Joining Guards - need financial advice

T

tunner

Guest
Age: 32
Spouse’s/Partner's age: 29

Annual gross income from employment or profession: 45000
Annual gross income spouse:28000

Type of employment: e.g. Civil Servant, self-employed : Private

Expenditure pattern: In general are you spending more than you earn or are you saving? Saving

Rough estimate of value of home 450,000
Mortgage on home 300,000
Mortgage provider: TSB
Type of mortgage: Tracker, interest only, fixed rate: Fixed Rate
Interest rate 4.6

Other borrowings – car loans/personal loans etc: None

Do you pay off your full credit card balance each month? NO
If not, what is the balance on your credit card? 1200

Savings and investments: 2,500

Do you have a pension scheme? No Not currently

Do you own any investment or other property? NO

Ages of children: n/a
Life insurance:

________________________________


Hello,
I am looking for advice here if possible??? I am starting a career in the Guards on May 6th but I will be in training for 1 year, and therefore on a training allowance instead of a salary, so I see my options as follows;

1. Take out a credit union Loan to cover the payments for the year
2. Take a mortgage break for the year or for 6 months
3. Pay Interest only on the mortgage for 6 - 12 months

I was wondering if anyone might be able to advise me as to which option would cost me the least overall or if there are any other options I should explore? I am 32 and my wife also works but I dont want her to have to pay any more than she pays twords the mortgage now. The mortgage costs us about 1300 a month. I have given up a good job on 45K to start this as I always wanted to be a guard.

Has anyone any suggestions? All welcome and appreciated.
 
HI tunner

good for you a great move.My sisters hubby is 33 and is a new trainee and loves it.I know the money is low starting off but the credit union in the guards is very helpful.I would take a mortgage break and give yourself a breather.It is a lifetime job, pension and other perks.Trust me my partner is a detective and has a few houses and earns about €85,000 to €90,000 a year. a lot of people are losing jobs so the civil service is a good job.
 
Hi
Ya know where you coming from, except the other way round- my husband wants to join he's 33 and works as a courier, I'm 28 and employed fulltime in semi gov job. He needs to repeat his leaving cert maths first.
He always wanted to join the gardai too, so I'm not going to stand in his way but the financial burden will fall to me. I earn a good wage, but my income would certainly not cover all of our monthly expenses. We have two young children also. Our bank manager is a really nice guy and i'm sure he would help us out.

Let me know how you are getting on please.
 
hi

my sisters hubby had to repeat the maths aswell,the other day he thanked me for pushing him to do it.he is so happy in his new job.Ask your bank can you do interest only or do a break for 6 months mortgage free.the garda credit union is very helpful with student loans.go for it he will only regret it the cutt of age is 35.you may be a bit stretched for a while but trust me it will be worth it!!
 
I think I might try for the 6 months freeze option.At least with that you just add the 6 months onto the end of your mortgage whereas if you go for the interest free option, when you revert back you will be paying more back each month. I am delighted to be starting in May and I am glad that I can work my as off an get rewarded for it and if I need more money I can just ask for overtime. AND I never have to worry about losing my job anymore. That is such a weight off my shoulders, our shoulders. Im in sales and every month there is a new target and your last one is just forgotten about....

If anyone is in the same boat as me then as I was told, dont let the financials be the reason you dont go for it. Having said that, i am worried that the lack of financial freedom will stress us both out. SNOWBALL. thanks for all your input on this thread...
 
tunner said:
I think I might try for the 6 months freeze option.At least with that you just add the 6 months onto the end of your mortgage whereas if you go for the interest free option, when you revert back you will be paying more back each month. I am delighted to be starting in May and I am glad that I can work my as off an get rewarded for it and if I need more money I can just ask for overtime. AND I never have to worry about losing my job anymore. That is such a weight off my shoulders, our shoulders. Im in sales and every month there is a new target and your last one is just forgotten about....

If anyone is in the same boat as me then as I was told, dont let the financials be the reason you dont go for it. Having said that, i am worried that the lack of financial freedom will stress us both out. SNOWBALL. thanks for all your input on this thread...
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NEVER let money be a reason not to follow your dream. definitely go for it. so what if cash flow is short once the mortgage is sorted. money cant buy peace of mind - which is what you will have if you do the things you wont to do. no point having loads of money and loads of regrets to go with it. you cant take it with you!!!!

remember - this aint dress rehearsal - this is IT - you only get one chance in this life - use it the way you want and dont let money be your master.
 
use it the way you want and dont let money be your master.
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I'll try that line with the bank manager when I'm behind 6 months on my mortgage ;-) I'm sure he;ll understand :-o
 
if you are joining the guards, better learn how to spell it first, its not guards, its gardai, and you will be a Garda, not a guard.
 
scati said:
if you are joining the guards, better learn how to spell it first, its not guards, its gardai, and you will be a Garda, not a guard.
Click to expand...

You should know that spelling and nomenclature are two different things.
Capitals are used at the beginning of a sentence.

Tunner's spelling is fine. Your editorial skills are not.

Best Of Luck, Tunner.
 
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Yes bluebells i know you have a thing about editing standards.iol. But this is not the irish times, its only a quick reply. And i wish tunner the best of luck 2, but if he/she is going to become a member of that organisation then he/she should know it is not a simply a term for naming the men and women that makeup the irish police force, but simply the english spelling of an irish word. You're not british bluebells, by any chance.
 
i agree if y cant post something useful then dont post at all
 
Thanks for all those who replied with something useful. And to the ones who take the time to post stupid comments, grow up!
 
I thought there was an age limit of 27 in place fore joinig the Gardai.
I'm obviously wrong or has this changed recently ??

I have a question. If one were to have laser eye surgery to correct short sightedness would that be sufficient to pass the eye exam ??
 
The age was increased to 35 afew years ago and the height restrictions have now been abolished. There were afew people at the ledical with me that had the eye operation and had passed the medical so it doesnt seem to be a problem. Its the BMI exam that was catching most people im afraid.

Hope this helps.
 
Pauliwalnuts said:
I thought there was an age limit of 27 in place fore joinig the Gardai.
I'm obviously wrong or has this changed recently ??

I have a question. If one were to have laser eye surgery to correct short sightedness would that be sufficient to pass the eye exam ??
Click to expand...


I know someone who passed the eye exam wearing contact lenses!;)
 
Hi,

Thanks for sharing the useful information.

Here is an important financial advice.

First plan for emergencies, illness, disablement and death. It is important to have term and health insurance. Purchase your insurance when you are young because it is much cheaper.
 
Pauliwalnuts said:
I have a question. If one were to have laser eye surgery to correct short sightedness would that be sufficient to pass the eye exam ??
Click to expand...

Laser eye surgery will suffice - my boyfriend is a Guard and had this done prior to the medical.

To the OP - I agree that money should not be an obstacle and I wish you the best of luck with it. However, one thing you need to be aware of is that after your training you may be sent somewher that is a considerable distance from your family. I'm not trying to depress you, just to point out the possibility. My boyfriend was sent over a two hour drive from where we are based and has been there for over two years now. There is another fellow in the same station who has a child and has been trying to be transferred for ages and is still waiting. In my opinion, the Guards are not the most family friendly set up.
 
it is great to have rose tinted glasses, one you will take years for you reach 45k in your wages again, you cannot ask for overtime and there is major cutbacks in this side of policing and you will be surprised howlittle the wages are along with all the cuts that have come recently. another poster made a good point you could potentiallly end up far from your wife and have to get a second accomadation for your working days. to avoid this i would avoid telling them where all your relatives are and think about pregnancy prior to phase four posting.you are a number now not a person, common sense does not prevail in an garda siochana when it comes to personell issues
 
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