G
Gleego
Guest
Hello,
I am about to be made redundant after less than 12 months service. My employer is offering a generous severance package of six months salary plus car allowance plus bonus which amounts to approx. 33,000. In addition we recently got married and after clearing all bills associated with the wedding have 6,500 in savings left. My initial thought with the redundancy money was to pay 25,000 off our mortgage and add 5,000 to our savings and put the savings total of 11500 into a deposit account. (Need to keep 3k as a reserve in current account). My question or advice required is do you think this is a sensible thing to do or should we invest the 36.5k in a investment product? Thanks in advance.
Our current situation is as follows:
Age: 33
Spouse’s/Partner's age: 28
Annual gross income from employment or profession: 89k
Annual gross income spouse: 45k
Type of employment: About to be made redundant but have contracting work arranged after this (70euro/hr) until something more permanent comes up.
Expenditure pattern: In general are you spending more than you earn or are you saving? Saving
Rough estimate of value of home: 310k
Mortgage on home: 214k
Mortgage provider: AIB
Type of mortgage: Tracker
Interest rate: 4.75%
Other borrowings: Car Loan 35k
Do you pay off your full credit card balance each month? Yes
Savings and investments:
Shares: 6k
Cash: 36.5k
Do you have a pension scheme?
We both have Defined Benefit pensions from previous employers. I have 11 years service, she has 6 years. No AVC's.
Do you own any investment or other property? No
Ages of children: None
Life insurance: Life and Critical Illness with Hibernian
I am about to be made redundant after less than 12 months service. My employer is offering a generous severance package of six months salary plus car allowance plus bonus which amounts to approx. 33,000. In addition we recently got married and after clearing all bills associated with the wedding have 6,500 in savings left. My initial thought with the redundancy money was to pay 25,000 off our mortgage and add 5,000 to our savings and put the savings total of 11500 into a deposit account. (Need to keep 3k as a reserve in current account). My question or advice required is do you think this is a sensible thing to do or should we invest the 36.5k in a investment product? Thanks in advance.
Our current situation is as follows:
Age: 33
Spouse’s/Partner's age: 28
Annual gross income from employment or profession: 89k
Annual gross income spouse: 45k
Type of employment: About to be made redundant but have contracting work arranged after this (70euro/hr) until something more permanent comes up.
Expenditure pattern: In general are you spending more than you earn or are you saving? Saving
Rough estimate of value of home: 310k
Mortgage on home: 214k
Mortgage provider: AIB
Type of mortgage: Tracker
Interest rate: 4.75%
Other borrowings: Car Loan 35k
Do you pay off your full credit card balance each month? Yes
Savings and investments:
Shares: 6k
Cash: 36.5k
Do you have a pension scheme?
We both have Defined Benefit pensions from previous employers. I have 11 years service, she has 6 years. No AVC's.
Do you own any investment or other property? No
Ages of children: None
Life insurance: Life and Critical Illness with Hibernian