Regular reader of this forum, first time poster. Any advise is greatly appreciated...
Age: 42
Spouse’s/Partner's age: 44
Annual gross income from employment or profession: 57k
Annual gross income of spouse: 80k
Monthly take-home pay: approx 7k
Type of employment: Private employee and Public Service.
In general are you:
(a) spending more than you earn, or
(b) saving
Saving: Currently saving 2k a month (can increase this to 2.5k)
Rough estimate of value of home: 280k
Amount outstanding on your mortgage:
140k
What interest rate are you paying?
2.25% (monthly repayments €750)
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
120k cash in bank accounts
Do you have a pension scheme?
Yes, partner has defined benefit scheme, My pension pot currently at 80k (I contribute 4%, Company 5%)
Do you own any investment or other property?
No
Ages of children:
8,7,4
Life insurance:
Yes,basic
So, things I'd like to do:
We had planned on doing a renovation and extension to our existing house starting this summer and were saving hard to reduce the amount of topup mortgage.
Projected costings of renovation and extension were €300k but with material and labour price increases in construction this figure was increasing every week so we have parked the project for the time being.
We will have to do the project or a paired back version in the next few years but we can live in the house in the meantime. Its hard to know what the construction industry will be like in the next few years (brexit, supply chains, material shortage due to covid, labour shortages) but we can’t see us starting the project again in the next 2 years.
We have 120k in savings now just sitting in our accounts doing nothing and we believe we can continue to save 2.5k monthly going forward.
We would be very grateful for advice on what we should do with our current savings to ensure we are making the best use of it.
Many Thanks
Age: 42
Spouse’s/Partner's age: 44
Annual gross income from employment or profession: 57k
Annual gross income of spouse: 80k
Monthly take-home pay: approx 7k
Type of employment: Private employee and Public Service.
In general are you:
(a) spending more than you earn, or
(b) saving
Saving: Currently saving 2k a month (can increase this to 2.5k)
Rough estimate of value of home: 280k
Amount outstanding on your mortgage:
140k
What interest rate are you paying?
2.25% (monthly repayments €750)
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
120k cash in bank accounts
Do you have a pension scheme?
Yes, partner has defined benefit scheme, My pension pot currently at 80k (I contribute 4%, Company 5%)
Do you own any investment or other property?
No
Ages of children:
8,7,4
Life insurance:
Yes,basic
So, things I'd like to do:
We had planned on doing a renovation and extension to our existing house starting this summer and were saving hard to reduce the amount of topup mortgage.
Projected costings of renovation and extension were €300k but with material and labour price increases in construction this figure was increasing every week so we have parked the project for the time being.
We will have to do the project or a paired back version in the next few years but we can live in the house in the meantime. Its hard to know what the construction industry will be like in the next few years (brexit, supply chains, material shortage due to covid, labour shortages) but we can’t see us starting the project again in the next 2 years.
We have 120k in savings now just sitting in our accounts doing nothing and we believe we can continue to save 2.5k monthly going forward.
We would be very grateful for advice on what we should do with our current savings to ensure we are making the best use of it.
Many Thanks