Age: 37
Spouse’s/Partner's age: N/A
Annual gross income from employment or profession: €62,000
Annual gross income of spouse: N/A
Monthly take-home pay: €3,300 (plus €1000 rental income)
Type of employment: PAYE
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending what I have
Rough estimate of value of home €220,000
Amount outstanding on your mortgage: €287,000
What interest rate are you paying? Have a tracker rate of 1.25% above ECB
Other borrowings – car loans/personal loans etc
Overdraft on my current account of €500
Credit Union loan of €12,000 which paid for a mobile holiday home
Do you pay off your full credit card balance each month?
Don’t have any active credit cards
If not, what is the balance on your credit card?
I have an outstanding credit card balance with Tesco of €1500, the interest is frozen on it and I have not made any payments in circa 3 years, I get a monthly statement from them but have not had any letters or calls demanding payments so have concentrated on clearing other loans
Savings and investments: €1300 in the credit union where I have my loan
Do you have a pension scheme? Yes PRSA scheme
Do you own any investment or other property?
I currently rent out my apartment and live with my parents, net rental income is circa €1000 per month
Ages of children: N/A
Life insurance: Mortgage protection and 4 x times salary through my pension scheme
Monthly Outgoings
Mortgage 900
Rent 600
Management Fees 100
Credit Union loan 350
Property Tax 20
Life Assurance 50
Phone 40
Car Tax 36
Car Insurance 41
Site fee 200
What specific question do you have or what issues are of concern to you?
I moved out of my apartment and back with my parents when the recession hit and I was unemployed for a while, it has taken me a few years but I have now built back up my career and am earning decent money again. I now have much more disposable income than I ever had but am spending pretty much everything I have and having a great time again ha! I have had a couple of unexpected expenses recently (dental work and a new boiler) so that has wiped out the small amount of savings I had built up since last year.
I pay my parents €600 per month which covers bills / food etc so I don’t have any monthly utilities as such. I probably spend about €2k pa on holidays which are important to me.
Within the next 12 - 18 months I would like to be able to change cars and be in a position to move back into my apartment having refurbished it (it has been rented out for 6 years so will be starting from scratch again). I'm not in any immediate hurry to move out of my parents house (for various reasons it suits us all for me to be home at the moment, but don't want to be there forever and my single status doesn't look like changing any time soon!!)
What I would like to know is
-How much should I be aiming to save monthly and where should I save it?
-Should I aim to save money to buy a car outright or put cash into clearing my credit union loan and then organising to buy a car through HP / PCP finance. My current car is over 10 years old and worth about €3k. I am doing a lot more driving in my current role so would like to purchase a 3-5 year old car ideally so I’d imagine I would need circa €15k.
-What should I do about the Tesco credit card – I got an ICB report about 8 months ago and it was showing on that, but they haven’t chased me to pay it so I have spent the past couple of years clearing off other arrears on my mortgage and credit cards.
-While the credit union have lent me money over the past couple of years I do have a bad credit history, would this prevent me from obtaining car finance?
Thanks in advance for any suggestions
Spouse’s/Partner's age: N/A
Annual gross income from employment or profession: €62,000
Annual gross income of spouse: N/A
Monthly take-home pay: €3,300 (plus €1000 rental income)
Type of employment: PAYE
In general are you:
(a) spending more than you earn, or
(b) saving?
Spending what I have
Rough estimate of value of home €220,000
Amount outstanding on your mortgage: €287,000
What interest rate are you paying? Have a tracker rate of 1.25% above ECB
Other borrowings – car loans/personal loans etc
Overdraft on my current account of €500
Credit Union loan of €12,000 which paid for a mobile holiday home
Do you pay off your full credit card balance each month?
Don’t have any active credit cards
If not, what is the balance on your credit card?
I have an outstanding credit card balance with Tesco of €1500, the interest is frozen on it and I have not made any payments in circa 3 years, I get a monthly statement from them but have not had any letters or calls demanding payments so have concentrated on clearing other loans
Savings and investments: €1300 in the credit union where I have my loan
Do you have a pension scheme? Yes PRSA scheme
Do you own any investment or other property?
I currently rent out my apartment and live with my parents, net rental income is circa €1000 per month
Ages of children: N/A
Life insurance: Mortgage protection and 4 x times salary through my pension scheme
Monthly Outgoings
Mortgage 900
Rent 600
Management Fees 100
Credit Union loan 350
Property Tax 20
Life Assurance 50
Phone 40
Car Tax 36
Car Insurance 41
Site fee 200
What specific question do you have or what issues are of concern to you?
I moved out of my apartment and back with my parents when the recession hit and I was unemployed for a while, it has taken me a few years but I have now built back up my career and am earning decent money again. I now have much more disposable income than I ever had but am spending pretty much everything I have and having a great time again ha! I have had a couple of unexpected expenses recently (dental work and a new boiler) so that has wiped out the small amount of savings I had built up since last year.
I pay my parents €600 per month which covers bills / food etc so I don’t have any monthly utilities as such. I probably spend about €2k pa on holidays which are important to me.
Within the next 12 - 18 months I would like to be able to change cars and be in a position to move back into my apartment having refurbished it (it has been rented out for 6 years so will be starting from scratch again). I'm not in any immediate hurry to move out of my parents house (for various reasons it suits us all for me to be home at the moment, but don't want to be there forever and my single status doesn't look like changing any time soon!!)
What I would like to know is
-How much should I be aiming to save monthly and where should I save it?
-Should I aim to save money to buy a car outright or put cash into clearing my credit union loan and then organising to buy a car through HP / PCP finance. My current car is over 10 years old and worth about €3k. I am doing a lot more driving in my current role so would like to purchase a 3-5 year old car ideally so I’d imagine I would need circa €15k.
-What should I do about the Tesco credit card – I got an ICB report about 8 months ago and it was showing on that, but they haven’t chased me to pay it so I have spent the past couple of years clearing off other arrears on my mortgage and credit cards.
-While the credit union have lent me money over the past couple of years I do have a bad credit history, would this prevent me from obtaining car finance?
Thanks in advance for any suggestions