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?).
You borrowed €405k at the start of 2008 on what seems to be a 38 year term and the balance has only dropped to €335k after 15 years? Seems strange to me. I would've expected the capital balance to be lower assuming rates of < 5% to date?
Is it ok to post tax credits cert here for comment or review?@Jollyman
You have said that short term cashflow is the main issue, esp after Santa and your wife on maternity leave.
As suggested by others, the first two things you should do is pay off the car loan and credit card from the 35k savings - both are likely to be high interest and by doing this you remove the interest payments. Think of it as a 2-5 year interest free loan if you want, and pay it back in once your wife is back working
Secondly, work out what your after tax income should be (no shortage of online calculators) - and check if you are jointly assessed [this may be useful for you if you wife has not been earning]. Also keep a tight track of what you spend money on for the next 2 months, and you will be amazed where some of it goes. Only then will you really put a proper budget in place - and try and stick to it
But as others said, you are not in a bad place, just cashflow is tight, and you have liquidity in the 35k that you need to use to aid better financial decisions. Ignore the other conversation on the other thread - this supersedes it !
Yes I believe your correct has to be adjoined to main buildingI thought the €14,000 tax free only applied to a room within the main house? Surely that’s a stand alone rental.
Remove all identifying information first. Are you jointly assessed?Is it ok to post tax credits cert here for comment or review?
You can reallocate the tax bands so you have 49k for 2023, so more of your income will be at lower rate, it'll help the cashflow, but not make any net difference to the year if your wife earns over 31k. You can do it online, and your employer will receive updated details for next payroll.Yes we are see attached
Her income gross for 2022 she only worked until start of march so approx €10kYou can reallocate the tax bands so you have 49k for 2023, so more of your income will be at lower rate, it'll help the cashflow, but not make any net difference to the year if your wife earns over 31k. You can do it online, and your employer will receive updated details for next payroll.
What was your wife's income in 2022? You might be due a decent tax refund.
Her maternity benefit was also taxable, but you're due a chunky enough refund based on the way credits / bands were split.Her income gross for 2022 she only worked until start of march so approx €10k
Bare in mind I was 24 when I got the mortgage only graduated on salary of €24k the €95k is only with the past yearView attachment 7056View attachment 7056View attachment 7057
Paying as per the advised charges have never overpayed
And that credit will be decided by us completing tax returns I assume and these should be done when? Thanks so much for the help and adviceHer maternity benefit was also taxable, but you're due a chunky enough refund based on the way credits / bands were split.
You can do it whenever you like now. Sooner you do it, the sooner you get the cash!And that credit will be decided by us completing tax returns I assume and these should be done when? Thanks so much for the help and advice
Thanks I’ll let you know how it goesYou can do it whenever you like now. Sooner you do it, the sooner you get the cash!
Yes we were young and naive mortgage with EBS Didn’t know what a tracker was and from memory was never presented as an option.Between 2013 and 2022 the ECB rate was low, 1% or less.
Yet your mortgage rate was 3.7% to 4.58%.
That seems like a relatively high mortgage rate?
That seems to be part of the reason the capital balance is not reducing?
Were you the guy on the bus?Yes we were young and naive mortgage with EBS Didn’t know what a tracker was and from memory was never presented as an option.
His 1st cousin (‘Were you the guy on the bus?
Yes have looked at that, our provider is not registered but the savings are not enough to entice us to move away from a resource the kids love and is convenient and flexible for us.Have you looked at the National Childcare Scheme if children are in a registered provider? Might make a saving there.
500 on children's activities - i presume swimming lessons, a good investment. I find there is pressure to have children signed up to everything and it's expensive in terms of time aswell as money. Worth thinking about.
Children go through clothes and toys. Lots of people clearing out things and would be happy to give them to you. I gave car seats and a cot to a colleague lately and he gave me a voucher for a sports shop for my crew. We both saved.
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