purplesnacks
Registered User
- Messages
- 6
First time poster, learning a lot from the site, all advice very much appreciated. Thank you.
Age: 41
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: E82,000 (private sector)
Annual gross income spouse: E30,000 (private sector)
Monthly take home pay: E 5500 (in total approx...)
Expenditure pattern: We are both generally risk averse savers.
Rough estimate of value of home: E200,000
Mortgage on home: E174,000
Mortgage provider: Ulster bank
Type of mortgage: Fixed (for 4 years, we are roughly two years in) : E930pm
Mortgage insurance is E18pm
Interest rate : 2.6%
Other borrowings: None.
Do you pay off your full credit card balance each month? Yes
Savings and investments:
E2,200 monthly into regular saver accounts.
Approx E120,000 across current, notice and regular saver accounts, includes E20,000 as an emergency/rainy day fund.
Additionally E23,600 (current value) in an Irish Life MAPS3 fund, already invested for two years. It has lost approx 6% in that time.
Do you have a pension scheme?
Yes, I pay E350pm into company pension, company pays roughly the same. Two years ago I started paying monthly AVCs to bring me close to the revenue limits. Fund value approx E155k
Spouse, paying into a private pension started two years ago E100 pm.
Do you own any investment or other property? No.
Ages of children: Our first is due next year.
Other policies: Yes. Both paying into policies for life insurance/serious illness (E144pm total) and income protection (E124pm total).
My job pays for my health insurance and makes a contribution for spouse.
What specific question do you have or what issues are of concern to you?
- large sum in various accounts that are earning virtually nothing. They were started 2 - 3 years ago but dropping rates make them worthless. I know that this money could be working harder. Not sure where to move them.
- I would keep the existing emergency/rainy day fund and look to re-organise the rest somehow, particularly as we'll have additional outgoings with the baby and its future. What's the best way to plan for this?
- How best to save for the childs third-level education?
- Could we afford to pay extra into mortgage, we can overpay by 10% of the yearly cost per annum?
- I realise I may need to invest some of the money to make a return, but don't know the best choices, be in a managed fund or direct investing in stocks.. The MAPS fund being 6 % down does not fill me with confidence.
Age: 41
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: E82,000 (private sector)
Annual gross income spouse: E30,000 (private sector)
Monthly take home pay: E 5500 (in total approx...)
Expenditure pattern: We are both generally risk averse savers.
Rough estimate of value of home: E200,000
Mortgage on home: E174,000
Mortgage provider: Ulster bank
Type of mortgage: Fixed (for 4 years, we are roughly two years in) : E930pm
Mortgage insurance is E18pm
Interest rate : 2.6%
Other borrowings: None.
Do you pay off your full credit card balance each month? Yes
Savings and investments:
E2,200 monthly into regular saver accounts.
Approx E120,000 across current, notice and regular saver accounts, includes E20,000 as an emergency/rainy day fund.
Additionally E23,600 (current value) in an Irish Life MAPS3 fund, already invested for two years. It has lost approx 6% in that time.
Do you have a pension scheme?
Yes, I pay E350pm into company pension, company pays roughly the same. Two years ago I started paying monthly AVCs to bring me close to the revenue limits. Fund value approx E155k
Spouse, paying into a private pension started two years ago E100 pm.
Do you own any investment or other property? No.
Ages of children: Our first is due next year.
Other policies: Yes. Both paying into policies for life insurance/serious illness (E144pm total) and income protection (E124pm total).
My job pays for my health insurance and makes a contribution for spouse.
What specific question do you have or what issues are of concern to you?
- large sum in various accounts that are earning virtually nothing. They were started 2 - 3 years ago but dropping rates make them worthless. I know that this money could be working harder. Not sure where to move them.
- I would keep the existing emergency/rainy day fund and look to re-organise the rest somehow, particularly as we'll have additional outgoings with the baby and its future. What's the best way to plan for this?
- How best to save for the childs third-level education?
- Could we afford to pay extra into mortgage, we can overpay by 10% of the yearly cost per annum?
- I realise I may need to invest some of the money to make a return, but don't know the best choices, be in a managed fund or direct investing in stocks.. The MAPS fund being 6 % down does not fill me with confidence.