E
Elveera
Guest
Age: 31
Annual gross income from employment or profession: 46,500
Partner: 45,000
Type of employment: Charity sector, management level, and TV production industry, technical side
In general are you:
(a) spending more than you earn: No
(b) saving: Yes, I am saving €100 a month into Rabodirect. Boyfriend saving nothing at the moment.
Rough estimate of value of home: 320,000 (can’t guage what it’s worth as houses in the area are all dropping hugely, this is a positive take) 19 years left on the mortgage. Repayments are €1440 per month.
Amount outstanding on your mortgage: 308,000
Other borrowings – car loans/personal loans etc: No
Do you pay off your full credit card balance each month: Yes. No debt there.
Savings and investments: He has no pension but savings of about €10,000. We have a car worth about €1,750 which we bought for cash - no loan.
Do you have a pension scheme: I have pension in AIB, which has halved, now worth about €11,000.
Do you own any investment or other property: No
Ages of children: None
Question 1: My boyfriend’s job is very shaky and in the past 3 months his employer, who has cash flow problems, is paying him ‘late’ and in instalments. I could envisage him being laid off by April 2010, but we don’t know. I would like to plan for this eventuality and so would like advice on how much money we need to save up for this, and what kind of help he would get from the social welfare.
Question 2: We bought in mid 2008 but had no idea prices would drop so far. Houses in our area (North Inner City) are plummeting in value and houses on our road are not selling. I am expecting we will be in negative equity by the New Year and I am finding the area rough to live in. I would like advice on whether (a) the best option is to wait for the prices to stabilise and keep saving or (b) sell now and start renting in a nicer part of town. I imagine the house would not sell for months and months, so (b) is probably not an option.
Annual gross income from employment or profession: 46,500
Partner: 45,000
Type of employment: Charity sector, management level, and TV production industry, technical side
In general are you:
(a) spending more than you earn: No
(b) saving: Yes, I am saving €100 a month into Rabodirect. Boyfriend saving nothing at the moment.
Rough estimate of value of home: 320,000 (can’t guage what it’s worth as houses in the area are all dropping hugely, this is a positive take) 19 years left on the mortgage. Repayments are €1440 per month.
Amount outstanding on your mortgage: 308,000
Other borrowings – car loans/personal loans etc: No
Do you pay off your full credit card balance each month: Yes. No debt there.
Savings and investments: He has no pension but savings of about €10,000. We have a car worth about €1,750 which we bought for cash - no loan.
Do you have a pension scheme: I have pension in AIB, which has halved, now worth about €11,000.
Do you own any investment or other property: No
Ages of children: None
Question 1: My boyfriend’s job is very shaky and in the past 3 months his employer, who has cash flow problems, is paying him ‘late’ and in instalments. I could envisage him being laid off by April 2010, but we don’t know. I would like to plan for this eventuality and so would like advice on how much money we need to save up for this, and what kind of help he would get from the social welfare.
Question 2: We bought in mid 2008 but had no idea prices would drop so far. Houses in our area (North Inner City) are plummeting in value and houses on our road are not selling. I am expecting we will be in negative equity by the New Year and I am finding the area rough to live in. I would like advice on whether (a) the best option is to wait for the prices to stabilise and keep saving or (b) sell now and start renting in a nicer part of town. I imagine the house would not sell for months and months, so (b) is probably not an option.