Age: 32
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: €65K+ (Private)
Annual gross income of spouse:€30K (Self Employed)
In general are you spending more than you earn or are you saving? Yes
Rough estimate of value of home €265K
Amount outstanding on your mortgage: €135K
What interest rate are you paying? 5.94% Variable (Also over pay mortgage by €500pm)
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:
€41K Savings (4 Accounts)
€15K Bond
€6.5K Shares
€12K Quinn Life
Do you have a pension scheme? Yes - Contributing €500 pm
Do you own any investment or other property? No
Ages of children: 1 Child Aged 2
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We feel that we are squirling away a huge chunk of our income (around 30%) on savings, pensions and the mortgage overpayment. Our financial plan is very longterm - mortgage freedom and having enough put aside for our child. Short-term this leaves us very little room for luxuries / lifestyle. We are feeling very constrained. We would appreciate the perspective of those 10-15 years ahead of us, perhaps with teenage children who could give us the benefit of hindsight. We are in the creche paying phase of our lives, four years into our mortgage. Are we trying to do too much too soon or are we just being sensible giving the changing climate. We have both been through redundancy in the past and need a safety net should it happen again.
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: €65K+ (Private)
Annual gross income of spouse:€30K (Self Employed)
In general are you spending more than you earn or are you saving? Yes
Rough estimate of value of home €265K
Amount outstanding on your mortgage: €135K
What interest rate are you paying? 5.94% Variable (Also over pay mortgage by €500pm)
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:
€41K Savings (4 Accounts)
€15K Bond
€6.5K Shares
€12K Quinn Life
Do you have a pension scheme? Yes - Contributing €500 pm
Do you own any investment or other property? No
Ages of children: 1 Child Aged 2
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We feel that we are squirling away a huge chunk of our income (around 30%) on savings, pensions and the mortgage overpayment. Our financial plan is very longterm - mortgage freedom and having enough put aside for our child. Short-term this leaves us very little room for luxuries / lifestyle. We are feeling very constrained. We would appreciate the perspective of those 10-15 years ahead of us, perhaps with teenage children who could give us the benefit of hindsight. We are in the creche paying phase of our lives, four years into our mortgage. Are we trying to do too much too soon or are we just being sensible giving the changing climate. We have both been through redundancy in the past and need a safety net should it happen again.