housemurph99
Registered User
- Messages
- 7
Age:
35
Spouse’s/Partner's age:
35
Annual gross income from employment or profession:
E63,000 with 15% - 25% bonus(10k-15k)
Annual gross income spouse:
E38,000 with 10% bonus
Type of employment:
Both private sector employees
Expenditure pattern:
We moved into a new house Jan 2021 and have been spending a lot of money doing it up.
We have circa €6k coming in monthly.
Rough estimate of value of home
E520,000
Mortgage on home
E340K - currently paying 1,220 plus 100 overpayment. Total 1,320
Ulster Bank 2.2% fixed until Jan 2026
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
No CC
Savings and investments:
E30k in Zurich Fund where we also invest €140 children's allowance from Dec 21, so only 5 months premium gone in. 3
Keep 3k in credit union where we use for unexpected items and then top back up to 3k
Do you have a pension scheme?
Yes, I have 90k from my previous employer. My current company does not currently contribute towards pension. I am in the process of setting up PRSA.
Herself has 80k from previous employer. In process of joining company scheme where she will put 5% away and that is matched by the company.
Do you own any investment or other property?
No.
Ages of children:
2 and expecting another in July.
Life insurance:
Basic Mortgage Protection @350k
Job have death in service benefits and income protection.
What specific question do you have or what issues are of concern to you?
Pension? I was planning on a monthly contribution of 10% salary into a PRSA.
Is the mortgage overpayment necessary? It was purely to lower the term of the mortgage from 35 to 30 years.
Children's allowance investment? Should I increase pension instead to take advantage of tax relief?
We are lucky that we have had no child care costs to date. This might change but would be max €600 as we are able to rely on family for dig out.
We went straight into work from school so have had to work hard to be in current position and would like some pointers to achieve better financial situation. Any advice would be greatly appreciated.
Thanks.
35
Spouse’s/Partner's age:
35
Annual gross income from employment or profession:
E63,000 with 15% - 25% bonus(10k-15k)
Annual gross income spouse:
E38,000 with 10% bonus
Type of employment:
Both private sector employees
Expenditure pattern:
We moved into a new house Jan 2021 and have been spending a lot of money doing it up.
We have circa €6k coming in monthly.
Rough estimate of value of home
E520,000
Mortgage on home
E340K - currently paying 1,220 plus 100 overpayment. Total 1,320
Ulster Bank 2.2% fixed until Jan 2026
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
No CC
Savings and investments:
E30k in Zurich Fund where we also invest €140 children's allowance from Dec 21, so only 5 months premium gone in. 3
Keep 3k in credit union where we use for unexpected items and then top back up to 3k
Do you have a pension scheme?
Yes, I have 90k from my previous employer. My current company does not currently contribute towards pension. I am in the process of setting up PRSA.
Herself has 80k from previous employer. In process of joining company scheme where she will put 5% away and that is matched by the company.
Do you own any investment or other property?
No.
Ages of children:
2 and expecting another in July.
Life insurance:
Basic Mortgage Protection @350k
Job have death in service benefits and income protection.
What specific question do you have or what issues are of concern to you?
Pension? I was planning on a monthly contribution of 10% salary into a PRSA.
Is the mortgage overpayment necessary? It was purely to lower the term of the mortgage from 35 to 30 years.
Children's allowance investment? Should I increase pension instead to take advantage of tax relief?
We are lucky that we have had no child care costs to date. This might change but would be max €600 as we are able to rely on family for dig out.
We went straight into work from school so have had to work hard to be in current position and would like some pointers to achieve better financial situation. Any advice would be greatly appreciated.
Thanks.