Age: 39
Spouse’s age: 39
Annual gross: 67k
Annual gross of Spouse: 60k
Type of employment: both in health service
House value: 720k
Mortgage: 475k
Mortgage provider: NIB 2 year fixed 3.8%, ending August 2008
No other loans
Credit card: average monthly balance outstanding 350 Euro
Credit card current balance: 900 Euro
Savings/investments (combined savings including spouse): 31k (reinvested ssia’s in savings account, shares /ETF’s and Quinn-life European Fund)
Savings: Combined 450 Euro per month, of which 275 Euro invested in Quinn-life monthly.
Both in Health Superannuation scheme
No other property or investments
Children: 3 and 5 years
Crèche fee: Euro 1340 per month
Child Benefit used in monthly expenditure
Life insurance: reducing balance on mortgage
General household bills: standard for 4-bed semi
One shared car
Questions:
Can we improve on our current situation, bearing in mind if interest rates are the same this time next year we will be paying approx. 500 Euro more per month? Both working full time and trying to find a way of one of us taking parental leave to spend more time with our children. However the way crèche fees work the reduction in salary is not matched by the reduction in fees! Would also like a third child but feel too financially stretched at present.
Spouse’s age: 39
Annual gross: 67k
Annual gross of Spouse: 60k
Type of employment: both in health service
House value: 720k
Mortgage: 475k
Mortgage provider: NIB 2 year fixed 3.8%, ending August 2008
No other loans
Credit card: average monthly balance outstanding 350 Euro
Credit card current balance: 900 Euro
Savings/investments (combined savings including spouse): 31k (reinvested ssia’s in savings account, shares /ETF’s and Quinn-life European Fund)
Savings: Combined 450 Euro per month, of which 275 Euro invested in Quinn-life monthly.
Both in Health Superannuation scheme
No other property or investments
Children: 3 and 5 years
Crèche fee: Euro 1340 per month
Child Benefit used in monthly expenditure
Life insurance: reducing balance on mortgage
General household bills: standard for 4-bed semi
One shared car
Questions:
Can we improve on our current situation, bearing in mind if interest rates are the same this time next year we will be paying approx. 500 Euro more per month? Both working full time and trying to find a way of one of us taking parental leave to spend more time with our children. However the way crèche fees work the reduction in salary is not matched by the reduction in fees! Would also like a third child but feel too financially stretched at present.