Age: 45
Spouse’s/Partner's age: 50
Annual gross income from employment or profession: €15600
Annual gross income of spouse:33280
Have both taken a wage cut this week, amounting to €300 per week between us
Type of employment: I am PAYE, spouse is Self employed
Currently saving small amounts regularly but also using Credit Cards too much.
Rough estimate of value of home - 550k
Amount outstanding on your mortgage: 70k
What interest rate are you paying: 3.55% variable -= repayments currently €512 per month
Other borrowings – car loans/personal loans etc Car loan €300 per month until May 2012 (€15k over 5 yrs loan)
Van loan €320 per month until June 2011 (€15k over 5 years)
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €13500 over 4 different cards
Savings and investments:2k in First Active, 2k in Anglo Irish, 2k in Credit Union - have been saving 200 euro a month to First Active.
Do you have a pension scheme? Have been putting €100 per month into PRSA but just cancelled as have both taken a cut in wages
Do you own any investment or other property? No
Ages of children: 1, aged 12
Life insurance: Yes - to cover mortgage & spouse has other policies for work.
What specific question do you have or what issues are of concern to you?
Monthly outgoings of €1775 per month, covered by weekly transfer to budget account of 375 & child benefit.
Was intending to lodge €100 per week to Cr Union or Instant Access savers account to cover irregular bills, eg car tax, car servicing, heating oil, tv licence, etc.
Then pay €100 per week off credit card balances.
This leaves us with €575 per week to cover food bills, diesel & other day to day expenses.
Would appreciate advice on whether this is making best use of available money - should I be using savings to pay off credit cards?
There is also a high possibility that I may lose my job entirely & spouse may be cut back further so we really need to get a grip on the situation now & set ourselves up for that.
Spouse’s/Partner's age: 50
Annual gross income from employment or profession: €15600
Annual gross income of spouse:33280
Have both taken a wage cut this week, amounting to €300 per week between us
Type of employment: I am PAYE, spouse is Self employed
Currently saving small amounts regularly but also using Credit Cards too much.
Rough estimate of value of home - 550k
Amount outstanding on your mortgage: 70k
What interest rate are you paying: 3.55% variable -= repayments currently €512 per month
Other borrowings – car loans/personal loans etc Car loan €300 per month until May 2012 (€15k over 5 yrs loan)
Van loan €320 per month until June 2011 (€15k over 5 years)
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €13500 over 4 different cards
Savings and investments:2k in First Active, 2k in Anglo Irish, 2k in Credit Union - have been saving 200 euro a month to First Active.
Do you have a pension scheme? Have been putting €100 per month into PRSA but just cancelled as have both taken a cut in wages
Do you own any investment or other property? No
Ages of children: 1, aged 12
Life insurance: Yes - to cover mortgage & spouse has other policies for work.
What specific question do you have or what issues are of concern to you?
Monthly outgoings of €1775 per month, covered by weekly transfer to budget account of 375 & child benefit.
Was intending to lodge €100 per week to Cr Union or Instant Access savers account to cover irregular bills, eg car tax, car servicing, heating oil, tv licence, etc.
Then pay €100 per week off credit card balances.
This leaves us with €575 per week to cover food bills, diesel & other day to day expenses.
Would appreciate advice on whether this is making best use of available money - should I be using savings to pay off credit cards?
There is also a high possibility that I may lose my job entirely & spouse may be cut back further so we really need to get a grip on the situation now & set ourselves up for that.