Age: 36
Spouse’s/Partner's age: 29
Annual gross income from employment or profession: 75k
Annual gross income of spouse: 41k
Type of employment: Private sector
In general are you:
(a) saving for now,
Rough estimate of value of home 230k
Amount outstanding on your mortgage: 272k 22 years left €1350 pm
What interest rate are you paying? 3.86% fixed to Feb 2015
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Savings and investments: 35k Cash plus 2 redundancies on the way 25k Gross each approx
Do you have a pension scheme? 36k
Do you own any investment or other property? No
Ages of children: 5 months
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
My wife found out last week that she will be made redundant when she goes back from Maternity leave and will be out by Christmas. I found out yesterday that my company will be closing over a period of months starting with an initial clearout this month. This came totally out of the blue. I am not sure when my time will be up but it will be October at the latest and 3 weeks at the earliest. I am not sure what kind of tax comes out of the redundancies. 11 of it is statutory and the rest is lump sum.
Just looking for a few tips on how to prepare myself for the inevitable and how best to use the money we have to get by. Our income will go from 6k a month to €196 a week.
Outgoings are not massive usual stuff Gas Electricity
TV + Broadband €70 a month.
We had 2 company phones and she has a company car and they will go too.
Spouse’s/Partner's age: 29
Annual gross income from employment or profession: 75k
Annual gross income of spouse: 41k
Type of employment: Private sector
In general are you:
(a) saving for now,
Rough estimate of value of home 230k
Amount outstanding on your mortgage: 272k 22 years left €1350 pm
What interest rate are you paying? 3.86% fixed to Feb 2015
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Savings and investments: 35k Cash plus 2 redundancies on the way 25k Gross each approx
Do you have a pension scheme? 36k
Do you own any investment or other property? No
Ages of children: 5 months
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
My wife found out last week that she will be made redundant when she goes back from Maternity leave and will be out by Christmas. I found out yesterday that my company will be closing over a period of months starting with an initial clearout this month. This came totally out of the blue. I am not sure when my time will be up but it will be October at the latest and 3 weeks at the earliest. I am not sure what kind of tax comes out of the redundancies. 11 of it is statutory and the rest is lump sum.
Just looking for a few tips on how to prepare myself for the inevitable and how best to use the money we have to get by. Our income will go from 6k a month to €196 a week.
Outgoings are not massive usual stuff Gas Electricity
TV + Broadband €70 a month.
We had 2 company phones and she has a company car and they will go too.