I'm mainly looking for any suggestions on how to invest our savings with a few changes coming our way. We signed contracts to buy a house and also are expecting a baby. Questionnaire below:
Age: 30
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: 80,000
Annual gross income of spouse: 50,000
Monthly take-home pay : ~ 6600 (after some deductions to purchase company shares, pension contributions)
Type of employment: e.g. Civil Servant, self-employed : Both in private sector PAYE
In general are you:
(a) spending more than you earn, or
(b) saving? saving but never calculated how much exactly
Rough estimate of value of home : haven't bought one yet, currently renting (rent:1200pm) but will soon move into one costing ~ 340,000 EUR (10% deposit paid)
Amount outstanding on your mortgage: FTB so 90% will be outstanding
What interest rate are you paying? probably ulster bank 2.4%
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:
cash: 50,000
Stocks (employer shares, other large cap tech shares with broker etc.) : 80,000
Do you have a pension scheme?Yes
Mine: ~77,000 (employer contributes 5% and I try to put AVCs to avail the max tax benefit)
Spouse: 22,000 (started contributions only recently, plan to bump it up atleast for 2020 to get max tax benefit, employer gives 8%)
Do you own any investment or other property? None
Ages of children: expecting a baby this summer
Life insurance: employer provides 4x our base salaries
What specific question do you have or what issues are of concern to you?
1. My plan is to maximize pension contributions to avail of the full tax relief and then overpay mortage repayments with any remaining savings. Is that the right course of action or am I better off investing in stocks without overpaying mortgage.
2. Are there any better ways to save for the baby's future (expenses, education etc. )
Thanks a million!
Age: 30
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: 80,000
Annual gross income of spouse: 50,000
Monthly take-home pay : ~ 6600 (after some deductions to purchase company shares, pension contributions)
Type of employment: e.g. Civil Servant, self-employed : Both in private sector PAYE
In general are you:
(a) spending more than you earn, or
(b) saving? saving but never calculated how much exactly
Rough estimate of value of home : haven't bought one yet, currently renting (rent:1200pm) but will soon move into one costing ~ 340,000 EUR (10% deposit paid)
Amount outstanding on your mortgage: FTB so 90% will be outstanding
What interest rate are you paying? probably ulster bank 2.4%
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:
cash: 50,000
Stocks (employer shares, other large cap tech shares with broker etc.) : 80,000
Do you have a pension scheme?Yes
Mine: ~77,000 (employer contributes 5% and I try to put AVCs to avail the max tax benefit)
Spouse: 22,000 (started contributions only recently, plan to bump it up atleast for 2020 to get max tax benefit, employer gives 8%)
Do you own any investment or other property? None
Ages of children: expecting a baby this summer
Life insurance: employer provides 4x our base salaries
What specific question do you have or what issues are of concern to you?
1. My plan is to maximize pension contributions to avail of the full tax relief and then overpay mortage repayments with any remaining savings. Is that the right course of action or am I better off investing in stocks without overpaying mortgage.
2. Are there any better ways to save for the baby's future (expenses, education etc. )
Thanks a million!