Age: 40
Spouse’s/Partner's age: 41
Annual gross income from employment or profession:
Annual gross income of spouse:
Monthly take-home pay -450 a week me ,460 a week wife.
Type of employment: e.g. Civil Servant, self-employed - both civil servants since 1999.
In general are you:
(a) spending more than you earn, or
(b) saving?
We are just getting by week to week , anything major ,holidays , house or car repairs comes from credit union savings.
Rough estimate of value of home 325k
Amount outstanding on your mortgage: 160k
What interest rate are you paying? 1.1%
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? No credit cards .
If not, what is the balance on your credit card?
Savings and investments:
210k state savings accessible from Nov 2022
50k in shares , 10 blue chips split equally.
5k in credit union emergency fund.
Do you have a pension scheme?
Im not sure about this I assume we get a civil service pension ? But we both reduced our hours to work 3 days a week , we are both working 3 days a week since 2013.
Do you own any investment or other property?
No
Ages of children: 2,4,9,12
Life insurance: No , other than with mortgage.
What specific question do you have or what issues are of concern to you?
We are a bit lost lately overwhelmed by how much money we are eating into our savings by.
Some history, we met in civil service and both myself and wife where good savers. Our first child was very difficult and is autistic and as such never settled with child minders . Along came the second child and we made the decision to reduce our hours and be at home as the stress of organising childcare and missing work was too great.
We where very lucky to be left money from an aunt of my wife around this time. After some home improvements we put the remainder in 6 year state savings mainly because it was been used on day to day expenses. This is accessible in 2022.
At the moment we are just getting by , life feels expensive and we have been passed over for promotions in work because we can't commit to 5 days a week.
I can't see a way that we can go back to work full time until the youngest is at least maybe 13 so that leaves us another 10 years on reduced working hours.
Our second youngest now is also been assessed for autism and is very difficult.
I've no clue what to do with the money from state savings next year , should we pay off mortgage ? Start a private pension ? ( We are both low rate tax payers )Invest privately ?
Or put in bank and use it as needed.
Thanks
Spouse’s/Partner's age: 41
Annual gross income from employment or profession:
Annual gross income of spouse:
Monthly take-home pay -450 a week me ,460 a week wife.
Type of employment: e.g. Civil Servant, self-employed - both civil servants since 1999.
In general are you:
(a) spending more than you earn, or
(b) saving?
We are just getting by week to week , anything major ,holidays , house or car repairs comes from credit union savings.
Rough estimate of value of home 325k
Amount outstanding on your mortgage: 160k
What interest rate are you paying? 1.1%
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? No credit cards .
If not, what is the balance on your credit card?
Savings and investments:
210k state savings accessible from Nov 2022
50k in shares , 10 blue chips split equally.
5k in credit union emergency fund.
Do you have a pension scheme?
Im not sure about this I assume we get a civil service pension ? But we both reduced our hours to work 3 days a week , we are both working 3 days a week since 2013.
Do you own any investment or other property?
No
Ages of children: 2,4,9,12
Life insurance: No , other than with mortgage.
What specific question do you have or what issues are of concern to you?
We are a bit lost lately overwhelmed by how much money we are eating into our savings by.
Some history, we met in civil service and both myself and wife where good savers. Our first child was very difficult and is autistic and as such never settled with child minders . Along came the second child and we made the decision to reduce our hours and be at home as the stress of organising childcare and missing work was too great.
We where very lucky to be left money from an aunt of my wife around this time. After some home improvements we put the remainder in 6 year state savings mainly because it was been used on day to day expenses. This is accessible in 2022.
At the moment we are just getting by , life feels expensive and we have been passed over for promotions in work because we can't commit to 5 days a week.
I can't see a way that we can go back to work full time until the youngest is at least maybe 13 so that leaves us another 10 years on reduced working hours.
Our second youngest now is also been assessed for autism and is very difficult.
I've no clue what to do with the money from state savings next year , should we pay off mortgage ? Start a private pension ? ( We are both low rate tax payers )Invest privately ?
Or put in bank and use it as needed.
Thanks