Make my money work for me.

[jimmyd]

Age: 30
Spouse’s/Partner's age: Girlfriend age 29 – not living with me as yet.

Annual gross income from employment or profession: 37K
I take home €583 after all taxes/prsi and pension are deducted.
Annual gross income of spouse: n/a

Type of employment: IT industry

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

Rough estimate of value of home €350K
Amount outstanding on your mortgage: €112K
What interest rate are you paying? 4.850%

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?

Savings and investments: Bank 20K saved, Credit Union €3,400.

Do you have a pension scheme? Yes, I pay €60 per month and my employeer matche’s its monthly. Started in Feb 08, I transferred €3000 from previous pension scheme

Do you own any investment or other property? No

Ages of children: No

Life insurance: Yes


What specific question do you have or what issues are of concern to you?
I drive a 2000 VW Diesel car and during the week I have a work van so the car is used at weekend’s and my diesel is paid for in the van.
I am wondering is there more I should be at with my savings to get a better return?

As with alot of jobs at the moment I do not know how secure my job is.

Also I am wondering if I could upgrade my car a few years and maybe take out insurance incase my job goes.

 

[ClubMan]

I am wondering is there more I should be at with my savings to get a better return?

Well if you mean in terms of deposits then see here.

I presume that the life assurance is actually mortgage protection life assurance? If not then why do you have it at all?

 

[jimmyd]

Yes the life insurance is mortgage protection insurance. It pays the value of the mortgage at the time if I drop off.

I will have a look at that link -Thanks

 

[Vanilla]

I presume that the life assurance is actually mortgage protection life assurance? If not then why do you have it at all?

I don't understand this reply?

 

[ClubMan]

I don't understand this reply?

The original poster mentioned having life assurance. I wondered if they meant general life assurance. If it was then since they are a single person with no kids or dependents they arguably hardly need it. However it turns out that it's just mortgage protection life assurance linked to the mortgage which is a different matter.