T
terrestrial
Guest
Hi, thanks a million for this new section and the posts so far has already given me great ideas about how others manage their money, and how to better it etc. I realize I am not doing enough (in fact none at all) to keep track of my spending habits etc, I intend to do that from now on (hopefully I will be able to keep the progress updated in this thread!)
Age: 31
Partner's age: 31
Annual gross income from employment or profession: €56000 + Approx 4k bonus and overtime + €4200 from Rent-a-room (short term income)
Annual gross income (girlfriend) : €26000
Type of employment: Payee, IT/Software.
Expenditure pattern: In general are you spending more than you earn or are you saving?
Saving approximately €500 to €750 a month (I have to wait till end of the month for clearer picture), however expenses spikes certain months (long haul flight tickets etc)
Rough estimate of value of home: €375K
Mortgage on home: €245K
Mortgage provider: FirstActive
Type of mortgage: Current Account Mortgage (ECB+1.29%)
Other borrowings – car loans/personal loans etc.
None.
Do you pay off your full credit card balance each month?
Yes, usually. I miss then occasionally, due to being totally unorganized, but I have better methods in place now (online banking etc), so hopefully always in time from now on.
If not, what is the balance on your credit card? : n/a.
Savings and investments:
About €20K in FirstActive Current Mortgage linked 'facility account'.
About €10K worth of real estate investments overseas
Do you have a pension scheme?
Yes. 5% + 5% employer contribution + 10% AVC. Started some three years ago.
Do you own any investment or other property?
No. Girlfriend owns property in Dublin, which is being rented out at the moment (approx €1200 pm). She pays the mortgage on that property (approx 600pm). I solely own the property where we both live, and I pay the mortgage on my own (approx €1200pm). She helps me with €350 pm (from her rental income).
Ages of children: No children.
Life insurance: €350 (mortgage related), Work provides insurance cover etc too.
What specific question do you have or what issues are of concern to you?
A few to be honest.
1. Prime concern is not financial, but has financial implications. Girlfriend is going thru a number of tests at the moment and if cleared, would be enlisted for a brain surgery within next six months, which could stop her from working for a while, or a few years, cutting her income by more than 60%.
2. Mortgage! Well, no surprises then!! With the house prices going down, and just two years into the 40 year (!!) mortgage, I haven't been able to make substantial dent on the loan, even with nearly 20k in the Current/Facility Account working to reduce the interest). I live well below my means at the moment, imho! I drive a 10 year old cheap but reliable car, get train to work, cooks at home a lot etc. Okay, I don't pack lunch, I guess thats something that I can try to improve on. However I am 31 now, and my expenses are going to go up soon, as we are considering getting married and babies etc, that will reduce the savings ever further, which worries me as the mortgage feels like getting bigger and bigger!
3. Personal commitments to family overseas. We would like to move overseas in next 2 to 4 years to be near my elderly parents (and to return some 10 years later once children reach certain stages of their education - not fully thought thru yet). I am worried that I have already lost that choice with the house prices and slow market etc.
4. Considering my age, profession and length of the mortgage, have I borrowed too much? Assuming I will be in employment here (and relatively similar income overseas when I move) for next 10 - 15 years, supporting my wife and children, is there anything else that I can do now to make sure that I would be able to afford them a good life? Should I sell and rent? Should I start saving even more (stop gym, sky subscriptions etc too?)
Rather long post, apologies! Thanks a million for reading!
Terrestrial!
Age: 31
Partner's age: 31
Annual gross income from employment or profession: €56000 + Approx 4k bonus and overtime + €4200 from Rent-a-room (short term income)
Annual gross income (girlfriend) : €26000
Type of employment: Payee, IT/Software.
Expenditure pattern: In general are you spending more than you earn or are you saving?
Saving approximately €500 to €750 a month (I have to wait till end of the month for clearer picture), however expenses spikes certain months (long haul flight tickets etc)
Rough estimate of value of home: €375K
Mortgage on home: €245K
Mortgage provider: FirstActive
Type of mortgage: Current Account Mortgage (ECB+1.29%)
Other borrowings – car loans/personal loans etc.
None.
Do you pay off your full credit card balance each month?
Yes, usually. I miss then occasionally, due to being totally unorganized, but I have better methods in place now (online banking etc), so hopefully always in time from now on.
If not, what is the balance on your credit card? : n/a.
Savings and investments:
About €20K in FirstActive Current Mortgage linked 'facility account'.
About €10K worth of real estate investments overseas
Do you have a pension scheme?
Yes. 5% + 5% employer contribution + 10% AVC. Started some three years ago.
Do you own any investment or other property?
No. Girlfriend owns property in Dublin, which is being rented out at the moment (approx €1200 pm). She pays the mortgage on that property (approx 600pm). I solely own the property where we both live, and I pay the mortgage on my own (approx €1200pm). She helps me with €350 pm (from her rental income).
Ages of children: No children.
Life insurance: €350 (mortgage related), Work provides insurance cover etc too.
What specific question do you have or what issues are of concern to you?
A few to be honest.
1. Prime concern is not financial, but has financial implications. Girlfriend is going thru a number of tests at the moment and if cleared, would be enlisted for a brain surgery within next six months, which could stop her from working for a while, or a few years, cutting her income by more than 60%.
2. Mortgage! Well, no surprises then!! With the house prices going down, and just two years into the 40 year (!!) mortgage, I haven't been able to make substantial dent on the loan, even with nearly 20k in the Current/Facility Account working to reduce the interest). I live well below my means at the moment, imho! I drive a 10 year old cheap but reliable car, get train to work, cooks at home a lot etc. Okay, I don't pack lunch, I guess thats something that I can try to improve on. However I am 31 now, and my expenses are going to go up soon, as we are considering getting married and babies etc, that will reduce the savings ever further, which worries me as the mortgage feels like getting bigger and bigger!
3. Personal commitments to family overseas. We would like to move overseas in next 2 to 4 years to be near my elderly parents (and to return some 10 years later once children reach certain stages of their education - not fully thought thru yet). I am worried that I have already lost that choice with the house prices and slow market etc.
4. Considering my age, profession and length of the mortgage, have I borrowed too much? Assuming I will be in employment here (and relatively similar income overseas when I move) for next 10 - 15 years, supporting my wife and children, is there anything else that I can do now to make sure that I would be able to afford them a good life? Should I sell and rent? Should I start saving even more (stop gym, sky subscriptions etc too?)
Rather long post, apologies! Thanks a million for reading!
Terrestrial!
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