3k a month
Rough estimate of value of home. n/a rent at 1300 a month
Amount outstanding on your mortgage: n/a
What interest rate are you paying? n/a
Other borrowings – car loans/personal loans etc. n/a
Do you pay off your full credit card balance each month? n/a - dont have one
If not, what is the balance on your credit card? n/a
Savings and investments:
Do you have a pension scheme? yes both in defined contribution with good employer contributions. Paying 50e Avc and 200 Avc respectively
Do you own any investment or other property? No
Ages of children: N/A - but may be some in the future
Life insurance: n/a
What specific question do you have or what issues are of concern to you?
We are just really starting out and hoping to purchase a house soon - currently renting at 1300 a month. We have a deposit of 70k after a few years of hard savings. We have an emergency fund of 6k and other misc savings for holidays etc. Both contributing to pension and have health insurance. We also have death in service through our pension plans. I feel like we are in ok shape financially but I'm wondering if we are missing anything that someone more experienced may see. I would really appreciate any feedback or guidance particularly around the area of saving for any possible children we may have...as aside from creche fees I dont have a huge wealth of knowledge of the expenses we may incur here. Ive looked into changing health insurance plans that have some cover incase we need to go down an IVF route in a few years as children arent a plan in the next 2 years or so. Would appreciate any advice or any feedback on any glaring mistakes we may be making here!
Our main goals are:
Pay off house within 10-15 years. We will be borrowing circa 450k (this is an exemption) sometime soon and will likely have an interest rate of around 3 percent. We will be likely fixing this for 5 years but we have never had a mortgage and not sure if this is the best choice.
Following house payoff our financial goals are to max pension contributions and build savings.
After that one or both of us may move to part time work.
Spouse’s/Partner's age: 31
Annual gross income from employment or profession: 42000
Annual gross income of spouse: 62000
Monthly take-home pay: 5600 approx
Type of employment: both private sector
In general are you:
(b) saving? Saving 3k a month
Rough estimate of value of home. n/a rent at 1300 a month
Amount outstanding on your mortgage: n/a
What interest rate are you paying? n/a
Other borrowings – car loans/personal loans etc. n/a
Do you pay off your full credit card balance each month? n/a - dont have one
If not, what is the balance on your credit card? n/a
Savings and investments:
Do you have a pension scheme? yes both in defined contribution with good employer contributions. Paying 50e Avc and 200 Avc respectively
Do you own any investment or other property? No
Ages of children: N/A - but may be some in the future
Life insurance: n/a
What specific question do you have or what issues are of concern to you?
We are just really starting out and hoping to purchase a house soon - currently renting at 1300 a month. We have a deposit of 70k after a few years of hard savings. We have an emergency fund of 6k and other misc savings for holidays etc. Both contributing to pension and have health insurance. We also have death in service through our pension plans. I feel like we are in ok shape financially but I'm wondering if we are missing anything that someone more experienced may see. I would really appreciate any feedback or guidance particularly around the area of saving for any possible children we may have...as aside from creche fees I dont have a huge wealth of knowledge of the expenses we may incur here. Ive looked into changing health insurance plans that have some cover incase we need to go down an IVF route in a few years as children arent a plan in the next 2 years or so. Would appreciate any advice or any feedback on any glaring mistakes we may be making here!
Our main goals are:
Pay off house within 10-15 years. We will be borrowing circa 450k (this is an exemption) sometime soon and will likely have an interest rate of around 3 percent. We will be likely fixing this for 5 years but we have never had a mortgage and not sure if this is the best choice.
Following house payoff our financial goals are to max pension contributions and build savings.
After that one or both of us may move to part time work.