J
JAW
Guest
Age: 32
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: €50,278.92 (€2,336.42 pm after deductions)
Annual gross income of spouse:Currently €48k approx, proposed to drop to a basic of €22k pa + commission
Type of employment: e.g. Civil Servant, self-employed
Both Private sector, I'm permanent but my spouse is on a 3 year contract up for reknewal hence the proposed changes in circumstances.
In general are you:
(a) spending more than you earn, or
(b) saving?
Were saving but with new proposal will be spending more than we earn.
Mortgage €1,556.82 pm ECB + 1.1, 23yrs remaining on term, have TRS for another 2 (included in this amount)
Childcare €1,602 per month
Food + bills
€400 pa - Car insurance (10 year old 1l, Main family car is my company car which is paid for in BIK, 2nd car needed for creche runs etc.)
€172 pa - Car tax
€330 pa - Scooter insurance (spouse uses to commute)
€ 45 pa - Scooter Tax
€410 pa - house insurance
€150 pa - bins
€160 pa - TV license
€400 pa - Allocated for car/bike service
€500 pa - home heating oil
€2,000 pa - club membership
€86.39 pm - Mortgage protection
€97.34 pm - Health insurance (spouse + 2 children, mine is paid by work)
€60 pm - Phone & broadband (€25 re imbursed in expenses)
€55 pm - Electricity
€45 pm - Spouses mobile
€100 - 150 pw - groceries
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? YES
If not, what is the balance on your credit card?
Savings and investments:
€14,000 - Rabo
€2,000 - Prize bonds - you never know!
€2,500 - Shares
Do you have a pension scheme?
Both through work, spouse has to contribute 5% which would come off salary mentioned above.
Do you own any investment or other property?
No
Ages of children:
3 and almost 1
Life insurance:
Through work
What specific question do you have or what issues are of concern to you?
My spouse is facing a significant cut in basic salary which would see us falling short each month. We have been good at saving and aside from our mortgage are debt free. We have always kept 6mths salary as a cushion in case we lost our jobs. This new salary proposal would see us running month to month at a loss and having to supplement with our savings until commission comes in - we are looking for advice from anyone else in this situation as it is totally foreign to us.
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: €50,278.92 (€2,336.42 pm after deductions)
Annual gross income of spouse:Currently €48k approx, proposed to drop to a basic of €22k pa + commission
Type of employment: e.g. Civil Servant, self-employed
Both Private sector, I'm permanent but my spouse is on a 3 year contract up for reknewal hence the proposed changes in circumstances.
In general are you:
(a) spending more than you earn, or
(b) saving?
Were saving but with new proposal will be spending more than we earn.
Mortgage €1,556.82 pm ECB + 1.1, 23yrs remaining on term, have TRS for another 2 (included in this amount)
Childcare €1,602 per month
Food + bills
€400 pa - Car insurance (10 year old 1l, Main family car is my company car which is paid for in BIK, 2nd car needed for creche runs etc.)
€172 pa - Car tax
€330 pa - Scooter insurance (spouse uses to commute)
€ 45 pa - Scooter Tax
€410 pa - house insurance
€150 pa - bins
€160 pa - TV license
€400 pa - Allocated for car/bike service
€500 pa - home heating oil
€2,000 pa - club membership
€86.39 pm - Mortgage protection
€97.34 pm - Health insurance (spouse + 2 children, mine is paid by work)
€60 pm - Phone & broadband (€25 re imbursed in expenses)
€55 pm - Electricity
€45 pm - Spouses mobile
€100 - 150 pw - groceries
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? YES
If not, what is the balance on your credit card?
Savings and investments:
€14,000 - Rabo
€2,000 - Prize bonds - you never know!
€2,500 - Shares
Do you have a pension scheme?
Both through work, spouse has to contribute 5% which would come off salary mentioned above.
Do you own any investment or other property?
No
Ages of children:
3 and almost 1
Life insurance:
Through work
What specific question do you have or what issues are of concern to you?
My spouse is facing a significant cut in basic salary which would see us falling short each month. We have been good at saving and aside from our mortgage are debt free. We have always kept 6mths salary as a cushion in case we lost our jobs. This new salary proposal would see us running month to month at a loss and having to supplement with our savings until commission comes in - we are looking for advice from anyone else in this situation as it is totally foreign to us.