A
Annabell
Guest
Age: 35
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: €49,560
Annual gross income of spouse: €63k basic + c. €12k bonus
Type of employment: Private sector
In general are you spending more than you earn or are you saving?
Spending more than saving
Rough estimate of value of home: €460,000
Amount outstanding on your mortgage: €348,000
What interest rate are you paying? 4.6%
Other borrowings – Aloan of 40,000 at 365 per month
Do you pay off your full credit card balance each month? No
Savings: €20,000 in shares (cannot be cashed in for 2 years)
Do you have a pension scheme? Yes
Do you own any investment or other property? Yes
Ages of children: 2 (3yrs, and 9.5mths)
Life insurance: Dec term on mortgage
What specific question do you have or what issues are of concern to you?
Between paying childcare, mortgage, visa cards and loans we have nothing left at the end of the month and I mean nothing.
Last year we moved house and kept our old house as an investment. We also had a new baby. We dont have a lavish lifestyle but still and all we ran up 2 credit cards to 9000 euro(between them) and have a overdraft of 7000. On top of this we have a credit union loan of around 13,000. All in all we pay out about 800 euros to finance this every month. As there is a shortfall between the rental property and what we rent we take in, we pay about 200 euro a month into the rental property. Therefore we are up to 1000 a month.
At the moment we are thinking of consolidating our debts and getting a personal loan to cover everything it could cost up to 700 a month depending on what we borrow 20,000-40,000. This would free up a bit of cash every month. BUT what I am afraid of is that we would fall into the same trap again run up the credit cards etc and then we would be worse off than ever.
Any advice would be greatly received. Has anyone being in a similar situation? Does anyone find with 2 kids in childcare that it is hard to get by or are we just doing something very wrong?
Thanks
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: €49,560
Annual gross income of spouse: €63k basic + c. €12k bonus
Type of employment: Private sector
In general are you spending more than you earn or are you saving?
Spending more than saving
Rough estimate of value of home: €460,000
Amount outstanding on your mortgage: €348,000
What interest rate are you paying? 4.6%
Other borrowings – Aloan of 40,000 at 365 per month
Do you pay off your full credit card balance each month? No
Savings: €20,000 in shares (cannot be cashed in for 2 years)
Do you have a pension scheme? Yes
Do you own any investment or other property? Yes
Ages of children: 2 (3yrs, and 9.5mths)
Life insurance: Dec term on mortgage
What specific question do you have or what issues are of concern to you?
Between paying childcare, mortgage, visa cards and loans we have nothing left at the end of the month and I mean nothing.
Last year we moved house and kept our old house as an investment. We also had a new baby. We dont have a lavish lifestyle but still and all we ran up 2 credit cards to 9000 euro(between them) and have a overdraft of 7000. On top of this we have a credit union loan of around 13,000. All in all we pay out about 800 euros to finance this every month. As there is a shortfall between the rental property and what we rent we take in, we pay about 200 euro a month into the rental property. Therefore we are up to 1000 a month.
At the moment we are thinking of consolidating our debts and getting a personal loan to cover everything it could cost up to 700 a month depending on what we borrow 20,000-40,000. This would free up a bit of cash every month. BUT what I am afraid of is that we would fall into the same trap again run up the credit cards etc and then we would be worse off than ever.
Any advice would be greatly received. Has anyone being in a similar situation? Does anyone find with 2 kids in childcare that it is hard to get by or are we just doing something very wrong?
Thanks