How big is your pension fund?Do you have a pension scheme? Yes
Annual gross income from employment or profession: 120k
Annual gross income of spouse:14k
Monthly take-home pay 5200
24k credit union loan 8.1%
3.5k ptsb loan 13.4%
1k Humm loan for phone
I want to consolidate my loans and want to borrow 8k for a family holiday.
This is the key issue that needs to be analysed and understood - e.g. using a spending diary or by going back through bank/card transactions. Even with 3 kids and a modest mortgage it's strange that you are seemingly overspending, borrowing at high rates, and not really saving on €134k p.a.In general are you:
(a) feels like I am spending more than you earn at times.
get holiday out of the way and get back on our feet, knock out the debt and start saving
Lender Avant
Interest rate 2.1
Fixed 10 years
Pension at the moment is 22k
Specifically:Pension at the moment is 22k
I'm not so sure. There is household gross income of €134k and wealth three times in excess of debt. That's pretty healthy for a couple of that age.Sorry to break the bad news, but you can't afford to spend €8k on a holiday.
I don't understand what this means.Apologies, some of my figures may be out.
I salary forgo for 7 months of the year also.
But they're spending more than they earn, don't seem to know why, and racking up expensive debts in addition to the mortgage?I'm not so sure. There is household gross income of €134k and wealth three times in excess of debt. That's pretty healthy for a couple of that age.
I agree, but while also understanding where all the money is going and why.An immediate and obvious fix is to sell €20k of shares to pay off most of the high-interest debt.
I agree they don't need more debt interest.Borrowing €8k for a holiday in the circumstances as described so far would be very irresponsible.
It is if they're already living beyond their means, no matter how generous.I agree they don't need more debt interest.
But it’s a good level of income and wealth and I dont think an €8k holiday is an extravagance.
In general are you:
(a) feels like I am spending more than you earn at times.
- You need to clear these immediately with the 20K shares and really going at them to clear this year.
- You cant afford to go on holiday or consolidate anything.
- You should also do a deep dive into where day to day cash is going as your salary is pretty good.
not sure what kind of holidays people are booking if they think 6k is extravagant for a family of 6 (incl the grandparent)
you are a high income household and can get yourself out of it quickly enough.
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