Age: 28
Spouse’s/Partner's age: 31
Annual gross income from employment or profession: 38K
Annual gross income of spouse:33K
Type of employment: e.g. I am a civil servant, husband in the engineering sector. Made redundant late last year and in new employment now, more stable than prior but has taken a large pay cut.
Rough estimate of value of home : Paid €250k in 2006, worth approx €270 now – 2 bed apt.
Amount outstanding on your mortgage: no idea. Have mortgage for €230k approx, paying €1k every month.
What interest rate are you paying? Fixed till mid 2009 – 5.1%
Other borrowings – car loans/personal loans etc
One total amalgamated loan of €15k. This was taken over 3 years (loan originally for €22k and currently at start of second year. Loan has arisen as a result of overspending on credit cards etc etc. Repayments are €700 per month.
I got rid of my card and we now have a joint card used for flight bookings etc and always paid off in full each month, used very rarely. No other loans or over drafts etc.
Savings and investments:
€7k in a Rabo account
Do you have a pension scheme?
Yes – I have a Civil service pension. Hubby does not
Ages of children: None – but planning a family soon
Life insurance: just to cover house
What specific question do you have or what issues are of concern to you?
Basically I am looking for some suggestions on how to improve our suggestion. We got a huge shock when hubby lost his job last year and this ate into our savings. Only just recovering now. Would a good idea be to continue loan repayments and savings until mid 2009 and which stage we should have enough to clear the loan? Is it risky using all the savings in this way? The €700 we are re-paying every month is eating into our cash and I would love to save more than the €400 a month we currently save, esp with our plan to hopefully start a family.
Our other monthly outgoings are –
€100 – Gym
€150 – VHI
€120 – Sky & Broadband
€100 – ESB & Gas
€100 – 2 x mobile phones
Annual Outgoings -
€300 – Car Insurance
€350 – Car Tax
€350 – Home Insurance
€250 – Mortgage Insurance
Spouse’s/Partner's age: 31
Annual gross income from employment or profession: 38K
Annual gross income of spouse:33K
Type of employment: e.g. I am a civil servant, husband in the engineering sector. Made redundant late last year and in new employment now, more stable than prior but has taken a large pay cut.
Rough estimate of value of home : Paid €250k in 2006, worth approx €270 now – 2 bed apt.
Amount outstanding on your mortgage: no idea. Have mortgage for €230k approx, paying €1k every month.
What interest rate are you paying? Fixed till mid 2009 – 5.1%
Other borrowings – car loans/personal loans etc
One total amalgamated loan of €15k. This was taken over 3 years (loan originally for €22k and currently at start of second year. Loan has arisen as a result of overspending on credit cards etc etc. Repayments are €700 per month.
I got rid of my card and we now have a joint card used for flight bookings etc and always paid off in full each month, used very rarely. No other loans or over drafts etc.
Savings and investments:
€7k in a Rabo account
Do you have a pension scheme?
Yes – I have a Civil service pension. Hubby does not
Ages of children: None – but planning a family soon
Life insurance: just to cover house
What specific question do you have or what issues are of concern to you?
Basically I am looking for some suggestions on how to improve our suggestion. We got a huge shock when hubby lost his job last year and this ate into our savings. Only just recovering now. Would a good idea be to continue loan repayments and savings until mid 2009 and which stage we should have enough to clear the loan? Is it risky using all the savings in this way? The €700 we are re-paying every month is eating into our cash and I would love to save more than the €400 a month we currently save, esp with our plan to hopefully start a family.
Our other monthly outgoings are –
€100 – Gym
€150 – VHI
€120 – Sky & Broadband
€100 – ESB & Gas
€100 – 2 x mobile phones
Annual Outgoings -
€300 – Car Insurance
€350 – Car Tax
€350 – Home Insurance
€250 – Mortgage Insurance