It's quirky not to, in my opinion.
It's quirky not to, in my opinion.Exactly this yes we would feel quirky using it.
Wealth yes so agreed headline is misleading not intentionally so, but it’s wealth I have no access to. I currently have a balance in my current account of €90 in my current account and using a one for all I got at Christmas to do the weekly shop in Tesco!I think the headline here is misleading. You have over 600k in net wealth plus pension value. You are not a hard luck case. If you are struggling on a day to day basis then you really need to consider moving to a 'cheaper' house. With that income and that house value you really shouldn't be struggling.
You are 'successful', you're just not managing your cash flow very well.
Will detail this through tonight with my wife and put more info behind itHow are you coming home with only €6,600 per month with those gross incomes? Assuming no pension contribs, you should be bringing in around €8,300 per month? Add in another €560 for child benefit. Should be closer to €9k a month which is a different situation entirely.
Would need to be some mighty AVCs going on which you don’t mention to bring the net income down that far?
If you are only taking home €6,600 then 4 kids and a €900k house (and the running costs that brings), it’s no suprise you aren’t exactly rolling in excess cash.
Sorry spelling error now edited!It's quirky not to, in my opinion.
I’ll get the car loan value tonight. Staycation is a week in November in centre parcs for €1,200 which is value for money in my opinion. I have been outside the box bought a caravan went on a holiday with three kids under 4 promptly sold it two weeks later (not recommend but sold at a profit)What's the balance of the car loan? This should be addressed after the credit card debt is cleared.
Staycations are luxury compared to value that could be had in Spain/Portugal, think outside the box!
You're not doing too bad at all.
Get your details together for a tax return. You could be due a refund if your wife worked part of last year, and you didn't reallocate tax bands and credits.I should add my wife is currently on maternity leave unpaid
With the Open-Banking technology available now this has never been easier. You don't need to trawl through transactions in Excel (unless you want to!). Check out YNAB or Spendee. Both have free trials.I will get at this tracking tonight and post it.
Ah. This changes everything. Assumed this wasn’t case due to child care payments.I should add my wife is currently on maternity leave unpaid so additional pinch being felt especially post Santa for four kids
Pretty sure we didn’t, I’m not too up on any of that stuff hence why posting here also. I’ll arrange that also thanksGet your details together for a tax return. You could be due a refund if your wife worked part of last year, and you didn't reallocate tax bands and credits.
Correct house valued at €900k mortgage is €330 monthly payments of €1,660Ah. This changes everything. Assumed this wasn’t case due to child care payments.
So in essence you’re currently a €95k single income household, with €680 of childcare payments, a €480 car loan, 4 kids and living in a €900k house. You’re living a lifestyle far beyond your current income level.
Assuming your wife will return to work at her old job. Your household income jumps from €6,600 to €9,000 per month (although likely with some additional childcare cost) and it’s a completely different story financially.
I wouldn’t be too hard on yourself, which you seem to be. People underestimate how hard it is to be a single income household.Correct house valued at €900k mortgage is €330 monthly payments of €1,660
Income and expenditure
Annual gross income from employment or profession: €95,000
Annual gross income of spouse: €53,000
You are not guareented planning again especially if you live in an area of amenity.Yes this is tempting me all the time, we bought the site built the house a great location and great views with lots of family history over the past 12 years its hard to convince my wife and im iffy enough also on it, but commercially it makes perfect sense.
Ideally buy a parcel of land and build again with potential for future sites in the location, but I'm not sure how local needs apply if i sell my own and look for a new planning permission etc im sure my kids would qualify for local needs down the line as we would be from the vicinity.
Paid €70k off the capital the interest is what has been paid circa €160k I think total to mortgage €230k to datesI have to scratch my head when I read situations like this, your both on good salaries. I don't know how long your on this income, but it must have been pretty decent to get a mortgage of €400k, and yet only paid off €70k in 15 years.. That just doesn't fit for someone who lives pretty frugal.
We've all got the usual expenses, kids, mortgages etc etc, I just don't get it, your no dummy on a 95k income.
Your shouldn't even have to be thinking of down sizing to make ends meet.
My advice, on that income, pay now for some professional advice, before its too late, it will be money well spent.
Yes that’s what I was thinking and we had to jump through a lot of hoops to prove need for our planning originally. Unless the COCO would take into account downsizing due to means etcYou are not guareented planning again especially if you live in an area of amenity.
Maybe it's not the central issue here, but the mortgage figures seem very confusing, and possibly incorrect to me (as they seem to be to @LS400?).Paid €70k off the capital the interest is what has been paid circa €160k I think total to mortgage €230k to dates
up to €14,000 tax free would be a nice extra.another option is to convert our garage using the €35k which was built to house standards to a self contained flat for rental