Age: 38
Spouse: 42
Annual gross income : self €43,000
spouse: €41,500
Monthly take home pay self €2800
Spouse: €2500
Both private sector employees.
Breaking even every month but very little savings
value of home: €250,000
Mortgage left €115,000
Mortgage was low tracker with NIB 0.5% over ECB, now with Pepper Finance
Approx 12 years left
Repay €700 per month
Other Borrowings: €7000 loan left with credit union (approx 3 years left)
Repayments €195 a month
Pay Credit card off every month.
Savings - Approx €2200 in credit union but held as security on loan.
We have been saving our child benefit last few years in post office childcare savings account / think about €15,000 in it at the moment.
Both have small pensions.
I contribute 5% per month. My employer contributes 2.5%
Spouse has no company pension scheme but pays approx €100 per month into private pension
Life assurance -with Zurich life pay 485 per year
2 children - 9 & 7
No other savings/investments
Other monthly expenses:
Groceries €650
Health ins €180
Phone broadband €85
Electricity €130 per month
Cleaner €72
Childminder €120
sky €60
Other yearly bills work out at approx €400 per month
I feel like we have been waisting a lot of our money the last few years. Treating ourselves a lot too much (spent approx €9k on holidays last year). I know this is excessive & I have been trying to take more control of our finances the last few months.
Really want to increase our savings & pensions & not sure where to start. should we increase pension or pay of credit union first or just try to save for a rainy day? Also I know post office not the best place to save child benefit but we are a bit clueless of other alternatives?
Any advise greatly appreciated.
Thanks
Spouse: 42
Annual gross income : self €43,000
spouse: €41,500
Monthly take home pay self €2800
Spouse: €2500
Both private sector employees.
Breaking even every month but very little savings
value of home: €250,000
Mortgage left €115,000
Mortgage was low tracker with NIB 0.5% over ECB, now with Pepper Finance
Approx 12 years left
Repay €700 per month
Other Borrowings: €7000 loan left with credit union (approx 3 years left)
Repayments €195 a month
Pay Credit card off every month.
Savings - Approx €2200 in credit union but held as security on loan.
We have been saving our child benefit last few years in post office childcare savings account / think about €15,000 in it at the moment.
Both have small pensions.
I contribute 5% per month. My employer contributes 2.5%
Spouse has no company pension scheme but pays approx €100 per month into private pension
Life assurance -with Zurich life pay 485 per year
2 children - 9 & 7
No other savings/investments
Other monthly expenses:
Groceries €650
Health ins €180
Phone broadband €85
Electricity €130 per month
Cleaner €72
Childminder €120
sky €60
Other yearly bills work out at approx €400 per month
I feel like we have been waisting a lot of our money the last few years. Treating ourselves a lot too much (spent approx €9k on holidays last year). I know this is excessive & I have been trying to take more control of our finances the last few months.
Really want to increase our savings & pensions & not sure where to start. should we increase pension or pay of credit union first or just try to save for a rainy day? Also I know post office not the best place to save child benefit but we are a bit clueless of other alternatives?
Any advise greatly appreciated.
Thanks